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Western Digital (WDC) stock

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NASDAQ: WDC Nasdaq Technology Hardware, Storage & Peripherals Next results ~January 28, 2027

B+ Fundamentals grade

Western Digital is a US-listed company in the technology hardware, storage & peripherals industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$360

Cash-flow model

Base case. Range ~$280–$470 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 7% below our base value.

Price used: $338.59, November 2, 2026

Western Digital valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Western Digital files

10-Q filed October 23: Western Digital

Rating: Sell to Hold Model value +6.3%

Revenue for the twelve months to October 2026 reached $14.5bn, a gain of 43.0% on the prior year and an acceleration from 35.7% a quarter earlier. Profitability improved across the board. The free-cash-flow margin climbed to 29.6% from 19.2% a year earlier, while the operating margin widened to 39.4% from 27.6%. Set against that, the diluted share count is up 5.8% over the year, which dilutes existing holders. On these numbers our model value rises from $279 to $297 a share. That still sits below the current share price of $354. Accordingly, the rating moves from Sell to Hold.

Source: 10-Q filed October 23, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Western Digital stands after its latest 10-K

Revenue for the twelve months to July 2026 was $12.9bn, up 35.7% on a year earlier, faster than 32.0% a quarter earlier. Free-cash-flow margin rose to 27.2% from 13.4% a year earlier. Operating margin widened to 34.5% from 24.5%. The diluted share count is up 6.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $179 a share, against a share price of $361.

10-K on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Western Digital's trailing-twelve-month revenue grew 43.0% year on year, with a free-cash-flow margin of 29.6%. Where it stands out: net margin of 69.2% ranks 1 of 27 technology hardware, storage & peripherals companies we cover.

Our discounted-cash-flow model values the business at ~$360 per share in the base case (~$280–$470 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 121.1% while net income grew 288.7%: a 168pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 43.0% over the last 12 months, against a median of 11.3% for technology hardware, storage & peripherals companies we cover.
  • Growth speeding up. The growth rate is 7.3 points higher than a quarter earlier.
  • High operating margin. 39.4% of revenue is left as operating profit, against a median of 5.3% for technology hardware, storage & peripherals companies we cover.
  • Margins widening. Operating margin is up 11.8 points on a year ago.
  • Strong cash generation. 29.6% of revenue turned into free cash flow, against a median of 3.6% for technology hardware, storage & peripherals companies we cover.

Things to watch

  • Share dilution. Diluted shares rose 5.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 81% and a beta of 3.2 against the S&P 500.
  • Insiders selling. 10 insiders sold $77M of stock over the past 365 days and none bought (75% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 43% of net income over the last 12 months.

Latest results: FY2027 Q1

Filed October 23, 2026
Earnings per share
$4.64 against an average estimate of $4.10: beat by 13.2%
Revenue
$4.38bn, up 55.5% on a year earlier
Share reaction
-9.2% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
revenue (year-over-year growth) growth 66% to 72% (fiscal second quarter of 2027); revenue $5.1bn (fiscal second quarter of 2027)
Next report
October 22, 2026; average EPS estimate $5.87

Western Digital's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-7.5%
  • 1 week-4.9%
  • 1 month-18.5%
  • This year+96.8%
  • 1 year+125.8%
  • 5 years+707.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$14.5B
Operating margin
39.4%
Net margin
69.2%
EPS (TTM, diluted)
$26.03

Growth

Revenue growth
+43.0%
Change in growth rate
+7.3 pts
Share count change
+5.8%

Cash

Free cash flow (TTM)
$4.3B
FCF margin
29.6%
Stock pay % of revenue
1.6%

Earnings

Last results
October 22, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Our research
  3. Our research
  4. Results
  5. Guidance
  6. Announcement
  7. Insider trade
  8. Share issue
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Western Digital valuation models and calculator

