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Seagate Technology (STX)

Market Price (12/25/2025): $285.17 | Market Cap: $61.3 Bil
Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Seagate Technology (STX)

Market Price (12/25/2025): $285.17
Market Cap: $61.3 Bil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 57x
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%	Stock price has recently run up significantly 6M Rtn6 month market price return is 107%, 12M Rtn12 month market price return is 229%
2	Megatrend and thematic drivers Megatrends include Artificial Intelligence, Cloud Computing, Autonomous Technologies, and 5G & Advanced Connectivity. Show more.	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.0%
3		Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 88%

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%
2	Megatrend and thematic drivers Megatrends include Artificial Intelligence, Cloud Computing, Autonomous Technologies, and 5G & Advanced Connectivity. Show more.
3	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 57x
4	Stock price has recently run up significantly 6M Rtn6 month market price return is 107%, 12M Rtn12 month market price return is 229%
5	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.0%
6	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 88%

Valuation, Metrics & Events

	12/25/25	2024	2023	2022
Share Price CYE	$285.17	$84.67	$81.36	$48.11
Market Cap CYE ($ Bil)	61.3	17.9	17.0	9.9
Total Debt ($ Bil)	5.0	5.0	5.7	5.5
Total Cash ($ Bil)	0.9	0.9	1.4	0.8
Enterprise Value ($ Bil)	65.4	22.9	22.7	15.4
Valuation Ratios
P/S TTM	6.7	2.0	2.7	1.5
P/EBIT TTM	33.4	10.0	23.0	-59.5
P/E TTM	41.7	12.5	53.3	-20.6
P/FCF TTM	75.0	22.4	26.9	17.4
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6
P/EBIT TTM (Sector)	3.0	2.3	-0.2	-0.7
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8
P/FCF TTM (Sector)	12.3	13.7	12.2	6.9

	12/25/25	2024	2023
Share Price CYE	$285.17	$84.67	$81.36
Market Cap CYE ($ Bil)	61.3	17.9	17.0
Total Debt ($ Bil)	5.0	5.0	5.7
Total Cash ($ Bil)	0.9	0.9	1.4
Enterprise Value ($ Bil)	65.4	22.9	22.7
Valuation Ratios
P/S TTM	6.7	2.0	2.7
P/EBIT TTM	33.4	10.0	23.0
P/E TTM	41.7	12.5	53.3
P/FCF TTM	75.0	22.4	26.9
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.0	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.3	13.7	12.2

	STX	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	9.1
Rev Chg Q	29.5%	7.3%
Rev Chg LTM	38.9%	6.1%
Rev Chg 3Y Avg	-3.0%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	1.9
CFO LTM ($ Bil)	1.1
Net Inc LTM ($ Bil)	1.5
Op Mgn LTM	21.1%	18.8%
CFO/Rev LTM	11.9%	20.4%
Net Inc Mgn	16.1%	13.1%
VALUATION	VERY HIGH
P/S	6.7	3.2
P/CFO	56.6	15.7
P/FCF	75.0	20.6
P/E	41.7	23.5
STABILITY	VERY GOOD
Debt/Equity	0.08	0.21
Cash/Assets	0.11	0.07

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Metric	Value	Date	Source
Exabyte Shipments	182 exabytes	10032025	Link
Average Capacity Per Drive	14.6 terabytes	10032025	Link
Nearline Exabyte Shipments	159 exabytes	9302025	Link
Total Patents	16558	6212024	Link
Active Patents	5471	6212024	Link
HDD Market Share	37%	3062025	Link
Number of Mozaic HAMR drives shipped	Over 1,000,000	9302025	Link

Upcoming
12/24/2025	Dividend	Amount: $0.74 Payment On: 1/09/2026
1/20/2026	Earnings Release	Rev: - EPS: -

STX Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Strong Demand for Mass Capacity Storage and AI Infrastructure. Seagate Technology experienced surging demand for its mass-capacity storage products, a trend propelled by the expansion of cloud computing and the escalating need for data centers to support Artificial Intelligence (AI) applications. The company's offerings were deemed essential for hyperscale cloud providers and enterprises, allowing Seagate to benefit significantly from the AI-driven data boom.

2. Robust Financial Performance and Profitability. Seagate delivered strong financial results throughout fiscal year 2025. In the third fiscal quarter ended March 28, 2025, the company reported revenue of $2.16 billion and non-GAAP diluted earnings per share (EPS) of $1.90, exceeding analyst estimates. This positive momentum continued into the fourth fiscal quarter, which concluded on June 27, 2025, with reported revenue of $2.44 billion and non-GAAP diluted EPS of $2.59, surpassing consensus expectations. Notably, the fourth fiscal quarter also saw record non-GAAP gross margins of 37.9% and operating margins of 26.2%. Overall, for fiscal year 2025, Seagate's revenue surged by 39%, adjusted gross profit nearly doubled, and operating profit more than tripled.

Show more 1. Strong Demand for Mass Capacity Storage and AI Infrastructure. Seagate Technology experienced surging demand for its mass-capacity storage products, a trend propelled by the expansion of cloud computing and the escalating need for data centers to support Artificial Intelligence (AI) applications. The company's offerings were deemed essential for hyperscale cloud providers and enterprises, allowing Seagate to benefit significantly from the AI-driven data boom.

2. Robust Financial Performance and Profitability. Seagate delivered strong financial results throughout fiscal year 2025. In the third fiscal quarter ended March 28, 2025, the company reported revenue of $2.16 billion and non-GAAP diluted earnings per share (EPS) of $1.90, exceeding analyst estimates. This positive momentum continued into the fourth fiscal quarter, which concluded on June 27, 2025, with reported revenue of $2.44 billion and non-GAAP diluted EPS of $2.59, surpassing consensus expectations. Notably, the fourth fiscal quarter also saw record non-GAAP gross margins of 37.9% and operating margins of 26.2%. Overall, for fiscal year 2025, Seagate's revenue surged by 39%, adjusted gross profit nearly doubled, and operating profit more than tripled.

