Western Digital Corporation (WDC) 10-Year Financial Performance & Capital Metrics

WDC • • Industrial / General

TechnologyComputer HardwareData Storage SystemsMass Storage Devices

AboutWestern 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.Show more

Revenue $9.52B +50.7%
EBITDA $2.79B +1587.9%
Net Income $1.86B +333.2%
EPS (Diluted) 5.12 +296.2%
Gross Margin 38.78% +38.2%
EBITDA Margin 29.25% +1020.0%
Operating Margin 24.52% +484.3%
Net Margin 19.55% +254.7%
ROE 23.08% +427.6%
ROIC 13.8% +875.7%
Debt/Equity 0.96 +32.3%
Interest Coverage 6.54 +771.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 96 (top 4%)
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 0.7%
✗Sales declining 10.7% over 5 years
✗Shares diluted 10.1% in last year
✗Expensive at 15.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-4.17%

5Y-10.67%

3Y-20.28%

TTM-5.07%

Profit (Net Income) CAGR

10Y2.42%

5Y-

3Y6.38%

TTM587.37%

EPS CAGR

10Y-1.86%

5Y-

3Y2.53%

TTM712.18%

ROCE

10Y Avg5.6%

5Y Avg5.93%

3Y Avg4.2%

Latest17.49%

Peer Comparison

Mass Storage Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
STXSeagate Technology Holdings plc	69.79B	320.32	47.31	38.86%	17.92%		1.17%
WDCWestern Digital Corporation	75.94B	222.10	43.38	50.7%	21.3%	41.8%	1.69%	0.96