What the price is pricing in

The share price implies about 21.0% a year of cash-flow growth for five years.That is faster than the -5.1% a year revenue growth Western Digital has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in21.0%
  • Last 12 months43.0%
  • 3 years a year57.4%
  • 5 years a year-5.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($356.45, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$360
Price used
$356.45close November 3, 2026
Implied change
▲ +2%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Western Digital's free cash flow after stock-based pay with after-tax interest added back ($2.8B, FY2027 Q1 TTM), growing 51.2% and 23.1% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$280–~$470 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Western Digital's free cash flow after stock-based pay ( $2.8B, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Western Digital as an operating company, with every model that fits that kind of business. Cost of equity 12.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.62 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$360 ~$280–$470 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$430 ~$270–$560 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$420 ~$350–$660 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$130 ~$98–$180 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$72 ~$65–$81 Left out: far from the other models (more than 3x away from their median)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$340 ~$130–$430 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Western Digital with Technology Hardware, Storage & Peripherals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +53%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $109$147$198$265$352$465
8.5% $83$111$148$196$258$338
10% $68$90$118$155$202$263

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$30.83$60.41$54.05$34.72$31.92$52.81$32.66$28.53$56.99$63.10$538.83$338.59
Market value$7.5bn$17.9bn$16.6bn$10.1bn$9.5bn$16.3bn$10.3bn$9.1bn$18.6bn$22.7bn$206.4bn$130.4bn
+ Net debt (− = net cash)−$8.2bn$7.0bn$6.4bn$7.2bn$6.7bn$5.5bn$4.8bn$5.1bn$5.9bn$2.6bn−$519m−$523m
Enterprise value−$690m$24.9bn$23.0bn$17.4bn$16.2bn$21.8bn$15.1bn$14.1bn$24.5bn$25.3bn$205.9bn$129.8bn
Multiples
Price / sales 0.6x0.9x0.8x0.6x0.6x1.0x0.5x1.5x2.9x2.4x16.0x9.0x
Price / earnings 30.8x45.0x24.6x——19.9x6.7x——12.0x21.9x13.0x
Price / free cash flow 5.3x6.3x4.9x15.1x53.7x21.7x13.6x——17.7x58.8x30.4x
EV / EBITDA n/m6.1x4.0x9.2x8.5x9.0x4.5x50.5x148.6x9.1x42.6x21.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

40 /100

Weak moat

How hard Western Digital's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 16.2% of total assets over 10 years.

  • Pricing power 3 / 20

    Gross margin has been a median 30.8%, moving by 10.0 percentage points (standard deviation) across 10 years.

  • Durability 2 / 20

    Operating margin has been a median 10.4%; its worst year was -35.1%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 8 of 10 years, at a median 3.9% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 23.3% over five years; stock-based pay has been a median 1.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (45 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $24.72 +142% $21.3bn +65%
Next $40.40 +63% $29.9bn +41%

Next year's EPS estimate has moved +37.7% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +34.0% on 90 days ago. In the last 30 days, 3 analysts raised Western Digital's forecast and 0 cut it.

Consensus EPS forecast Western Digital, last 90 days
$10.00 $20.00 $30.00 $40.00 $50.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $18.45 Current fiscal year, 60 days ago: $20.09 Current fiscal year, 30 days ago: $20.09 Current fiscal year, 7 days ago: $20.59 Current fiscal year, Now: $24.72 $24.72 Next fiscal year, 90 days ago: $29.34 Next fiscal year, 60 days ago: $31.75 Next fiscal year, 30 days ago: $31.75 Next fiscal year, 7 days ago: $33.28 Next fiscal year, Now: $40.40 $40.40

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $18.45$29.34
60 days ago $20.09$31.75
30 days ago $20.09$31.75
7 days ago $20.59$33.28
Now $24.72$40.40

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.10 $4.64 +13.2%
Jun 2026 $3.30 $3.56 +7.9%
Mar 2026 $2.39 $2.72 +13.6%
Dec 2025 $1.93 $2.13 +10.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • Revenue (year-over-year growth) fiscal second quarter of 2027 66% growth to 72% growth
    “Q2FY27 revenue expected to be up 66% to 72% year-over-year” source
  • Revenue fiscal second quarter of 2027 about $5.1bn Non-GAAP
    “Revenue $5.1B +/- $100M” source
  • Diluted net income per common share fiscal second quarter of 2027 about $5.80 Non-GAAP
    “Diluted net income per common share $5.80 +/- $0.20” source
  • Gross margin fiscal second quarter of 2027 60% to 61% Non-GAAP
    “Gross margin 60% - 61%” source
  • Operating expenses fiscal second quarter of 2027 $400m to $410m Non-GAAP
    “Operating expenses $400M - $410M” source
  • Interest and other expense, net fiscal second quarter of 2027 about $15m Non-GAAP
    “Interest and other expense, net ~ $15M” source
Show 1 more item
  • Diluted weighted average shares fiscal second quarter of 2027 about 380m Non-GAAP
    “Diluted weighted average shares ~ 380M” source