3. Advancements in HAMR Technology and Product Ramp-up. The company's Heat-Assisted Magnetic Recording (HAMR) technology, particularly its Mozaic 3+ platform, played a crucial role in its performance. HAMR Mozaic qualifications progressed well, with increasing shipments observed during the September quarter. Both the 24-28TB PMR drives and the HAMR-powered Mozaic 3+ platform were identified as key enablers for the AI-driven storage revolution, contributing to a 39.5% year-over-year growth in nearline revenue to $2 billion in Q4. Management expressed confidence in continued margin expansion driven by the accelerating adoption of its next-generation HAMR-based Mozaic drives.

4. Strategic Business Model and Operational Efficiency. Seagate implemented significant structural enhancements to its business model, including a shift to a build-to-order (BTO) manufacturing approach, stricter supply discipline, and dynamic pricing strategies. These operational improvements, combined with tight cost controls and a focus on high-value products, were instrumental in achieving sustained profitability and expanding margins.

5. Positive Analyst Sentiment and Nasdaq-100 Index Inclusion. Seagate Technology maintained a "Strong Buy" consensus rating from analysts. Several analysts upgraded their price targets for STX in December 2025, driven by the belief that the growing demand for AI-driven content creation would boost demand for storage devices. Furthermore, the announcement of STX's inclusion in the Nasdaq-100 Index following its annual reconstitution was anticipated to generate increased buying activity from funds that track the index. Show less

Stock Movement Drivers

Fundamental Drivers

The 28.3% change in STX stock from 9/24/2025 to 12/24/2025 was primarily driven by a 28.3% change in the company's P/E Multiple.

	9242025	12242025	Change
Stock Price ($)	222.41	285.27	28.26%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9097.00	9097.00	0.00%
Net Income Margin (%)	16.15%	16.15%	0.00%
P/E Multiple	32.55	41.75	28.26%
Shares Outstanding (Mil)	215.00	215.00	0.00%
Cumulative Contribution			28.26%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
STX	28.3%
Market (SPY)	4.4%	40.1%
Sector (XLK)	5.1%	49.7%

Fundamental Drivers

The 107.1% change in STX stock from 6/25/2025 to 12/24/2025 was primarily driven by a 113.6% change in the company's P/E Multiple.

	6252025	12242025	Change
Stock Price ($)	137.74	285.27	107.10%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8540.00	9097.00	6.52%
Net Income Margin (%)	17.49%	16.15%	-7.69%
P/E Multiple	19.55	41.75	113.61%
Shares Outstanding (Mil)	212.00	215.00	-1.42%
Cumulative Contribution			107.06%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
STX	107.1%
Market (SPY)	14.0%	37.3%
Sector (XLK)	17.5%	44.6%

Fundamental Drivers

The 228.6% change in STX stock from 12/24/2024 to 12/24/2025 was primarily driven by a 87.8% change in the company's P/E Multiple.

	12242024	12242025	Change
Stock Price ($)	86.81	285.27	228.63%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	7265.00	9097.00	25.22%
Net Income Margin (%)	11.34%	16.15%	42.37%
P/E Multiple	22.23	41.75	87.83%
Shares Outstanding (Mil)	211.00	215.00	-1.90%
Cumulative Contribution			228.51%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
STX	228.6%
Market (SPY)	15.8%	53.8%
Sector (XLK)	22.2%	56.8%

Fundamental Drivers

The 517.6% change in STX stock from 12/25/2022 to 12/24/2025 was primarily driven by a 400.6% change in the company's P/E Multiple.

	12252022	12242025	Change
Stock Price ($)	46.19	285.27	517.61%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	10581.00	9097.00	-14.03%
Net Income Margin (%)	10.89%	16.15%	48.32%
P/E Multiple	8.34	41.75	400.63%
Shares Outstanding (Mil)	208.00	215.00	-3.37%
Cumulative Contribution			516.91%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
STX	251.5%
Market (SPY)	48.9%	52.4%
Sector (XLK)	54.1%	54.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
STX Return	10%	88%	-51%	69%	4%	234%	490%
Peers Return	12%	35%	-31%	59%	26%	112%	344%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
STX Win Rate	58%	67%	33%	75%	58%	92%
Peers Win Rate	53%	60%	40%	60%	58%	65%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
STX Max Drawdown	-32%	-6%	-56%	-1%	-6%	-22%
Peers Max Drawdown	-45%	-7%	-39%	-4%	-6%	-33%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: WDC, MU, DELL, HPE, NTAP. See STX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	STX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-58.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	139.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	936 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-35.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	55.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	259 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-41.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	71.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	395 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-89.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	819.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,181 days	1,480 days

Compare to NVDA, AMD, MU, WDC, AMCI

In The Past

Seagate Technology's stock fell -58.2% during the 2022 Inflation Shock from a high on 1/4/2022. A -58.2% loss requires a 139.3% gain to breakeven.

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About Seagate Technology (STX)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems. It also provides enterprise data solutions portfolio comprising storage subsystems and mass capacity optimized private cloud storage solutions for enterprises, cloud service providers, and scale-out storage servers and original equipment manufacturers (OEMs). In addition, the company offers external storage solutions under the Seagate Ultra Touch, One Touch, and Expansion product lines, as well as under the LaCie and Maxtor brands in capacities up to 16TB. It sells its products primarily to OEMs, distributors, and retailers. Seagate Technology Holdings plc was founded in 1978 and is based in Dublin, Ireland.

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Here are a couple of analogies for Seagate Technology (STX):

Cisco for data storage (Seagate provides the essential hardware for storing data, much like Cisco provides essential networking hardware for the internet and data centers.)
The Intel of data storage (Seagate is a dominant manufacturer of fundamental data storage components like hard drives and SSDs, similar to how Intel is a dominant manufacturer of fundamental computing components like CPUs.)

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Hard Disk Drives (HDDs): Traditional magnetic data storage devices primarily used in personal computers, servers, and data centers for mass data storage.
Solid State Drives (SSDs): High-performance storage devices that use flash memory for faster data access, commonly found in laptops, desktops, and enterprise systems.
Enterprise Data Storage Systems: Integrated hardware and software solutions designed for large-scale data storage, management, and protection in business and cloud environments.

