memory & storage · 产业指数 11 (排名 #110) ·
价格: 截至 2026-10-29 指数: 截至 2026-10-29 基本面: 最新申报文件 2026-09-02 按季披露（10-Q XBRL）
U.S. enterprise data-storage company built on its ONTAP software, delivered on-premises and as first-party services in Azure and AWS.
产业敞口 0.4 (Hyperscaler first-party cloud services and AI data-infrastructure demand drive a meaningful minority of NetApp's storage revenue.)
延迟的日终逐合约汇总数据——不是实时盘口，也不是逐笔资金流。买卖方向是根据每个合约最后一笔成交在买卖价差中的位置推断出来的，并非观测到的委托流。除非有报价的合约占当日权利金的四分之一以上，否则公司层面的方向会被隐去，因此下方个别合约有方向时这里也可能为空。看跌/看涨权利金是在我们采集的合约范围内计算的——最近的 6 个到期日、45 天以内，并非完整期权链——而下表最多列出 20 个被标记的合约，所以把这些行加总不会还原出上面的百分比。
标记原因：Consumer Price Index today
| 日期 | 合约 | 异常分 | 买卖方向（推断）? | 持仓量变动? | 成交量 | 成交量/持仓量 | 标记 |
|---|---|---|---|---|---|---|---|
| 2026-10-16 | $170 CALL | 41 | — | 0 | 230 | 230.0× | |
| 2026-10-16 | $155 CALL | 25 | — | 0 | 80 | 80.0× | |
| 2026-10-16 | $145 CALL | 24 | — | 0 | 70 | 7.0× | |
| 2026-10-15 | $175 CALL | 45 | — | 0 | 840 | 420.0× | |
| 2026-10-15 | $170 CALL | 30 | — | 0 | 230 | 230.0× | |
| 2026-10-15 | $155 CALL | 25 | — | 0 | 80 | 80.0× | |
| 2026-10-15 | $145 CALL | 24 | — | 0 | 70 | 7.0× | |
| 2026-10-14 | $175 CALL | 33 | — | 0 | 840 | 420.0× | |
| 2026-10-14 | $170 CALL | 30 | — | 0 | 230 | 230.0× | |
| 2026-10-14 | $155 CALL | 25 | — | 0 | 80 | 80.0× | |
| 2026-10-14 | $145 CALL | 24 | — | 0 | 70 | 7.0× |
9 smaller flags (under $100000 premium) hidden.
最近交易日：为 13 日基准的 0.4 倍
看涨 50% / 看跌 50%（按权利金）
价格动量 撑起了这次判断——几乎全部倾向都由它贡献，其余投票者基本相互抵消。
多数投票者倾向一致；结构性 投了反对票。方向一致度 0.41。
一个明确的看多分数；置信度 0.25 反映的是智能体之间的一致强度。置信度是信心，不是价格变动的概率。
NetApp sells storage hardware but the asset is ONTAP, the data-management software that has run its arrays for over three decades and now also runs inside the three largest public clouds as a first-party service. The FY2026 10-K organises the company into two segments, Hybrid Cloud (AFF and ASA all-flash arrays, AFX for AI workloads, FAS hybrid-flash, E/EF-Series, StorageGRID object storage) and Public Cloud (Azure NetApp Files, Amazon FSx for NetApp ONTAP, Google Cloud NetApp Volumes, Cloud Volumes ONTAP), and states that both rest on the same ONTAP software. That is the whole argument: an enterprise that has standardised its snapshots, replication and multiprotocol access on ONTAP carries those habits with it when it moves workloads to a hyperscaler, and NetApp is paid on both sides of the move. The evidence that the lock has commercial value is the margin's steadiness: across the three years the FY2026 10-K reports, gross margin sat at 70.7%, 70.2% and 70.7% of revenue ($4,433M on $6,268M, $4,613M on $6,572M, $4,899M on $6,925M) while revenue grew, and the filing's own percentage-of-revenue table shows no mix shift doing that work - product and services held near 46% and 54% of revenue throughout. The limits are equally in the filing. NetApp is second, not first: IDC's 1Q26 tracker puts it behind Dell in external enterprise storage, and the 10-K's competition section concedes that cloud providers are simultaneously partners and rivals, that consumption models "may reduce overall demand for our traditional on-premises offerings sold through a capital expenditure (capex) model", and that alternative architectures "may reduce or eliminate demand for some of our offerings". Component exposure is real too: the filing discloses "inflationary pressure and supply chain constraints beginning in the second half of fiscal 2026, resulting in increased costs for memory and other components, which have affected our gross margins", and names NAND among the components whose supply can tighten. This is a durable second place built on software stickiness, not a structural monopoly.
