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Western Digital Corporation

WDC Technology Computer Hardware

Western Digital Corporation’s revenue for fiscal 2026 (year ended June 2026) was $12.9 billion, up 35.7% from fiscal 2025.

Revenue
+55.5%
EPS
+45.5%
Free cash flow
+129.9%
Total debt
−83.2%

Quarter to September 2026, against a year earlier

261.86 5.77 −2.16%
Market cap
$100.2B
P/E
9.5×
Fwd P/E
15.1×
Dividend yield
0.20%
F-score
8/9
Altman Z
29.58
Beneish M
−0.19
Dividend safety
70/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • HDD

Every year since 2017 →

Insider Decisions last twelve months

Sold, $m 70.69
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 1 6 4 1 6 4 3 4 2 2 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 100,180.00
Revenue ttm 14,482.00
Net income ttm 10,021.00
Free cash flow ttm 4,289.00
Net debt Q (525.00)
Valuation
P/E 9.49
Forward P/E 15.10
Price / sales 6.84
Forward P/S Powerpack
Price / FCF 23.09
Price / book 10.60 (above 6: high)
Financial health
Current ratio Q 1.43
Debt / equity Q 0.08 (at or below 0.5: strong)
Interest coverage Q 186.00
Growth
Revenue growth Q +55.46% (above 0%: growing)
Operating income growth Q +158.33% (above 0%: growing)
EPS, this year +142.02% (at or above 15%: strong)
EPS, next year A +63.45% (at or above 15%: strong)
Revenue, next year A +64.99% (at or above 10%: strong)
EPS, past 5 yrs +55.62% (at or above 15%: strong)
EPS, next 5 yrs A +74.20% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.0×, against a ten-year median of 1.3×; over the ten years it ranged from 0.3× in 2016 to 17.2× in 2026.
P/E against its own 10 years 24.04%
10-year low 10-year high
P/S against its own 10 years 92.52%
10-year low 10-year high
P/B against its own 10 years 92.52%
10-year low 10-year high
EV/Sales against its own 10 years 92.41%
10-year low 10-year high
EV/FCF against its own 10 years 57.19%
10-year low 10-year high

Dividends raised 2 years running

Yield
0.20%
Annual rate
0.55
Payout ratio
2.13%
Growth, 2018–26
−14.7%/yr
  1. 1.51 ’18
  2. 1.13 ’19 −25
  3. 0.76 ’20 −33
  4. 0.00 ’21 −100
  5. 0.00 ’22
  6. 0.00 ’23
  7. 0.00 ’24
  8. 0.33 ’25
  9. 0.43 ’26 +31
paid change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 1,551 2,114 1,579 1,314
Receivables 1,231 1,486 2,026 2,232
Inventory 1,387 1,291 1,511 1,781
Other 360 965 518 541
8,060 5,856 5,634 5,868
2024 2025 2026 Q'26
Payables 1,054 1,266 1,774 1,855
ST’ Debt 1,750 2,226 1,052 789
Other — — — —
6,087 5,418 4,240 4,092

Compound Annual Growth %

10y 5y 3y
Sales (0.06%) (5.26%) 27.35%
Cash Flow 7.08% 15.66% 0.00%
Earnings 44.23% 62.92% 0.00%
Book Value (2.26%) (3.73%) (6.84%)

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 3.35 Actual 3.56

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 1.59 1.78 Beat by 0.19
Q2 FY26 1.95 2.13 Beat by 0.18
Q3 FY26 2.41 2.72 Beat by 0.31
Q4 FY26 3.35 3.56 Beat by 0.21
Q2 FY27 5.88 — Reports 4 February 2027

EPS $

Sep Dec Mar Jun Year
’26 4.63 — — — —
’26 3.07 4.73 8.20 8.21 24.28
’25 1.35 1.63 1.42 0.75 5.13
’24 (2.17) (0.87) 0.34 0.08 (2.61)
’23 0.08 (1.40) (1.82) (2.27) (5.44)
’22 1.93 1.79 0.08 0.95 4.75
’21 (0.20) 0.20 0.63 1.97 2.66
Fiscal quarters ending in the months shown.

Revenue $m

Sep Dec Mar Jun Year
’26 4,381 — — — —
’26 2,818 3,017 3,337 3,747 12,919
’25 2,212 2,409 2,294 2,605 9,520
’24 1,194 1,367 1,752 2,004 6,317
’23 3,736 3,107 2,803 — 6,255
’22 5,051 4,833 4,381 4,528 18,793
’21 3,922 3,943 4,137 4,920 16,922
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Sep Dec Mar Jun Year
’26 1,604 — — — —
’26 672 745 1,123 1,389 3,929
’25 34 403 508 746 1,691
’24 (626) (92) 58 366 (294)
’23 6 35 (381) (68) (408)
’22 521 666 398 295 1,880
’21 363 425 116 994 1,898
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Sep Dec Mar Jun Year
’26 1,377 — — — —
’26 599 653 978 1,281 3,511
’25 (61) 290 380 675 1,284
’24 (557) (242) (37) 250 (586)
’23 (314) (223) (491) (187) (1,215)
’22 276 372 108 17 773
’21 33 218 (46) 690 895
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 8.8% a year for ten years. It grew 1.8% a year over the last ten.