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Seagate Technology (STX) primarily sells its data storage products and solutions to other companies, operating on a business-to-business (B2B) model. Its major customers fall into categories such as hyperscale cloud providers, original equipment manufacturers (OEMs) for computers and servers, and enterprise storage system integrators.

Here are some of Seagate Technology's major customer companies:

Microsoft Corporation (Symbol: MSFT) - For its Azure cloud services and other enterprise solutions.
Amazon.com, Inc. (Symbol: AMZN) - Primarily for its Amazon Web Services (AWS) cloud infrastructure.
Alphabet Inc. (Symbols: GOOGL, GOOG) - For its Google Cloud Platform and other data center needs.
Meta Platforms, Inc. (Symbol: META) - For its extensive data center infrastructure supporting Facebook, Instagram, WhatsApp, and other services.
Dell Technologies Inc. (Symbol: DELL) - As an OEM for integrating Seagate drives into their PCs, servers, and storage systems.
HP Inc. (Symbol: HPQ) - As an OEM for integrating Seagate drives into their PCs and servers.

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TDK Corporation (6762.T)
Resonac Holdings Corporation (4004.T)

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Dave Mosley, Chief Executive Officer Dr. Mosley has served as CEO of Seagate Technology since October 2017 and as a board member since July 2017. He joined Seagate in 1996 as a Senior Engineer and has held numerous leadership positions within the company, including President and COO, President, Operations and Technology, Executive Vice President of Global Sales and Marketing, and Senior Vice President of Global Disk Storage Operations. He holds a Ph.D. in Physics from the University of California, Davis, and has been instrumental in driving Seagate's technological innovation, including the development of Heat-Assisted Magnetic Recording (HAMR) technology. Dr. Mosley holds multiple patents related to data storage. He is slated to become Chairman of the Board after the company's 2025 Annual General Meeting. Gianluca Romano, Executive Vice President and Chief Financial Officer Mr. Romano was appointed Executive Vice President and Chief Financial Officer of Seagate Technology in January 2019. He is responsible for Seagate’s global corporate finance, including strategic financial planning, treasury, tax, investor relations, accounting, corporate development and strategy, global information technology (IT), and supply chain. Prior to joining Seagate, he served as corporate vice president, business finance & accounting at Micron Technology. Before Micron, Mr. Romano held senior leadership positions in finance at Numonyx and STMicroelectronics. He brings over 20 years of experience in finance, treasury, and financial planning, much of which was gained while working internationally. Mr. Romano earned a bachelor's degree in economics and business administration from the University of Urbino in Italy. John Morris, Senior Vice President and Chief Technology Officer Mr. Morris serves as Seagate Technology's Senior Vice President and Chief Technology Officer. He is responsible for guiding the company's technological direction. Patricia Frost, Senior Vice President and Chief People and Places Officer Ms. Frost is the Senior Vice President and Chief People and Places Officer at Seagate Technology. Her role involves overseeing human resources and facilities. Ban-Seng Teh, Executive Vice President and Chief Commercial Officer Mr. Teh serves as the Executive Vice President and Chief Commercial Officer for Seagate Technology. He is also listed as Senior Vice President, Global Sales & Sales Operations. His responsibilities include global sales and commercial strategies.

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The accelerating encroachment of high-capacity, low-cost solid-state drives (SSDs), particularly those leveraging QLC (Quad-Level Cell) and emerging PLC (Penta-Level Cell) NAND technologies, into the bulk storage and nearline data center market. This trend threatens to erode the cost-per-gigabyte advantage of hard disk drives (HDDs) in segments historically dominated by Seagate, potentially leading to faster-than-anticipated displacement of HDDs for various data center workloads beyond just high-performance applications.

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Seagate Technology (STX) operates in several significant addressable markets for its data storage products and services, including Hard Disk Drives (HDDs), Solid-State Drives (SSDs), and broader data storage solutions encompassing enterprise and consumer segments, as well as cloud and data management services.

Hard Disk Drive (HDD) Market

The global Hard Disk Drive (HDD) market was valued at approximately USD 61.47 billion in 2024 and is projected to grow to USD 92.22 billion by 2032, exhibiting an annual compound annual growth rate (CAGR) of 5.2%. Other estimates place the global HDD market size at USD 19.62 million in 2024, expected to reach USD 23.28 million by 2033, with a CAGR of 1.92% from 2025 to 2033. Another projection indicates a growth from USD 66.6 billion in 2025 to USD 111.2 billion by 2035, with a CAGR of 5.3%.
In 2024, the United States accounted for approximately 32% of the global HDD market share.
A major driver for HDDs is the demand for mass-capacity storage in cloud infrastructure and data centers, significantly fueled by artificial intelligence (AI) applications. Global storage demand is anticipated to surpass 12 zettabytes (ZB) annually by 2027, with approximately 80% of this demand expected to be met by HDDs, creating a 9.6 ZB per year market for HDDs.

Solid-State Drive (SSD) Market

The global Solid-State Drive (SSD) market was valued at USD 65.08 billion in 2024 and is projected to reach USD 279.97 billion by 2033, growing at a CAGR of 17.6% from 2025. Other reports estimate the global SSD market at USD 36.40 billion in 2024, with a projected increase to USD 156.86 billion by 2035 at a CAGR of 14.20%. Another valuation puts the global SSD market size at USD 17.79 billion in 2024, expected to grow to USD 82.22 billion by 2032, with a CAGR of 21.2%.
North America held the largest share of the global SSD market, accounting for 38.22% in 2024.

Overall Data Storage Market

The global data storage market was valued at USD 218.33 billion in 2024. It is projected to grow from USD 255.29 billion in 2025 to USD 774.00 billion by 2032, at a CAGR of 17.2%. Another source indicates a market size of USD 250.77 billion in 2025, reaching USD 483.90 billion by 2030 with a CAGR of 14.05%.
North America was the dominant region in the global data storage market, holding a 42.07% share in 2024.

Enterprise Data Storage Market

The global enterprise data storage market was valued at approximately USD 87.65 billion in 2023 and is predicted to grow to around USD 117.39 billion by 2032, with a CAGR of roughly 3.30% between 2024 and 2032.
Another forecast suggests the enterprise data storage market size will increase by USD 12.5 billion between 2024 and 2029, growing at a CAGR of 4.5%.

