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Western Digital (WDC)

Market Price (4/5/2026): $294.71 | Market Cap: $100.5 Bil
Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Western Digital (WDC)

Market Price (4/5/2026): $294.71
Market Cap: $100.5 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 28%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 2.7 Bil, FCF LTM is 2.3 Bil

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, Hybrid Cloud Solutions, Show more.

Stock price has recently run up significantly
6M Rtn6 month market price return is 125%, 12M Rtn12 month market price return is 870%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 129%

Key risks
WDC key risks include [1] heavy revenue concentration with a few large, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 2.7 Bil, FCF LTM is 2.3 Bil
3 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, Hybrid Cloud Solutions, Show more.
4 Stock price has recently run up significantly
6M Rtn6 month market price return is 125%, 12M Rtn12 month market price return is 870%
5 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 129%
6 Key risks
WDC key risks include [1] heavy revenue concentration with a few large, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Western Digital (WDC) stock has gained about 70% since 12/31/2025 because of the following key factors:

1. Exceptional Financial Performance and Upbeat Guidance.

Western Digital reported strong financial results, with its fiscal Q2 2026, which ended January 2, 2026, showcasing a revenue of $3.02 billion, representing a 25% year-over-year increase, and achieving record non-GAAP gross margins of 46.1%. This performance surpassed analyst expectations, as non-GAAP diluted EPS of $1.78 exceeded the $1.58 consensus estimate by 12.93%, and revenue topped forecasts by 3.21%. The company also provided an optimistic outlook for fiscal Q3 2026, forecasting a compelling 40% revenue increase.

2. Surging Demand for High-Capacity HDDs Driven by AI and Cloud.

A significant factor contributing to the stock's appreciation was the explosive demand for high-capacity hard disk drives (HDDs), particularly from hyperscalers for AI infrastructure and cloud data centers. Western Digital has seen its 2026 HDD production capacity fully booked under long-term agreements, including firm purchase orders from its top seven hyperscaler customers through all of calendar year 2026, with some agreements extending as far as calendar year 2028. The company is also advancing its technology roadmap, with 40TB ePMR drives expected in 2026 and plans for Heat-Assisted Magnetic Recording (HAMR) technology to scale beyond 60TB.

Show more

Stock Movement Drivers

Fundamental Drivers

The 71.3% change in WDC stock from 12/31/2025 to 4/4/2026 was primarily driven by a 40.4% change in the company's Net Income Margin (%).
(LTM values as of)123120254042026Change
Stock Price ($)172.19294.9771.3%
Change Contribution By: 
Total Revenues ($ Mil)10,12610,7346.0%
Net Income Margin (%)25.3%35.4%40.4%
P/E Multiple23.226.413.8%
Shares Outstanding (Mil)3453411.2%
Cumulative Contribution71.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/4/2026
ReturnCorrelation
WDC71.3% 
Market (SPY)-5.4%50.4%
Sector (XLK)-5.5%61.1%

Fundamental Drivers

The 146.0% change in WDC stock from 9/30/2025 to 4/4/2026 was primarily driven by a 80.7% change in the company's Net Income Margin (%).
(LTM values as of)93020254042026Change
Stock Price ($)119.91294.97146.0%
Change Contribution By: 
Total Revenues ($ Mil)9,52010,73412.8%
Net Income Margin (%)19.6%35.4%80.7%
P/E Multiple22.526.417.7%
Shares Outstanding (Mil)3503412.6%
Cumulative Contribution146.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/4/2026
ReturnCorrelation
WDC146.0% 
Market (SPY)-2.9%49.1%
Sector (XLK)-3.4%59.4%

Fundamental Drivers

The 632.7% change in WDC stock from 3/31/2025 to 4/4/2026 was primarily driven by a 137.8% change in the company's P/E Multiple.
(LTM values as of)33120254042026Change
Stock Price ($)40.26294.97632.7%
Change Contribution By: 
Total Revenues ($ Mil)8,37710,73428.1%
Net Income Margin (%)15.0%35.4%137.0%
P/E Multiple11.126.4137.8%
Shares Outstanding (Mil)3463411.5%
Cumulative Contribution632.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/4/2026
ReturnCorrelation
WDC632.7% 
Market (SPY)16.3%53.9%
Sector (XLK)32.3%61.7%

