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Western Digital

WDC Nasdaq Technology Hardware, Storage & Peripherals Financials FY2017–FY2026

Western Digital's revenue rose 35.7% to $12.9 billion in fiscal 2026. Its operating margin was 34.5%, up from 24.5% a year earlier. Free cash flow was $3.5 billion, up 174.5%. It paid out $2.8 billion in dividends and buybacks, 79% of free cash flow. The diluted share count rose 6.7%.

Last close · Oct 23, 2026

$343.67

3.0%
Value it Compare
Revenue Total sales reported in the income statement.
$12.9B
35.7% vs prior year
Operating margin Operating income as a share of revenue.
34.5%
10.0 pts
Net income Profit after all expenses, interest and tax.
$9.4B
398.9%
Free cash flow Cash from operations minus capital spending.
$3.5B
174.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
52.2%
33.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$132.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
13.3x
On $25.79 EPS (TTM)

What Western Digital does

Western Digital designs and makes hard disk drives (HDDs), which store data by recording it magnetically on spinning disks. It sells them under the Western Digital and WD brands. It makes substantially all of the recording heads and magnetic media inside its drives. It split off its flash-memory business as a separate company, Sandisk.

It sells into three end markets. Cloud covers high-capacity drives for data centers run by cloud, internet and social media companies and for enterprise storage, and is by far the largest. Client covers drives for desktop and notebook computers sold to computer makers and through channel partners. Consumer covers external storage products sold through retailers and channel partners. In the year ended July 3, 2026, the Cloud end market accounted for 89% of net revenue and its top 10 customers accounted for 73%.

Western Digital says its competitors include Seagate and Toshiba in hard drives, along with makers of NAND flash memory, an alternative storage technology, and storage systems providers. It has about 4,700 active patents.

Legal name
WESTERN DIGITAL CORPORATION
Fiscal year ends
July 3, 2026
Latest annual report
10-K · Aug 14, 2026
Accession · CIK
0001628280-26-057139
0000106040

Revenue and margins

Western Digital had $12.9B of revenue in fiscal 2026, up 35.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 38.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $3.5B in fiscal 2026, 27.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Western Digital returned $2.8B to shareholders in fiscal 2026, 79% of free cash flow. The diluted share count rose 6.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Western Digital yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $527M and divides by 383.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 13.3x · peers 29.9x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Western Digital can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $2.3B$2.0B$1.6B$2.1B$1.6B
Debt incl. finance leases $7.0B$7.1B$7.4B$4.7B$1.1B
Net debt / EBITDA 1.4x18.0x35.7x0.9x−0.1x
Debt / equity 0.6x0.6x0.7x0.9x0.1x
Interest coverage 7.9x−1.8x−1.0x6.5x27.0x
Current ratio 1.8x1.5x1.3x1.1x1.3x
Quick ratio 1.1x0.8x1.1x0.8x1.0x
Total assets $26.3B$24.5B$24.2B$14.0B$13.9B
Total liabilities $14.0B$12.7B$13.1B$8.5B$5.0B
Shareholders' equity $12.3B$11.0B$10.8B$5.3B$8.9B
Net debt (− = net cash) $4.7B$5.0B$5.9B$2.6B−$527M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$15.7M

5 insiders

Of sales under plans

79%

$12.3M

DateInsiderTradeSharesPriceValueFiling
Oct 21, 2026 Cynthia L TregillisChief Legal Officer & Corp Sec Sold plan 807 $380.00 $0.3M Form 4
Sep 4, 2026 Cynthia L TregillisChief Legal Officer & Corp Sec Sold plan 432 $451.20 $0.2M Form 4
Sep 4, 2026 Vidyadhara K GubbiChief of Global Operations Sold 1,795 $459.87 $0.8M Form 4
Sep 1, 2026 Stephanie A StreeterDirector Sold 1,600 $455.00 $0.7M Form 4
Aug 31, 2026 Stephanie A StreeterDirector Sold 4,000 $447.82 $1.8M Form 4
Aug 27, 2026 Cynthia L TregillisChief Legal Officer & Corp Sec Sold plan 1,007 $478.36 $0.5M Form 4
Aug 26, 2026 Cynthia L TregillisChief Legal Officer & Corp Sec Sold plan 476 $450.78 $0.2M Form 4
Aug 24, 2026 Cynthia L TregillisChief Legal Officer & Corp Sec Sold plan 684 $446.17 $0.3M Form 4
Aug 21, 2026 Cynthia L TregillisChief Legal Officer & Corp Sec Sold plan 235 $477.27 $0.1M Form 4
Aug 11, 2026 Irving TanChief Executive Officer, Director Sold plan 20,000 $444.97 $8.9M Form 4
Jul 28, 2026 Martin I ColeDirector Sold plan 3,808 $448.66 $1.7M Form 4
Jul 28, 2026 Martin I ColeDirector Sold plan 192 $462.77 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✕ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✕ ✕
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 4 / 96 / 97 / 9
Accruals ratio −2.1%1.0%39.4%
Altman Z'' 2.202.167.03