How earlier guidance turned out

  • Revenue, fiscal fourth quarter of 2026 guided about $3.65bn Above range: $3.747bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Western Digital's revenue by +51.2% next year and +23.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+62.0%, weight 57%) , management guidance (+69.0%, weight 19%) and the company's own record (+13.0%, weight 25%) . How the weights are set.

Analyst recommendations

26 analysts, Oct 2026
Buy2181%
Hold519%
Sell00%

Monthly trend

  1. Oct 2026417526
  2. Sep 2026417526
  3. Aug 2026417526
  4. Jul 2026418326

Counts of recommendations published by analysts covering Western Digital, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.2%
of tradable shares
Days to cover
2.15
at average volume
Short interest, 1 month
+13%
to October 15, 2026
Held by institutions
89%
of shares
Held by insiders
0.3%
of shares
Employees
40,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +125.8%

$149.93 on October 31, 2025 to $338.59

ThenNowEffect
Revenue (last 12 months) $9.5bn $12.9bn +35.7%
Net margin 19.8% 72.9% +267.6%
P/E multiple 28.5x 13.8x −51.7%
Share count 359m 383m −6.3%

Biggest factor: net margin.

Last 3 years +946.6%

$32.35 on November 3, 2023 to $338.59

ThenNowEffect
Revenue (last 12 months) $6.3bn $12.9bn +106.5%
P/S multiple 1.6x 10.0x +510.3%
Share count 318m 383m −17.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WDC+18%−52%+66%+14%+284%+97%
Industry peers (median)+35%−35%+28%+12%+3%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WDC50%42%58%67%83%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WDC−32%−55%−29%−30%−44%−56%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 71% from March 16, 2018 to March 18, 2020. Getting back needed a 239% gain, reached on July 31, 2025, 1961 days after the low.

Price behaviour

52-week range
$138.93 – $745.99
From 52-week high
−54.6%
vs 50-day average
−19.2%
vs 200-day average
−19.3%
Volatility (1 year)
81%
Beta vs S&P 500
3.23

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±7.0%
After a week
8 up, 4 down
typical move ±7.6%
After a month
7 up, 4 down
typical move ±12.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 −9.2% −1.7% +4.5% —
August 5, 2026 −17.7% −0.4% −17.2% −19.5%
April 30, 2026 +4.5% +1.3% +12.4% +32.3%
January 29, 2026 −10.5% −0.5% −7.0% −3.4%
October 30, 2025 +6.2% −0.8% +15.7% +15.7%
July 30, 2025 +11.4% −0.5% +4.5% +16.2%
April 30, 2025 +8.2% +0.7% +9.1% +26.9%
January 29, 2025 +4.6% +0.1% +2.9% +3.0%
January 16, 2025 +0.6% +0.8% +4.3% +11.4%
October 24, 2024 +4.3% +0.2% −2.0% −0.3%
July 31, 2024 −4.2% +0.2% −11.0% −0.2%
April 25, 2024 +2.6% +0.6% +0.2% +7.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Western Digital’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.07× the last 60 days’ realised volatility , richer than 28% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

WDC Western Digital Grade B+ $340.65

Sell the $330 put expiring December 4, 2026 (32 days) for $20.55 a share — $2,055 per contract.

Previous session · Bid $20.55, ask $27.10, quoted Mon 2 Nov, 17:40 New York time with WDC at $340.65. Option prices move with the shares: check the live chain at your broker before trading.