Consumer Data Storage Devices Market

The global consumer data storage devices market was valued at approximately USD 17.57 billion in 2024 and is projected to reach USD 24.45 billion by 2034, demonstrating a CAGR of 3.4%. Another estimate shows the market valued at USD 18.49 billion in 2022 and projected to reach USD 26.29 billion by 2030, with a CAGR of 4.5%.

Data Center Storage Market

The global data center storage market is estimated at USD 71.98 billion in 2025 and is projected to reach USD 208.96 billion by 2034, growing at a CAGR of 12.61%. North America held the largest share of this market in 2024.

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Here are the expected drivers of future revenue growth for Seagate Technology (STX) over the next 2-3 years:

Surging Demand from AI and Cloud Data Centers: Seagate anticipates continued robust demand for its high-capacity storage products, primarily fueled by the exponential growth of artificial intelligence (AI) applications, cloud computing, and the proliferation of unstructured data, particularly video content. Data center revenue already accounts for a significant portion of Seagate's total revenue, and this trend is expected to accelerate as AI inferencing scales rapidly and global cloud customers continue to expand their infrastructure.
Advancements in HAMR Technology and Mozaic Product Roadmap: A key driver is Seagate's leadership in Heat-Assisted Magnetic Recording (HAMR) technology, embodied in its Mozaic platform. The company has successfully shipped over 1 million Mozaic HAMR drives and is actively qualifying Mozaic 3+ drives with major cloud customers. The upcoming ramp-up of Mozaic 4+ in the second half of fiscal year 2026, offering capacities up to 44 terabytes per drive, and a long-term roadmap extending to 50TB+ drives and 10TB per disk technology by 2028, will enable higher storage densities and lower cost per terabyte, reinforcing Seagate's competitive advantage and driving demand for its next-generation solutions.
Growth in Mass Capacity Product Shipments: Seagate is experiencing strengthening demand for its mass capacity products across global nearline cloud and enterprise markets. This growth in high-capacity nearline drives is more than offsetting the sequential decline in legacy and non-HDD businesses, indicating a favorable shift in product mix towards higher-value solutions. The company's focus on this profitable segment of the storage industry is expected to continue driving revenue.
Long-term Build-to-Order Contracts with Cloud Providers: Seagate's strategy includes securing multi-year, build-to-order agreements with major cloud providers. These contracts provide significant visibility into future demand, with nearline production largely committed through calendar 2026 and long-term demand visibility extending through calendar 2027. This model helps ensure supply aligns with demand, supports investment in new products, and mitigates risks, contributing to more stable and predictable revenue streams.

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Share Repurchases

Seagate's board of directors approved a new $5 billion share repurchase program in May 2025. This program has no set expiration date and offers flexibility in execution.
The company repurchased shares worth $1.799 billion in fiscal year 2022 and $408 million in fiscal year 2023.
Management plans to return at least 75% of its free cash flow to shareholders through dividends and buybacks.

Share Issuance

In November 2025, Seagate announced privately negotiated exchange agreements for $500 million in principal amount of its 3.50% Exchangeable Senior Notes due 2028. The consideration for this exchange includes approximately $503.4 million in cash and a number of ordinary shares of Seagate Technology.

Capital Expenditures

Seagate reported capital expenditures of $1.453 billion for the latest twelve months ending June 27, 2025.
Projected capital expenditures are expected to range between 4% and 6% of revenue, indicating a relatively low capital-intensive industry.
A significant focus of capital expenditures has been on research and development (R&D) and manufacturing for the transition from PMR to HAMR (Heat-Assisted Magnetic Recording) technology, with management not planning to add additional production capacity for next-generation HAMR drives to maintain pricing power. AI infrastructure demand is also driving capital allocation.

Interactive Breakdown

Seagate Technology Interactive Breakdown Analysis

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AAPL (1.8%)

Apple

DELL (0.2%)

Dell Technologies

Higher Op Mgn LTM (Value for STX: 21.1%)

AAPL (31.9%)

Apple

NTAP (22.6%)

NetApp

WDC (21.1%)

Western Digital

Higher CFO/Rev LTM (Value for STX: 11.9%)

CRCT (30.9%)

Cricut

NTAP (28.0%)

NetApp

AAPL (26.6%)

Apple

PSTG (23.6%)

Pure Storage

WDC (12.7%)

Western Digital

Higher FCF/Rev LTM (Value for STX: 9.0%)

CRCT (28.0%)

Cricut

NTAP (25.3%)

NetApp

AAPL (23.5%)

Apple

PSTG (16.3%)

Pure Storage

WDC (9.6%)

Western Digital

Higher Total Yield (Value for STX: 3.4%)

HPQ (14.1%)

CRCT (7.7%)

Cricut

DELL (7.7%)

Dell Technologies

NTAP (7.3%)

NetApp

SMCI (4.4%)

Super Micro Computer

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for STX: -3.0% | 6.7x)

CSCO (3.7% | 5.3x)

Cisco Systems

IBM (2.6% | 4.3x)

International Business Machines

CRM (10.0% | 6.2x)

Salesforce

QCOM (1.2% | 4.3x)

Qualcomm

ACN (4.3% | 2.4x)

Accenture

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for STX: -3.0% | 32.0x)

AAPL (1.8% | 31.3x)

Apple

MSFT (13.2% | 26.7x)

Microsoft

ORCL (9.8% | 29.0x)

Oracle

MU (28.3% | 23.4x)

Micron Technology

CSCO (3.7% | 23.8x)

Cisco Systems

Higher Rev Chg LTM (Value for STX: 38.9%)

APP (86.4%)

AppLovin

NVDA (65.2%)

NVIDIA

APH (47.4%)

Amphenol

PLTR (47.2%)

Palantir Technologies

MU (45.4%)

Micron Technology

Higher Rev Chg 3Y Avg (Value for STX: -3.0%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

MSFT (13.2%)

Microsoft

ORCL (9.8%)

Oracle

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for STX: 21.1%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

AVGO (40.8%)

Broadcom

ORCL (31.9%)

Oracle

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for STX: 11.9%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

ORCL (36.5%)

