Does Western Digital Stock Lead the Pack?
Western Digital (WDC) stock has notably outperformed its storage and memory peers over the past year, but how does it truly measure up amid the AI and data storage boom? As of January 28, 2026, analysis reveals robust revenue growth and solid operating and free cash flow margins relative to many rivals. However, its higher valuation than some peers and market shifts favoring specialized AI acceleration solutions could temper future upside, despite strong demand for HDDs in the AI data economy.
- WDC’s 21.1% operating margin, high vs. peers but below MU’s 32.5%, reflects solid cost control, yet trails MU’s memory-centric profitability.
- WDC’s 39.2% revenue growth, outpacing STX, DELL, HPE, NTAP, indicates strong storage demand recovery, but lags MU’s memory cycle surge.
- WDC’s 497.3% surge and 52.4 PE reflect high investor confidence in its turnaround and future market share recovery, outpacing peers.
Here’s how Western Digital stacks up across size, valuation, and profitability versus key peers.
| WDC | STX | MU | DELL | HPE | NTAP | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 97.9 | 95.2 | 489.7 | 78.7 | 28.9 | 19.8 |
| Revenue ($ Bil) | 13.3 | 9.1 | 42.3 | 104.1 | 34.3 | 6.6 |
| PE Ratio | 52.4 | 64.8 | 41.1 | 15.1 | 507.7 | 16.8 |
| LTM Revenue Growth | 39.2% | 38.9% | 45.4% | 10.8% | 13.8% | 2.5% |
| LTM Operating Margin | 21.1% | 21.1% | 32.5% | 6.7% | 4.8% | 22.6% |
| LTM FCF Margin | 9.6% | 9.0% | 11.0% | 4.3% | 1.8% | 25.3% |
| 12M Market Return | 497.3% | 350.3% | 394.9% | 18.0% | 3.9% | -15.2% |
For more details on Western Digital, read Buy or Sell WDC Stock. Below we compare WDC’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| WDC | 39.2% | 50.7% | 1.0% | -66.7% |
| STX | 38.9% | 38.9% | -11.3% | -36.7% |
| MU | 45.4% | 48.9% | 61.6% | -49.5% |
| DELL | 10.8% | 8.1% | -13.6% | 1.1% |
| HPE | 13.8% | 13.8% | 3.4% | 2.2% |
| NTAP | 2.5% | 4.9% | -1.5% | 0.7% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| WDC | 21.1% | 22.4% | 1.5% | -6.4% |
| STX | 21.1% | 21.1% | 6.4% | 0.8% |
| MU | 32.5% | 26.2% | 5.2% | -34.8% |
| DELL | 6.7% | 6.5% | 6.1% | 5.6% |
| HPE | 4.8% | 4.8% | 8.3% | 8.4% |
| NTAP | 22.6% | 21.7% | 20.2% | 18.2% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| WDC | 52.4 | 32.1 | -24.4 | -9.9 |
| STX | 64.8 | 39.7 | 53.8 | -33.4 |
| MU | 41.1 | 37.3 | 119.5 | -16.0 |
| DELL | 15.1 | 19.3 | 24.5 | 23.0 |
| HPE | 507.7 | 557.9 | 10.8 | 10.9 |
| NTAP | 16.8 | 18.4 | 24.5 | 15.0 |
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