Fundamental Drivers

The 951.8% change in WDC stock from 3/31/2023 to 4/4/2026 was primarily driven by a 1555.1% change in the company's P/S Multiple.
(LTM values as of)33120234042026Change
Stock Price ($)28.05294.97951.8%
Change Contribution By: 
Total Revenues ($ Mil)15,75210,734-31.9%
P/S Multiple0.69.41555.1%
Shares Outstanding (Mil)318341-6.7%
Cumulative Contribution951.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/4/2026
ReturnCorrelation
WDC951.8% 
Market (SPY)63.3%53.3%
Sector (XLK)83.6%59.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
WDC Return18%-52%66%14%288%73%622%
Peers Return49%-30%60%24%97%23%396%
S&P 500 Return27%-19%24%23%16%-4%75%

Monthly Win Rates [3]
WDC Win Rate50%42%58%67%92%75% 
Peers Win Rate63%38%63%57%63%60% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
WDC Max Drawdown-11%-54%-0%-6%-32%0% 
Peers Max Drawdown-6%-40%-5%-6%-32%-8% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: STX, MU, DELL, HPE, NTAP. See WDC 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] 2026 data is for the year up to 4/2/2026 (YTD)

How Low Can It Go

Unique KeyEventWDCS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-60.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven155.4%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven518 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-58.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven143.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven348 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-67.1%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven203.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven2,461 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-75.2%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven302.6%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven391 days1,480 days

Compare to STX, MU, DELL, HPE, NTAP

In The Past

Western Digital's stock fell -60.9% during the 2022 Inflation Shock from a high on 6/4/2021. A -60.9% loss requires a 155.4% gain to breakeven.

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About Western Digital (WDC)

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications; and flash-based memory wafers. The company also provides data center devices and solutions comprising enterprise helium hard drives; enterprise SSDs consisting of flash-based SSDs and software solutions for use in enterprise servers, online transactions, data analysis, and other enterprise applications; data center solutions for data storage systems and tiered storage models; and data storage platforms. In addition, it offers client solutions, such as external HDD storage products in mobile and desktop form; client portable SSDs; removable cards that are used in consumer devices comprising mobile phones, tablets, imaging systems, and cameras and smart video systems; universal serial bus flash drives for use in the computing and consumer markets; and wireless drive products used in-field back up of created content, as well as wireless streaming of high-definition movies, photos, music, and documents to tablets, smartphones, and PCs. The company sells its products under the G-Technology, SanDisk, and WD brands to original equipment manufacturers, distributors, dealers, resellers, and retailers. Western Digital Corporation was founded in 1970 and is headquartered in San Jose, California.

AI Analysis | Feedback

They are the Intel of data storage, providing the core memory components (hard drives, SSDs, flash) for everything from consumer devices to massive data centers.

Imagine Samsung, but solely focused on manufacturing and selling digital storage devices (hard drives, SSDs, memory cards) for a vast range of products, from phones to enterprise servers.

AI Analysis | Feedback

  • Hard Disk Drives (HDDs): Data storage devices offered for client computing devices and enterprise data centers.
  • Solid State Drives (SSDs): High-performance, flash-based storage solutions for client devices, embedded applications, and enterprise servers.
  • Flash-based Embedded and Removable Storage: Compact flash-based products including memory wafers, embedded storage for mobile devices, and removable cards/USB drives.
  • Data Center Storage Solutions: Comprehensive systems and platforms designed for enterprise data storage, including tiered models and software.
  • External Storage and Wireless Drives: Portable and desktop external storage products (HDDs and SSDs), as well as wireless drives for backup and streaming.