  • If WDC ends above $330: you keep the $2,055 — 6.2% on the $33,000 set aside, or 71.0% a year at that pace.
  • If it ends below $330: you buy 100 shares at an effective $309.45, 9% below today's price and 14% below our value of ~$360.
$2.1k $0 −$6.2k Break-even $309.45 Price $340.65 Our value $360
Profit or loss per contract at expiry, by share price.
Premium
$2,055
Annualised
71.0%
Break-even
$309.45
Max gain
$2,055
Chance of buying
~39%
WDC Western Digital Grade B+ $340.65

Own 100 shares, sell the $400 call expiring November 27, 2026 (25 days) for $7.00 a share — $700 per contract.

Previous session · Bid $7.00, ask $7.80, quoted Mon 2 Nov, 17:40 New York time with WDC at $340.65. Option prices move with the shares: check the live chain at your broker before trading.

  • If WDC ends below $400: you keep your shares and the $700 — 2.0% extra on the position, 30.0% a year at that pace.
  • If it ends above $400: your shares are sold at $400, a total return of 19.5% including the premium — at or above our value of ~$360.
$6.6k $0 −$6.7k Break-even $333.65 Price $340.65 Our value $360
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$700
Annualised
30.0%
Break-even
$333.65
Max gain
$6,635
Chance of selling
~23%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Western Digital in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Western Digital
$0 $5B $10B $15B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $2B Revenue (TTM), FY24 Q3: $922M Revenue (TTM), FY24 Q4: $6.3B Revenue (TTM), FY25 Q1: $7.3B Revenue (TTM), FY25 Q2: $8.4B Revenue (TTM), FY25 Q3: $8.9B Revenue (TTM), FY25 Q4: $9.5B Revenue (TTM), FY26 Q1: $10.1B Revenue (TTM), FY26 Q2: $10.7B Revenue (TTM), FY26 Q3: $11.8B Revenue (TTM), FY26 Q4: $12.9B Revenue (TTM), FY27 Q1: $14.5B $14.5B

