NetApp, Inc. vs WESTERN DIGITAL CORPORATION, two Computer Hardware stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The number that defines the pair is 6.13: NetApp's free-cash yield, nearly five times Western Digital's 1.3%, from the smaller company at the lower multiple. WDC's income statement currently dazzles, a 40.7% net margin at the top of the drive cycle against NetApp's 18.4%, and its 34.5 times multiple prices that dazzle as durable. NetApp at 24 times is priced for what it already is, a 70.1% gross-margin storage franchise handing cash back, 1.4% dividend included. Leverage is modest at WDC (0.33) and working hard at NetApp (1.84). When the cyclical carries the premium and the annuity carries the yield, the market has taken a side on how long the cycle runs; the yield is what waiting on the other side pays.
Comparison updated 2026-07-10.
| Metric | NTAP | WDC |
|---|---|---|
| Price | $152.40 | $578.52 |
| Market cap | $30.5B | $223.9B |
| Sector | Computer Hardware | Computer Hardware |
| Stage | Mature | Growth |
| Implied growth (priced in) | +17.3% | — |
| P/E | 24.0 | 34.5 |
| P/B | 22.56 | 23.13 |
| P/S | 4.40 | 19.01 |
| EV/EBITDA | 17.0 | 61.5 |
| Revenue growth | +5.2% | +32.0% |
| Gross margin | 70.1% | 50.2% |
| Operating margin | 27.3% | 35.7% |
| Net margin | 18.4% | 40.7% |
| Return on equity | 94.5% | 49.6% |
| Return on assets | 11.9% | 31.9% |
| Return on invested capital | 34.0% | 26.5% |
| FCF yield | 6.1% | 1.3% |
| Dividend yield | 1.4% | 0.0% |
| Debt / equity | 1.84 | 0.33 |
| Current ratio | 1.44 | 1.49 |
| Altman Z (solvency) | 2.97 | 7.86 |
| Piotroski F (quality) | 6 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.