AI Analysis | Feedback

Western Digital (WDC) primarily sells its products to other companies (B2B) across various categories, as explicitly stated in its description: "original equipment manufacturers, distributors, dealers, resellers, and retailers."

Based on its product offerings, the major customer types and examples of companies that would likely be significant customers include:

  • Original Equipment Manufacturers (OEMs): Companies that integrate Western Digital's HDDs, SSDs, and flash-based embedded storage into their own final products.
    • PC and Laptop Manufacturers:
      • HP Inc. (HPQ)
      • Dell Technologies Inc. (DELL)
      • Apple Inc. (AAPL)
    • Gaming Console Manufacturers:
      • Sony Group Corporation (SONY)
      • Microsoft Corporation (MSFT) (for Xbox)
    • Mobile and Tablet Manufacturers:
      • Apple Inc. (AAPL)
    • Server and Enterprise System Manufacturers:
      • Hewlett Packard Enterprise Company (HPE)
      • Dell Technologies Inc. (DELL)
  • Hyperscale Cloud Service Providers and Data Center Operators: Large technology companies that purchase enterprise storage solutions for their extensive data centers and cloud infrastructure.
    • Amazon.com, Inc. (AMZN) (for Amazon Web Services - AWS)
    • Microsoft Corporation (MSFT) (for Azure)
    • Alphabet Inc. (GOOGL) (for Google Cloud)
    • Meta Platforms, Inc. (META)
  • Distributors and Major Retailers: Companies that purchase Western Digital's branded products (such as SanDisk, WD, and G-Technology) for resale through their distribution networks or retail stores to businesses and individual consumers.
    • Major Electronics Distributors:
      • Arrow Electronics, Inc. (ARW)
      • Avnet, Inc. (AVT)
    • Large Retail Chains (including e-commerce):
      • Amazon.com, Inc. (AMZN)
      • Best Buy Co., Inc. (BBY)
      • Walmart Inc. (WMT)

AI Analysis | Feedback

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  • Marvell Technology, Inc. (MRVL)
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AI Analysis | Feedback

Irving Tan, Chief Executive Officer

Irving Tan leads Western Digital as its Chief Executive Officer, a role he assumed following the company's separation of its Flash business in early 2025. He has decades of experience in sales, global operations, market transitions, and customer and government dynamics. Before becoming CEO, Tan served as Western Digital's Executive Vice President for Global Operations, overseeing global operations functions, procurement, supply chain, and IT. He is also a veteran of Cisco. Tan currently chairs the Board of Directors for SATS and is on the Board of Directors for the U.S.-Japan Business Council. His predecessor, David Goeckeler, became CEO of the independent SanDisk.

Kris Sennesael, EVP, Chief Financial Officer

Kris Sennesael became Western Digital's Chief Financial Officer effective May 12, 2025, bringing over 25 years of experience in finance and general management within the semiconductor and technology sectors. In this role, he is responsible for the company's global finance organization, including accounting, financial planning and analysis, tax, treasury, internal audit, investor relations, and corporate real estate. Prior to joining Western Digital, Sennesael served as CFO at Skyworks Solutions, where he contributed to scaling the business through organic and inorganic growth strategies. His career also includes CFO positions at Enphase Energy and Standard Microsystems, as well as leadership roles at ON Semiconductor, AMI Semiconductor, and Alcatel Microelectronics. Sennesael currently serves on the Board of Directors of MaxLinear.

B. Scott Davis, Executive Vice President and Chief Sales & Marketing Officer

B. Scott Davis serves as Executive Vice President and Chief Sales & Marketing Officer at Western Digital.

Cynthia Tregillis, EVP, Chief Legal Officer & Secretary

Cynthia Tregillis holds the position of Executive Vice President, Chief Legal Officer & Secretary at Western Digital.

Katie Watson, Chief Human Resources Officer

Katie Watson is the Chief Human Resources Officer for Western Digital.