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $2B
FY24 Q3 $922M
FY24 Q4 $6.3B
FY25 Q1 $7.3B
FY25 Q2 $8.4B
FY25 Q3 $8.9B
FY25 Q4 $9.5B
FY26 Q1 $10.1B
FY26 Q2 $10.7B
FY26 Q3 $11.8B
FY26 Q4 $12.9B
FY27 Q1 $14.5B
Revenue growth, TTM YoY Western Digital
-500% 0% 500% 1000% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: -87.5% Revenue growth, TTM YoY, FY24 Q3: -93.5% Revenue growth, TTM YoY, FY24 Q4: 1.0% Revenue growth, TTM YoY, FY25 Q1: 97.5% Revenue growth, TTM YoY, FY25 Q2: 324.6% Revenue growth, TTM YoY, FY25 Q3: 867.4% Revenue growth, TTM YoY, FY25 Q4: 50.7% Revenue growth, TTM YoY, FY26 Q1: 38.1% Revenue growth, TTM YoY, FY26 Q2: 28.1% Revenue growth, TTM YoY, FY26 Q3: 32.0% Revenue growth, TTM YoY, FY26 Q4: 35.7% Revenue growth, TTM YoY, FY27 Q1: 43.0% 43.0%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 -87.5%
FY24 Q3 -93.5%
FY24 Q4 1.0%
FY25 Q1 97.5%
FY25 Q2 324.6%
FY25 Q3 867.4%
FY25 Q4 50.7%
FY26 Q1 38.1%
FY26 Q2 28.1%
FY26 Q3 32.0%
FY26 Q4 35.7%
FY27 Q1 43.0%
Operating margin (TTM) Western Digital
-100% -50% 0% 50% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: -60.4% Operating margin (TTM), FY24 Q3: -67.8% Operating margin (TTM), FY24 Q4: -12.7% Operating margin (TTM), FY25 Q1: 1.7% Operating margin (TTM), FY25 Q2: 10.7% Operating margin (TTM), FY25 Q3: 17.5% Operating margin (TTM), FY25 Q4: 24.5% Operating margin (TTM), FY26 Q1: 27.6% Operating margin (TTM), FY26 Q2: 29.3% Operating margin (TTM), FY26 Q3: 30.3% Operating margin (TTM), FY26 Q4: 34.5% Operating margin (TTM), FY27 Q1: 39.4% 39.4%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 -60.4%
FY24 Q3 -67.8%
FY24 Q4 -12.7%
FY25 Q1 1.7%
FY25 Q2 10.7%
FY25 Q3 17.5%
FY25 Q4 24.5%
FY26 Q1 27.6%
FY26 Q2 29.3%
FY26 Q3 30.3%
FY26 Q4 34.5%
FY27 Q1 39.4%
FCF margin (TTM) Western Digital
-150% -100% -50% 0% 50% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: -85.4% FCF margin (TTM), FY24 Q3: -132.1% FCF margin (TTM), FY24 Q4: -12.4% FCF margin (TTM), FY25 Q1: -1.3% FCF margin (TTM), FY25 Q2: 5.2% FCF margin (TTM), FY25 Q3: 9.6% FCF margin (TTM), FY25 Q4: 13.4% FCF margin (TTM), FY26 Q1: 19.2% FCF margin (TTM), FY26 Q2: 21.5% FCF margin (TTM), FY26 Q3: 24.7% FCF margin (TTM), FY26 Q4: 27.2% FCF margin (TTM), FY27 Q1: 29.6% 29.6%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 -85.4%
FY24 Q3 -132.1%
FY24 Q4 -12.4%
FY25 Q1 -1.3%
FY25 Q2 5.2%
FY25 Q3 9.6%
FY25 Q4 13.4%
FY26 Q1 19.2%
FY26 Q2 21.5%
FY26 Q3 24.7%
FY26 Q4 27.2%
FY27 Q1 29.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jul 2010 2011 Jul 2011 2012 Jun 2012 2013 Jun 2013 2014 Jun 2014 2015 Jul 2015 2016 Jul 2016 2017 Jun 2017 2018 Jun 2018 2019 Jun 2019 2020 Jul 2020 2021 Jul 2021 2022 Jul 2022 2023 Jun 2023 2024 Jun 2024 2025 Jun 2025 2026 Jul 2026 LTM Oct 2026
Income
Revenue 9.9 9.5 12.5 15.4 15.1 14.6 13.0 19.1 20.6 16.6 16.7 16.9 18.8 6.3 6.3 9.5 12.9 14.5
Gross profit 2.4 1.8 3.6 4.4 4.4 4.2 3.4 6.1 7.7 3.8 3.8 4.5 5.9 1.4 1.8 3.7 6.3 7.6
EBITDA 2.0 1.4 2.6 2.5 3.0 2.7 1.6 4.1 5.7 1.9 1.9 2.4 3.3 0.3 0.2 2.8 4.8 6.1
Operating income 1.5 0.8 1.8 1.3 1.8 1.6 0.5 2.0 3.6 0.1 0.3 1.2 2.4 −0.5 −0.4 2.3 4.5 5.7
Net income 1.4 0.7 1.6 1.0 1.6 1.5 0.2 0.4 0.7 −0.8 −0.3 0.8 1.5 −1.7 −0.8 1.9 9.4 10.0
Diluted EPS $5.93 $3.09 $6.58 $3.98 $6.68 $6.18 $1.00 $1.34 $2.20 −$2.58 −$0.84 $2.66 $4.89 −$5.37 −$2.61 $5.12 $24.28 $26.03
Growth (year on year)
Revenue +32.2% −3.3% +31.0% +23.0% −1.4% −3.7% −10.8% +46.9% +8.1% −19.8% +1.0% +1.1% +11.1% −66.7% +1.0% +50.7% +35.7% +43.0%
EBITDA +103.9% −32.0% +87.7% −3.7% +21.4% −10.2% −40.6% +152.0% +39.0% −66.5% +0.1% +27.9% +36.5% −91.6% −41.1% +>999% +73.4% +90.8%
Operating income +193.8% −48.8% +126.8% −28.5% +41.5% −10.1% −71.1% +319.3% +85.1% −97.6% — +264.2% +96.0% −122.9% — — +90.8% +104.4%
Net income +194.0% −47.5% +122.0% −39.2% +65.0% −9.4% −83.5% — +70.0% −211.7% — — +88.3% −208.9% — — +398.9% +288.7%
Diluted EPS +185.1% −47.9% +112.9% −39.5% +67.8% −7.5% −83.8% — +64.2% −217.3% — — +83.8% −209.8% — — +374.2% +267.3%
Margins
Gross margin 24.4% 18.8% 29.2% 28.4% 28.8% 29.0% 26.4% 31.8% 37.3% 22.6% 22.6% 26.7% 31.3% 22.2% 28.1% 38.8% 48.9% 52.6%
EBITDA margin 20.7% 14.5% 20.8% 16.3% 20.1% 18.7% 12.5% 21.4% 27.5% 11.5% 11.4% 14.4% 17.7% 4.5% 2.6% 29.3% 37.4% 42.1%
Operating margin 15.5% 8.2% 14.2% 8.2% 11.8% 11.1% 3.6% 10.2% 17.5% 0.5% 2.0% 7.2% 12.7% −8.8% −6.4% 24.5% 34.5% 39.4%
Net margin 14.0% 7.6% 12.9% 6.4% 10.7% 10.1% 1.9% 2.1% 3.3% −4.6% −1.5% 4.9% 8.2% −26.9% −12.6% 19.8% 72.9% 69.2%
Free-cash-flow margin 12.2% 9.2% 18.8% 14.1% 14.5% 11.2% 10.8% 15.0% 16.3% 4.0% 1.1% 4.4% 4.0% −19.6% −12.4% 13.4% 27.2% 29.6%
Cash flow
Cash from operations 1.9 1.7 3.1 3.1 2.8 2.2 2.0 3.4 4.2 1.5 0.8 1.9 1.9 −0.4 −0.3 1.7 3.9 4.9
Capital spending 0.7 0.8 0.7 1.0 0.6 0.6 0.6 0.6 0.8 0.9 0.6 1.1 1.1 0.8 0.5 0.4 0.4 0.6
Free cash flow 1.2 0.9 2.4 2.2 2.2 1.6 1.4 2.9 3.4 0.7 0.2 0.8 0.8 −1.2 −0.8 1.3 3.5 4.3
Stock-based pay 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2
Free cash flow after stock pay 1.1 0.8 2.3 2.0 2.0 1.5 1.2 2.5 3.0 0.4 −0.1 0.4 0.4 −1.5 −1.1 1.0 3.3 4.1
Balance sheet
Cash 2.7 3.5 3.2 4.3 4.8 5.0 8.2 6.4 5.0 3.5 3.0 3.4 2.3 2.0 1.6 2.1 1.6 1.3
Total debt 0.4 0.3 — — 2.4 2.6 — 13.4 11.4 10.7 9.7 8.8 7.1 7.1 7.5 4.7 1.1 0.8
Net debt (negative = net cash) −2.3 −3.2 −3.2 −4.3 −2.4 −2.5 −8.2 7.0 6.4 7.2 6.7 5.5 4.8 5.1 5.9 2.6 −0.5 −0.5
Diluted shares 233m 235m 245m 246m 242m 237m 242m 296m 307m 292m 298m 309m 316m 318m 326m 359m 383m 385m
Returned to shareholders
Dividends — — 0.0 0.2 0.3 0.4 0.5 0.6 0.6 0.6 0.6 0.0 0.0 0.0 0.0 0.0 0.2 0.2
Buybacks — 0.1 0.6 0.8 0.8 1.0 0.1 0.0 0.6 0.6 0.0 0.0 — 0.0 0.0 0.1 2.6 3.0
Total returned — 0.1 0.6 1.0 1.1 1.4 0.5 0.6 1.2 1.1 0.6 0.0 0.0 0.0 0.0 0.2 2.8 3.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · October 2, 2026
What it owns · $14.2bn
Short-term assets $5.9bnLonger-term assets $8.4bn
What it owes, and who funded it · $14.2bn
Short-term liabilities $4.1bnLonger-term liabilities $799mShareholders' equity $9.3bn
  • Short-term assets cover short-term liabilities $5.9bn of assets due within a year against $4.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.9bn short-term assets against $799m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $5.7bn against $117m of interest.

