NetApp

NTAP Enterprise IT & Services 4/10 Medium Risk

4/10

— 4 → 4 over 28 weeks

Sector avg: 3.3/10

▲

Risk Score Increased

2/10 → 4/10

Risk level moved from Low Risk to Medium Risk. Score changed by 2 points as of 2026-09-06.

What changed

▼ Debt-to-equity: 1.84 → 1.66 (improved)

▲ Near-term maturity concentration: 0.0% → 22.1% (worsened)

NetApp carries $2.5B in long-term debt, with $2.5B in scheduled principal maturities. DebtCanary scores NTAP at 4/10, indicating moderate refinancing pressure.

Maturity Schedule

As of 2026-07-31 (latest SEC filing with maturity data). Debt actions taken after this date will only appear once SEC processes the relevant XBRL filing.

Period	Amount Due	% of Total
Year 1 (0-12 months)	$550M	22.1%
Year 2 (12-24 months)	N/A	N/A
Year 3 (24-36 months)	N/A	N/A
Year 4 (36-48 months)	N/A	N/A
Year 5 (48-60 months)	N/A	N/A
Beyond 5 Years	$1.9B	77.9%
Total Scheduled Maturities	$2.5B	100.0%

Key Metrics

Total Long-Term Debt

$2.5B

Near-Term (12mo)

$550M

Interest Coverage

26.2x

Debt/Equity

1.66

Cash Coverage

2.86x

Operating Income

$1.7B

EBITDA

$1.9B

Debt / EBITDA

1.3x

EBITDA / Interest

29.0x

Refinancing Cost Shock

If NetApp refinanced the $550M due within 24 months at today's market yields, its annual interest bill would change by an estimated +$15M/year — about 0.9% of operating income.

Show the full calculation

Debt due within 24 months (Year 1 + Year 2 buckets): $550M

Current average rate = interest expense / interest-bearing debt = $64M / $2.5B = 2.57%

Synthetic rating bucket from coverage (EBITDA/interest 29.0x, operating income/interest 26.2x): AAA

Market yield for AAA bucket (ICE BofA via FRED, 2026-09-03): 5.39% (BAMLC0A1CAAAEY)

Rate change: 5.39% − 2.57% = +2.82 pp

Annual cost change: +2.82% × $550M = +$15M/yr

As share of operating income ($1.7B): 0.9%

Index-level estimate, not issuer-level bond pricing: the rating bucket is inferred from interest coverage (not an agency rating), and actual new-issue pricing depends on tenor, security, and market conditions. See the methodology.

Hidden future pain — added interest run-rate as the schedule rolls

+1yr

+$16M/yr (0.9%)

+2yr

+$16M/yr (0.9%)

+3yr

+$16M/yr (0.9%)

+4yr

+$16M/yr (0.9%)

+5yr

+$16M/yr (0.9%)

Cumulative run-rate change once all debt maturing by each horizon has refinanced. Assumes yields hold. Market-wide view on the Hidden Future Pain page.

What if yields move? market yield 5.39% (+0 bps)

24-month wall refinanced at that yield: = of operating income

Compare across all companies on the Refinancing Cliff Map →

How This Score Was Computed

Weighted average of 4 scored components (raw 3.60, rounded to 4). Weights of skipped components are redistributed proportionally among those scored.

Component	Value	Sub-Score	Weight Used
Near-Term Maturity Concentration Show calculation Year-1 maturities / Total scheduled maturities Year-1 maturities: $550M Total scheduled maturities: $2.5B	22.1%	5/10	30%
Interest Coverage Ratio Show calculation Operating income / Interest expense Operating income: $1.7B Interest expense: $64M	26.16x	1/10	25%
Debt-to-Equity Ratio Show calculation Long-term debt / Stockholders' equity Long-term debt: $2.5B Stockholders' equity: $1.5B	1.66	5/10	25%
Cash Coverage of Near-Term Debt Show calculation Cash & equivalents / Debt due within 12 months Cash & equivalents: $1.6B Near-term debt: $550M	2.86x	3/10	20%
Cash Runway Only scored when a company is burning cash. Operating cash flow is positive (or unreported), so runway isn't a constraint.	N/A	—	not scored

"Weight Used" shows each component's share after the weights of unscored components are redistributed. Full thresholds and formulas are on the methodology page.

Recent SEC Filings

Material disclosures from NetApp's most recent EDGAR filings. 8-K item labels indicate the type of event reported.

Date	Form	Details
2026-09-02	10-Q	Quarterly report
2026-09-02	8-K	Earnings Results
2026-07-28	DEFA14A	Additional proxy materials
2026-07-28	DEF 14A	Proxy statement
2026-06-05	10-K	Annual report
2026-05-28	8-K	Earnings Results, Other Events
2026-02-26	10-Q	Quarterly report
2026-02-26	8-K	Earnings Results

Related Companies

International Business Machines

IBM

4/10

Debt: $62.0B 12mo: $6.7B

Hewlett Packard Enterprise

HPE

4/10

Debt: $21.7B 12mo: $3.8B

Dell Technologies

DELL

2/10

Debt: $31.2B 12mo: $3.4B

Cisco Systems

CSCO

3/10

Debt: $22.9B 12mo: $3.5B

HPQ

2/10

Debt: $9.7B 12mo: $847M

Debt: $1.1B 12mo: $2.2B

Data Source: Financial data sourced from SEC EDGAR XBRL filings (10-K annual reports). Fiscal period end: 2026-07-31. Filing date: 2026-09-02. Data last fetched: 2026-09-06. Maturity schedules reflect the company's most recently reported debt repayment obligations. Data quality: Complete.
View SEC EDGAR filings for NetApp →