— Know what they know.
/
Not Investment Advice

WDC

NASDAQ · USD
Western Digital Corporation
Technology · Computer Hardware
CEO Tiang Yew Tan Employees 40,000 R&D / revenue 9.0%
Last price
$332.00−6.86%last session
Market cap
$124.3B
P/E (TTM)
12.2x
From 52w high
−58.5%
From 52w low
+183.2%
1-year return
+163.9%
RSI 14 · vs SMA200
27.0 · −19.1%
IS score
69.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

WDC   SPY   XLK (sector ETF) · weekly closes
100150200250300350400450500550Jan 26Apr 26Jul 26Oct 26WDC 264XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
96
Profitability
69
Growth
48
Value
56
Momentum
100
Risk (safety)
74
Quality
81
Balance sheet
20
Earnings quality

Flags

Strengths
✓ Net cash✓ Congress buying
Warnings
▲ Beneish M above -1.78▲ Share count rising▲ High accruals
Observations
Moat model: Weak, Efficient ScalePiotroski 6 / 9Altman Z 28.4Beta 2.182 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
128 open-market sales, $35.6M
Form 144 notices (12m): 44, $72.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
4
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+434
536 new holders, 89 closed
1,857 filers hold 94.3% · 600 added, 605 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+508
1,981 funds adding shares
1,473 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
24.0%
20-day avg 41.3%, 50-day avg 41.9%
Latest 17.3 pp under its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$12.9B
Revenue growth YoY+35.7%
Gross margin48.9%
Operating income$4.5B
Operating margin34.5%
Net income$9.4B
Net margin72.9%
EPS (diluted)$24.28
Cash flow
Operating cash flow$3.9B
Capital expenditure$418.0M
Free cash flow$3.5B
FCF conversion (FCF / OCF)89.4%
Stock-based compensation$204.0M
FCF less SBC$3.3B
Buybacks$2.6B
Dividends$184.0M
Balance sheet & returns
Cash & short-term investments$1.6B
Total debt$1.1B
Net cash$527.0M
Shareholders' equity$8.9B
Goodwill & intangibles$4.4B
Debt / equity0.12
ROE (TTM)118.6%
ROIC (TTM)40.2%
Operating margin by fiscal year
12.7%FY2022-10.4%FY2023-4.4%FY202422.8%FY202534.9%FY2026
Revenue $18.8B (FY2022) to $12.9B (FY2026), a -8.9% CAGR.

Valuation

P/E (TTM)12.2x
EV / EBITDA14.2x
Price / sales9.62x
Price / FCF38.6x
FCF yield2.59%
Buyback yield2.09%
SBC / revenue1.6%
Price / book12.92x
Forward P/E FY202717.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $556.83 across 6 analysts last quarter is theirs, not ours.

WDC vs industry median

86 companies in Computer Hardware
Gross margin 48.9% 38.4% Operating margin 34.9% -0.1% Net margin 72.9% -3.2% ROIC 40.2% 1.1%
WDC (TTM)Industry median Asset turnover 0.93 vs industry 0.78 · financial leverage 1.56

Earnings delivery

Next report 2026-10-22 · consensus EPS $4.08
100%
beat rate, 12 of 12 quarters
+13.0%
median EPS surprise
12
longest beat streak
+7+39+284+61+3+31+21+12+12+10+14+8
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-30 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
WDC Western Digital Corporation $124.3B12.2x118.6%72.9%+35.7% +163.9%
STX Seagate Technology Holdings $145.3B43.9x371.5%35.7%+34.1% +182.7%
SNDK Sandisk Corporation $187.8B16.7x91.6%77.0%+965.1% +800.6%
HPE Hewlett Packard Enterprise C $73.2B27.4x10.8%12.6%+26.6% +146.4%
ANET Arista Networks, Inc. $223.2B55.1x31.5%40.0%+32.6% +21.2%
DELL Dell Technologies Inc. $287.1B25.8x-542.7%8.8%+49.2% —
P Everpure, Inc. $41.3B163.2x17.7%6.3%+45.1% —
NTAP NetApp, Inc. $40.0B28.4x114.8%18.5%+12.2% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-09-14Regulation FD; Other Events; Exhibits
2026-08-27Unregistered Equity Sales
2026-08-26Unregistered Equity Sales; Other Events
2026-08-05Earnings Release; Exhibits
2026-06-11Other Events
2026-06-08Unregistered Equity Sales

