Logitech vs Western Digital
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The short version
- Western Digital is the larger business, with $12.9B of revenue in fiscal 2026 against $4.8B for Logitech, about 2.7 times as much.
- Western Digital grew revenue faster (35.7%, against 6.3%).
- Western Digital kept more of each dollar of sales as operating profit (34.5% operating margin, against 16.0%).
- Western Digital turned more of its sales into free cash flow (27.2% FCF margin, against 20.2%).
- Logitech earned a higher return on the capital invested in it (121.9%, against 52.2%).
- Investors pay more for each dollar of Logitech’s earnings: a P/E of 20.1x against 13.3x for Western Digital.
| Latest fiscal year | LOGI · FY26 | WDC · FY26 |
|---|---|---|
| Size | ||
| Market cap | $15.9B | $132.0B |
| Revenue | $4.8B | $12.9B |
| Free cash flow | $976M | $3.5B |
| Net income | $711M | $9.4B |
| Growth | ||
| Revenue growth | 6.3% | 35.7% |
| 5-year growth | −1.6% | −5.3% |
| Share count change | −3.0% | 6.7% |
| Profitability | ||
| Gross margin | 43.2% | 48.9% |
| Operating margin | 16.0% | 34.5% |
| Net margin | 14.7% | 73.0% |
| FCF margin | 20.2% | 27.2% |
| Return on capital | 121.9% | 52.2% |
| Return on equity | 32.8% | 133.0% |
| Balance sheet | ||
| Net debt | −$1.7B | −$527M |
| Net debt / EBITDA | −2.0x | −0.1x |
| Dividends and buybacks | $768M | $2.8B |
| Valuation & quality | ||
| P/E | 20.1x | 13.3x |
| Piotroski F-score | 7 | 7 |
Revenue
FY17
LOGI $2.2B
WDC $19.1B
FY18
LOGI $2.6B
WDC $20.6B
FY19
LOGI $2.8B
WDC $16.6B
FY20
LOGI $3.0B
WDC $16.7B
FY21
LOGI $5.3B
WDC $16.9B
FY22
LOGI $5.5B
WDC $18.8B
FY23
LOGI $4.5B
WDC $6.3B
FY24
LOGI $4.3B
WDC $6.3B
FY25
LOGI $4.6B
WDC $9.5B
FY26
LOGI $4.8B
WDC $12.9B
LOGI
WDC
Operating margin
FY17
LOGI 9.5%
WDC 10.2%
FY18
LOGI 9.0%
WDC 17.5%
FY19
LOGI 9.4%
WDC 0.5%
FY20
LOGI 9.3%
WDC 2.0%
FY21
LOGI 21.9%
WDC 7.2%
FY22
LOGI 14.1%
WDC 12.7%
FY23
LOGI 10.1%
WDC −8.8%
FY24
LOGI 13.7%
WDC −6.4%
FY25
LOGI 14.4%
WDC 24.5%
FY26
LOGI 16.0%
WDC 34.5%
LOGI
WDC
Free cash flow
FY17
LOGI $257M
WDC $2.9B
FY18
LOGI $307M
WDC $3.4B
FY19
LOGI $269M
WDC $671M
FY20
LOGI $386M
WDC $177M
FY21
LOGI $1.4B
WDC $752M
FY22
LOGI $209M
WDC $758M
FY23
LOGI $442M
WDC −$1.2B
FY24
LOGI $1.1B
WDC −$781M
FY25
LOGI $786M
WDC $1.3B
FY26
LOGI $976M
WDC $3.5B
LOGI
WDC
Return on capital
FY17
LOGI 73.9%
WDC —
FY18
LOGI 57.5%
WDC 10.1%
FY19
LOGI 51.0%
WDC 0.4%
FY20
LOGI 41.1%
WDC 1.6%
FY21
LOGI 147.4%
WDC 6.7%
FY22
LOGI 81.3%
WDC 10.3%
FY23
LOGI 33.1%
WDC −2.6%
FY24
LOGI 63.5%
WDC −2.0%
FY25
LOGI 87.5%
WDC 19.0%
FY26
LOGI 121.9%
WDC 52.2%
LOGI
WDC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.