Oracle

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for STX: 9.0%)

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

Higher Total Yield (Value for STX: 3.4%)

CSCO (5.4%)

Cisco Systems

IBM (5.0%)

International Business Machines

MU (3.9%)

Micron Technology

ORCL (3.7%)

Oracle

MSFT (3.6%)

Microsoft

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for STX: -3.0% | 6.7x)

AMZN (11.3% | 3.7x)

Amazon.com

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

JPM (13.4% | 5.1x)

JPMorgan Chase

WMT (5.4% | 1.3x)

Walmart

JNJ (6.1% | 5.4x)

Johnson & Johnson

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for STX: -3.0% | 32.0x)

GOOGL (11.0% | 30.6x)

Alphabet

META (17.3% | 20.5x)

Meta Platforms

WMT (5.4% | 30.7x)

Walmart

MA (13.2% | 29.8x)

Mastercard

JNJ (6.1% | 20.7x)

Johnson & Johnson

Higher Rev Chg LTM (Value for STX: 38.9%)

HOOD (74.6%)

Robinhood Markets

TFC (55.5%)

Truist Financial

ALNY (53.2%)

Alnylam Pharmaceuticals

COIN (48.6%)

Coinbase Global

CVNA (45.5%)

Carvana

Higher Rev Chg 3Y Avg (Value for STX: -3.0%)

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

TSLA (9.3%)

Tesla

Higher Op Mgn LTM (Value for STX: 21.1%)

MA (58.3%)

Mastercard

META (43.2%)

Meta Platforms

LLY (43.0%)

Eli Lilly

GOOGL (32.2%)

Alphabet

JNJ (26.2%)

Johnson & Johnson

Higher CFO/Rev LTM (Value for STX: 11.9%)

META (56.8%)

Meta Platforms

GOOGL (39.3%)

Alphabet

LLY (20.5%)

Eli Lilly

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

Higher FCF/Rev LTM (Value for STX: 9.0%)

V (53.9%)

Visa

MA (52.5%)

Mastercard

META (23.7%)

Meta Platforms

JNJ (20.3%)

Johnson & Johnson

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for STX: 3.4%)

JPM (6.4%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

GOOGL (3.5%)

Alphabet

WMT (3.4%)

Walmart

		Best Bets In Information Technology Sector
	STX	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	41.8	28.3	17.1	46.3	44.4	29.9	16.4	14.6	19.2	24.1	21.0
P/EBIT	33.4	20.4	13.8	39.4	37.9	10.6	23.9	11.9	20.9	66.0	24.0
What You Get
Rev Chg Q	29.5%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	38.9%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	-3.0%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	9.2%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Seagate Technology Earnings Notes
2	Is Seagate Technology Stock Outperforming Its Rivals?
3	Seagate Technology Stock Jump Looks Great, But How Secure Is That Gain?	Return
4	Seagate Technology Earnings Notes
5	Western Digital or Seagate Technology: Which Stock Has More Upside?	Counter-Intuitive Comparisons
6	Day 7 of Loss Streak for Seagate Technology Stock with -17% Return (vs. 153% YTD) [10/10/2025]	Notification
7	Day 6 of Loss Streak for Seagate Technology Stock with -14% Return (vs. 161% YTD) [10/9/2025]	Notification
8	Wait For A Dip To Buy Seagate Technology Stock	Buy or Fear
9	Day 5 of Loss Streak for Seagate Technology Stock with -13% Return (vs. 164% YTD) [10/8/2025]	Notification
10	Day 6 of Gains Streak for Seagate Technology Stock with 17% Return (vs. 169% YTD) [9/22/2025]	Notification

	Title
0	ARTICLES

Trade Ideas

Select ideas related to STX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	13.9%	13.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	12.0%	12.0%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	17.0%	17.0%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.9%	11.9%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.1%	4.1%	0.0%
STX_9302022_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	09302022	STX	Seagate Technology	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	27.4%	29.8%	-8.9%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Seagate Technology

Peers to compare with:

Financials

	STX	WDC	MU	DELL	HPE	NTAP	Median
Name	Seagate .	Western .	Micron T.	Dell Tec.	Hewlett .	NetApp
Mkt Price	285.27	179.56	286.68	128.38	24.44	110.06	153.97
Mkt Cap	61.3	62.8	322.5	86.1	32.6	21.9	62.1
Rev LTM	9,097	13,279	42,312	104,090	34,296	6,637	23,788
Op Inc LTM	1,915	2,806	13,771	6,924	1,644	1,500	2,360
FCF LTM	818	1,279	4,652	4,449	627	1,676	1,478
FCF 3Y Avg	703	-244	67	4,781	1,400	1,360	1,032
CFO LTM	1,083	1,691	22,692	7,096	2,919	1,860	2,390
CFO 3Y Avg	981	330	11,686	7,474	3,896	1,534	2,715

Growth & Margins

	STX	WDC	MU	DELL	HPE	NTAP	Median
Name	Seagate .	Western .	Micron T.	Dell Tec.	Hewlett .	NetApp
Rev Chg LTM	38.9%	39.2%	45.4%	10.8%	13.8%	2.5%	26.4%
Rev Chg 3Y Avg	-3.0%	8.3%	28.3%	0.2%	6.5%	0.6%	3.5%
Rev Chg Q	29.5%	30.0%	56.7%	10.8%	14.4%	2.8%	22.0%
QoQ Delta Rev Chg LTM	6.5%	4.7%	13.2%	2.6%	3.7%	0.7%	4.2%
Op Mgn LTM	21.1%	21.1%	32.5%	6.7%	4.8%	22.6%	21.1%
Op Mgn 3Y Avg	9.4%	3.7%	3.1%	6.1%	7.2%	20.8%	6.6%
QoQ Delta Op Mgn LTM	1.8%	2.4%	6.3%	0.2%	-1.4%	0.8%	1.3%
CFO/Rev LTM	11.9%	12.7%	53.6%	6.8%	8.5%	28.0%	12.3%
CFO/Rev 3Y Avg	12.9%	1.0%	33.9%	7.8%	12.7%	23.8%	12.8%
FCF/Rev LTM	9.0%	9.6%	11.0%	4.3%	1.8%	25.3%	9.3%
FCF/Rev 3Y Avg	9.2%	-6.1%	-6.0%	5.0%	4.6%	21.1%	4.8%