Context

Shares outstanding374,323,000
Free float95.7%
Institutional ownership94.3%
Beta2.18
Dividend yield0.17%
Last dividend$0.15 on 2026-09-08
50 / 200-day average$444.57 / $409.74
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where WDC sits among 21 scored companies in Computer Hardware (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureWDCIndustry medianIndustry percentileSector median
P/E (TTM) 13.2x 25.2x
17th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 9.6x 5.4x
60th		 3.9x
Price / book 14.0x 5.2x
76th		 4.4x
Price / tangible book 45.4x 9.6x
87th		 8.8x
Price / free cash flow 38.6x 20.9x
73rd		 20.3x
Price / operating cash flow 34.2x 18.6x
73rd		 17.9x
Enterprise value $123.7B $13.3B
80th		 $5.5B
EV / sales 9.6x 5.3x
65th		 4.1x
EV / EBITDA 14.2x 14.0x
54th		 18.9x
EV / EBIT 14.9x 17.4x
46th		 26.7x
EV / free cash flow 38.4x 22.3x
73rd		 21.9x
Earnings yield 7.6% 2.2%
90th		 2.0%
FCF yield 2.6% 2.3%
60th		 3.3%
Operating cash flow yield 2.9% 2.4%
60th		 4.4%
Graham number (per share) $115.30 $34.53
90th		 $28.08

Profitability (TTM)

MeasureWDCIndustry medianIndustry percentileSector median
Gross margin 48.9% 37.8%
70th		 55.7%
EBITDA margin 67.3% 9.0%
100th		 13.7%
Operating margin 34.9% 5.6%
90th		 8.2%
EBIT margin 64.4% 6.4%
95th		 8.6%
Net margin 72.9% 5.7%
100th		 5.7%
NOPAT margin 33.2% 4.9%
90th		 7.0%
FCF margin 24.9% 5.7%
85th		 15.0%
Operating cash flow margin 28.2% 7.9%
85th		 18.4%
R&D / revenue 9.0% 9.8%
45th		 12.9%
SG&A / revenue 4.3% 30.5%
10th		 25.6%
Stock comp / revenue 1.6% 1.9%
35th		 4.4%
Effective tax rate 4.9% 19.9%
10th		 21.0%

Returns on capital

MeasureWDCIndustry medianIndustry percentileSector median
ROE (on average equity) 133.0% 14.3%
94th		 9.4%
ROA 67.6% 5.5%
100th		 4.1%
ROIC 51.4% 14.1%
65th		 9.0%
ROCE 86.5% 13.1%
100th		 8.6%
Return on tangible assets 59.7% 7.5%
95th		 5.9%
Cash ROIC (OCF / invested capital) 43.6% 30.8%
53rd		 20.7%
Gross profitability (GP / assets) 45.5% 25.6%
65th		 30.0%
ROIC, 3-yr average 22.4% 30.7%
40th		 7.4%
ROIC, 5-yr average 13.4% 1.8%
79th		 7.9%
ROE, 5-yr average 26.4% -3.9%
79th		 6.9%
Incremental ROIC -527.7% 11.4%
10th		 15.3%

