NetApp management check
NTAP · Information Technology · Technology Hardware, Storage & Peripherals · CEO George Kurian
Filings as of
3 good · 3 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2022 grew to $164, against $260 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.66 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.7% of net income$22.2m of reported pay in fiscal 2026, against $1.3bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 2.1 years of payThe CEO holds 212,194 shares, directly or through trusts (unvested awards not counted): about 2.1 years of pay. 8 insiders sold $45.7m in the last six months and none bought. 30 of 34 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.9% a year over the last three fiscal years. Stock-based pay was 5.5% of revenue in the latest year.
- Watch
Is leadership stable?
10 leadership filings in 3 yearsCEO in the pay table: George Kurian. 10 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 4 | 33 | |
| Pay for performance | 83 | 87 | |
| CEO cost | 30 | 35 | |
| Skin in the game | 31 | 47 | |
| Dilution | 86 | 56 | |
| Stable leadership | 75 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Technology Hardware, Storage & Peripherals, by management score. NetApp is 43rd of 73 in its sector.
- 3SNDKSandisk94
- 7DELLDell Technologies90
- 24STXSeagate Technology85
- 178WDCWestern Digital70
- 195PEverpure69
- 204AAPLApple Inc.68
- 295SMCISupermicro62
- 348NTAPNetApp58
- 387HPQHP Inc.55
- 403HPEHewlett Packard Enterprise53
Pay versus performance
From the proxy statement filed July 28, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2026 | George Kurian | $22.2m | $22.5m | $15.9m | $164 | $260 | $1.3bn |
| 2025 | George Kurian | $23.1m | $4.7m | $10.5m | $131 | $171 | $1.2bn |
| 2024 | George Kurian | $17.7m | $39.8m | $7.0m | $147 | $154 | $986.0m |
| 2023 | George Kurian | $11.4m | −$3.1m | $4.9m | $89 | $110 | $1.3bn |
| 2022 | George Kurian | $18.9m | $17.4m | $8.5m | $100 | $102 | $937.0m |
The board says pay is tied most to Adjusted Operating Income. Its other key measures: Adjusted Operating Income*, Revenue, Billings**, Relative Total Shareholder Return.
Insiders and the CEO's stake
George Kurian (CEO) held 212,194 shares directly after their latest Form 4 on Oct 15, 2026, roughly $47.1m at that filing's price.
8 insiders sold $45.7m in the last six months and none bought. 30 of 34 sales ran on pre-arranged 10b5-1 plans.
- SoldGeorge KurianCEO · 10b5-1 plan$30.3mOct 1, 2026
- SoldCesar CernudaPresident · 10b5-1 plan$8.2mAug 17, 2026
- SoldGerald HeldDirector$2.5mOct 1, 2026
- SoldDeepak AhujaDirector · 10b5-1 plan$1.4mSep 21, 2026
Leadership and governance on file
- Jan 12, 2026Leadership change8-K 5.02
- Sep 15, 2025Leadership change8-K 5.02
- May 29, 2025Leadership change8-K 5.02
- Mar 26, 2025Leadership change8-K 5.02
- Feb 26, 2025Leadership change8-K 5.02
- Jan 28, 2025Leadership change8-K 5.02
- Sep 12, 2024Leadership change8-K 5.02
- Aug 28, 2024Leadership change8-K 5.02
- Apr 9, 2024Leadership change8-K 5.02
- Nov 16, 2023Leadership change8-K 5.02
- Sep 15, 2023Leadership change8-K 5.02
- Aug 10, 2023Leadership change8-K 5.02
Latest shareholder vote results: Sep 11, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $6.6bn returned to owners in buybacks and dividends, 116% of net income, and $1.7bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.3bn | $6.4bn | $6.3bn | $6.6bn | $6.9bn |
| Net income | $937.0m | $1.3bn | $986.0m | $1.2bn | $1.3bn |
| Stock-based pay | $245.0m | $312.0m | $357.0m | $386.0m | $382.0m |
| Buybacks | $600.0m | $850.0m | $900.0m | $1.1bn | $950.0m |
| Dividends | $446.0m | $432.0m | $416.0m | $424.0m | $413.0m |
| Diluted shares | 229m | 220m | 213m | 209m | 201m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.