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	12.99B	19.09B	20.65B	16.57B	16.74B	16.92B	18.79B	6.25B	6.32B	9.52B
Revenue Growth %	-0.11%	0.47%	0.08%	-0.2%	0.01%	0.01%	0.11%	-0.67%	0.01%	0.51%
Cost of Goods Sold+	9.56B	13.02B	12.94B	12.82B	12.96B	12.4B	12.92B	4.86B	4.54B	5.83B
COGS % of Revenue	0.74%	0.68%	0.63%	0.77%	0.77%	0.73%	0.69%	0.78%	0.72%	0.61%
Gross Profit+	3.44B	6.07B	7.71B	3.75B	3.78B	4.52B	5.87B	1.39B	1.77B	3.69B
Gross Margin %	0.26%	0.32%	0.37%	0.23%	0.23%	0.27%	0.31%	0.22%	0.28%	0.39%
Gross Profit Growth %	-0.19%	0.77%	0.27%	-0.51%	0.01%	0.2%	0.3%	-0.76%	0.27%	1.08%
Operating Expenses+	2.97B	4.12B	4.09B	3.67B	3.45B	3.3B	3.48B	1.94B	2.18B	1.36B
OpEx % of Revenue	0.23%	0.22%	0.2%	0.22%	0.21%	0.2%	0.19%	0.31%	0.34%	0.14%
Selling, General & Admin	997M	1.45B	1.47B	1.32B	1.15B	1.1B	1.12B	807M	726M	568M
SG&A % of Revenue	0.08%	0.08%	0.07%	0.08%	0.07%	0.07%	0.06%	0.13%	0.11%	0.06%
Research & Development	1.63B	2.44B	2.4B	2.18B	2.26B	2.24B	2.32B	986M	950M	994M
R&D % of Revenue	0.13%	0.13%	0.12%	0.13%	0.14%	0.13%	0.12%	0.16%	0.15%	0.1%
Other Operating Expenses	345M	232M	215M	166M	32M	-47M	43M	146M	500M	-204M
Operating Income+	466M	1.95B	3.62B	87M	335M	1.22B	2.39B	-548M	-403M	2.33B
Operating Margin %	0.04%	0.1%	0.18%	0.01%	0.02%	0.07%	0.13%	-0.09%	-0.06%	0.25%
Operating Income Growth %	-0.71%	3.19%	0.85%	-0.98%	2.85%	2.64%	0.96%	-1.23%	0.26%	6.79%
EBITDA+	1.62B	4.08B	5.67B	1.9B	1.9B	2.43B	3.32B	280M	165M	2.79B
EBITDA Margin %	0.12%	0.21%	0.27%	0.11%	0.11%	0.14%	0.18%	0.04%	0.03%	0.29%
EBITDA Growth %	-0.41%	1.52%	0.39%	-0.67%	0%	0.28%	0.37%	-0.92%	-0.41%	15.88%
D&A (Non-Cash Add-back)	1.15B	2.13B	2.06B	1.81B	1.57B	1.21B	929M	828M	568M	451M
EBIT	419M	1.62B	2.76B	182M	367M	1.25B	2.48B	-539M	-325M	1.49B
Net Interest Income+	-240M	-821M	-616M	-412M	-385M	-319M	-298M	-291M	-381M	-312M
Interest Income	26M	26M	60M	57M	28M	7M	6M	19M	33M	45M
Interest Expense	266M	847M	676M	469M	413M	326M	304M	310M	414M	357M
Other Income/Expense	-313M	-1.19B	-1.53B	-374M	-381M	-293M	-220M	-301M	-336M	-1.2B
Pretax Income+	153M	769M	2.08B	-287M	-46M	927M	2.17B	-849M	-739M	1.13B
Pretax Margin %	0.01%	0.04%	0.1%	-0.02%	-0%	0.05%	0.12%	-0.14%	-0.12%	0.12%
Income Tax+	-89M	372M	1.41B	467M	204M	106M	625M	53M	26M	-513M
Effective Tax Rate %	1.58%	0.52%	0.32%	2.63%	5.43%	0.89%	0.71%	1.98%	1.08%	1.65%
Net Income+	242M	397M	675M	-754M	-250M	821M	1.55B	-1.68B	-798M	1.86B
Net Margin %	0.02%	0.02%	0.03%	-0.05%	-0.01%	0.05%	0.08%	-0.27%	-0.13%	0.2%
Net Income Growth %	-0.83%	0.64%	0.7%	-2.12%	0.67%	4.28%	0.88%	-2.09%	0.53%	3.33%
Net Income (Continuing)	242M	397M	675M	-754M	-250M	821M	1.55B	-902M	-765M	1.64B
Discontinued Operations	0	0	0	0	0	0	0	-782M	-33M	246M
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.00	1.34	2.20	-2.58	-0.84	2.66	4.75	-5.37	-2.61	5.12
EPS Growth %	-0.84%	0.34%	0.64%	-2.17%	0.67%	4.17%	0.79%	-2.13%	0.51%	2.96%
EPS (Basic)	1.01	1.38	2.27	-2.58	-0.84	2.69	4.81	-5.37	-2.61	5.31
Diluted Shares Outstanding	242M	296M	307M	292M	298M	309M	316M	318M	326M	359M
Basic Shares Outstanding	239M	288M	297M	292M	298M	305M	312M	318M	326M	347M
Dividend Payout Ratio	1.92%	1.45%	0.88%	-	-	-	-	-	-	0.02%