Valuation

	STX	WDC	MU	DELL	HPE	NTAP	Median
Name	Seagate .	Western .	Micron T.	Dell Tec.	Hewlett .	NetApp
Mkt Cap	61.3	62.8	322.5	86.1	32.6	21.9	62.1
P/S	6.7	4.7	7.6	0.8	0.9	3.3	4.0
P/EBIT	33.4	29.2	23.0	10.9	19.8	14.5	21.4
P/E	41.8	33.6	27.1	16.5	571.6	18.6	30.4
P/CFO	56.6	37.2	14.2	12.1	11.2	11.8	13.2
Total Yield	3.4%	3.0%	3.9%	7.7%	2.3%	7.3%	3.6%
Dividend Yield	1.0%	0.0%	0.2%	1.7%	2.1%	1.9%	1.3%
FCF Yield 3Y Avg	3.0%	-3.0%	-1.2%	7.4%	5.5%	6.4%	4.2%
D/E	0.1	0.1	0.0	0.4	0.7	0.1	0.1
Net D/E	0.1	0.0	0.0	0.3	0.6	-0.0	0.1

Returns

	STX	WDC	MU	DELL	HPE	NTAP	Median
Name	Seagate .	Western .	Micron T.	Dell Tec.	Hewlett .	NetApp
1M Rtn	12.9%	19.1%	28.0%	0.9%	16.6%	1.0%	14.7%
3M Rtn	28.3%	63.8%	77.4%	-2.5%	0.5%	-10.3%	14.4%
6M Rtn	107.1%	187.6%	125.6%	7.4%	33.7%	5.6%	70.4%
12M Rtn	228.6%	290.7%	222.4%	9.9%	14.7%	-5.5%	118.5%
3Y Rtn	517.6%	688.1%	480.5%	249.4%	68.8%	99.5%	364.9%
1M Excs Rtn	9.5%	15.7%	24.6%	-2.5%	13.2%	-2.4%	11.3%
3M Excs Rtn	25.6%	62.7%	78.0%	-6.6%	-3.4%	-13.4%	11.1%
6M Excs Rtn	91.1%	170.4%	115.0%	-10.2%	21.7%	-6.8%	56.4%
12M Excs Rtn	216.2%	283.3%	202.6%	-4.0%	-0.7%	-22.1%	100.9%
3Y Excs Rtn	438.7%	582.3%	381.8%	168.9%	-9.9%	17.5%	275.4%

Comparison Analyses

	Title
0	WDC Looks Stronger Than STX With 56% Return Potential
1	Why MU With 31% Upside May Beat STX?
2	NVDA Could Deliver 43% Returns And Outperform STX
3	Seagate Technology vs. Advanced Micro Devices: With Return Forecast Of 47%, Advanced Micro Devices Is A Better Bet
4	Seagate Technology vs. CSX: With Return Forecast Of -2.6%, CSX Is A Better Bet
5	Seagate Technology vs. Intuit: With Return Forecast Of 15%, Intuit Is A Better Bet
6	Seagate Technology vs. Booking Holdings: With Return Forecast Of 9.9%, Booking Holdings Is A Better Bet
7	Seagate Technology vs. Enphase Energy: With Return Forecast Of 1.8%, Enphase Energy Is A Better Bet
8	Seagate Technology vs. Horizon Pharma: With Return Forecast Of 36%, Horizon Pharma Is A Better Bet
9	Seagate Technology vs. Fortive: With Return Forecast Of 13%, Fortive Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 6/27	LTM	2025	2024	2023	2022	2021	2020
Period End	6/27/2025	6/27/2025	6/28/2024	6/30/2023	7/1/2022	7/2/2021	7/3/2020
Filing Date	8/1/2025	8/1/2025	8/2/2024	8/4/2023	8/5/2022	8/6/2021	8/10/2020
Key Financials
Total Revenue	9,097	9,097	6,551	7,384	11,661	10,681	10,509
EBITDA	2,085	2,085	1,041	330	2,379	1,965	1,612
Operating Income	1,915	1,915	422	60	1,958	1,500	1,382
Net Income	1,469	1,469	335	-529	1,649	1,314	1,004
EPS	6.93	6.93	1.60	-2.56	7.50	5.43	3.83
Growth Rates
Total Revenue Growth	38.9%	38.9%	-11.3%	-36.7%	9.2%	1.6%	1.1%
EBITDA Growth	100.3%	100.3%	215.5%	-86.1%	21.1%	21.9%	-24.6%
Operating Income Growth	353.8%	353.8%	603.3%	-96.9%	30.5%	8.5%	-5.7%
Net Income Growth	338.5%	338.5%	163.3%	-132.1%	25.5%	30.9%	-50.1%
Margins
EBITDA Margin	22.9%	22.9%	15.9%	4.5%	20.4%	18.4%	15.3%
Operating Income Margin	21.1%	21.1%	6.4%	0.8%	16.8%	14.0%	13.2%
Net Income Margin	16.1%	16.1%	5.1%	-7.2%	14.1%	12.3%	9.6%
Cash & Debt
Total Cash	891	891	1,358	788	617	1,211	1,724
Total Debt	4,995	4,995	5,674	5,451	5,696	5,193	4,238
Net Debt / (Cash)	4,104	4,104	4,316	4,663	5,079	3,982	2,514
Cash Flows
Net Cash from Operations	1,083	1,083	918	942	1,657	1,626	1,714
Free Cash from Operations	818	818	664	626	1,276	1,128	1,129
Returns to Shareholders
Dividends	600	600	585	582	610	649	673
Share Repurchases	-0	-0	-0	408	1,799	2,047	850

