Western Digital Corporation (WDC) Financial Ratios
30 years of historical data (1996–2025) · Technology · Computer Hardware
EV/EBITDA
↑
59.88
↑+30% vs avg
5yr avg: 45.92
30Y Low1.5·High55.6
P/FCF
↓
127.57
↑+674% vs avg
5yr avg: 16.47
30Y Low2.4·High54.0
P/B Ratio
↑
32.66
↑+1673% vs avg
5yr avg: 1.84
30Y Low0.7·High30.4
ROE
↑
23.1%
↓+406% vs avg
5yr avg: 4.6%
30Y Low-62%·High110%
Debt/EBITDA
↓
1.82
↓-89% vs avg
5yr avg: 17.08
30Y Low0.0·High47.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
WDC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Western Digital Corporation trades at 94.4x earnings, 622% above its 5-year average of 13.1x, sitting at the 100th percentile of its historical range. Compared to the Technology sector median P/E of 27.2x, the stock trades at a premium of 247%. On a free-cash-flow basis, the stock trades at 127.6x P/FCF, 674% above the 5-year average of 16.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $163.8B | $22.7B | $18.7B | $9.1B | $10.4B | $16.4B | $9.6B | $10.5B | $18.0B | $19.8B | $8.6B |
| Enterprise Value | $166.8B | $25.7B | $24.9B | $15.6B | $15.7B | $21.7B | $16.1B | $17.6B | $24.1B | $26.6B | $17.5B |
| P/E Ratio → | 94.37 | 12.36 | — | — | 6.91 | 19.94 | — | — | 26.59 | 49.96 | 35.71 |
| P/S Ratio | 17.21 | 2.39 | 2.95 | 1.46 | 0.55 | 0.97 | 0.57 | 0.63 | 0.87 | 1.04 | 0.67 |
| P/B Ratio | 32.66 | 4.28 | 1.73 | 0.83 | 0.85 | 1.53 | 1.00 | 1.05 | 1.56 | 1.74 | 0.78 |
| P/FCF | 127.57 | 17.70 | — | — | 13.41 | 18.32 | 53.99 | 13.28 | 5.29 | 6.88 | 6.18 |
| P/OCF | 96.87 | 13.44 | — | — | 5.51 | 8.64 | 11.60 | 6.78 | 4.27 | 5.77 | 4.36 |
P/E links to full P/E history page with 30-year chart
WDC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Western Digital Corporation's enterprise value stands at 59.9x EBITDA, 30% above its 5-year average of 45.9x. The Technology sector median is 17.3x, placing the stock at a 246% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.70 | 3.95 | 2.49 | 0.83 | 1.29 | 0.96 | 1.06 | 1.17 | 1.39 | 1.35 |
| EV / EBITDA | 59.88 | 9.22 | 151.13 | 55.59 | 4.72 | 8.94 | 8.46 | 9.25 | 4.25 | 6.52 | 10.79 |
| EV / EBIT | 71.45 | 17.28 | — | — | 6.33 | 17.36 | 43.83 | 96.48 | 8.74 | 16.47 | 41.73 |
| EV / FCF | — | 20.01 | — | — | 20.25 | 24.30 | 90.87 | 22.23 | 7.10 | 9.24 | 12.50 |
WDC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Western Digital Corporation earns an operating margin of 24.5%. Operating margins have expanded from -8.8% to 24.5% over the past 3 years, signaling improving operational efficiency. ROE of 23.1% indicates solid capital efficiency. ROIC of 13.8% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.8% | 38.8% | 28.1% | 22.2% | 31.3% | 26.7% | 22.6% | 22.6% | 37.3% | 31.8% | 26.4% |
| Operating Margin | 24.5% | 24.5% | -6.4% | -8.8% | 12.7% | 7.2% | 2.0% | 0.5% | 17.5% | 10.2% | 3.6% |
| Net Profit Margin | 19.5% | 19.5% | -12.6% | -26.9% | 8.2% | 4.9% | -1.5% | -4.6% | 3.3% | 2.1% | 1.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 23.1% | 23.1% | -7.3% | -14.5% | 13.5% | 8.1% | -2.6% | -7.0% | 5.9% | 3.5% | 2.4% |
| ROA | 9.7% | 9.7% | -3.3% | -6.6% | 5.9% | 3.2% | -1.0% | -2.7% | 2.3% | 1.3% | 1.0% |
| ROIC | 13.8% | 13.8% | -1.8% | -2.4% | 10.7% | 5.7% | 1.5% | 0.4% | 15.1% | 7.7% | 2.6% |
| ROCE | 17.5% | 17.5% | -2.2% | -2.7% | 11.3% | 5.7% | 1.5% | 0.4% | 14.4% | 7.6% | 2.5% |
WDC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Western Digital Corporation carries a Debt/EBITDA ratio of 1.8x, which is manageable (37% below the sector average of 2.9x). Net debt stands at $3.0B ($5.1B total debt minus $2.1B cash). Interest coverage of 4.2x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.96 | 0.96 | 0.72 | 0.77 | 0.62 | 0.81 | 1.00 | 1.06 | 0.97 | 1.15 | 1.52 |
| Debt / EBITDA | 1.82 | 1.82 | 47.42 | 30.26 | 2.29 | 3.59 | 5.04 | 5.54 | 1.97 | 3.22 | 10.49 |
| Net Debt / Equity | — | 0.56 | 0.58 | 0.59 | 0.43 | 0.50 | 0.68 | 0.71 | 0.53 | 0.60 | 0.79 |
| Net Debt / EBITDA | 1.07 | 1.07 | 38.02 | 23.04 | 1.59 | 2.20 | 3.43 | 3.72 | 1.09 | 1.67 | 5.46 |
| Debt / FCF | — | 2.31 | — | — | 6.84 | 5.98 | 36.88 | 8.95 | 1.82 | 2.36 | 6.32 |