AI Analysis | Feedback

Here are the key risks to Western Digital's business:

  1. Cyclicality of the Storage Industry and Customer Concentration: Western Digital operates in a storage industry historically prone to "boom-and-bust" cycles. The company's business is heavily concentrated on a few hyperscale cloud clients, with the Cloud segment driving a significant portion of its revenue. This makes Western Digital highly vulnerable to the capital expenditure cycles and purchasing pattern shifts of these major customers. A slowdown in spending from these key clients could immediately impact Western Digital's top line.

  2. Technological Execution and Competition: The data storage market is intensely competitive and rapidly evolving. Western Digital faces risks related to the continuous need for technological innovation, such as perfecting complex laser-assisted recording (HAMR) for higher-capacity drives, to maintain its density leadership against rivals like Seagate Technology. Additionally, while HDDs currently offer a better cost-per-terabyte for large-scale data storage, a precipitous drop in NAND Flash prices could lead to high-capacity SSDs beginning to cannibalize parts of the HDD market, posing a competitive threat.

  3. Geopolitical and Trade Headwinds: Western Digital maintains significant global supply chain and manufacturing operations, particularly in Southeast Asia. This exposes the company to geopolitical risks, including ongoing U.S.-China trade disputes and the potential for new tariffs, which could impact its global supply chain, manufacturing costs, and overall profitability. Macroeconomic volatility and rising global trade tensions could also trigger demand fluctuations across its enterprise, distribution, and retail segments.

AI Analysis | Feedback

The widespread and accelerating shift of consumer and enterprise data storage from local/on-premise physical devices to cloud-based solutions.

AI Analysis | Feedback

Addressable Markets for Western Digital's Main Products and Services

Western Digital Corporation (WDC) operates in several data storage markets, offering a range of products including hard disk drives (HDDs), solid-state drives (SSDs), flash-based embedded storage, data center solutions, and client solutions like external drives, removable cards, and USB flash drives. The addressable market sizes for these key product categories are substantial and predominantly global.

Solid State Drives (SSDs)

The global Solid State Drive (SSD) market was valued at approximately USD 19.1 billion in 2023 and is projected to reach USD 55.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 16.5% from 2024 to 2030. Other estimates place the global SSD market at USD 59.5 billion in 2024, with a projection to reach USD 166.1 billion by 2033 at a CAGR of 12.1%. The client SSD market, specifically for consumer and client-grade devices, was valued at approximately USD 10.3 billion in 2024 and is projected to reach USD 65.9 billion by 2030, growing at a CAGR of 36.3%. The enterprise SSD segment is expected to grow at the highest rate, with projections indicating a 40% revenue share by the end of 2035 for the enterprise segment within the broader SSD market.

Hard Disk Drives (HDDs)

The global hard disk drive (HDD) market was estimated at USD 44.31 billion in 2024. Another report indicates the global HDD market reached approximately USD 49.68 billion in 2025, with forecasts suggesting an expansion to USD 92.55 billion by 2034. The market is projected to reach USD 117.5 billion by 2036, reflecting a CAGR of 5.30% from 2026. Enterprise adoption of HDDs accounted for 58% of total market usage in 2025.

Data Center Storage

The global data center storage market was valued at USD 61.94 billion in 2024 and is projected to reach USD 148.39 billion by 2032, growing at a CAGR of 11.54% from 2025 to 2032. Another estimate for the global data center storage market values it at USD 63.72 billion in 2024, with a projection to surpass USD 208.96 billion by 2034, growing at a CAGR of 12.61% from 2025 to 2034. North America currently holds the largest share of the global data center storage market, accounting for approximately 40.1% to 45% in 2024.

Flash-Based Embedded Storage Products

The global embedded storage solutions market was valued at approximately USD 10.24 billion in 2023 and is predicted to grow to around USD 22.07 billion by 2032, with a CAGR of roughly 8.91% between 2024 and 2032. Universal Flash Storage (UFS), a key component in embedded storage, was estimated at USD 7.7 billion globally in 2024 and is expected to reach USD 21.7 billion by 2030, growing at a CAGR of 18.8%.

