NetApp, Inc. — Earnings Quality Grade D
NTAP · Technology
Significant concerns
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 11 days
AR outpaced revenue for 2 consecutive years
Revenue 4.9%, CFFO -10.6%. Cash follows revenue
Expense Quality
Inventory 0.0% vs COGS 6.8%. Normal
CapEx growth 8.4% vs revenue 4.9%. Normal
SG&A/Gross Profit = 47.2%. Normal
Gross margin 70.2%, change -0.5pp. Stable
Cash Flow Quality
CFFO/NI = 1.27. Profits backed by cash
FCF $1.3B, FCF/NI = 1.13
Accruals ratio = -3.0%. Low accruals
Cash $3.8B covers debt $3.5B
Balance Sheet Health
Goodwill+Intangibles $2.8B = 266% of equity. Over 50%
Debt/EBITDA = 2.1x. Healthy
Other assets 14.9% vs revenue 4.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -4% YoY. Normal
Manipulation Score
M-Score = -2.46 (< -2.22). Unlikely manipulator
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25