| Interest Coverage | 4.17 | 4.17 | -0.79 | -1.74 | 8.14 | 3.84 | 0.89 | 0.39 | 4.08 | 1.91 | 1.58 |
WDC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.08x means Western Digital Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.45x to 1.08x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.08 | 1.08 | 1.32 | 1.45 | 1.81 | 2.00 | 2.05 | 2.22 | 2.39 | 2.55 | 1.81 |
| Quick Ratio | 0.84 | 0.84 | 1.10 | 0.77 | 1.11 | 1.26 | 1.36 | 1.36 | 1.73 | 2.01 | 1.50 |
| Cash Ratio | 0.46 | 0.46 | 0.25 | 0.37 | 0.44 | 0.69 | 0.69 | 0.91 | 1.12 | 1.46 | 1.21 |
| Asset Turnover | — | 0.68 | 0.26 | 0.25 | 0.72 | 0.65 | 0.65 | 0.63 | 0.71 | 0.64 | 0.40 |
| Inventory Turnover | 4.51 | 4.51 | 3.28 | 1.32 | 3.55 | 3.43 | 4.22 | 3.90 | 4.40 | 5.56 | 4.49 |
| Days Sales Outstanding | — | 56.97 | 71.13 | 93.25 | 54.46 | 48.68 | 51.88 | 26.52 | 38.84 | 37.24 | 41.04 |
WDC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Western Digital Corporation returns 0.1% to shareholders annually — split between a 0.0% dividend yield and 0.1% buyback yield. The payout ratio of 2.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 1.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.2% | — | — | — | — | 6.2% | 5.6% | 3.3% | 2.9% | 5.4% |
| Payout Ratio | 2.4% | 2.4% | — | — | — | — | — | — | 87.9% | 144.6% | 191.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.1% | 8.1% | — | — | 14.5% | 5.0% | — | — | 3.8% | 2.0% | 2.8% |
| FCF Yield | 0.8% | 5.7% | — | — | 7.5% | 5.5% | 1.9% | 7.5% | 18.9% | 14.5% | 16.2% |
| Buyback Yield | 0.1% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 5.4% | 3.3% | 0.0% | 0.7% |
| Total Shareholder Yield | 0.1% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 6.2% | 10.9% | 6.6% | 2.9% | 6.1% |
| Shares Outstanding | — | $359M | $326M | $318M | $316M | $309M | $298M | $292M | $307M | $296M | $242M |
Peer Comparison
Compare WDC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 WDCYou | $164B | 94.4 | 59.9 | 127.6 | 38.8% | 24.5% | 23.1% | 13.8% | 1.8 |
 STX | $171B | 116.2 | 82.2 | 209.7 | 35.2% | 20.8% | — | 41.4% | 2.5 |
 MU | $752B | 87.9 | 41.6 | 450.9 | 39.8% | 26.4% | 17.2% | 13.2% | 0.8 |
 SNDK | $208B | -124.6 | — | — | 30.1% | -18.7% | -17.8% | -10.6% | — |
 NTAP | $22B | 19.7 | 14.5 | 16.5 | 70.2% | 20.3% | 108.5% | 54.4% | 2.2 |
 PSTG | $22B | 142.5 | 81.3 | 35.7 | 70.4% | 3.1% | 13.7% | 10.3% | 0.8 |
 STEC | $1B | 1.5 | 1.5 | 2.1 | 41.2% | 9.4% | 10.7% | 28.6% | 0.7 |
 AMAT | $340B | 49.5 | 40.4 | 59.7 | 48.7% | 29.2% | 35.5% | 33.3% | 0.8 |
 LRCX | $371B | 71.6 | 58.8 | 68.5 | 48.7% | 32.0% | 58.2% | 55.7% | 0.8 |
 KLAC | $239B | 59.8 | 43.1 | 63.8 | 62.3% | 43.1% | 100.8% | 46.5% | 1.1 |
 TXN | $264B | 53.1 | 34.4 | 101.2 | 57.0% | 34.1% | 30.1% | 15.8% | 1.9 |
| Technology Median | — | 27.2 | 17.3 | 19.8 | 48.9% | -0.6% | 2.5% | 3.0% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonWDC — Frequently Asked Questions
Quick answers to the most common questions about buying WDC stock.
What is Western Digital Corporation's P/E ratio?
Western Digital Corporation's current P/E ratio is 94.4x. The historical average is 13.0x. This places it at the 100th percentile of its historical range.
What is Western Digital Corporation's EV/EBITDA?
Western Digital Corporation's current EV/EBITDA is 59.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.6x.
What is Western Digital Corporation's ROE?
Western Digital Corporation's return on equity (ROE) is 23.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 20.6%.
Is WDC stock overvalued?
Based on historical data, Western Digital Corporation is trading at a P/E of 94.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Western Digital Corporation's dividend yield?
Western Digital Corporation's current dividend yield is 0.03% with a payout ratio of 2.4%.
What are Western Digital Corporation's profit margins?
Western Digital Corporation has 38.8% gross margin and 24.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Western Digital Corporation have?
Western Digital Corporation's Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.