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	12.58B	11.06B	10.64B	8.48B	9.05B	9.76B	9.45B	7.89B	8.06B	5.86B
Cash & Short-Term Investments	8.38B	6.35B	5B	3.46B	3.05B	3.37B	2.33B	2.02B	1.55B	2.47B
Cash Only	8.15B	6.35B	5B	3.46B	3.05B	3.37B	2.33B	2.02B	1.55B	2.11B
Short-Term Investments	227M	0	0	0	0	0	0	0	0	354M
Accounts Receivable	1.46B	1.95B	2.2B	1.2B	2.38B	2.26B	2.8B	1.6B	1.23B	1.49B
Days Sales Outstanding	41.04	37.24	38.84	26.52	51.88	48.68	54.46	93.25	71.13	56.97
Inventory	2.13B	2.34B	2.94B	3.28B	3.07B	3.62B	3.64B	3.7B	1.39B	1.29B
Days Inventory Outstanding	81.29	65.62	83.03	93.49	86.5	106.43	102.78	277.5	111.41	80.85
Other Current Assets	616M	413M	492M	535M	551M	514M	684M	567M	3.89B	611M
Total Non-Current Assets+	20.28B	18.8B	18.6B	17.89B	16.61B	16.38B	16.81B	16.66B	16.13B	8.15B
Property, Plant & Equipment	3.5B	3.03B	3.1B	2.84B	2.85B	3.19B	3.67B	3.62B	2.36B	2.34B
Fixed Asset Turnover	3.71x	6.30x	6.67x	5.83x	5.86x	5.31x	5.12x	1.73x	2.68x	4.06x
Goodwill	9.95B	10.01B	10.07B	10.08B	10.07B	10.07B	10.04B	10.04B	4.32B	4.32B
Intangible Assets	5.03B	3.82B	2.68B	1.71B	941M	442M	213M	80M	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.79B	1.93B	2.75B	3.26B	2.75B	2.68B	2.88B	2.92B	9.22B	477M
Total Assets+	32.86B	29.86B	29.23B	26.37B	25.66B	26.13B	26.26B	24.55B	24.19B	14B
Asset Turnover	0.40x	0.64x	0.71x	0.63x	0.65x	0.65x	0.72x	0.25x	0.26x	0.68x
Asset Growth %	1.16%	-0.09%	-0.02%	-0.1%	-0.03%	0.02%	0%	-0.07%	-0.01%	-0.42%
Total Current Liabilities+	6.95B	4.34B	4.46B	3.82B	4.41B	4.87B	5.24B	5.43B	6.09B	5.42B
Accounts Payable	2.06B	2.35B	2.52B	1.9B	2.35B	2.33B	2.22B	1.58B	1.05B	1.27B
Days Payables Outstanding	78.51	65.87	71.18	54.05	66.27	68.64	62.78	118.94	84.66	79.29
Short-Term Debt	3.33B	233M	179M	276M	286M	251M	0	1.21B	1.78B	2.26B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	564M	506M	479M	347M	472M	634M	510M	349M	1.73B	376M
Current Ratio	1.81x	2.55x	2.39x	2.22x	2.05x	2.00x	1.81x	1.45x	1.32x	1.08x
Quick Ratio	1.50x	2.01x	1.73x	1.36x	1.36x	1.26x	1.11x	0.77x	1.10x	0.84x
Cash Conversion Cycle	43.83	36.99	50.68	65.96	72.11	86.47	94.47	251.81	97.88	58.54
Total Non-Current Liabilities+	14.77B	14.1B	13.25B	12.59B	11.71B	10.54B	8.8B	7.27B	7.28B	3.27B
Long-Term Debt	13.66B	12.92B	10.99B	10.25B	9.29B	8.47B	7.02B	5.86B	5.91B	2.71B
Capital Lease Obligations	0	0	0	0	0	0	0	0	133M	110M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	443M	163M
Other Non-Current Liabilities	1.11B	1.18B	2.25B	2.34B	2.42B	2.07B	1.78B	1.42B	794M	286M
Total Liabilities	21.72B	18.44B	17.7B	16.4B	16.11B	15.41B	14.04B	12.71B	13.37B	8.69B
Total Debt+	16.99B	13.15B	11.17B	10.52B	9.57B	8.72B	7.02B	7.07B	7.82B	5.08B
Net Debt	8.84B	6.8B	6.17B	7.07B	6.53B	5.36B	4.7B	5.05B	6.27B	2.97B
Debt / Equity	1.52x	1.15x	0.97x	1.06x	1.00x	0.81x	0.57x	0.60x	0.72x	0.96x
Debt / EBITDA	10.49x	3.22x	1.97x	5.54x	5.04x	3.59x	2.12x	25.25x	47.42x	1.82x