Growth

MeasureWDCIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -2.7% 26.6%
20th		 14.3%
Revenue growth (QoQ) 12.3% 12.1%
55th		 6.6%
Revenue CAGR, 3 yr 1.6% 5.1%
37th		 9.6%
Revenue CAGR, 5 yr -5.3% 3.6%
12th		 11.5%
Gross profit CAGR, 3 yr 49.5% 11.0%
81st		 10.9%
Operating income CAGR, 3 yr —
Net income growth (TTM YoY) 404.5% 112.7%
90th		 21.6%
Net income CAGR, 3 yr —
EPS growth (TTM YoY) 385.7% 90.5%
90th		 22.3%
EPS CAGR, 3 yr —
EPS CAGR, 5 yr 57.3% 19.8%
90th		 12.0%
FCF growth (TTM YoY) 151.8% 36.5%
90th		 24.6%
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr —
Book value CAGR, 3 yr -13.9% 20.5%
7th		 6.8%
Dividend CAGR, 3 yr 52.8% 4.5%
100th		 3.1%
Sustainable growth rate 130.4% 24.8%
90th		 14.2%

Margin history & stability

MeasureWDCIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 36.2% 36.2%
50th		 53.2%
Operating margin, 3-yr average 17.8% 6.2%
83rd		 6.6%
Net margin, 3-yr average 26.6% 4.8%
94th		 5.2%
FCF margin, 3-yr average 9.2% 4.6%
72nd		 12.7%
Revenue stability (0-1) 0.42 0.46
37th		 0.87
Earnings stability (0-1) 0.37 0.38
47th		 0.45
Margin stability (0-1) 0.56 0.85
21st		 0.95

Liquidity (latest quarter)

MeasureWDCIndustry medianIndustry percentileSector median
Cash & short-term investments $1.6B $1.6B
50th		 $494.1M
Net cash (− = net debt) $527.0M $386.0M
60th		 $49.8M
Working capital $1.4B $969.7M
65th		 $391.0M
Current ratio 1.33 2.31
25th		 1.92
Quick ratio 0.97 1.95
20th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.37 1.05
20th		 0.95
Defensive interval (days) 730 days 730 days
50th		 521 days

Leverage & solvency (latest quarter)

MeasureWDCIndustry medianIndustry percentileSector median
Total debt $1.1B $109.2M
70th		 $349.3M
Debt / equity 0.12 0.03
59th		 0.29
Net debt / equity −0.06 −0.50
82nd		 −0.13
Debt / assets 7.6% 4.3%
60th		 16.9%
Debt / capital 10.6% 3.2%
59th		 22.3%
Debt / EBITDA 0.12 0.72
38th		 1.78
Net debt / EBITDA −0.06 −0.41
62nd		 −0.18
Interest coverage (EBIT / interest) 53.7x 14.0x
79th		 5.8x
Cash interest coverage 23.5x 12.9x
71st		 12.8x
Debt payback (years of OCF) 0.3 yrs 0.8 yrs
36th		 1.6 yrs
Liabilities / assets 36.1% 45.3%
30th		 48.7%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 150
5th		 175

Efficiency

MeasureWDCIndustry medianIndustry percentileSector median
Asset turnover 0.93 0.92
55th		 0.62
Fixed asset turnover 5.22 7.42
40th		 9.25
Inventory turnover 4.7 4.0
61st		 3.8
Receivables turnover 7.4 7.1
60th		 6.2
Days sales outstanding 50 days 52 days
40th		 59 days
Days inventory outstanding 77 days 92 days
39th		 94 days
Days payables outstanding 84 days 80 days
60th		 46 days
Cash conversion cycle (days) 43 days 53 days
45th		 50 days
Capex / revenue 3.2% 3.2%
50th		 2.3%
Capex / depreciation 1.11 1.11
50th		 0.56
Operating expense ratio 12.4% 33.0%
20th		 44.3%

Cash flow & earnings quality

MeasureWDCIndustry medianIndustry percentileSector median
Operating cash flow / net income 0.39 1.34
8th		 1.61
FCF / net income 0.34 1.16
8th		 1.33
FCF / operating cash flow 88.5% 85.9%
64th		 88.0%
Capex / operating cash flow 11.5% 14.1%
36th		 12.0%
Accruals ratio 41.5% -5.4%
100th		 -6.3%
Sloan accruals ratio 4.2% 2.9%
60th		 -1.8%
Earnings quality score (0-1) 0.25 0.75
0th		 0.75

