Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period NetApp’s total assets increased from $9,360m in 2021 to $10,823m in 2025, a net rise of $1,463m (+15.6%). The path was not linear: assets climbed to $10,026m in 2022, dipped to $9,818m in 2023, were roughly flat in 2024, then jumped materially in 2025. Total liabilities moved from $8,675m to $9,783m (+$1,108m, +12.8%) with a similar lumpy pattern (peak in 2022, drop in 2023–24, then a 2025 increase). Stockholders’ equity rose from $685m to $1,040m (+$355m, +51.8%) over the period but showed volatility — a substantial increase in 2023 (to $1,159m) followed by a modest decline to $1,040m by 2025. The balance sheet shows a consistently high leverage profile: liabilities represent over 90% of assets in every year (liabilities/assets ~92.7% in 2021 and ~90.4% in 2025), leaving a relatively thin equity buffer. The 2023 jump in equity suggests an earnings/retention or financing event that year, while the equity pullback into 2024–25 could reflect shareholder distributions (dividends or buybacks) or other adjustments — common in mature tech/storage vendors with strong cash returns to shareholders. Key things to watch are the composition of liabilities (debt vs. deferred revenue), sustainability of earnings and free cash flow, and capital return activity; these factors will determine whether the thin but slowly improving equity base is adequate for downside protection.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.