$19.5 B

NTAP Mkt cap, 15-Oct-2018

$1.5 B

NetApp Revenue Q1, 2019
NetApp Gross profit (Q1, 2019)963 M
NetApp Gross profit margin (Q1, 2019), %65.3%
NetApp Net income (Q1, 2019)283 M
NetApp EBIT (Q1, 2019)254 M
NetApp Cash, 27-Jul-20182.6 B
NetApp EV18.4 B

NetApp Revenue

NetApp revenue was $5.91 b in FY, 2018 which is a 7.1% year over year increase from the previous period.

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NetApp Revenue Breakdown

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NetApp revenue breakdown by geographic segment: 14.3% from APAC, 31.9% from EMEA and 53.9% from Americas

NetApp Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Revenue

6.3b6.1b5.5b5.5b5.9b

Revenue growth, %

(3%)(9%)0%7%

Cost of goods sold

2.4b2.3b2.2b2.1b2.2b

Gross profit

3.9b3.8b3.4b3.4b3.7b

Gross profit Margin, %

62%63%61%61%63%

Sales and marketing expense

1.6b1.7b

R&D expense

779.0m783.0m

General and administrative expense

271.0m280.0m

Operating expense total

2.7b2.6b

EBIT

734.3m716.5m348.0m665.0m1.1b

EBIT margin, %

12%12%6%12%19%

Pre tax profit

740.7m712.8m345.0m665.0m1.2b

Income tax expense

103.2m152.9m116.0m156.0m1.1b

Net Income

637.5m559.9m229.0m509.0m76.0m

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q1, 2019

Revenue

1.5b1.6b1.5b1.5b1.6b1.3b1.4b1.4b1.3b1.3b1.4b1.3b1.4b1.5b

Cost of goods sold

584.7m607.7m551.1m560.0m573.9m519.0m561.0m531.0m497.0m511.0m553.0m491.0m520.0m511.0m

Gross profit

965.2m1.0b938.1m982.5m977.4m816.0m884.0m855.0m797.0m829.0m851.0m834.0m902.0m963.0m

Gross profit Margin, %

62%62%63%64%63%61%61%62%62%62%61%63%63%65%

Sales and marketing expense

479.5m475.9m480.2m488.0m474.8m492.0m448.0m418.0m429.0m418.0m381.0m425.0m420.0m409.0m

R&D expense

228.2m230.3m228.0m229.0m229.9m244.0m216.0m200.0m207.0m200.0m181.0m193.0m194.0m208.0m

General and administrative expense

69.5m69.4m70.0m73.0m70.2m79.0m74.0m70.0m68.0m69.0m64.0m68.0m69.0m73.0m

Operating expense total

778.3m775.6m778.2m790.0m774.9m842.0m739.0m690.0m704.0m687.0m668.0m686.0m683.0m709.0m

EBIT

186.9m226.7m159.9m192.5m202.5m(26.0m)145.0m165.0m93.0m142.0m183.0m148.0m219.0m254.0m

EBIT margin, %

12%14%11%12%13%(2%)10%12%7%11%13%11%15%17%

Interest expense

6.5m6.7m9.0m10.9m11.1m

Interest income

8.5m7.9m8.3m8.1m8.6m

Pre tax profit

192.2m229.6m159.7m188.9m200.1m(22.0m)144.0m163.0m92.0m142.0m183.0m153.0m225.0m272.0m

Income tax expense

25.4m37.5m71.3m29.1m23.3m8.0m30.0m10.0m28.0m33.0m37.0m17.0m50.0m(11.0m)

Net Income

166.8m192.1m88.4m159.8m176.8m(30.0m)114.0m153.0m64.0m109.0m146.0m136.0m175.0m283.0m

NetApp Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Cash

2.3b1.9b2.9b2.4b2.9b

Accounts Receivable

778.9m813.0m731.0m1.0b

Inventories

122.4m146.5m98.0m163.0m126.0m

Current Assets

6.5b6.8b6.4b6.2b6.9b

PP&E

1.1b1.0b937.0m799.0m756.0m

Goodwill

988.1m1.0b1.7b1.7b1.7b

Total Assets

9.2b9.4b10.0b9.5b9.9b

Accounts Payable

247.0m283.4m254.0m347.0m609.0m

Short-term debt

849.0m749.0m1.8b

Current Liabilities

2.7b2.7b3.7b4.1b3.6b

Long-term debt

995.5m1.5b1.5b744.0m1.5b

Total Debt

995.5m1.5b2.3b1.5b1.5b

Total Liabilities

6.7b7.8b

Additional Paid-in Capital

3.8b3.4b2.9b

Retained Earnings

1.1m53.2m40.0m(218.0m)

