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Will NetApp’s (NTAP) AI Data and Quantum-Safe Push with AWS and F5 Change Its Narrative?
Simply Wall St
Reviewed by Sasha Jovanovic
- In early December 2025, NetApp announced new AWS S3 Access Points support for Amazon FSx for NetApp ONTAP and deepened its F5 collaboration, while also appointing Willem Hendrickx to lead EMEA & LATAM and hosting AI-focused events with NVIDIA in San Jose, Atlanta, and Taipei.
- Together, these moves underline NetApp’s push to sit at the center of AI data infrastructure and quantum-resilient security across hybrid and multi-cloud environments.
- We’ll now examine how NetApp’s expanded F5 collaboration around AI data delivery and post-quantum security shapes its broader investment narrative.
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NetApp Investment Narrative Recap
To be comfortable owning NetApp, you need to believe it can convert its data storage heritage into an AI and cloud-centric subscription story, while managing margin pressure from hyperscalers. The latest F5 alliance and AI events support the near term catalyst around AI data infrastructure relevance, but do not materially change the key risk that traditional on premises storage and regional softness could drag on growth and earnings visibility.
The announcement that Amazon S3 Access Points now work with Amazon FSx for NetApp ONTAP looks particularly relevant, because it ties NetApp’s installed base more tightly into AWS AI and analytics workflows. That reinforces the catalyst around hybrid cloud and AI workloads, even as investors weigh softer revenue guidance and the ongoing shift toward lower up front, subscription oriented models.
Yet while these AI and security moves are encouraging, investors should still be aware of how concentrated growth in the Americas leaves NetApp exposed if ...
Read the full narrative on NetApp (it's free!)
NetApp's narrative projects $7.5 billion revenue and $1.4 billion earnings by 2028.
Uncover how NetApp's forecasts yield a $125.00 fair value, a 8% upside to its current price.
Exploring Other Perspectives
Four members of the Simply Wall St Community currently see NetApp’s fair value between US$125 and US$185.39, reflecting very different expectations. You can weigh those views against the key risk that hyperscaler aligned cloud partnerships may compress margins and affect how the company converts its AI positioning into long term performance.
Explore 4 other fair value estimates on NetApp - why the stock might be worth as much as 60% more than the current price!
Build Your Own NetApp Narrative
Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.
- A great starting point for your NetApp research is our analysis highlighting 5 key rewards and 1 important warning sign that could impact your investment decision.
- Our free NetApp research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate NetApp's overall financial health at a glance.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Valuation is complex, but we're here to simplify it.
Discover if NetApp might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.
Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
About NasdaqGS:NTAP
NetApp
Provides a range of enterprise software, systems, and services that customers use to transform their data infrastructures in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific.
Very undervalued with excellent balance sheet and pays a dividend.
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MPAA often has inventory and core-related timing issues. While this quarter’s problems may ease, similar issues have recurred historically and can persist for several quarters. It's not a one-off, it's a structural part of their business. Core returns are simply estimates: How many customers will actually return the original part; how quickly they'll do so; how many are useable; what they're worth, etc. MPAA predicts X sales in a quarter and Y core returns and its reserves, inventory values, etc. are based on that. If they expect a 90% core return rate and only 80% come back it doesn't change cash but they have to write down inventory and increase cost of goods sold which impacts EPS. They've also cited inventory buildup at key customers multiple times in the past. The assumption the latest backlog will all shift into future quarters this year with no impact on pricing, etc. seems more like wishful thinking. Retailer X was slated to buy $10m in parts this quarter but finds they have a lot more inventory on hand than they anticipated so they pushed the order. Realistically there are likely to be SKU cuts, reduction in safety stock on others, etc. Assuming that all $10m will come in this year plus the regular replenishment seems pretty unrealistic. MPAA also has a shaky track record when it comes to new lines and the supposed impact on business. If you look at the EV testing solutions hype back around 2020 that was supposed to diversify them beyond traditional reman and be a higher margin business that would grow with EV adoption. But it has never turned into a material contributor. The debt reduction and stock buy backs are meaningful but IMHO this narrative takes a very optimistic view of things.
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The problem with your reasoning is, that 37 Moz are AgEq. If you read the FS, you'll find out that annual silver production is more around 14-15 Moz. But at the time of the FS, that 37 Moz AgEq was a number that came of a formula (which is specified in the FS), being a mix of four metals: Ag, Au, Pb and Zc. But now, beginning of 2026, the spotprices of silver and gold have risen so much in comparison to Pb and Zc prices, that you need to recalculate the AgEq number of 37 Moz according to the recent prices. This will result in the fact that silver and gold hold more value in that mix of four metals, and thus dragg the 37 Moz AgEQ number down to somewhere around 18 Moz AgEq. The more valuable silver and gold become, the lower the AgEq number will get, but it'll never get under the yearly average production of silver, which should be somewhere between 14-15 Moz Ag in the first four years. So in short, with this in mind, your fair value is rather around CA$ 50, even with silver at 300 usd an ounce. But a more prudent stockprice forecast is around CA$ 20 and hopefully going toward CA$ 30. So DSV is a top stock, because it's producing actual gold every quarter. But don't put your hopes too high.
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