Net Debt / EBITDA	5.46x	1.67x	1.09x	3.72x	3.43x	2.20x	1.41x	18.03x	38.02x	1.07x
Interest Coverage	1.75x	2.31x	5.35x	0.19x	0.81x	3.74x	7.87x	-1.77x	-0.97x	6.54x
Total Equity+	11.14B	11.42B	11.53B	9.97B	9.55B	10.72B	12.22B	11.84B	10.82B	5.31B
Equity Growth %	0.21%	0.02%	0.01%	-0.14%	-0.04%	0.12%	0.14%	-0.03%	-0.09%	-0.51%
Book Value per Share	46.05	38.57	37.56	34.13	32.05	34.70	38.67	37.23	33.18	14.79
Total Shareholders' Equity	11.14B	11.42B	11.53B	9.97B	9.55B	10.72B	12.22B	11.84B	10.82B	5.31B
Common Stock	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M
Retained Earnings	8.85B	8.63B	8.76B	7.45B	6.72B	7.54B	9.04B	7.57B	6.78B	762M
Treasury Stock	-2.24B	-1.67B	-1.44B	-1.27B	-737M	-232M	0	0	0	-95M
Accumulated OCI	103M	-58M	-39M	-68M	-157M	-197M	-554M	-548M	-712M	20M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	1.98B	3.44B	4.21B	1.55B	824M	1.9B	1.88B	-408M	-294M	1.69B
Operating CF Margin %	0.15%	0.18%	0.2%	0.09%	0.05%	0.11%	0.1%	-0.07%	-0.05%	0.18%
Operating CF Growth %	-0.12%	0.73%	0.22%	-0.63%	-0.47%	1.3%	-0.01%	-1.22%	0.28%	6.75%
Net Income	242M	397M	675M	-754M	-250M	821M	1.55B	-1.68B	-798M	1.89B
Depreciation & Amortization	1.15B	2.13B	2.06B	1.81B	1.57B	1.21B	929M	828M	568M	451M
Stock-Based Compensation	191M	394M	377M	306M	308M	318M	326M	318M	295M	265M
Deferred Taxes	-149M	12M	-348M	374M	-82M	-242M	116M	-48M	-161M	-745M
Other Non-Cash Items	171M	415M	959M	69M	39M	-36M	38M	86M	109M	862M
Working Capital Changes	374M	91M	486M	-260M	-757M	-175M	-1.07B	92M	-307M	-1.03B
Change in Receivables	466M	-487M	-244M	993M	-1.18B	121M	-546M	1.21B	-568M	79M
Change in Inventory	306M	-204M	-598M	-339M	200M	-546M	-22M	-60M	356M	-409M
Change in Payables	-414M	261M	38M	-516M	267M	2M	-207M	-487M	265M	268M
Cash from Investing+	-9.61B	-636M	-1.66B	-1.27B	278M	-765M	-1.19B	-762M	-27M	150M
Capital Expenditures	-584M	-578M	-835M	-876M	-647M	-1.15B	-1.12B	-821M	-487M	-412M
CapEx % of Revenue	0.04%	0.03%	0.04%	0.05%	0.04%	0.07%	0.06%	0.13%	0.08%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-90M	-236M	-716M	-479M	931M	374M	-76M	28M	460M	161M
Cash from Financing+	10.75B	-4.59B	-3.9B	-1.83B	-1.51B	-817M	-1.72B	875M	187M	-1.61B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-464M	-574M	-593M	-584M	-595M	0	0	0	0	-44M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.18B	-36M	-202M	-4M	0	-9M	-23M	-80M	-284M	-1.55B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.4B	2.88B	3.4B	790M	177M	895M	773M	-1.22B	-781M	1.28B
FCF Margin %	0.11%	0.15%	0.16%	0.05%	0.01%	0.05%	0.04%	-0.19%	-0.12%	0.13%
FCF Growth %	-0.14%	1.06%	0.18%	-0.77%	-0.78%	4.06%	-0.14%	-2.57%	0.36%	2.64%
FCF per Share	5.78	9.73	11.06	2.71	0.59	2.90	2.45	-3.82	-2.40	3.58
FCF Conversion (FCF/Net Income)	8.19x	8.66x	6.23x	-2.05x	-3.30x	2.31x	1.22x	0.24x	0.37x	0.91x
Interest Paid	113M	777M	708M	431M	372M	283M	245M	294M	396M	367M
