undamentalytics Newsletter
Sign in

Western Digital key statistics and ratios

In fiscal 2026, Western Digital had return on equity of 133.0%, an operating margin of 34.5%, debt equal to 12.0% of equity and a current ratio of 1.33. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2010Jul 20102011Jul 20112012Jun 20122013Jun 20132014Jun 20142015Jul 20152016Jul 20162017Jun 20172018Jun 20182019Jun 20192020Jul 20202021Jul 20212022Jul 20222023Jun 20232024Jun 20242025Jun 20252026Jul 2026LTMOct 2026
Gross margin24.4%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%
Operating margin15.5%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 margin14.0%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 margin12.2%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%
Return on equity29.3%14.2%24.5%12.6%19.3%16.2%2.4%3.5%5.9%−7.0%−2.6%8.1%13.4%−14.5%−7.3%23.4%133.0%110.0%
Return on assets18.9%9.4%14.4%6.9%10.9%9.6%1.0%1.3%2.3%−2.7%−1.0%3.2%5.9%−6.6%−3.3%9.9%67.6%71.3%
Asset turnover1.341.231.121.091.020.950.540.610.700.600.640.650.720.250.260.500.931.03
Current ratio2.332.531.771.912.272.631.812.552.392.222.052.001.801.451.321.081.331.43
Debt to equity8.5%5.4%28.5%24.8%27.6%27.7%125.6%117.0%98.6%107.3%101.7%81.7%57.6%64.8%69.2%89.4%12.0%8.5%
Interest cover (operating income ÷ interest)————32.0x32.9x1.8x2.3x5.4x0.2x0.8x3.7x7.9xn/mn/m6.5x27.0x48.8x
Effective tax rate9.1%6.9%8.3%19.8%7.7%7.1%—48.4%67.6%——11.4%28.8%——−45.4%4.9%5.5%
R&D as % of revenue6.2%7.4%8.5%10.2%11.0%11.3%12.5%12.8%11.6%13.2%13.5%13.3%12.4%15.8%15.0%10.4%9.0%7.9%
SG&A as % of revenue2.7%3.0%4.2%4.6%5.4%5.4%7.7%7.6%7.1%7.9%6.9%6.5%5.9%12.9%11.5%6.0%4.3%4.0%
Capital spending as % of revenue7.5%8.2%5.7%6.2%4.2%4.2%4.5%3.0%4.0%5.3%3.9%6.8%6.0%13.1%7.7%4.3%3.2%3.9%
Free cash flow ÷ net income87.2%120.8%145.8%221.1%135.3%111.3%578.1%720.2%499.3%——91.6%49.0%——67.7%37.3%42.8%
Dividends ÷ net income——0.0%18.5%16.0%27.0%191.7%144.6%87.9%——0.0%0.0%——2.3%1.8%2.0%
Dividends and buybacks ÷ free cash flow—5.7%25.7%47.2%49.1%83.8%37.5%20.1%35.1%170.9%336.2%0.0%0.0%——15.1%78.8%75.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: STX vs WDCWDC vs XRXSNDK vs WDC

More: Technology Hardware, Storage & Peripherals stocks compared, Technology sector, rankings of US companies

Figures from Western Digital's SEC filings (10-K and 10-Q), retrieved October 24, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Western Digital.