From Western Digital's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$3B
Dividends (TTM)
$196M
Returned to shareholders
75%
of free cash flow
Buybacks, last 3 fiscal years
$2.7B
Diluted share count
+5.8%
year over year
Total shareholder yield
2.6%
dividends 0.1% + buybacks 2.4% of market value
Dividend payout ratio
2%
of net income paid out
R&D spending
7.9%
of revenue
Sales & admin spending
4.0%
of revenue
Days sales outstanding
56 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in technology hardware, storage & peripherals
Last 12 months unless stated WDC STX XRX SNDK NTAP SMCI Median
Revenue, last 12 months $14.5bn $13.8bn $7.8bn $29.0bn $6.5bn $39.1bn $3.9bn
Revenue growth, last 12 months 43.0% 44.4% 25.6% 272.4% 12.7% 77.8% 11.3%
Revenue growth, 3-year average 57.4% 26.6% 2.7% — 1.6% 76.3% 2.7%
Revenue growth, latest quarter 55.5% 61.0% 22.0% 377.9% 30.1% 93.2% 22.0%
Gross margin 52.6% 50.4% — 80.0% 80.3% 10.8% 34.7%
Operating margin 39.4% 39.6% — 72.5% 28.5% 7.1% 4.1%
Operating margin, 3-year average 22.9% 25.3% — 19.2% 25.0% 7.0% 4.2%
Net margin 69.2% 31.9% −11.9% 67.0% 21.8% 5.7% 2.0%
Cash from operations / revenue 33.6% 35.0% 2.8% 60.6% 29.2% −17.4% 6.3%
Free-cash-flow margin 29.6% 30.1% 2.1% 59.9% 25.4% −17.8% 3.0%
Free-cash-flow margin, 3-year average 15.8% 17.2% 5.3% — 26.2% −9.4% 4.7%
Stock pay / revenue 1.6% 1.6% 0.5% 0.9% 6.1% 1.1% 1.9%
Change in share count 5.8% 5.0% 3.0% 7.0% −3.1% 11.0% 1.4%