$ Mil \| FY: 6/27	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	6/27/2025	3/28/2025	12/27/2024	9/27/2024	6/28/2024	3/29/2024	12/29/2023	9/29/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/1/2025	5/2/2025	1/24/2025	10/25/2024	8/2/2024	4/26/2024	1/26/2024	10/27/2023	8/4/2023	4/26/2023	1/25/2023	10/27/2022
Key Financials Quarterly
Total Revenue	2,444	2,160	2,325	2,168	1,887	1,655	1,555	1,454	1,602	1,860	1,887	2,035
Ebitda	628	495	497	465	683	203	142	13	103	-193	187	233
Operating Income	581	441	489	404	311	145	93	-127	18	5	-79	116
Net Income	488	340	336	305	513	25	-19	-184	-92	-433	-33	29
EPS	2.30	1.60	1.58	1.45	2.44	0.12	-0.09	-0.88	-0.44	-2.09	-0.16	0.14
Key Financials TTM
Total Revenue TTM	9,097	8,540	8,035	7,265	6,551	6,266	6,471	6,803	7,384	8,410	9,352	10,581
Ebitda TTM	2,085	2,140	1,848	1,493	1,041	461	65	110	330	700	1,419	1,916
Operating Income TTM	1,915	1,645	1,349	953	422	129	-11	-183	60	403	827	1,487
Net Income TTM	1,469	1,494	1,179	824	335	-270	-728	-742	-529	-161	618	1,152
Growth Rates Quarterly
Total Revenue Growth	29.5%	30.5%	49.5%	49.1%	17.8%	-11.0%	-17.6%	-28.6%	-39.0%	-33.6%	-39.4%	-34.7%
EBITDA Growth	-8.1%	143.8%	250.0%	3476.9%	563.1%	205.2%	-24.1%	-94.4%	-78.2%	-136.7%	-72.7%	-66.5%
Operating Income Growth	86.8%	204.1%	425.8%	418.1%	1627.8%	2800.0%	217.7%	-209.5%	-95.0%	-98.8%	-113.6%	-80.2%
Net Income Growth	-4.9%	1260.0%	1868.4%	265.8%	657.6%	105.8%	42.4%	-734.5%	-133.3%	-225.1%	-106.6%	-94.5%
Margins Quarterly
EBITDA Margin	25.7%	22.9%	21.4%	21.4%	36.2%	12.3%	9.1%	0.9%	6.4%	-10.4%	9.9%	11.4%
Operating Income Margin	23.8%	20.4%	21.0%	18.6%	16.5%	8.8%	6.0%	-8.7%	1.1%	0.3%	-4.2%	5.7%
Net Income Margin	20.0%	15.7%	14.5%	14.1%	27.2%	1.5%	-1.2%	-12.7%	-5.7%	-23.3%	-1.7%	1.4%
Cash & Debt
Total Cash	891	814	1,238	1,239	1,358	795	787	797	788	766	770	761
Total Debt	4,995	5,146	5,679	5,676	5,674	5,671	5,669	5,666	5,451	5,958	6,029	6,249
Net Debt / (Cash)	4,104	4,332	4,441	4,437	4,316	4,876	4,882	4,869	4,663	5,192	5,259	5,488
Cash Flows Quarterly
FCF from Operations	508	259	221	95	434	188	169	127	218	228	251	245
Cash Flows TTM
FCF from Operations TTM	1,083	1,009	938	886	918	702	742	824	942	904	1,136	1,406
Returns to Shareholders Quarterly
Dividends	153	152	148	147	147	147	146	145	145	145	145	147
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	408
Return on Invested Capital (ROIC) Quarterly
ROIC	19.5%	14.1%	15.6%	13.0%	10.1%	2.0%	3.0%	-4.2%	0.6%	0.2%	-2.2%	3.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	15.8%	13.2%	10.5%	7.2%	2.7%	1.0%	-0.1%	-1.5%	0.5%	3.2%	6.5%	11.4%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Manufacture and distribution of storage solutions	6,551	7,384	11,661	10,681	10,509
Total	6,551	7,384	11,661	10,681	10,509

Price Behavior

Price Behavior

Market Price	$285.27
Market Cap ($ Bil)	60.8
First Trading Date	12/11/2002
Distance from 52W High	-7.1%
	50 Days	200 Days
DMA Price	$262.68	$169.37
DMA Trend	up	up
Distance from DMA	8.6%	68.4%
	3M	1YR
Volatility	71.5%	53.1%
Downside Capture	282.16	128.98
Upside Capture	345.12	229.08
Correlation (SPY)	40.5%	53.7%

STX Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	3.35	2.10	2.20	1.65	1.41	1.34
Up Beta	3.28	-0.28	-0.18	0.27	0.97	1.10
Down Beta	3.93	1.39	1.72	1.82	1.66	1.33
Up Capture	374%	396%	561%	424%	423%	709%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	10	20	36	72	134	398
Down Capture	297%	244%	201%	112%	115%	106%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	21	26	52	113	350

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of STX With Other Asset Classes (Last 1Y)
	STX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	232.2%	26.7%	19.2%	71.9%	8.9%	6.0%	-10.4%
Annualized Volatility	52.8%	27.6%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	2.45	0.84	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		56.6%	53.5%	6.8%	25.2%	27.3%	19.9%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of STX With Other Asset Classes (Last 5Y)
	STX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	38.6%	19.0%	14.9%	18.7%	11.7%	4.8%	32.6%
Annualized Volatility	40.9%	24.7%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.92	0.69	0.70	0.97	0.51	0.17	0.59
Correlation With Other Assets		54.6%	53.5%	9.7%	16.6%	34.3%	18.7%

Based On 10-Year Data

		Comparison of STX With Other Asset Classes (Last 10Y)
	STX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	29.3%	22.3%	14.7%	14.9%	6.9%	5.2%	69.2%
Annualized Volatility	41.4%	24.2%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.77	0.84	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		52.7%	52.9%	3.5%	20.9%	35.8%	10.9%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	13,574,640
Short Interest: % Change Since 11302025	7.1%
Average Daily Volume	3,159,499
Days-to-Cover Short Interest	4.30
Basic Shares Quantity	215,000,000
Short % of Basic Shares	6.3%

