NetAppNTAP -0.19%91 PB Ratio is 22.45 as of Jun. 30, 2026, which is 20% above its 10-year median of 18.72. GuruFocus rates NTAP with a GF Score™ of 91/100 and a GF Value™ of $119.10 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 2,618 Software companies, NetApp ranks worse than 96.56% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-30), NetApp's share price is $154.76. NetApp's Book Value per Share for the quarter that ended in Apr. 2026 was $6.89. Hence, NetApp's PB Ratio of today is 22.45.
The historical rank and industry rank for NetApp's PB Ratio or its related term are showing as below:
NTAP'
s PB Ratio Range Over the Past 10 Years
Min: 2.39 Med: 18.72 Max: 45.15
Current: 22.46
During the past 13 years, NetApp's highest PB Ratio was 45.15. The lowest was 2.39. And the median was 18.72.
NTAP's PB Ratio is ranked worse than 96.56% of 2618
companies
in the Software industry
Industry Median: 2.37
vs NTAP: 22.46
During the past 12 months, NetApp's average Book Value Per Share Growth Rate was 33.20% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 8.00% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 15.20% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was -4.00% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of NetApp was 97.00% per year. The lowest was -52.50% per year. And the median was 10.85% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
NetApp PB Ratio Related Terms
NetApp PB Ratio Historical Data
* Premium members only.
The historical data trend for NetApp's PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Software - Infrastructure subindustry, NetApp's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
NetApp PB Ratio vs Software Industry
For the Software industry and Technology sector, NetApp's PB Ratio distribution charts can be found below:
* The bar in red indicates where NetApp's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
NetApp's PB Ratio for today is calculated as follows:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
NetApp (NTAP) has a PB Ratio of 22.45 as of Jun. 30, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on NetApp and its competitors. This is 20% above median its historical median of 18.72. Over the past decade, NetApp's PB Ratio has ranged from 2.39 to 45.15. According to the industry distribution chart, NetApp ranks #2528 out of 2618 companies in the Software industry, placing it in the top 96.6%.
Is NetApp's PB Ratio too high?
NetApp's current PB Ratio of 22.45 is 20% above median its 10-year median of 18.72. Over the past 10 years, this metric has ranged from a low of 2.39 to a high of 45.15. The Software industry median PB Ratio is 2.37. NetApp's value of 22.45 is 847.3% above this industry median. Based on the distribution chart, NetApp ranks #2528 out of 2618 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, NetApp has a GF Score™ of 91/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NetApp's PB Ratio compare to TWLO and MDB?
According to the Software industry distribution chart, NetApp ranks #2528 out of 2618 companies for PB Ratio. This places NetApp in the lower half of its industry. The industry median PB Ratio is 2.37. NetApp's value of 22.45 is 847.3% above this benchmark. Historically, NetApp's own PB Ratio has ranged from 2.39 to 45.15 over the past decade. While the company's 10-year median is 18.72 vs. the industry median of 2.37, NetApp has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for a Software company?
The median PB Ratio among Software companies is 2.37, based on 2,618 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. NetApp's current PB Ratio of 22.45 is 847.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on NetApp and its competitors. For the Software industry, the median PB Ratio is 2.37 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. NetApp's current PB Ratio is 22.45, which is 20% above median its own 10-year median of 18.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NetApp stock overvalued right now?
Based on GuruFocus' analysis, NetApp (NTAP) is currently considered Modestly Overvalued. The stock's GF Value™ is $119.10, compared to a current price of $154.76 — trading 29.9% above its estimated fair value. The current PB Ratio is 22.45, which is 20% above median its 10-year median of 18.72 and 847.3% above the Software industry median of 2.37. NetApp's overall GF Score™ is 91/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For NetApp (NTAP), the current PB Ratio is 22.45 as of Jun. 30, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is NetApp (NTAP) Overvalued in 2026?
Based on GuruFocus' analysis, NetApp stock appears to be overvalued.
The current stock price of $154.76 is trading 29.9% above its estimated GF Value™ of $119.10.
GuruFocus considers NetApp to be Modestly Overvalued.
Key valuation signals for NTAP:
PB Ratio: 22.45 (20% above median its 10-year median of 18.72)
GF Value™: $119.10 vs. price of $154.76 (29.9% above fair value)
Industry Position: 847.3% above the Software median (#2528 of 2618)
No single metric tells the full story. See the NTAP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NetApp Inc is storage hardware provider into a software-driven, cloud-centric data infrastructure company. Its flagship ONTAP data management software, together with a comprehensive portfolio of all-flash, hybrid-flash, and cloud-native solutions, forms the backbone of digital transformation for thousands of enterprises world'wide. Its operations are organized into two segments Hybrid Cloud and Public Cloud. It generates majority of revenue from Hybrid Cloud offers a unified data storage portfolio of storage management and infrastructure solutions that helps customers modernize their data centers. Hybrid Cloud includes software, hardware, and related support, along with professional and other services. It generates majority of revenue from United States followed by International market.
91GF Score
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