Dividends & buybacks

MeasureWDCIndustry medianIndustry percentileSector median
Dividend yield 0.2% 0.0%
65th		 0.0%
Dividend per share (TTM) $0.55 $0.00
70th		 $0.00
Payout ratio (dividends / net income) 2.0% 13.8%
42nd		 0.0%
Dividends / FCF 5.7% 18.7%
36th		 0.0%
Dividend growth (YoY) 302.6% 10.2%
100th		 4.1%
Buyback yield 2.1% 0.3%
75th		 1.2%
Shareholder yield (dividends + buybacks) 2.2% 0.4%
70th		 1.7%
Share count change (YoY) 3.9% 4.3%
45th		 0.1%
Buybacks, last 5 years $6.9B $139.8M
95th		 $215.3M

Scores & forensic checks

MeasureWDCIndustry medianIndustry percentileSector median
IS score 70 55
70th		 56
IS profitability 96 31
90th		 40
IS growth 69 65
55th		 65
IS value 48 45
60th		 39
IS momentum 56 80
35th		 78
IS risk (safety) 100 100
45th		 100
IS quality 74 63
60th		 67
IS balance sheet 81 81
50th		 72
IS earnings quality 20 61
25th		 61
IS cash flow 74 54
80th		 66
Piotroski F-score (0-9) 6 6
50th		 6
Altman Z-score 28.4 5.0
90th		 4.0
Beneish M-score −0.28 −2.37
84th		 −2.58
Ohlson O-score −12.03 −7.92
5th		 −8.00
IS credit score 91 74
80th		 69

Per share

MeasureWDCIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $25.06 $0.73
95th		 $0.84
Book value per share $23.57 $7.08
95th		 $9.77
Tangible book per share $12.94 $1.76
85th		 $3.22
Revenue per share $34.36 $13.29
70th		 $13.00
FCF per share $8.57 $0.70
85th		 $1.78
Operating cash flow per share $9.68 $0.97
85th		 $2.40
Cash per share $4.20 $4.25
45th		 $4.50

Size (TTM)

MeasureWDCIndustry medianIndustry percentileSector median
Market cap $124.3B $15.0B
80th		 $4.7B
Revenue $12.9B $4.3B
75th		 $1.2B
EBITDA $8.7B $986.1M
90th		 $185.8M
Net income $9.4B $253.3M
90th		 $84.9M
Free cash flow $3.2B $128.2M
70th		 $170.6M
Total assets $13.9B $5.2B
70th		 $2.4B
Shareholders' equity $8.9B $1.5B
80th		 $1.1B
Employees 40,000 5,115
85th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-20Tan Irving
Director, Chief Executive Officer
 Option exercise 57——266,704
2026-09-20Tan Irving
Director, Chief Executive Officer
 Tax withholding 1,091$441.36$481,539265,613
2026-09-20Tan Irving
Director, Chief Executive Officer
 Option exercise 57——800
2026-09-20Davis Brian Scott
Chief Sales & Mrktng Officer
 Option exercise 8——100,454
2026-09-20Davis Brian Scott
Chief Sales & Mrktng Officer
 Tax withholding 963$441.36$425,04599,491
2026-09-20Davis Brian Scott
Chief Sales & Mrktng Officer
 Option exercise 8——166
2026-09-17Alexy Kimberly
Director
 Award / grant 1——3
2026-09-17Tregillis Cynthia L
Chief Legal Officer & Corp Sec
 Award / grant 27——298
2026-09-17Tan Irving
Director, Chief Executive Officer
 Award / grant 83——857
2026-09-17Streeter Stephanie A
Director
 Award / grant 1——3
2026-09-17Shihab Ahmed Mohammed
Chief Product Officer
 Option exercise 56——163,758
2026-09-17Shihab Ahmed Mohammed
Chief Product Officer
 Tax withholding 5,150$423.87$2.2M158,608

