memory & storage · 產業指數 11 (排名 #110) ·
價格: 截至 2026-10-29 指數: 截至 2026-10-29 基本面: 最新申報文件 2026-09-02 按季揭露（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.
產業曝險 0.4 (Hyperscaler first-party cloud services and AI data-infrastructure demand drive a meaningful minority of NetApp's storage revenue.)
延遲的日終逐合約彙總資料——不是即時盤口，也不是逐筆資金流。買賣方向是根據每個合約最後一筆成交在買賣價差中的位置推斷出來的，並非觀測到的委託流。除非有報價的合約佔當日權利金的四分之一以上，否則公司層級的方向會被隱去，因此下方個別合約有方向時這裡也可能為空。買權/賣權權利金是在我們擷取的合約範圍內計算的——最近的 6 個到期日、45 天以內，並非完整選擇權鏈——而下表最多列出 20 個被標記的合約，所以把這些列加總不會還原出上面的百分比。
標記原因：Consumer Price Index today
| 日期 | 合約 | 異常分數 | 買賣方向（推斷）? | 未平倉變動? | 成交量 | 成交量/未平倉 | 標記 |
|---|---|---|---|---|---|---|---|
| 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：為 13 日基準的 0.4 倍
買權 50% / 賣權 50%（按權利金）
價格動能 撐起了這次判斷——幾乎全部傾向都由它貢獻，其餘投票者大致相互抵銷。
多數投票者傾向一致；結構性 投了反對票。方向一致度 0.41。
一個明確的看多分數；信心度 0.25 反映的是代理人之間的一致強度。信心度是信心，不是價格變動的機率。
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.
評級: 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.
類型: 轉換成本
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.
領先地位: 並列領先者
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".
定價權: 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.
依所引來源做出的人工整理護城河判斷。 來源：sec.gov
層級: 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".
由這家公司已對應的供應鏈關係及其所屬產業層級推導而來。
護城河先驗在長週期（約 6 個月）投出 +0.13 票，權重為 0.20——該週期上的群體判斷是 neutral（分數 0.32，信念度 16）。
編輯先驗——主觀、未經回測。它有界（±0.6）、低信賴度，且從不對短週期與中週期投票。 檢視它究竟如何投票 →
產品與服務，附編輯判定的市佔區間與技術門檻區間——這些是與所引依據綁定的定性判斷，絕非杜撰的數字。
| 產品 | 市場佔有率 | 技術門檻 |
|---|---|---|
| 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. | 領先 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. | 領先 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. | 挑戰者 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. | 挑戰者 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. | 利基市場 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. |
這些圖表繪製的是 NetApp 在其 SEC 申報文件中已申報的損益表、現金流量表與資產負債表（截至 2026-09-02）。每一個數字都是申報原值 XBRL——沒有任何一項是預估。
在已申報的區間內，FY2026 淨利為 $1.3B。
分析師一致預期——來自 Yahoo Finance 的第三方預估，截至 2026-10-26。這不是 SEC 申報文件，也不是 TradingPilot 的預測。 來源：finance.yahoo.com
| 期間 | 每股盈餘（預估） | 營收（預估） | 年增率 |
|---|---|---|---|
| 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% |
每個數字顯示一致預期平均值、可得時的（最低–最高）區間，以及 · 後面給出該預估背後的分析師人數。
下次財報約在 2026-12-01。
我們的模型在中週期上對這檔股票偏向 Bullish——這是對市場方向的判斷，不是對獲利的預測。檢視「訊號」分頁。
正在與同業比較…
| 機構 | 股數 | 金額 | 季增減股數 | 佔 13F 比例 | 佔流通股比例 |
|---|---|---|---|---|---|
| BlackRock 被動 / 指數 | 18,901,321 | $2.9B | -1,006,506 | 0.0% | 9.62% |
| State Street 被動 / 指數 | 9,921,533 | $1.5B | -101,940 | 0.0% | 5.05% |
| FMR (Fidelity) 被動 / 指數 | 758,897 | $117.4M | -525,321 | 0.0% | 0.39% |
| Renaissance Technologies 大師 | 122,832 | $19.0M | 122,832 | 0.0% | 0.06% |
| Bridgewater Associates (Ray Dalio (founder)) 大師 | 19,260 | $3.0M | -92,231 | 0.0% | 0.01% |
TradingPilot 計算的欄位（佔 13F 比例、佔流通股比例）由申報原值推導而來；只有名稱、股數與金額是申報原值。
SEC EDGAR (8-K Exhibit 99.1) · 2026-09-02 · 財報
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
影響 = 公司顯著度層級（高/中由圖譜中心度與規模自動判定；低僅用於人工整理的次要事件），並非對波動幅度的預測。
| 日期 | 類型 | 事件 | 影響 |
|---|---|---|---|
| 2026-12-02 | 財報 | NetApp earnings (estimated) — Date not yet announced — estimated from EDGAR filing cadence (last periodic filing + 91/365 days); confirm via IR. 預估 | 中 |
| 日期 | 事件 | 影響 | 結果 |
|---|---|---|---|
| 2026-09-02 | NetApp earnings 已確認 | 中 | 每股盈餘優於預期 · +2.6% |
| 2026-05-28 | NetApp earnings 已確認 | 中 | 每股盈餘優於預期 · +22.4% |