Client Solutions (External HDD/SSD, Removable Cards, USB Flash Drives)

The external hard disk market was valued at US$ 5.54 billion in 2025 and is expected to reach US$ 8.56 billion by 2032, with a CAGR of 6.4% from 2026-2032. The external SSD market was valued at USD 2.38 billion in 2024 and is projected to grow to USD 3.84 billion by 2032, exhibiting a CAGR of 7.2%. The global USB Flash Drive market size is projected to be USD 5.93 billion in 2025 and reach USD 8.77 billion by 2031, growing at a CAGR of 6.66% from 2026 to 2031. Another source estimates the global USB Flash Drives market size at USD 6.14 billion in 2025, with growth to USD 11.37 billion by 2033 at a CAGR of 8.00%.

AI Analysis | Feedback

Western Digital (WDC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

  1. Strong Demand for High-Capacity Nearline Drives in Cloud and Enterprise: Western Digital is experiencing robust demand for its high-capacity nearline drives, particularly from hyperscale cloud providers and enterprise data centers. The cloud segment consistently represents a significant portion of the company's total revenue and is a major growth engine. The company has reported strong year-over-year revenue increases driven by this demand, with a strategic focus on delivering scalable and cost-effective storage solutions for these markets.
  2. Growth Driven by AI-Powered Data Expansion: The accelerating proliferation of Artificial Intelligence (AI) across various industries is generating a rapid increase in data creation and the demand for storage. Use cases such as generative AI workloads (text-to-image, text-to-video) and the need for massive data lakes to fuel AI models are projected to significantly boost HDD exabyte shipments, with an expected 23% compound annual growth rate (CAGR) from 2024 to 2028.
  3. Advancements and Adoption of Next-Generation HDD Technologies: Western Digital's continued innovation in hard disk drive (HDD) technology, including Heat-Assisted Magnetic Recording (HAMR), Energy-Assisted Perpendicular Magnetic Recording (ePMR), and UltraSMR (Shingled Magnetic Recording), is crucial for meeting the escalating demand for higher capacity storage. The company has been shipping millions of units of its latest generation ePMR and UltraSMR products, and HAMR technology development is accelerating with qualifications planned with hyperscale customers in the first half of calendar year 2026.
  4. Strategic Focus on Data Center and Cloud Markets: The company has reinforced its leadership in delivering world-class, sustainable storage solutions at scale, specifically targeting the ever-growing data demands of the cloud and enterprise markets. This strategic emphasis ensures that Western Digital remains a trusted partner for hyperscale cloud providers, offering solutions with low total cost of ownership (TCO) that align with their expanding infrastructure needs.

AI Analysis | Feedback

Share Repurchases

  • In February 2026, Western Digital's Board of Directors authorized an additional $4.0 billion for share repurchases.
  • As of February 2, 2026, approximately $484 million remained under a prior share repurchase authorization.
  • The company repurchased approximately 3.8 million shares for $615 million in fiscal Q2 2026, contributing to $1.4 billion returned to shareholders through dividends and buybacks since fiscal Q4 2025.

Outbound Investments

  • In January 2026, Western Digital announced a strategic investment in Qolab to support next-generation quantum hardware and nanofabrication process innovation.

Capital Expenditures

  • Western Digital's capital expenditures have decreased from $1.146 billion in fiscal year 2021 to $412 million in fiscal year 2025.
  • The latest twelve months (TTM) capital expenditures were $365 million, with $92 million reported for Q2 fiscal year 2026.
  • The company's capital allocation strategy includes reinvestment in the business for maintaining existing and expanding new property, plant, and equipment, with a focus on high-value end markets and the AI-driven data economy.