评级: 窄
The FY2026 10-K shows a real, durable lock but not an unassailable one. On the durable side: "Our cloud storage services are based on the same ONTAP data management software that underpins our on-premises ONTAP storage infrastructure offerings", and the same filing's income statement shows the company holding a gross margin near 71% across all three reported years - $4,433M on $6,268M in FY2024, $4,613M on $6,572M in FY2025 and $4,899M on $6,925M in FY2026 - while revenue grew from $6,268M to $6,925M and income from operations widened from 19% to 24% of net revenues. Holding that margin through the memory-cost shock the same filing discloses is the commercial evidence the lock is worth something. On the limiting side, the filing says competition "is intense", that in public cloud "customers may choose native cloud services that are consumed as operating expenses", and that "New competitors or alliances among existing competitors could emerge and quickly gain significant market share" - and IDC's 1Q26 external-storage tracker (Blocks & Files, 2026-06-16, cited on the AFF/ASA product row below) ranks NetApp second behind Dell, not first.
类型: 转换成本
The FY2026 10-K makes the source of the advantage explicit and it is the cost of leaving the data-management layer, not a network or a patent estate. The same ONTAP software runs the on-premises arrays and the cloud services ("Our cloud storage services are based on the same ONTAP data management software that underpins our on-premises ONTAP storage infrastructure offerings"), and the AFF family "allows customers to connect to clouds for more data services, data tiering, caching, and disaster recovery". A customer's volume layout, snapshot and replication workflow and operating tools therefore carry from the array into Azure, AWS and Google rather than being abandoned at the cloud boundary — the filing describes NetApp as "the only provider of enterprise-grade storage services natively embedded in the world's largest public cloud providers", so the usual moment of escape is instead the moment the relationship renews.
领先地位: 并列领先者
IDC's 1Q26 external enterprise storage systems tracker, as reported by Blocks & Files on 2026-06-16 (cited in full on the AFF/ASA product row below), ranks NetApp second worldwide behind Dell and ahead of Everpure, Huawei and HPE, attributing the placing to "its growing all-flash business and cloud-integrated data management". Second of five ranked vendors, in a market whose leader is someone else, is a shared front rank rather than an owned one - and the distinct claim NetApp makes in the FY2026 10-K is positional rather than volumetric: being "the only provider of enterprise-grade storage services natively embedded in the world's largest public cloud providers".
定价权: 中等
It holds price rather than raising it. On the figures filed with the FY2026 10-K, gross margin was 70.7% of revenue in FY2024 ($4,433M on $6,268M), 70.2% in FY2025 ($4,613M on $6,572M) and 70.7% in FY2026 ($4,899M on $6,925M) - flat across three years in which revenue grew from $6,268M to $6,925M - and it held that level while absorbing a component-cost shock. It is no stronger than that because the filing's own risk factor lists "competitive pricing, customer price sensitivity" and "pricing and discounting pressures" among the drivers of gross margin, and discloses that the company "experienced inflationary pressure and supply chain constraints beginning in the second half of fiscal 2026, resulting in increased costs for memory and other components, which have affected our gross margins" - a cost shock it is absorbing rather than fully passing on.
基于所引来源做出的人工整理护城河判断。 来源：sec.gov
层级: memory & storage
NetApp sits between the memory supply and the enterprise data centre. Upstream, the FY2026 10-K says "Third-party component costs make up a significant portion of our product costs" and singles out NAND as hard to manage "if supplies of certain components, including NAND, become limited relative to demand". Downstream, the hyperscalers are channel, partner and rival at once: the filing states "We both partner with and compete against cloud service providers through our cloud-based software and services offerings", while Azure NetApp Files, Amazon FSx for NetApp ONTAP and Google Cloud NetApp Volumes are delivered as those clouds' own natively embedded services. Distribution is a mix of direct sales and "an ecosystem of partners, including the leading cloud providers".