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired3847,475—
GiftDisposed2112,600—
GiftAcquired1112,500—
Open-market saleDisposed12878,359$35.6M
Option exerciseDisposed46850—
Option exerciseAcquired46828—
OtherDisposed1112,500—
OtherAcquired1112,500—
Tax withholdingDisposed4678,694$38.1M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 44 notices · 250,483 shares · $72.8M
FiledFilerShares proposedEst. proceeds
2026-09-04Vidyadhara K Gubbi1,795$825,472
2026-09-04Cynthia Lock Tregillis432$194,918
2026-08-31Streeter Stephanie A10,000$4.5M
2026-08-27Cynthia Lock Tregillis1,007$481,709
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 7 trades (5 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-18Gilbert CisnerosHouseSale$1,001 - $15,0002026-10-13
2026-09-18Gilbert CisnerosHouseSale (Full)$1,001 - $15,0002026-10-12
2026-07-17Gilbert CisnerosHousePurchase$1,001 - $15,0002026-09-07
2020-04-07Kelly LoefflerSenateSale (Full)$100,001 - $250,0002020-05-01
2020-04-07Kelly LoefflerSenateSale (Full)$100,001 - $250,0002020-04-30
2020-03-20Kelly LoefflerSenatePurchase$100,001 - $250,0002020-05-01
2020-03-20Kelly LoefflerSenatePurchase$100,001 - $250,0002020-04-30
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.32,953,613$21.0B8.80%
FMR LLC25,983,645$16.6B6.94%
VANGUARD CAPITAL MANAGEMENT LLC22,510,811$14.4B6.01%
Capital World Investors16,598,211$10.6B4.43%
JPMORGAN CHASE & CO16,555,438$10.8B4.42%
STATE STREET CORP16,276,615$10.4B4.35%
Invesco Ltd.14,435,741$9.2B3.86%
VANGUARD PORTFOLIO MANAGEMENT LLC13,109,474$8.4B3.50%
GEODE CAPITAL MANAGEMENT, LLC8,411,628$5.4B2.25%
BANK OF AMERICA CORP /DE/6,489,630$4.1B1.73%
MORGAN STANLEY6,028,048$3.9B1.61%
GOLDMAN SACHS GROUP INC5,178,993$3.3B1.38%
NORGES BANK4,629,232$3.0B1.24%
Nuveen, LLC3,623,173$2.3B0.97%
AMERIPRISE FINANCIAL INC3,386,190$2.2B0.90%

Institutional ownership by quarter

2023-092026-0694.3%
% of shares held by 13F filers
2023-092026-061,857
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,85794.3%53660060589
2026-03-311,42395.5%363452489101
2025-12-311,17997.6%30840736569
2025-09-30965100.3%28835623767
2025-06-30755105.9%18528621181
2025-03-31664103.5%101280202142
2024-12-31713129.0%128270218102
2024-09-30698123.9%103249263157
2024-06-30760128.7%14629122160
2024-03-31685116.5%15224519766
2023-12-31609115.5%12120020146
2023-09-30542106.9%7415821263

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-06SCHEDULE 13G/AAbigail P. Johnson7.2%26,361,315
2026-07-31SCHEDULE 13G/AVanguard Portfolio Management3.6%13,196,274
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%25,402,917
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.1%17,217,120
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.21%$5.0B
VTI0.21%$5.0B
VTSAX0.21%$5.0B
VSMPX0.21%$5.0B
VFIAX0.25%$4.3B
VFFSX0.25%$4.3B

Share structure

Shares outstanding374,323,000
Float358,164,979
Free float95.7%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$18.8B$6.3B$6.3B$9.5B$12.9B
Cost of revenue$12.9B$4.9B$4.5B$5.8B$6.6B
Gross profit$5.9B$1.4B$1.8B$3.7B$6.3B
R&D$2.3B$986.0M$950.0M$994.0M$1.2B
SG&A$1.1B$807.0M$726.0M$568.0M$551.0M
Operating income$2.4B−$548.0M−$403.0M$2.3B$4.5B
EBITDA$3.4B$289.0M$243.0M$1.9B$10.3B
Pretax income$2.2B−$849.0M−$739.0M$1.1B$9.9B
Income tax$625.0M$53.0M$26.0M−$513.0M$481.0M
Net income$1.5B−$1.7B−$798.0M$1.9B$9.4B
EPS, diluted$4.75$-5.37$-2.61$5.12$24.28
Diluted shares316.0M318.0M326.0M359.0M383.0M

