Is NetApp, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for NetApp, Inc. has moved from very expensive to attractive, indicating a shift towards a more favorable assessment. Based on the current metrics, the company appears to be undervalued. Key valuation ratios include a P/E ratio of 17, an EV to EBITDA of 15.07, and a PEG ratio of 0.80, all suggesting that the stock is trading at a reasonable price relative to its earnings and growth potential.
In comparison to its peers, NetApp, Inc. has a more attractive valuation than Seagate Technology Holdings Plc, which has a P/E of 26.40, and Western Digital Corp., which has a P/E of 11.75. Despite some recent volatility, NetApp's stock has outperformed the S&P 500 over the last three and five years, with returns of 88.49% and 152.53%, respectively, compared to 81.19% and 91.29% for the index.