Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the first person by Warren and Charlie. We have read the latest 10-K (fiscal year ended April 24, 2026), the fourth-quarter results, and what the world has been saying since. We reach our own conclusions and borrow no one else's portfolio. NetApp is a competent, cash-generative, well-managed company sitting in a mature, fiercely competitive, slowly commoditizing business. It throws off real money, returns most of it to owners, and owns a genuinely clever niche — it is the only storage outfit wired natively into all three big public clouds. But after a decade of revenue that has crawled rather than compounded, and after a stock that just leapt 35% in a single morning to an all-time high it had not seen since the dot-com mania of 2000, we are being asked to pay a wonderful-business price for an average business. We decline. This is not a bad company.
Recent filings analysed: DEF 14A (2026-07-28), 10-K (2026-06-05), 8-K (2026-05-28), 10-Q (2026-02-26).
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