Interactive Breakdown

Western Digital Interactive Breakdown Analysis

Better Bets vs. Western Digital (WDC)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Is 20.6% Fall In Western Digital (WDC) Stock A Buying Opportunity?03/31/2026
2Western Digital Stock Surged 490%, Here's Why03/06/2026
3WDC Stock (-7.2%): Profit-Taking Hits at Morgan Stanley TMT Conference03/04/2026
4How Low Can Western Digital Stock Really Go?03/03/2026
5How Western Digital Stock Gained 490%02/07/2026
6Western Digital Stock Down 10% in One Day, Should You Buy The Stock?01/31/2026
7How Does Western Digital Stock Compare With Peers?01/29/2026
8Western Digital Earnings Notes12/31/2026
9ARTICLES 
10Seagate Technology vs Western Digital: Which Stock Could Rally?04/02/2026
11S&P 500 Movers | Winners: WDC, SNDK, MU | Losers: NKE, APTV, TPL04/02/2026
12Is Western Digital Stock’s 21% Drop A Bargain?03/31/2026
13S&P 500 Movers | Winners: WDC, DAL, GPN | Losers: TTD, LLY, CPAY03/18/2026
14Is Western Digital a Better Buy Than Seagate Technology?03/07/2026

Trade Ideas

Select ideas related to WDC.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
PANW_3312026_Insider_Buying_GTE_1Mil_EBITp+DE_V203312026PANWPalo Alto NetworksInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		0.0%0.0%0.0%
ALKT_3312026_Insider_Buying_45D_2Buy_200K03312026ALKTAlkami TechnologyInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
DBX_3272026_Dip_Buyer_FCFYield03272026DBXDropboxDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		2.6%2.6%0.0%
DLB_3272026_Dip_Buyer_FCFYield03272026DLBDolby LaboratoriesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.5%3.5%0.0%
PTC_3272026_Dip_Buyer_FCFYield03272026PTCPTCDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.5%3.5%0.0%
WDC_9302022_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09302022WDCWestern DigitalDip BuyDB | 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		15.7%40.2%-7.2%
WDC_3312019_Dip_Buyer_ValueBuy03312019WDCWestern DigitalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		27.3%-6.9%-37.5%

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Peer Comparisons

Peers to compare with:

Financials

WDCSTXMUDELLHPENTAPMedian
NameWestern .Seagate .Micron T.Dell Tec.Hewlett .NetApp  
Mkt Price294.97429.36366.24174.3724.61103.35234.67
Mkt Cap100.692.7412.4115.132.820.596.7
Rev LTM10,73410,05858,119113,53835,7436,70923,238
Op Inc LTM2,9982,57528,1338,2511,7171,5582,786
FCF LTM2,3061,67510,2818,5522,1541,6092,230
FCF 3Y Avg3539532,5265,4472,1441,3441,744
CFO LTM2,6712,02230,65311,1854,4871,7923,579
CFO 3Y Avg7881,23415,5408,1274,5651,5143,040

Growth & Margins

WDCSTXMUDELLHPENTAPMedian
NameWestern .Seagate .Micron T.Dell Tec.Hewlett .NetApp  
Rev Chg LTM28.1%25.2%85.5%18.8%14.5%3.1%22.0%
Rev Chg 3Y Avg7.5%6.2%45.3%4.4%7.1%1.3%6.7%
Rev Chg Q25.2%21.5%196.3%39.5%18.4%4.4%23.4%
QoQ Delta Rev Chg LTM6.0%5.2%37.4%9.1%4.2%1.1%5.6%
Op Mgn LTM27.9%25.6%48.4%7.3%4.8%23.2%24.4%
Op Mgn 3Y Avg7.6%14.1%15.6%6.9%6.9%21.5%10.9%
QoQ Delta Op Mgn LTM2.4%2.4%15.9%0.2%0.0%0.6%1.5%
CFO/Rev LTM24.9%20.1%52.7%9.9%12.6%26.7%22.5%
CFO/Rev 3Y Avg4.2%14.4%36.8%8.1%14.7%23.3%14.5%
FCF/Rev LTM21.5%16.7%17.7%7.5%6.0%24.0%17.2%
FCF/Rev 3Y Avg-1.9%11.0%0.5%5.4%6.9%20.7%6.1%