Median of all 27 companies we cover in technology hardware, storage & peripherals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

27 technology hardware, storage & peripherals companies
Measure Company Peer median Rank
Revenue growth Growth 43.0% 11.3% 7 of 27
Change in growth rate Growth +7.3pp +5.0pp 10 of 27
Gross margin Profitability 52.6% 41.2% 4 of 22
Operating margin Profitability 39.4% 5.3% 3 of 26
Net margin Profitability 69.2% 2.0% 1 of 27
Free-cash-flow margin Cash generation 29.6% 3.6% 4 of 26
Stock pay as % of revenue Cash generation 1.6% 1.9% 11 of 27
Long-term debt as % of assets Balance sheet 0.0% 18.6% 1 of 16
Change in share count Balance sheet 5.8% 1.4% 20 of 27
Days sales outstanding Balance sheet 56 days 54 days 16 of 23

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to July 3, 2026
Products and services
Line of business Revenue Share YoY
Cloud $11.5B 88.9% ▲ 37.8%
Client Devices $726M 5.6% ▲ 30.6%
Consumer $703M 5.4% ▲ 12.8%
Geography
Region Revenue Share YoY
United States $5.2B 40.0% ▲ 19.4%
China $2.5B 19.7% ▲ 64.0%
EMEA $2.1B 16.4% ▲ 37.6%
Hong Kong $1.5B 11.5% ▲ 41.5%
Rest of Asia $1.1B 8.5% ▲ 38.3%
Other $513M 4.0% ▲ 94.3%

From Western Digital's 10-K filed August 14, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$206B
Institutions reporting
1,841
Shares held vs prior quarter
▼ 3.5%
Positions opened / closed
508 / 86