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Western Digital WDC $132.0B 35.7% 34.5% 27.2% 52.2% 13.3x 7
Seagate Technology STX $144.4B 34.1% 33.6% 25.5% 92.0% 45.4x 8 Compare →
Sandisk SNDK $191.9B 175.3% 61.2% 56.8% 105.9% 16.8x 7 Compare →
NetApp NTAP $43.1B 5.4% 24.2% 27.0% — 30.4x 7 Compare →
Hewlett Packard Enterprise HPE $82.1B 13.8% −1.3% 1.8% −0.9% 29.4x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $19.1B $20.6B $16.6B $16.7B $16.9B $18.8B $6.3B $6.3B $9.5B $12.9B
Gross profit $6.1B $7.7B $3.8B $3.8B $4.5B $5.9B $1.4B $1.8B $3.7B $6.3B
Research and development $2.4B $2.4B $2.2B $2.3B $2.2B $2.3B $986M $950M $994M $1.2B
Operating income $2.0B $3.6B $87.0M $335M $1.2B $2.4B −$548M −$403M $2.3B $4.5B
Interest expense $847M $676M $469M $413M $326M $304M $312M $414M $357M $165M
Pretax income $769M $2.1B −$287M −$46.0M $927M $2.2B −$849M −$739M $1.1B $9.9B
Income tax $372M $1.4B $467M $204M $106M $625M $53.0M $26.0M −$513M $481M
Net income $397M $675M −$754M −$250M $821M $1.5B −$1.7B −$798M $1.9B $9.4B
Diluted EPS $1.34 $2.20 −$2.58 −$0.84 $2.66 $4.89 −$5.37 −$2.61 $5.12 $24.28
Diluted shares 0.30B 0.31B 0.29B 0.30B 0.31B 0.32B 0.32B 0.33B 0.36B 0.38B
Cash flow
Cash from operations $3.4B $4.2B $1.5B $824M $1.9B $1.9B −$408M −$294M $1.7B $3.9B
Capital expenditure $578M $835M $876M $647M $1.1B $1.1B $821M $487M $412M $418M
Free cash flow $2.9B $3.4B $671M $177M $752M $758M −$1.2B −$781M $1.3B $3.5B
Depreciation and amortization $2.1B $2.1B $1.8B $1.6B $1.2B $929M $828M $568M $451M $375M
Stock-based compensation $394M $377M $306M $308M $318M $326M $318M $295M $265M $204M
Acquisitions $0.0M $100M $0.0M $22.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $591M $563M $0.0M $0.0M $0.0M $0.0M $0.0M $149M $2.6B
Dividends paid $574M $593M $147M $595M $0.0M $0.0M $0.0M $0.0M $44.0M $174M
Dividends and buybacks $574M $1.2B $710M $595M $0.0M $0.0M $0.0M $0.0M $193M $2.8B
Balance sheet
Cash and short-term investments $6.4B $5.0B $3.5B $3.0B $3.4B $2.3B $2.0B $1.6B $2.1B $1.6B
Total debt $13.2B $11.2B $10.5B $9.6B $8.7B $7.0B $7.1B $7.4B $4.7B $1.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $11.1B $10.6B $8.5B $9.0B $9.8B $9.5B $7.9B $8.1B $5.9B $5.6B
Current liabilities $4.3B $4.5B $3.8B $4.4B $4.9B $5.2B $5.4B $6.1B $5.4B $4.2B
Inventory $2.3B $2.9B $3.3B $3.1B $3.6B $3.6B $3.7B $1.4B $1.3B $1.5B