Valuation

WDCSTXMUDELLHPENTAPMedian
NameWestern .Seagate .Micron T.Dell Tec.Hewlett .NetApp  
Mkt Cap100.692.7412.4115.132.820.596.7
P/S9.49.27.11.00.93.15.1
P/EBIT25.237.514.613.019.112.916.8
P/E26.447.117.119.4-278.216.918.2
P/CFO37.745.913.510.37.311.412.4
Total Yield3.9%2.8%6.0%6.4%1.8%8.0%4.9%
Dividend Yield0.1%0.7%0.1%1.3%2.1%2.0%1.0%
FCF Yield 3Y Avg-1.3%3.1%0.1%7.8%8.2%6.4%4.8%
D/E0.00.10.00.30.70.10.1
Net D/E0.00.0-0.00.20.5-0.00.0

Returns

WDCSTXMUDELLHPENTAPMedian
NameWestern .Seagate .Micron T.Dell Tec.Hewlett .NetApp  
1M Rtn13.9%17.1%-7.7%19.0%15.4%1.7%14.6%
3M Rtn57.2%49.6%16.2%37.0%2.5%-2.4%26.6%
6M Rtn124.9%70.6%95.1%24.9%2.0%-12.1%47.7%
12M Rtn870.0%551.7%467.2%148.0%97.3%38.4%307.6%
3Y Rtn1,030.1%617.0%551.9%353.3%67.9%75.1%452.6%
1M Excs Rtn17.1%18.9%-4.4%22.7%19.1%8.5%18.0%
3M Excs Rtn75.1%60.0%32.2%43.0%7.0%1.3%37.6%
6M Excs Rtn128.1%69.8%103.3%19.3%1.9%-9.6%44.6%
12M Excs Rtn607.6%397.6%297.0%76.3%44.5%1.6%186.6%
3Y Excs Rtn979.0%603.8%461.3%317.0%12.9%16.6%389.2%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Hard disk drives (HDD)6,3176,2559,0408,2168,967
Flash-based products (Flash) 6,0639,7538,7067,769
Total6,31712,31818,79316,92216,736


Net Income by Segment
$ Mil20252024202320222021
Hard disk drives (HDD)-765    
Total-765    


Price Behavior

Price Behavior
Market Price$294.97 
Market Cap ($ Bil)100.6 
First Trading Date01/02/1987 
Distance from 52W High-6.9% 
   50 Days200 Days
DMA Price$275.61$159.89
DMA Trendupup
Distance from DMA7.0%84.5%
 3M1YR
Volatility90.0%63.4%
Downside Capture1.220.76
Upside Capture590.80338.04
Correlation (SPY)46.8%48.7%
WDC Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta3.823.223.462.991.871.76
Up Beta2.833.903.481.941.231.38
Down Beta5.822.281.681.922.061.71
Up Capture492%531%990%1218%1425%3454%
Bmk +ve Days7162765139424
Stock +ve Days12223672159413
Down Capture201%233%218%196%130%111%
Bmk -ve Days12233358110323
Stock -ve Days1020275492337