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$2.3B$2.0B$1.6B$2.5B$1.6B
Receivables$2.8B$1.6B$1.2B$1.5B$2.0B
Inventory$3.6B$3.7B$1.4B$1.3B$1.5B
Total current assets$9.5B$7.9B$8.1B$5.9B$5.6B
PP&E, net$3.7B$3.6B$2.4B$2.3B$2.5B
Goodwill & intangibles$10.3B$10.1B$4.3B$4.3B$4.4B
Total assets$26.3B$24.5B$24.2B$14.0B$13.9B
Accounts payable$2.2B$1.6B$1.1B$1.3B$1.8B
Total current liabilities$5.2B$5.4B$6.1B$5.4B$4.2B
Long-term debt$7.0B$5.9B$5.9B$2.7B$0
Total liabilities$14.0B$12.7B$13.4B$8.7B$5.0B
Shareholders' equity$12.2B$11.8B$10.8B$5.3B$8.9B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$1.5B−$1.7B−$798.0M$1.9B$9.4B
Depreciation & amortization$929.0M$828.0M$568.0M$451.0M$375.0M
Stock-based compensation$326.0M$318.0M$295.0M$265.0M$204.0M
Change in working capital−$1.1B$92.0M−$307.0M−$1.0B−$865.0M
Operating cash flow$1.9B−$408.0M−$294.0M$1.7B$3.9B
Capital expenditure−$1.1B−$807.0M−$487.0M−$407.0M−$418.0M
Free cash flow$773.0M−$1.2B−$781.0M$1.3B$3.5B
Investing cash flow−$1.2B−$762.0M−$27.0M$150.0M−$429.0M
Net debt issued / repaid−$1.7B−$19.0M$391.0M$56.0M$282.0M
Buybacks$0$0$0−$149.0M−$2.6B
Dividends paid$0$0$0−$44.0M−$184.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin31.3%15.3%21.8%38.0%48.9%
Operating margin12.7%-10.4%-4.4%22.8%34.9%
Net margin8.0%-13.9%-7.1%14.1%72.9%
FCF margin4.1%-9.9%-6.9%9.6%24.9%
ROE13.1%-14.2%-7.1%23.2%133.0%
ROIC10.0%-6.0%-2.3%45.2%51.4%
ROA5.7%-6.7%-3.3%9.8%67.6%
Debt / equity0.570.600.720.960.12
Interest coverage8.0xn/mn/m6.0x53.7x
Current ratio1.811.451.321.081.33
Revenue growth+11.1%−34.5%−8.3%+17.5%−2.7%
EPS growth+81.0%−212.9%+56.6%+323.4%+385.7%
P/E at year end7.2xn/mn/m12.2x21.5x
EV / EBITDA at year end4.6xn/m195.3x9.8x23.3x
FCF yield at year end7.20%-13.26%-3.92%5.59%1.59%
Dividend payout0.0%——2.4%2.0%

Revenue by segment

FY2022FY2023FY2024FY2025FY2026
Client Devices$7.1B$4.3B$4.6B$556.0M$726.0M
Cloud$8.0B$5.3B$5.4B$8.3B$11.5B
Data Center Devices & Solutions—————
Retail Products$3.7B$2.7B$3.0B$623.0M$703.0M

Revenue by region · FY2026

Americas$5.2B · 44%
Asia$4.0B · 34%
Europe Middle East And Africa$2.1B · 18%
Others$513.0M · 4%