Property and equipment, net $3.0B $3.1B $2.8B $2.9B $3.2B $3.7B $3.6B $2.4B $2.3B $2.5B
Total assets $29.9B $29.2B $26.4B $25.7B $26.1B $26.3B $24.5B $24.2B $14.0B $13.9B
Total liabilities $18.4B $17.7B $16.4B $16.1B $15.4B $14.0B $12.7B $13.1B $8.5B $5.0B
Shareholders' equity $11.4B $11.5B $10.0B $9.6B $10.8B $12.3B $11.0B $10.8B $5.3B $8.9B
Margins
Gross margin 31.8% 37.3% 22.6% 22.6% 26.7% 31.3% 22.2% 28.1% 38.8% 48.9%
Operating margin 10.2% 17.5% 0.5% 2.0% 7.2% 12.7% −8.8% −6.4% 24.5% 34.5%
EBITDA margin 21.4% 27.5% 11.5% 11.4% 14.4% 17.7% 4.5% 2.6% 29.3% 37.4%
Net margin 2.1% 3.3% −4.6% −1.5% 4.9% 8.2% −26.9% −12.6% 19.8% 73.0%
FCF margin 15.0% 16.3% 4.1% 1.1% 4.4% 4.0% −19.7% −12.4% 13.4% 27.2%
Returns
Return on capital — 10.1% 0.4% 1.6% 6.7% 10.3% −2.6% −2.0% 19.0% 52.2%
Return on capital employed 7.6% 14.4% 0.4% 1.5% 5.7% 11.3% −2.7% −2.2% 17.5% 48.9%
Return on equity 3.5% 5.9% −7.0% −2.6% 8.1% 13.4% −14.5% −7.3% 23.4% 133.0%
Return on assets 1.3% 2.3% −2.7% −1.0% 3.2% 5.9% −6.6% −3.3% 9.9% 67.7%
Growth
Revenue growth 46.9% 8.1% −19.8% 1.0% 1.1% 11.1% −66.7% 1.0% 50.7% 35.7%
Net income growth 64.1% 70.0% −211.7% — — 88.3% −208.9% — — 398.9%
EPS growth 34.0% 64.2% −217.3% — — 83.8% −209.8% — — 374.2%
FCF growth 104.4% 17.9% −80.1% −73.6% 324.9% 0.8% −262.1% — — 174.5%
Share count change 22.3% 3.7% −4.9% 2.1% 3.7% 2.3% 0.6% 2.5% 10.1% 6.7%
Financial health
Net debt / EBITDA 1.7x 1.1x 3.7x 3.4x 2.2x 1.4x 18.0x 35.7x 0.9x −0.1x
Debt / equity 1.2x 1.0x 1.1x 1.0x 0.8x 0.6x 0.6x 0.7x 0.9x 0.1x
Interest coverage 2.3x 5.4x 0.2x 0.8x 3.7x 7.9x −1.8x −1.0x 6.5x 27.0x
Current ratio 2.6x 2.4x 2.2x 2.1x 2.0x 1.8x 1.5x 1.3x 1.1x 1.3x
Quick ratio 2.0x 1.7x 1.4x 1.4x 1.3x 1.1x 0.8x 1.1x 0.8x 1.0x
Capital allocation
Capex / revenue 3.0% 4.0% 5.3% 3.9% 6.8% 6.0% 13.1% 7.7% 4.3% 3.2%
Stock comp / revenue 2.1% 1.8% 1.9% 1.8% 1.9% 1.7% 5.1% 4.7% 2.8% 1.6%
Payouts / FCF 20.1% 35.1% 105.8% 336.2% 0.0% 0.0% — — 15.1% 78.8%
Quality scores
Piotroski F-score — 7.0 3.0 5.0 7.0 7.0 1.0 4.0 6.0 7.0
Altman Z'' 3.5 3.9 2.7 2.8 3.2 3.7 2.4 2.2 2.2 7.0
Accruals ratio −9.7% −12.0% −8.3% −4.1% −4.2% −1.3% −5.0% −2.1% 1.0% 39.4%

Source: SEC EDGAR XBRL filings (CIK 0000106040). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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