Implied
8.8%
10 years, reported
1.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to June

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Sep ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 19,093 20,647 16,569 16,736 16,922 18,793 6,255 6,317 9,520 12,919 14,482 (4.2%) 21,315 29,947 36,681 +41.6%
Gross margin, % 31.80 37.32 22.64 22.59 26.72 31.26 22.24 28.07 38.78 48.85 52.60 +17.0 pt
EBT 769 2,085 (287) (46) 927 2,171 (849) (739) 1,130 9,905 10,606 +32.8%
EBT margin, % 4.03 10.10 (1.73) (0.27) 5.48 11.55 (13.57) (11.70) 11.87 76.67 73.24 +72.6 pt
Net income 397 675 (754) (250) 821 1,546 (1,684) (798) 1,889 9,424 10,021 +42.2%
Per share, $
Per share, $ Revenue 66.30 69.52 56.74 56.16 55.48 60.23 19.67 19.38 27.44 37.45 39.57 (6.1%)
Earnings 1.38 2.27 (2.58) (0.84) 2.69 4.81 (5.44) (2.61) 5.31 26.92 28.53 +39.1%
Cash flow 11.93 14.16 5.30 2.77 6.22 6.03 (1.28) (0.90) 4.87 11.39 13.28 (0.5%)
Capex (1.93) (2.72) (2.59) (2.17) (3.29) (3.55) (2.54) (0.90) (1.17) (1.21) (1.56) (5.1%)
Free cash flow 10.00 11.43 2.71 0.59 2.93 2.48 (3.82) (1.80) 3.70 10.18 11.72 +0.2%
Book value 39.65 38.82 34.13 32.05 35.15 39.17 34.48 33.18 15.31 25.69 25.54 (4.7%)
Shares, m 288 297 292 298 305 312 318 326 347 345 349 +2.0%
Valuation, ×
Valuation, × P/E 49.88 26.44 0.00 0.00 20.41 7.12 0.00 0.00 12.03 23.65 9.49 14.0
P/S 1.02 0.86 0.67 0.60 0.98 0.57 1.48 3.02 2.33 17.06 6.84 2.9
P/B 1.71 1.54 1.11 1.05 1.55 0.88 0.84 1.76 4.18 24.86 10.60 3.9
EV/Sales 1.38 1.16 1.10 0.99 1.30 0.82 2.28 3.95 2.61 17.20 6.97 3.3
EV/FCF 9.14 7.04 23.00 93.80 24.56 19.98 (11.75) (42.58) 19.32 63.30 23.54 20.6
Cash, $m
Cash, $m Operating cash flow 3,437 4,205 1,547 824 1,898 1,880 (408) (294) 1,691 3,929 4,861 +1.5%
Capex (557) (809) (757) (647) (1,003) (1,107) (807) (292) (407) (418) (572) (3.1%)
Free cash flow 2,880 3,396 790 177 895 773 (1,215) (586) 1,284 3,511 4,289 +2.2%
Balance, $m
Balance, $m Working capital 6,712 6,182 4,660 4,642 4,887 4,216 2,452 1,973 438 1,394 1,776 (16.0%)
Net debt 6,797 6,167 7,067 6,527 5,355 4,735 5,047 5,883 2,597 (527) (525) n/m
Shareholders’ equity 11,418 11,531 9,967 9,551 10,721 12,221 10,964 10,818 5,311 8,864 9,348 (2.8%)
Returns, %
Returns, % ROA 1.27 2.28 (2.71) (0.96) 3.17 5.90 (6.63) (3.27) 9.89 67.65 70.08 +66.4 pt
ROIC 6.70 12.77 0.32 1.30 4.74 8.81 (2.14) (1.51) 18.45 33.38 40.43 +26.7 pt
ROE 3.52 5.88 (7.01) (2.56) 8.10 13.48 (14.53) (7.33) 23.42 132.97 131.54 +129.5 pt
People
People Employees 68,000 71,600 61,800 63,800 65,600 65,000 53,000 51,000 40,000 40,000 — (5.7%)
Revenue/emp, $m 0.28 0.29 0.27 0.26 0.26 0.29 0.12 0.12 0.24 0.32 — +1.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jun 2026 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Western Digital is a San Jose-based developer, manufacturer and provider of data-storage devices and solutions based on hard disk drive (HDD) technology. Irving Tan is chief executive officer. HDDs store data magnetically on rotating disks, retaining information without power. They are used where customers need large volumes of data stored reliably and economically.