Street estimates by fiscal year

Next report 2026-10-22 · consensus EPS $4.08 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$12.9B$12.8B – $13.0B$9.99$9.80 – $10.591133.2x
2026$12.9B$12.8B – $13.0B$9.99$9.80 – $10.591133.2x
2027$18.4B$15.2B – $20.3B$18.70$11.71 – $22.751117.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$3.31$3.56+7.6%$3.7B$3.7B+1.3%
2026-04-30$2.39$2.72+13.8%$3.2B$3.3B+2.8%
2026-01-29$1.93$2.13+10.4%$2.9B$3.0B+3.0%
2025-10-30$1.59$1.78+11.9%$2.7B$2.8B+3.2%
2025-07-30$1.48$1.66+12.2%$2.5B$2.6B+5.4%
2025-04-30$1.12$1.36+21.4%$2.3B$2.3B−0.9%
2025-01-29$1.35$1.77+31.1%$4.3B$4.3B+0.6%
2024-10-24$1.72$1.78+3.5%$4.1B$2.2B−46.3%
2024-07-31$0.89$1.44+61.4%$3.7B$2.0B−46.5%
2024-04-25$0.16$0.63+284.1%$3.4B$1.8B−48.0%
2024-01-25$-1.13$-0.69+38.9%$3.3B$3.0B−8.4%
2023-10-30$-1.90$-1.76+7.4%$2.6B$2.8B+3.8%
2023-07-31$-2.01$-1.98+1.5%$2.5B$2.7B+5.8%
2023-05-08$-1.57$-1.37+12.7%$2.7B$2.8B+3.8%
2023-01-31$-0.15$-0.42−185.3%$3.0B$3.1B+4.3%
2022-10-27$0.38$0.20−47.2%$3.6B$3.7B+4.1%
2022-08-05$1.74$1.78+2.3%$4.6B$4.5B−0.9%
2022-04-28$1.49$1.65+10.7%$4.3B$4.4B+0.8%
2022-01-27$2.13$2.30+8.0%$4.0B$4.8B+19.7%
2021-10-28$2.45$2.49+1.6%$5.1B$5.1B−0.1%
2021-08-04$1.51$2.16+43.0%$4.9B$4.9B0.0%
2021-04-29$0.67$1.02+52.2%$4.0B$4.1B+4.4%
2021-01-28$0.53$0.69+30.2%—$3.9B—
2020-10-28$0.54$0.65+20.4%$3.3B$3.9B+18.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
7.606-1510.606-225.106-294.407-065.407-133.607-205.407-275.608-033.608-103.708-173.108-242.308-31
Week ofNotionalSharesTrades
2026-08-31$2.3B5,223,822163,721
2026-08-24$3.1B6,806,223187,845
2026-08-17$3.7B7,488,538231,572
2026-08-10$3.6B7,627,323215,661
2026-08-03$5.6B11,415,579309,932
2026-07-27$5.4B10,977,276287,314

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1524.0%
DateShort shareShort volumeTotal volume
2026-10-1524.0%1,370,9515,723,297
2026-10-1432.7%1,049,6653,212,383
2026-10-1334.4%1,959,4775,693,879
2026-10-1240.3%1,086,4822,694,212
2026-10-0941.6%1,528,9003,671,082
2026-10-0842.0%1,595,6113,801,592
2026-10-0734.2%1,269,9463,714,559
2026-10-0651.9%3,170,9126,111,640
2026-10-0535.1%1,792,7405,113,266
2026-10-0250.6%5,808,73111,482,843
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+5.4Jan-0.7Feb+0.5Mar+3.1Apr+3.6May-0.8Jun+2.4Jul-1.0Aug+1.4Sep-2.1Oct+3.0Nov+5.6Dec
MonthAvg returnUp yearsYears
Jan+5.4%60%20
Feb−0.7%50%20
Mar+0.5%52%21
Apr+3.1%65%20
May+3.6%70%20
Jun−0.8%50%20
Jul+2.4%60%20
Aug−1.0%55%20
Sep+1.4%40%20
Oct−2.1%50%20
Nov+3.0%70%20
Dec+5.6%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1427.0
MFI19.1
ADX26.2
Stochastic %K / %D7.1 / 10.0
Williams %R-99.9
CCI-157
TSI / signal-27.3 / -16.3
Chaikin money flow0.09
ATR$25.43
Bollinger width38.5%
Volume vs 20-day avg0.87x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$420.07 (−21.0%)
SMA 50$442.15 (−24.9%)
SMA 200$410.50 (−19.1%)
EMA 21$406.99 (−18.4%)
EMA 50$439.88 (−24.5%)
EMA 200$400.12 (−17.0%)
Bollinger upper$500.97 (−33.7%)
Bollinger lower$339.18 (−2.1%)
Parabolic SAR$401.48 (−17.3%)
Open the live chart, 110+ indicators