Taxes Paid	26M	184M	220M	377M	341M	348M	423M	177M	920M	789M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	2.38%	3.52%	5.88%	-7.01%	-2.56%	8.1%	13.48%	-14%	-7.04%	23.08%
Return on Invested Capital (ROIC)	2.61%	7.67%	15.11%	0.38%	1.52%	5.69%	10.87%	-2.43%	-1.78%	13.8%
Gross Margin	26.44%	31.8%	37.32%	22.64%	22.59%	26.72%	31.26%	22.24%	28.07%	38.78%
Net Margin	1.86%	2.08%	3.27%	-4.55%	-1.49%	4.85%	8.23%	-26.92%	-12.63%	19.55%
Debt / Equity	1.52x	1.15x	0.97x	1.06x	1.00x	0.81x	0.57x	0.60x	0.72x	0.96x
Interest Coverage	1.75x	2.31x	5.35x	0.19x	0.81x	3.74x	7.87x	-1.77x	-0.97x	6.54x
FCF Conversion	8.19x	8.66x	6.23x	-2.05x	-3.30x	2.31x	1.22x	0.24x	0.37x	0.91x
Revenue Growth	-10.83%	46.94%	8.14%	-19.75%	1.01%	1.11%	11.06%	-66.72%	0.99%	50.7%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cloud	-	-	-	-	-	-	8.02B	5.25B	5.38B	8.34B
Cloud Growth	-	-	-	-	-	-	-	-34.49%	2.40%	55.09%
Retail Products	-	-	-	-	-	-	3.7B	2.74B	2.98B	623M
Retail Products Growth	-	-	-	-	-	-	-	-26.00%	8.77%	-79.08%
Client Devices	-	-	-	11.53B	10.51B	11.97B	7.08B	4.33B	4.65B	556M
Client Devices Growth	-	-	-	-	-8.87%	13.93%	-40.90%	-38.84%	7.37%	-88.04%
Data Center Devices & Solutions	-	-	-	5.04B	6.23B	4.95B	-	-	-	-
Data Center Devices & Solutions Growth	-	-	-	-	23.62%	-20.52%	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Americas	3.65B	3.88B	4.64B	3.6B	4.68B	3.79B	5.41B	3.81B	3.58B	4.59B
Americas Growth	-	6.30%	19.56%	-22.37%	29.90%	-19.02%	42.81%	-29.59%	-5.91%	28.09%
Asia	6.4B	10.71B	11.17B	9.1B	8.37B	9.46B	10.05B	6.05B	6.9B	3.39B
Asia Growth	-	67.28%	4.28%	-18.52%	-8.06%	13.02%	6.34%	-39.86%	14.16%	-50.85%
Europe Middle East And Africa	2.66B	3.28B	3.86B	3.11B	2.93B	3.06B	2.87B	2.1B	2.13B	1.54B
Europe Middle East And Africa Growth	-	22.97%	17.77%	-19.41%	-5.89%	4.61%	-6.17%	-26.88%	1.43%	-27.89%
Others	277M	1.23B	-	759M	765M	617M	-	-	-	-
Others Growth	-	342.96%	-	-	0.79%	-19.35%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Western Digital Corporation (WDC) has a price-to-earnings (P/E) ratio of 43.4x. This suggests investors expect higher future growth.

Growth & Financials

Western Digital Corporation (WDC) reported $12.00B in revenue for fiscal year 2025. This represents a 4% decrease from $12.48B in 2012.

Western Digital Corporation (WDC) grew revenue by 50.7% over the past year. This is strong growth.

Yes, Western Digital Corporation (WDC) is profitable, generating $2.56B in net income for fiscal year 2025 (19.5% net margin).

Dividend & Returns

Western Digital Corporation (WDC) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

Western Digital Corporation (WDC) has a return on equity (ROE) of 23.1%. This is excellent, indicating efficient use of shareholder capital.

Western Digital Corporation (WDC) generated $1.94B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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