The company’s main business is supplying HDDs for cloud data centers and enterprise storage systems. Its Cloud business sells high-capacity enterprise drives to public and private cloud operators, Internet and social-media infrastructure providers, and enterprise customers. These drives are designed for data-storage systems that need capacity, reliability, scalability and low total cost of ownership over years of use.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
HDD 12,919 100.00%
Gross margin 48.85%
Operating margin 34.47%
Pre-tax margin 76.67%

Revenue by segment since 2017

Western Digital Corporation vs peers in Computer Hardware (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DELL Dell Technologies Inc. $201.5B 18.5× 17.5× +57.75% (above 0%: growing) +277.06% (above 0%: growing) −47.22% (below 0%: shrinking) 20.93% 11.46% Compare
ANET Arista Networks, Inc. $200.7B 42.8× 44.3× +58.45% (above 0%: growing) +81.81% (above 0%: growing) −11.14% (below 0%: shrinking) 63.59% 44.90% Compare
SNDK Sandisk Corporation $114.8B 6.2× 5.2× +377.95% (above 0%: growing) +7,106.49% (above 0%: growing) +1,340.41% (above 0%: growing) 85.01% 79.59% Compare
STX Seagate Technology Holdings PLC $107.1B 24.0× 16.3× +61.01% (above 0%: growing) +199.22% (above 0%: growing) +246.37% (above 0%: growing) 57.34% 48.76% Compare
WDC Western Digital Corporation $100.2B 9.5× 15.1× +55.46% (above 0%: growing) +45.51% (above 0%: growing) +129.88% (above 0%: growing) 57.84% 46.70%
P Everpure, Inc. $31.1B 125× 130× +37.73% (above 0%: growing) +57.14% (above 0%: growing) −258.26% (below 0%: shrinking) 68.42% 5.33% Compare
HPQ HP Inc. $26.6B 11.2× 11.2× +12.53% (above 0%: growing) −11.11% (below 0%: shrinking) +7.05% (above 0%: growing) 18.79% 5.69% Compare
SMCI Super Micro Computer, Inc. $17.8B 4.8× 7.2× +297.50% (above 0%: growing) +765.11% (above 0%: growing) +49.92% (above 0%: growing) 12.74% 10.35% Compare
LOGI Logitech International S.A. $13.5B 17.6× — +2.76% (above 0%: growing) +8.58% (above 0%: growing) −29.88% (below 0%: shrinking) 44.88% 16.45% Compare
Median of peers $69.1B 18.0× 16.3× +58.10% +140.52% −2.05% 51.11% 13.96%

All 46 Computer Hardware stocks →

From the latest earnings call

Updated

  • Tiang Yew Tan said Western Digital has visibility into demand from its top seven customers through 2030 and 2031.
  • Kris Sennesael said higher input costs will slow near-term cost-per-terabyte reductions, while Western Digital invests in heads, media and automation.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Cantor Fitzgerald Oct 28, 2026 Target cut — 625.00
Robert W. Baird Oct 28, 2026 Target raised Outperform 630.00 → 900.00
Bank of America Oct 26, 2026 Reiterated Buy 800.00
UBS Oct 26, 2026 Target cut Hold 525.00 → 470.00
TD Cowen Oct 24, 2026 Target cut — 540.00 → 430.00
Citi Oct 23, 2026 Reiterated Buy —
Morgan Stanley Oct 23, 2026 Target raised Outperform 643.00 → 668.00
Goldman Sachs Oct 22, 2026 Reiterated Hold 615.00
Summit Insights Oct 21, 2026 Downgrade Hold —
Wells Fargo Oct 21, 2026 Reiterated Outperform 450.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 89.07%
Held by the ten largest 52.71%
Holder Shares Stake Change
Vanguard 39.25m 10.87% −3.43m
BlackRock 32.95m 9.13% −2.82m
Fidelity (FMR) 25.98m 7.20% −5.64m
Capital Group 21.31m 5.90% +6.08m
JPMorgan Chase 17.01m 4.71% −504.36k
State Street 16.28m 4.51% +810.85k
Invesco 14.44m 4.00% +1.79m
Geode Capital Management 8.41m 2.33% −1.07m
Morgan Stanley 8.15m 2.26% +209.04k
Bank of America 6.49m 1.80% −2.00m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 5 October 2026

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 8.50%
Vanguard Capital Management 7.50%
FMR LLC 7.20%
JPMorgan Chase & Co. 5.30%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Western Digital Corporation (WDC) Latest News

6 Nov

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4 Nov

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3 Nov

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2 Nov

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30 Oct

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29 Oct

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28 Oct

Impact 4 · · Zacks
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27 Oct

Impact 3 · · Zacks
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WDC metrics, ten years each

stockrow.com/WDC · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com