Top buyers and sellers, Q2 2026: 1,100 institutions bought and 684 sold ; the biggest buyer was Capital World Investors (+4.7M shares) and the biggest seller FMR LLC (−5.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $21B 33.0M 10.2% ▼ 7.9%
FMR LLC $16.6B 26.0M 8.0% ▼ 17.8%
Vanguard Capital Management LLC $14.4B 22.5M 7.0% ▲ 2.2%
Jpmorgan Chase & Co $11.1B 17.0M 5.4% ▼ 2.9%
Capital World Investors $10.6B 16.6M 5.1% ▲ 39.7%
State Street Corp $10.4B 16.3M 5.0% ▲ 5.2%
Invesco Ltd. $9.2B 14.4M 4.5% ▲ 14.1%
Vanguard Portfolio Management LLC $8.4B 13.1M 4.1% ▼ 23.7%
Geode Capital Management, LLC $5.4B 8.4M 2.6% ▼ 11.2%
Morgan Stanley $5.2B 8.1M 2.5% ▲ 2.6%
Bank Of America Corp $4.1B 6.5M 2.0% ▼ 23.6%
Goldman Sachs Group Inc $3.3B 5.2M 1.6% ▼ 4.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Western Digital's complete shareholder register. Values are as reported by the filers ; 12 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $76.8M 237 trades by 10 insiders · 75% under pre-set plans
Net ▼ $76.8M net selling
Insider Date Trade Shares Price Value
Cole Martin I Director October 29, 2026 Sell pre-set plan 43 $401.47 $17,263
Cole Martin I Director October 29, 2026 Sell pre-set plan 88 $400.33 $35,229
Cole Martin I Director October 29, 2026 Sell pre-set plan 303 $399.36 $121,005
Cole Martin I Director October 29, 2026 Sell pre-set plan 723 $398.45 $288,079
Cole Martin I Director October 29, 2026 Sell pre-set plan 584 $397.48 $232,128
Cole Martin I Director October 29, 2026 Sell pre-set plan 317 $396.31 $125,631
Cole Martin I Director October 29, 2026 Sell pre-set plan 209 $395.30 $82,619
Cole Martin I Director October 29, 2026 Sell pre-set plan 243 $394.41 $95,842
Cole Martin I Director October 29, 2026 Sell pre-set plan 494 $393.22 $194,250
Cole Martin I Director October 29, 2026 Sell pre-set plan 407 $392.42 $159,714
Cole Martin I Director October 29, 2026 Sell pre-set plan 385 $391.05 $150,553
Cole Martin I Director October 29, 2026 Sell pre-set plan 204 $390.04 $79,568

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 47 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 1 sale of Western Digital shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded September 18, 2026, filed October 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded July 17, 2026, filed September 4, 2026
  • Jefferson Shreve(R-IN 6):Sale (full), $15,001 - $50,000, traded May 12, 2025, filed June 22, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • August 5, 2026
  • April 30, 2026
  • January 29, 2026
  • October 30, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Western Digital was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Western Digital in brief

What does Western Digital do?
Western Digital is a US-listed company in the technology hardware, storage & peripherals industry. Its financial year ends in June.
What is Western Digital's stock ticker?
Western Digital trades under the ticker WDC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Western Digital's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Western Digital reported revenue of $14.5B, 43.0% higher than a year earlier, according to its SEC filings.
What is Western Digital's free cash flow?
Western Digital's free-cash-flow margin is 29.6% of revenue over the trailing twelve months, ranking 4 of the 26 technology hardware, storage & peripherals companies we cover.
What is Western Digital's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Western Digital's free cash flow after stock-based pay gives ~$360 per share in the base case, and ~$280–$470 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Western Digital's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Western Digital buying back stock, and does it pay a dividend?
Western Digital spent $3B on share repurchases over the trailing twelve months, and its diluted share count still rose 5.8% over the year.
What is Western Digital's market cap?
On November 2, 2026, Western Digital's market capitalisation was about $130B, with a price-to-earnings ratio of 13.0 and net debt of -$523M. Market figures come from third-party market data and may be delayed.
Does Western Digital pay a dividend?
Yes: Western Digital paid $196M in dividends over the trailing twelve months, a dividend yield of 0.15% and a payout ratio of 2.0%.
Who are Western Digital's competitors?
In our Technology Hardware, Storage & Peripherals peer group, the companies closest to Western Digital are Seagate Technology, Xerox Holdings Corp, Sandisk, NetApp and Supermicro. The side-by-side comparison below sets their revenue, margins and growth against Western Digital's.
Are insiders buying or selling Western Digital stock?
Over the last 12 months, Western Digital's directors and officers reported 0 open-market purchases and 237 sales on Form 4. The insider trading page charts every trade.
When is Western Digital's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Western Digital announces its own schedule.