由这家公司已映射的供应链关系及其所属产业层级推导而来。
护城河先验在长周期（约 6 个月）上投出 +0.13 票，权重为 0.20——该周期上的群体判断是 neutral（得分 0.32，信念度 16）。
编辑先验——主观、未经回测。它有界（±0.6）、低置信度，且从不对短周期与中周期投票。 查看它究竟如何投票 →
产品与服务，附编辑判定的市场份额区间与技术壁垒区间——这些是与所引依据绑定的定性判断，绝非杜撰的数字。
| 产品 | 市场份额 | 技术壁垒 |
|---|---|---|
| AFF and ASA all-flash storage arrays · On-premises all-flash enterprise storage ONTAP-powered scale-out arrays: AFF A-Series and C-Series for unified file/block workloads, ASA A-Series and C-Series optimised for SAN, all with cloud tiering, caching and disaster recovery back into NetApp's cloud services. | 前三 IDC's 1Q26 external enterprise storage systems tracker, as reported here, ranked NetApp second worldwide behind Dell and ahead of Everpure, Huawei and HPE, and the report attributes that second place to NetApp's "growing all-flash business and cloud-integrated data management" — a front-rank position in the array market, but not the top one. | 中等 Four other vendors are ranked in the same tracker and the market grew 22.7% year over year in the quarter, which pulls entrants in rather than keeping them out; what protects the line is the ONTAP software the arrays run rather than the flash hardware itself, and NetApp's own FY2026 10-K calls competition in these markets intense. |
| Amazon FSx for NetApp ONTAP · First-party cloud file storage (AWS) AWS-operated shared file storage built on ONTAP, reachable from Linux, Windows and macOS instances over NFS, SMB, iSCSI and NVMe, with automatic tiering to lower-cost capacity pool storage. | 领先 AWS's own service documentation presents it as "a fully managed service that provides highly reliable, scalable, high-performing, and feature-rich file storage built on NetApp's popular ONTAP file system", combining NetApp's capabilities "with the agility, scalability, and simplicity of a fully managed AWS service" — NetApp holds the ONTAP position inside AWS's own managed-file lineup rather than selling against it. | 深 The documentation lists NetApp-specific features AWS operates on NetApp's behalf — SnapMirror replication, FlexCache on-premises caching, and management through "NetApp ONTAP CLI, REST API, and NetApp Console" alongside the AWS console and SDKs. AWS also names the on-premises ONTAP estate as the entry path ("For customers who use NetApp ONTAP on-premises, FSx for ONTAP is an ideal solution to migrate, back up, or burst your file-based applications from on-premises to AWS without the need to change your application code"), so the barrier is the customer's existing ONTAP practice, which no competitor can substitute into. |
| Azure NetApp Files · First-party cloud file storage (Microsoft Azure) Enterprise file storage delivered inside Azure as a Microsoft-operated service, running ONTAP on bare metal in Azure regions and serving SMB, NFS, dual-protocol and S3-style object REST clients. | 领先 Microsoft's own product documentation describes it as "an Azure native, first-party, enterprise-class, high-performance file storage service" with "Native Azure integration" across "the Azure portal, REST, CLI, billing, monitoring, and security" and "Azure native billing" — NetApp occupies the first-party enterprise-file slot inside Azure itself rather than competing for it from outside the platform. | 深 The same documentation says the service runs on "a fault-tolerant bare-metal fleet powered by ONTAP" and carries its own Microsoft high-availability SLA with automatic failover. A rival would need Microsoft to build, operate and underwrite an equivalent fleet inside Azure, which is a far higher bar than shipping a competing appliance. |