About Western Digital Corporation

Western Digital Corporation designs, manufactures, and markets a broad range of data storage devices and software solutions across the United States, China, Hong Kong, Europe, the Middle East, Africa, and the rest of Asia, serving an international market. The company's product lineup includes client devices such as hard disk drives (HDDs) and solid-state drives (SSDs) for computing platforms like desktops, notebooks, smart video systems, gaming consoles, and set-top boxes. They also provide flash-based embedded storage solutions for mobile phones, tablets, laptops, and various portable and wearable technologies, extending into automotive, Internet of Things (IoT), industrial, and connected home applications. Additionally, Western Digital produces flash-based memory wafers. For data centers, their offerings comprise enterprise helium hard drives and sophisticated flash-based SSDs, often bundled with software tailored for enterprise servers, online transaction processing, data analysis, and other business applications. This segment also includes comprehensive data storage systems, tiered storage models, and various data storage platforms. Consumer-oriented client solutions consist of external HDDs in both mobile and desktop configurations, portable SSDs, and removable memory cards compatible with mobile phones, tablets, imaging systems, cameras, and smart video systems. Furthermore, they offer universal serial bus (USB) flash drives for computing and general consumer markets, alongside wireless drive products designed for on-the-go content backup and high-definition streaming of media and documents to tablets, smartphones, and PCs. Western Digital sells its diverse portfolio through original equipment manufacturers (OEMs), distributors, dealers, resellers, and retailers, utilizing its prominent G-Technology, SanDisk, and WD brands. Founded in 1970, the corporation is headquartered in San Jose, California.

https://www.westerndigital.com

Key executives

NameTitlePayBorn
Tiang Yew TanChief Executive Officer & Director$4.5M1970
Ahmed ShihabExecutive Vice President & Chief Product Officer$3.5M1972
Kris SennesaelExecutive Vice President & Chief Financial Officer$2.2M1969
Cynthia Lock TregillisExecutive Vice President, Chief Legal Officer & Secretary$1.8M1969
Vidya GubbiExecutive Vice President & Chief of Global Operations$1.7M1963
Brian Scott DavisExecutive Vice President and Chief Sales & Marketing Officer—1962
C. Wesley ScottChief Investment Officer—1947
Jeremy FaulkVice President of Strategy & Corporate Development——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Irving Tan Chief Executive Officer2026$1.1M$12.6M$3.4M$17.2M
Kris Sennesael Executive Vice President and Chief Financial Officer2026$715,000$5.0M$1.4M$7.1M
Ahmed M. Shihab Executive Vice President and Chief Product Officer2026$646,097$3.0M$1.3M$6.5M
Cynthia L. Tregillis Executive Vice President, Chief Legal Officer and Secretary2026$583,885$1.8M$1.2M$3.6M
Vidyadhara K. Gubbi Executive Vice President and Chief of Global Operations2026$544,424$1.8M$1.1M$3.4M

Employees

62k201964k202066k202165k202253k202351k202440k202540k2026

Dividends

Ex-dateAmountPaid
2026-09-08$0.152026-09-17
2026-06-05$0.152026-06-17
2026-03-05$0.1252026-03-18
2025-12-04$0.1252025-12-18
2025-09-04$0.12025-09-18
2025-06-04$0.12025-06-18
2020-04-02$0.37782020-04-17
2020-01-02$0.37782020-01-21

Moat model

Weak · Efficient Scale · 2026-07-03
Cost advantage22
Intangibles77
Switching costs38
Network effect45
Efficient scale90
Our component scores (0-100) and overall 53.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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