TacticScaleWhat NetApp Does & How It Makes Money (NTAP)
Updated October 2026 · reflects NetApp's latest reported financials
Enterprise data storage and management company spanning on-premises and public clouds. NetApp earns money by selling storage systems and data management software, plus recurring support, professional and storage-as-a-service fees in its Hybrid Cloud segment.
How NetApp makes money
NetApp earns money by selling storage systems and data management software, plus recurring support, professional and storage-as-a-service fees in its Hybrid Cloud segment. Its Public Cloud segment earns revenue from cloud storage services sold with and through AWS, Microsoft Azure and Google Cloud.
What NetApp does
NetApp, founded in 1992 and based in San Jose, California, provides enterprise data infrastructure. Its ONTAP data management software runs on NetApp's storage systems, including AFF and ASA all-flash arrays, FAS, E/EF series and StorageGRID object storage. The same software is also offered as native services on the three largest public clouds: Azure NetApp Files, Amazon FSx for NetApp ONTAP and Google Cloud NetApp Volumes. This lets customers manage their data the same way in their own data centers and in the cloud. The company reports two segments, Hybrid Cloud and Public Cloud. Besides hardware and software, it sells support, consulting, managed services and storage-as-a-service, along with tools such as Data Infrastructure Insights and Instaclustr. It serves industries including finance, government, healthcare, media and telecom, selling through a direct sales force and partners, including the cloud providers. It also has a strategic alliance with Commvault for data protection and cyber resilience.
Products & services
- NetApp ONTAP
- NetApp AFF / ASA all-flash storage
- NetApp StorageGRID
- Azure NetApp Files
- Amazon FSx for NetApp ONTAP
- Google Cloud NetApp Volumes
What is NetApp worth?
On an owner-earnings DCF, NetApp's most-likely value is about $153 versus a recent price near $237 (35% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$89) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
Nutanix (NTNX) · N-able (NABL) · Everpure (P) · Extreme Networks (EXTR) · Commvault Systems (CVLT)