Returns Analyses

	Title
0	Seagate Technology Stock Jump Looks Great, But How Secure Is That Gain?
1	STX YTD Stock Return Of 44% Outperforms AMD by 47% and Outperforms MU by 22%
2	Seagate Technology During 2008 Recession vs. 2022 Inflation Shock: STX Stock Is Now 191% Higher Than Its Pre-Shock High
3	Seagate Technology (STX) Stock Has 57% Chance Of Rise In The Next One Month
4	Seagate Technology Stock Return Comparison
5	[10/7/2021] Seagate Technology (STX) Stock Price Forecast: AI Forecasts STX Stock Price To Be Around $83.70 In A Month (Up 2.3%)
6	Seagate Technology Total Shareholder Return (TSR): -9.5% in 2023 and 12.7% 3-yr returns (below peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/28/2025	19.1%	12.3%	22.1%
7/29/2025	-3.4%	-0.6%	9.5%
4/29/2025	11.6%	15.1%	44.8%
1/21/2025	6.8%	-1.0%	1.4%
10/22/2024	-8.1%	-10.0%	-13.0%
7/23/2024	4.0%	-5.9%	-0.8%
4/23/2024	0.7%	-0.7%	9.4%
1/24/2024	2.0%	-3.9%	-1.3%
...
SUMMARY STATS
# Positive	12	12	17
# Negative	13	13	8
Median Positive	6.5%	10.5%	9.4%
Median Negative	-5.6%	-5.5%	-4.9%
Max Positive	19.1%	15.2%	44.8%
Max Negative	-9.2%	-12.0%	-14.8%

	Forward Returns
10/28/2025	19.1%	12.3%	22.1%
7/29/2025	-3.4%	-0.6%	9.5%
4/29/2025	11.6%	15.1%	44.8%
1/21/2025	6.8%	-1.0%	1.4%
10/22/2024	-8.1%	-10.0%	-13.0%
7/23/2024	4.0%	-5.9%	-0.8%
4/23/2024	0.7%	-0.7%	9.4%
1/24/2024	2.0%	-3.9%	-1.3%
10/26/2023	-1.9%	6.2%	13.4%
7/26/2023	7.2%	12.1%	12.0%
4/19/2023	-9.2%	-10.4%	-0.2%
1/25/2023	10.9%	13.2%	6.2%
10/26/2022	-7.9%	-12.0%	-5.5%
7/21/2022	-8.1%	-4.6%	-4.4%
4/27/2022	3.0%	5.9%	4.3%
1/26/2022	7.7%	14.6%	8.9%
10/22/2021	6.1%	8.9%	22.5%
7/21/2021	-3.4%	-0.4%	4.1%
4/22/2021	6.0%	15.2%	12.6%
1/21/2021	-4.7%	5.9%	16.7%
10/22/2020	-2.0%	-8.0%	7.4%
7/28/2020	-8.8%	-6.5%	-5.8%
4/22/2020	-5.6%	0.6%	1.0%
2/4/2020	-7.2%	-5.5%	-14.8%
11/1/2019	-0.7%	0.2%	2.2%
SUMMARY STATS
# Positive	12	12	17
# Negative	13	13	8
Median Positive	6.5%	10.5%	9.4%
Median Negative	-5.6%	-5.5%	-4.9%
Max Positive	19.1%	15.2%	44.8%
Max Negative	-9.2%	-12.0%	-14.8%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10312025	10-Q 10/3/2025
6302025	8012025	10-K 6/27/2025
3312025	5022025	10-Q 3/28/2025
12312024	1242025	10-Q 12/27/2024
9302024	10252024	10-Q 9/27/2024
6302024	8022024	10-K 6/28/2024
3312024	4262024	10-Q 3/29/2024
12312023	1262024	10-Q 12/29/2023
9302023	10272023	10-Q 9/29/2023
6302023	8042023	10-K 6/30/2023
3312023	4262023	10-Q 3/31/2023
12312022	1252023	10-Q 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	8052022	10-K 7/1/2022
3312022	4282022	10-Q 4/1/2022
12312021	1272022	10-Q 12/31/2021

Insider Activity

Expand for Morenull

Industry Resources

Technology Hardware, Storage & Peripherals Resources

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Seagate Technology (STX)

Market Price (12/25/2025): $285.17 | Market Cap: $61.3 BilSector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Seagate Technology (STX)

Market Price (12/25/2025): $285.17Market Cap: $61.3 BilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

STX Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Seagate Technology (STX)

Hard Disk Drive (HDD) Market

Solid-State Drive (SSD) Market

Overall Data Storage Market

Enterprise Data Storage Market

Consumer Data Storage Devices Market

Data Center Storage Market

Interactive Breakdown

Better Bets than Seagate Technology (STX)

INDUSTRY: Technology Hardware, Storage & Peripherals

Higher Rev Chg 3Y Avg | Lower P/S (Values for STX: -3.0% | 6.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for STX: -3.0% | 32.0x)

Higher Rev Chg LTM (Value for STX: 38.9%)

Higher Rev Chg 3Y Avg (Value for STX: -3.0%)

Higher Op Mgn LTM (Value for STX: 21.1%)

Higher CFO/Rev LTM (Value for STX: 11.9%)

Higher FCF/Rev LTM (Value for STX: 9.0%)

Higher Total Yield (Value for STX: 3.4%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for STX: -3.0% | 6.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for STX: -3.0% | 32.0x)

Higher Rev Chg LTM (Value for STX: 38.9%)

Higher Rev Chg 3Y Avg (Value for STX: -3.0%)

Higher Op Mgn LTM (Value for STX: 21.1%)

Higher CFO/Rev LTM (Value for STX: 11.9%)

Higher FCF/Rev LTM (Value for STX: 9.0%)

Higher Total Yield (Value for STX: 3.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for STX: -3.0% | 6.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for STX: -3.0% | 32.0x)

Higher Rev Chg LTM (Value for STX: 38.9%)

Higher Rev Chg 3Y Avg (Value for STX: -3.0%)

Higher Op Mgn LTM (Value for STX: 21.1%)

Higher CFO/Rev LTM (Value for STX: 11.9%)

Higher FCF/Rev LTM (Value for STX: 9.0%)

Higher Total Yield (Value for STX: 3.4%)

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Market Price (12/25/2025): $285.17 | Market Cap: $61.3 Bil
Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Market Price (12/25/2025): $285.17
Market Cap: $61.3 Bil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals