adjusted eps
5.4–5.9 $per share
FY 2024
official guidance
NETAPP, INC.
Last · NasdaqGS$222.20-16.81 (-7.03%)close · yahoo · 13h ago
Market cap$43.64B196.4M sh
P/E · TTM31.3fwd 19.9 · eps 7.09
Beta1.45vs S&P 500
Div yield0.87%annual · TTM
52w range
$93.69$240.87
Volume3.0Msession
| Revenue | $7.4B |
|---|---|
| Operating income | $1.8B |
| Net income | $1.4B |
| Free cash flow | $1.6B |
| Operating margin | 25.0% |
| Net margin | 19.2% |
| Return on equity | 94.8% |
| Period | TTM 2026-07-31 |
Loading chart…
OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong cash generation and regulated-growth visibility outweigh near-term rate-case and commodity risks.
Buy: National Fuel guided to fiscal 2024 adjusted EPS of $5.40-$5.90, up 9% at the midpoint, and approximately $200 million of free cash flow, while Seneca targets 390-410 Bcfe of production on $525-$575 million of capital. The EDA transition, 70% downside price protection and 90% firm transportation coverage support earnings resilience, although the $89 million New York rate request remains unproven and the thesis still depends on natural-gas prices and successful Tioga Pathway execution.
Themes
- Fiscal 2024 Guidance
- Eda Transition
- Natural Gas Hedging
- Tioga Pathway
- New York Rate Case
- Free Cash Flow
Near term
Fiscal 2024 production is expected to be broadly flat in Q1 before significant growth in Q2, with 27 turn-ins planned across the first two quarters.
Pennsylvania’s approved $23 million rate increase should contribute most meaningfully in the first and second fiscal quarters; the new weather-normalization clause may reduce utility earnings volatility.
Natural-gas basis and in-basin pricing remain important: the company curtailed exposed volumes when prices fell below $1/MMBtu, despite firm coverage for nearly 90% of expected fiscal 2024 production.
The fiscal 2024 hedge book protects approximately 70% of expected production, but a $0.25/MMBtu change in NYMEX prices moves EPS by approximately $0.27.
Longer term
The EDA transition is the main value driver: management expects higher productivity and IRRs than in the WDA, with more than 10 years of high-quality inventory and 50-70 new development locations added through acquisitions.
Beginning in fiscal 2025, combined Seneca and Midstream annual capital spending is expected to be $50-$150 million below fiscal 2023 levels while targeting maintenance to low-single-digit production growth, potentially improving free-cash-flow conversion.
The regulated businesses target at least 5% annual rate-base growth and mid- to high-single-digit earnings growth over the next three to five years, but this requires continued timely cost recovery and favorable regulatory outcomes.
The late-2026 Tioga Pathway project could improve netbacks and diversify takeaway, while also creating incremental Pipeline & Storage growth, but its benefits are conditional on FERC approval and construction.
The company’s balance sheet is expected to approach 2x debt/EBITDA and exceed 40% FFO/debt over the next 12 months, supporting dividends and selective acquisitions.
Red flags
Management gave no quantified estimate for the netback uplift from Tioga Pathway, despite analyst questioning the economics of the project.
The New York utility filing seeks an $89 million annual increase effective October 2024, but management acknowledged the proceeding is early and would not indicate the likely outcome or settlement level.
Fiscal 2023 regulated capital spending exceeded guidance, and the EDA transition is raising DD&A because the new reserves carry higher implied depletion rates; higher capital intensity could delay free-cash-flow improvement.
The business remains materially exposed to natural-gas prices: management’s $3.25/MMBtu NYMEX assumption is unchanged, while low Appalachian prices already caused voluntary curtailments.
The call did not provide detailed well-level returns, cost curves or a quantified improvement in EDA capital efficiency, leaving some of the key investment case dependent on management’s operating assertions.
Forward outlook
gross margin
—
FY 2024
official guidance
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
9:00 PM UTC+1
Period
Oct 2026
Est. EPS
$2.60
Est. revenue
2.1B
Earnings transcripts
- Motley Fool
NetApp (NTAP) Q1 2027 Earnings Call Transcript
NETAPP, INC.
- Issuer IR
Transcript of Q4 2026, PDF file
NETAPP, INC.
- Issuer IR
Q4 2026 earnings call transcript
NETAPP, INC.
- Issuer IR
Q2 2026 earnings call transcript
NETAPP, INC.
- Issuer IR
Q2 2026 earnings call transcript
NETAPP, INC.
- Issuer IR
Q3 2026 earnings call transcript
NETAPP, INC.
Documents
FormReporting forFiledFlags