| NetApp AFX and AI Data Engine · AI data infrastructure Disaggregated scale-out ONTAP storage for AI-powered enterprises, paired with the AI Data Engine software that handles data discovery, curation, policy guardrails and real-time vectorization for RAG and agentic AI pipelines. | 挑战者 The FY2026 10-K introduces AFX as a new line and describes the surrounding market as newly contested: "The emergence of artificial intelligence workloads has introduced additional competitive dynamics, particularly in areas related to data readiness, performance, scalability, and integration with compute and cloud ecosystems. In these markets, competition includes both established infrastructure vendors and newer entrants focused on AI-oriented use cases and architectures." NetApp claims no established position here, only entry. | 中等 What it carries in is ONTAP — AFX is "built on ONTAP, benefiting from over three decades of world-class software and hardware engineering with enterprise-proven data management and security" — plus "validated reference architectures with partners like NVIDIA". What it cannot fence off is architecture: the same filing warns of "competition from alternative architectures or approaches that may reduce or eliminate demand for some of our offerings", and AI storage is exactly where those alternatives are appearing. |
| NetApp Keystone · Storage-as-a-Service Subscription storage-as-a-service that delivers the NetApp portfolio as a flexible on-premises and cloud service under a unified console for provisioning, monitoring and spend management. | 挑战者 The FY2026 10-K describes Keystone as one of several evolving consumption models rather than an established position, and flags the commercial risk directly: "As these business models continue to evolve, we may face challenges in competing effectively, generating significant revenues, or maintaining the profitability of our consumption-based offerings." A company does not write that about a line it leads. | 中等 Keystone is a commercial wrapper over the same ONTAP portfolio, so it inherits that stickiness, but the filing warns the model can cannibalise rather than defend: "the growing prevalence of cloud and software-as-a-service (SaaS) delivery models offered by us and our competitors may reduce overall demand for our traditional on-premises offerings sold through a capital expenditure (capex) model". |
| NetApp StorageGRID · Object storage Scalable object storage for large archives, media repositories and web data stores, sold both as a NetApp-branded appliance and as software on third-party hardware. | 细分市场 The FY2026 10-K gives StorageGRID a single paragraph against the multi-page ONTAP portfolio and positions it for "large archives, media repositories, and web data stores" — a defined workload rather than the company's centre of gravity. The same filing notes that in public cloud "customers may choose native cloud services that are consumed as operating expenses", which is the direct substitute for object capacity. | 低 By design it speaks "industry-standard object APIs like the Amazon Simple Storage Service (S3)" and is offered "as a software-defined solution on third-party hardware". Standard interfaces and commodity hardware are what make it adoptable, and they are also what make the data portable away again — there is no ONTAP-style workflow lock holding the customer. |
这些图表绘制的是 NetApp 在其 SEC 申报文件中已申报的利润表、现金流量表与资产负债表（截至 2026-09-02）。每一个数字都是申报原值 XBRL——没有任何一项是预估。
在已申报的区间内，FY2026 净利润为 $1.3B。
分析师一致预期——来自 Yahoo Finance 的第三方预估，截至 2026-10-26。这不是 SEC 申报文件，也不是 TradingPilot 的预测。 来源：finance.yahoo.com
| 期间 | 每股收益（预估） | 营收（预估） | 同比 |
|---|---|---|---|
| Q/E Oct 2026 | USD 2.60 (USD 2.47–USD 2.72) · 18 | USD 2.1B (USD 2.1B–USD 2.2B) · 16 | +23% |
| FY 2027 | USD 10.01 (USD 9.84–USD 11.00) · 19 | USD 8.2B (USD 8.1B–USD 8.6B) · 17 | +18% |
每个数字显示一致预期均值、可得时的（最低–最高）区间，以及 · 后面给出该预估背后的分析师人数。
下次财报约在 2026-12-01。
我们的模型在中周期上对这只股票偏向 Bullish——这是对市场方向的判断，不是对盈利的预测。查看“信号”标签。
正在与同业比较…
| 机构 | 股数 | 金额 | 环比股数变动 | 占 13F 比例 | 占流通股比例 |
|---|---|---|---|---|---|
| BlackRock 被动 / 指数 | 18,901,321 | $2.9B | -1,006,506 | 0.0% | 9.62% |
| State Street 被动 / 指数 | 9,921,533 | $1.5B | -101,940 | 0.0% | 5.05% |
| FMR (Fidelity) 被动 / 指数 | 758,897 | $117.4M | -525,321 | 0.0% | 0.39% |
| Renaissance Technologies 大师 | 122,832 | $19.0M | 122,832 | 0.0% | 0.06% |
| Bridgewater Associates (Ray Dalio (founder)) 大师 | 19,260 | $3.0M | -92,231 | 0.0% | 0.01% |
TradingPilot 计算的列（占 13F 比例、占流通股比例）由申报原值推导而来；只有名称、股数与金额是申报原值。
SEC EDGAR (8-K Exhibit 99.1) · 2026-09-02 · 财报
NetApp reported first-quarter fiscal 2027 results: record quarterly net revenues of $2.03 billion, up 30% year over year; GAAP EPS of $1.88 and record non-GAAP EPS of $2.58; and significantly raised fiscal 2027 revenue and EPS guidance. Figures quoted from the company's 8-K exhibit.