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with WDC
WDC630.2%66.9%3.24-
Sector ETF (XLK)31.5%27.0%0.9961.7%
Equity (SPY)16.1%19.0%0.6753.9%
Gold (GLD)50.5%28.0%1.4624.7%
Commodities (DBC)16.2%17.7%0.7726.7%
Real Estate (VNQ)3.6%16.5%0.0423.3%
Bitcoin (BTCUSD)-21.5%44.0%-0.4221.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with WDC
WDC42.6%47.9%0.91-
Sector ETF (XLK)16.3%24.7%0.5959.1%
Equity (SPY)11.6%17.0%0.5356.4%
Gold (GLD)21.7%17.8%1.0018.6%
Commodities (DBC)11.6%18.8%0.5118.1%
Real Estate (VNQ)3.3%18.8%0.0832.0%
Bitcoin (BTCUSD)3.9%56.5%0.2921.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with WDC
WDC25.3%48.2%0.65-
Sector ETF (XLK)21.4%24.3%0.8158.5%
Equity (SPY)14.0%17.9%0.6758.0%
Gold (GLD)14.0%15.9%0.7310.1%
Commodities (DBC)8.4%17.6%0.4023.9%
Real Estate (VNQ)5.2%20.7%0.2238.4%
Bitcoin (BTCUSD)66.2%66.8%1.0614.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date3132026
Short Interest: Shares Quantity27.6 Mil
Short Interest: % Change Since 2282026-7.8%
Average Daily Volume7.8 Mil
Days-to-Cover Short Interest3.5 days
Basic Shares Quantity341.0 Mil
Short % of Basic Shares8.1%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/29/2026-10.1%-6.5%-3.0%
10/30/20258.7%18.4%15.9%
7/30/202510.2%3.3%14.9%
4/30/20258.0%9.0%29.4%
1/29/20254.7%3.1%4.2%
10/24/20244.7%-1.5%0.2%
7/31/2024-9.7%-16.1%-6.0%
4/25/20242.8%0.4%7.7%
...
SUMMARY STATS   
# Positive111114
# Negative12129
Median Positive4.7%7.5%15.4%
Median Negative-4.6%-3.1%-5.4%
Max Positive10.2%18.4%37.2%
Max Negative-12.2%-16.1%-16.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202501/30/202610-Q
09/30/202510/31/202510-Q
06/30/202508/14/202510-K
03/31/202505/02/202510-Q
12/31/202401/31/202510-Q
09/30/202410/31/202410-Q
06/30/202408/20/202410-K
03/31/202404/30/202410-Q
12/31/202302/12/202410-Q
09/30/202311/07/202310-Q
06/30/202308/22/202310-K
03/31/202305/10/202310-Q
12/31/202202/03/202310-Q
09/30/202211/02/202210-Q
06/30/202208/25/202210-K
03/31/202205/04/202210-Q

Recent Forward Guidance [BETA]

Latest: Q2 2026 Earnings Reported 1/29/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Revenue3.10 Bil3.20 Bil 10.3% Higher NewGuidance: 2.90 Bil for Q2 2026
Q3 2026 Gross margin47.0%47.5%48.0%6.7%3.0%Higher NewGuidance: 44.5% for Q2 2026
Q3 2026 Operating expenses380.00 Mil385.00 Mil390.00 Mil4.0% Higher NewGuidance: 370.00 Mil for Q2 2026
Q3 2026 Diluted net income per common share2.152.32.4522.3% Higher NewGuidance: 1.88 for Q2 2026

Prior: Q1 2026 Earnings Reported 10/30/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Revenue2.80 Bil2.90 Bil3.00 Bil7.4% RaisedGuidance: 2.70 Bil for Q1 2026
Q2 2026 Gross margin44.0%44.5%45.0%7.2%3.0%RaisedGuidance: 41.5% for Q1 2026
Q2 2026 Operating expenses365.00 Mil370.00 Mil375.00 Mil-1.3% LoweredGuidance: 375.00 Mil for Q1 2026
Q2 2026 Diluted net income per common share1.731.882.0322.1% RaisedGuidance: 1.54 for Q1 2026

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Gubbi, Vidyadhara KChief of Global OperationsDirectSell12082025159.9413,8772,219,51021,721,189Form
2Gubbi, Vidyadhara KChief of Global OperationsDirectSell12082025168.148,9431,503,71321,331,442Form
3Alexy, Kimberly DirectSell12082025160.082,000320,165253,731Form
4Tregillis, Cynthia LChief Legal Officer & Corp SecDirectSell12032025160.572,801449,75223,217,519Form
5Cole, Martin I DirectSell12032025162.626,000975,6965,761,973Form

Industry Resources

Technology Hardware, Storage & Peripherals Resources
The Verge
TechRadar
Tom’s Hardware
PCMag
CNET

External Quote Links


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