Total Equity

3.8b3.4b2.9b2.8b2.1b

Debt to Equity Ratio

0.3 x0.4 x0.8 x0.5 x0.7 x

Debt to Assets Ratio

0.1 x0.2 x0.2 x0.2 x0.2 x

Financial Leverage

2.4 x2.8 x3.5 x3.4 x4.8 x

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q1, 2019

Cash

2.3b2.2b3.0b2.9b2.5b2.3b2.2b2.5b2.3b2.1b2.2b3.0b3.5b2.6b

Accounts Receivable

415.0m587.0m585.0m501.0m547.0m605.0m518.0m584.0m616.0m

Inventories

115.9m118.2m104.2m107.6m117.8m193.0m125.0m102.0m81.0m97.0m125.0m143.0m108.0m97.0m

Current Assets

6.4b6.2b6.7b6.5b6.6b6.1b6.1b6.1b5.2b5.2b5.6b6.3b7.0b5.9b

PP&E

1.1b1.1b1.1b1.1b1.1b1.0b1.0b873.0m942.0m949.0m892.0m799.0m795.0m768.0m

Goodwill

988.1m988.1m988.1m988.1m1.0b1.0b1.0b1.0b1.7b1.7b1.7b1.7b1.7b1.7b

Total Assets

9.2b9.0b9.5b9.2b9.2b8.7b8.6b8.8b8.8b8.8b9.1b9.6b10.3b8.9b

Accounts Payable

223.8m186.6m183.1m210.3m194.2m249.0m226.0m175.0m239.0m253.0m258.0m289.0m379.0m425.0m

Short-term debt

748.0m749.0m750.0m

Current Liabilities

2.4b2.4b2.4b2.5b2.5b2.5b2.5b2.5b2.5b2.5b3.8b4.3b4.2b2.8b

Long-term debt

995.0m995.2m1.5b1.5b1.5b1.5b1.5b1.5b1.5b1.5b744.0m745.0m1.5b1.5b

Total Debt

995.0m995.2m1.5b1.5b1.5b1.5b1.5b1.5b1.5b1.5b1.5b1.5b2.3b1.5b

Total Liabilities

5.1b5.1b5.6b5.7b5.7b5.7b5.6b5.7b6.0b6.0b6.4b6.8b7.5b7.0b

Additional Paid-in Capital

4.0b3.9b3.8b3.5b3.5b

Retained Earnings

115.5m36.1m69.8m(31.0m)51.0m10.0m17.0m

Total Equity

4.1b3.9b3.8b3.5b3.5b3.0b3.0b3.1b2.8b2.8b2.7b2.8b2.8b1.9b

Debt to Equity Ratio

0.2 x0.3 x0.4 x0.4 x0.4 x0.5 x0.5 x0.5 x0.5 x0.5 x0.6 x0.5 x0.8 x0.8 x

Debt to Assets Ratio

0.1 x0.1 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x

Financial Leverage

2.2 x2.3 x2.5 x2.7 x2.6 x2.9 x2.9 x2.8 x3.1 x3.1 x3.4 x3.5 x3.7 x4.6 x

NetApp Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Net Income

637.5m559.9m229.0m509.0m76.0m

Depreciation and Amortization

226.0m198.0m

Accounts Receivable

(56.6m)74.8m(16.0m)81.0m(272.0m)

Inventories

17.0m(24.1m)49.0m(65.0m)37.0m

Accounts Payable

(12.1m)38.6m(53.0m)94.0m262.0m

Cash From Operating Activities

1.3b1.3b974.0m986.0m1.5b

Purchases of PP&E

(221.4m)(175.3m)(160.0m)(175.0m)(145.0m)

Cash From Investing Activities

760.4m(903.2m)85.0m(220.0m)(21.0m)

Long-term Borrowings

(865.0m)

Dividends Paid

(202.3m)(207.4m)(210.0m)(208.0m)(214.0m)

Cash From Financing Activities

(3.1b)(675.2m)(109.0m)(1.2b)(986.0m)

Net Change in Cash

497.0m

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2019

Net Income

166.8m192.1m88.4m159.8m176.8m(30.0m)114.0m153.0m64.0m109.0m146.0m283.0m

Depreciation and Amortization

49.0m

Accounts Receivable

415.0m587.0m585.0m501.0m547.0m605.0m423.0m

Inventories

104.2m107.6m117.8m193.0m125.0m102.0m81.0m97.0m125.0m25.0m

Accounts Payable

183.1m210.3m194.2m249.0m226.0m175.0m239.0m253.0m258.0m(177.0m)

Cash From Operating Activities

326.0m

Purchases of PP&E

(64.0m)

Cash From Investing Activities

186.0m

Dividends Paid

(105.0m)

Cash From Financing Activities

(812.0m)

NetApp Ratios

USDY, 2018

EV/EBIT

72.6 x

EV/CFO

56.6 x

Debt/Equity

0.8 x

Debt/Assets

0.2 x

Financial Leverage

4.6 x
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NetApp Operating Metrics

FY, 2014FY, 2015FY, 2016FY, 2017

Patent Applications

660 680 680 640

Patents (US)

1.58 k1.75 k1.90 k2.10 k
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