2026-10-27 Yahoo Finance: NTAP · How AI Coverage At NetApp (NTAP) Has Changed Its Investment Story
2026-10-27 Yahoo Finance: NTAP · NetApp (NTAP) Exceeds Market Returns: Some Facts to Consider
2026-10-27 Yahoo Finance: NTAP · What Did NetApp Do That HP Did Not?
2026-10-27 Yahoo Finance: NTAP · Earnings Preview: What to Expect From NetApp’s Report
2026-10-27 Yahoo Finance: HPE · NetApp Pricing Gains: Can Higher Prices Support Revenue Growth?
2026-10-27 Yahoo Finance: NTAP · Would You Have Held NetApp Stock All The Way Up?
2026-10-27 Yahoo Finance: NTAP · NetApp (NTAP) stock is up, what you need to know
2026-10-20 Yahoo Finance: NTAP · NetApp (NTAP) Rises Higher Than Market: Key Facts
2026-10-14 Yahoo Finance: NTAP · NetApp (NTAP) Registers a Bigger Fall Than the Market: Important Facts to Note
2026-10-13 Yahoo Finance: SAP · Is NetApp’s (NTAP) AI-Optimized Storage Push Quietly Redefining Its Role in Enterprise Data Infrastructure?
2026-10-13 Yahoo Finance: SMCI · NetApp (NTAP) Deepens Its Push Into Enterprise AI Infrastructure
2026-10-13 Yahoo Finance: P · Will NetApp's Strong Balance Sheet Support Its AI Expansion Strategy?
2026-10-13 Business Wire AI · Arrow Electronics recognized as NetApp North America Distributor of the Year for 2026
2026-10-13 Yahoo Finance: LNVGY · Are Computer and Technology Stocks Lagging NetApp (NTAP) This Year?
2026-10-08 Yahoo Finance: STX · NetApp Up 147% in the Past 6 Months: Time to Buy the Stock?
2026-10-08 Yahoo Finance: SMCI · NetApp (NTAP) Wins An Analyst Upgrade, Is It 19% Overvalued?
2026-10-06 Yahoo Finance: SMCI · NetApp Teams With Diskover Data to Unlock Data Value
2026-10-05 Yahoo Finance: HPE · Zacks Investment Ideas feature highlights: Hewlett, PBF Energy and NetApp
2026-10-05 Yahoo Finance: SMCI · NetApp (NTAP) Moves 5.2% Higher: Will This Strength Last?
2026-10-03 Yahoo Finance: SMCI · Why Is NetApp (NTAP) Stock Rocketing Higher Today
影响 = 公司显著度层级（高/中由图谱中心度与规模自动判定；低仅用于人工整理的次要事件），不是对波动幅度的预测。
| 日期 | 类型 | 事件 | 影响 |
|---|---|---|---|
| 2026-12-02 | 财报 | NetApp earnings (estimated) — Date not yet announced — estimated from EDGAR filing cadence (last periodic filing + 91/365 days); confirm via IR. 预估 | 中 |
| 日期 | 事件 | 影响 | 结果 |
|---|---|---|---|
| 2026-09-02 | NetApp earnings 已确认 | 中 | 每股收益超预期 · +2.6% |
| 2026-05-28 | NetApp earnings 已确认 | 中 | 每股收益超预期 · +22.4% |
