Last Price$95.7(4.1%)
Market Cap$20.0B
DCF value
$107.3
Undervalued (DCF value)
12.1%
Discount Rate
9.0%
Long-Term Growth Rate
4.0%
Stock quality
7/10
Great
NTAP DCF Model
Free Cash Flow to Firm Model
NOPAT Model
Free Cash Flow to Equity Model
Net Income Model
Millions
Billions
| Apr'20 Actual | Apr'21 Actual | Apr'22 Actual | Apr'23 Actual | Apr'24 Actual | Apr'25 Estimate | Apr'26 Estimate | Apr'27 Estimate | Apr'28 Estimate | Apr'29 Estimate | Apr'30 Estimate | Apr'31 Estimate | Apr'32 Estimate | Apr'33 Estimate | Apr'34 Estimate | Apr'35 Terminal | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
% growth | 5,412.0 (11.9%) | 5,744.0 6.1% | 6,318.0 10.0% | 6,362.0 0.7% | 6,268.0 (1.5%) | 6,649.8 6.1% | 7,019.5 5.6% | 7,434.2 5.9% | 7,855.7 5.7% | 8,282.4 5.4% | 8,712.4 5.2% | 9,144.0 5.0% | 9,575.2 4.7% | 10,003.9 4.5% | 10,427.9 4.2% | 10,845.0 4.0% |
% margin | 945.0 17.5% | 1,031.0 17.9% | 1,157.0 18.3% | 1,018.0 16.0% | 1,214.0 19.4% | 1,238.5 18.6% | 1,307.4 18.6% | 1,384.6 18.6% | 1,463.1 18.6% | 1,542.6 18.6% | 1,622.7 18.6% | 1,703.0 18.6% | 1,783.3 18.6% | 1,863.2 18.6% | 1,942.2 18.6% | 2,019.8 18.6% |
NOPAT % effective tax rate | 819.9 15.1% | 782.4 13.6% | 990.1 15.7% | 1,216.6 19.1% | 947.7 15.1% | 966.9 14.5% | 1,020.6 14.5% | 1,080.9 14.5% | 1,142.2 14.5% | 1,204.2 14.5% | 1,266.8 14.5% | 1,329.5 14.5% | 1,392.2 14.5% | 1,454.6 14.5% | 1,516.2 14.5% | 1,576.9 14.5% |
% of revenue | 244.0 4.5% | 259.0 4.5% | 249.0 3.9% | 301.0 4.7% | 255.0 4.1% | 282.4 4.2% | 298.1 4.2% | 315.7 4.2% | 333.6 4.2% | 351.7 4.2% | 370.0 4.2% | 388.3 4.2% | 406.6 4.2% | 424.9 4.2% | 442.9 4.2% | 460.6 4.2% |
% of revenue | (124.0) (2.3%) | (162.0) (2.8%) | (226.0) (3.6%) | (239.0) (3.8%) | (155.0) (2.5%) | (217.4) (3.3%) | (229.5) (3.3%) | (243.0) (3.3%) | (256.8) (3.3%) | (270.7) (3.3%) | (284.8) (3.3%) | (298.9) (3.3%) | (313.0) (3.3%) | (327.0) (3.3%) | (340.9) (3.3%) | (354.5) (3.3%) |
% of revenue | (102.0) (1.9%) | 285.0 5.0% | (22.0) (0.3%) | (106.0) (1.7%) | 2.0 0.0% | (43.9) (0.7%) | (46.4) (0.7%) | (49.1) (0.7%) | (51.9) (0.7%) | (54.7) (0.7%) | (57.6) (0.7%) | (60.4) (0.7%) | (63.3) (0.7%) | (66.1) (0.7%) | (68.9) (0.7%) | (71.7) (0.7%) |
Free Cash Flow to Firm (FCFF) % of revenue | 837.9 15.5% | 1,164.4 20.3% | 991.1 15.7% | 1,172.6 18.4% | 1,049.7 16.7% | 988.0 14.9% | 1,042.9 14.9% | 1,104.5 14.9% | 1,167.1 14.9% | 1,230.5 14.9% | 1,294.4 14.9% | 1,358.5 14.9% | 1,422.6 14.9% | 1,486.3 14.9% | 1,549.3 14.9% | 1,611.2 14.9% |
% of FCFF used in calculation | 14.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | ||||||
Discount period | 0.50 | 1.50 | 2.50 | 3.50 | 4.50 | 5.50 | 6.50 | 7.50 | 8.50 | 9.50 | ||||||
Discount factor | 0.96 | 0.88 | 0.81 | 0.74 | 0.68 | 0.62 | 0.57 | 0.53 | 0.48 | 0.44 | ||||||
Discounted FCFF (DFCFF) | 140.0 | 917.1 | 891.4 | 864.6 | 836.7 | 807.8 | 778.2 | 747.9 | 717.2 | 686.2 |
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NTAP DCF Value
DCF Value Calculation
as of Mar 03, 2025
Sum of DFCFF
% share of EV
7,387.0M
33.9%
Terminal Value (TV)
32.5B
Discounted TV
% share of EV
14.4B
66.1%
3,258.0M
Total Debt
2,652.0M
22.4B
Shares outstanding
208.9M
FX rate
1.0
107.3
12.1% undervalued
Equity Value Bridge
NTAP DCF Financials
Revenue
$6,268.0M -> $10.4B
5.2% CAGR
Operating Income
$1,214.0M -> $1,942.2M
4.8% CAGR
FCFF
$1,049.7M -> $1,549.3M
4.0% CAGR
NTAP DCF sensitivity
DCF value
Long-term Terminal growth rate
3.0%
3.5%
4.0%
4.5%
5.0%
WACC
8.0%
$114.0
$122.0
$126.0
$126.0
$126.0
8.5%
$104.0
$110.0
$118.0
$123.0
$123.0
9.0%
$96.0
$101.0
$107.0
$115.0
$121.0
9.5%
$87.0
$92.0
$97.0
$103.0
$110.0
10.0%
$81.0
$85.0
$89.0
$93.0
$99.0
DCF value, undervalued / overvalued
Long-term Terminal growth rate
3.0%
3.5%
4.0%
4.5%
5.0%
WACC
8.0%
19.0%
27.0%
32.0%
32.0%
32.0%
8.5%
9.0%
15.0%
23.0%
28.0%
28.0%
9.0%
0.0%
6.0%
12.0%
20.0%
26.0%
9.5%
(9.0%)
(4.0%)
1.0%
8.0%
15.0%
10.0%
(15.0%)
(11.0%)
(7.0%)
(3.0%)
3.0%
Explore more intrinsic value tools hub for NTAP
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Reverse DCF
FAQ
What is NetApp, Inc. DCF (discounted cash flow) valuation?
As of Mar 03, 2025, NetApp, Inc.'s Discounted Cash Flow (DCF) valuation estimates its share price at $107.3. This suggests it may be undervalued by 12.1% compared to its current price of around $95.7, using a WACC of 9.0% and growth rates of 4.0%.
What is NetApp, Inc. WACC?
As of Mar 03, 2025, NetApp, Inc.'s Weighted Average Cost of Capital (WACC) is approximately 9.0%.
What is NetApp, Inc. Enterprise Value?
As of Mar 03, 2025, NetApp, Inc.'s Enterprise Value (EV) is approximately $21.8B. This value reflects the company's total market capitalization plus debt, minus cash and cash equivalents, providing a comprehensive measure of its overall value in the market.