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Western Digital Corporation (WDC)

NASDAQ / Technology / Computer Hardware

Share price

356.45 USD Market dataClose of Oct 15, 2026

Market capitalisation

133.40B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2026, filed Aug 14, 2026
Ratios computed
Oct 15, 2026
Filed years
18, FY2008 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

50.0% Computed

From the FY2026 filing

Read quality

Valuation

Price to earnings

13.24x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

2.6% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2017 Revenue: 19.09B USDFY2017 Net income: 397.0M USDFY2018 Revenue: 20.65B USDFY2018 Net income: 675.0M USDFY2019 Revenue: 16.57B USDFY2019 Net income: -754.0M USDFY2020 Revenue: 16.74B USDFY2020 Net income: -250.0M USDFY2021 Revenue: 16.92B USDFY2021 Net income: 821.0M USDFY2022 Revenue: 18.79B USDFY2022 Net income: 1.55B USDFY2023 Revenue: 6.25B USDFY2023 Net income: -1.68B USDFY2024 Revenue: 6.32B USDFY2024 Net income: -798.0M USDFY2025 Revenue: 9.52B USDFY2025 Net income: 1.89B USDFY2026 Revenue: 12.92B USDFY2026 Net income: 9.42B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
5 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 13.24x at the close of 2026-10-15 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Technology sector (365 companies), 13.24x sits at the 20th percentile; the middle half of that group runs from 15.65x to 58.59x.

Is it good

Return on invested capital was 50.0% in FY2026, in the band labelled "Exceptional" (20.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on the capital in the business well above the usual cost of that capital.

Today, against the Technology sector (220 companies), 50.0% sits at the 93rd percentile; the middle half of that group runs from 1.2% to 17.5%.

Is it safe

Interest coverage was 26.99x in FY2026, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Western Digital Corporation's return on equity stayed above the median of the Technology sector, year by year. (FY2023 to FY2025, 3 fiscal years of Western Digital Corporation with a comparable figure)
The direction
Which way Western Digital Corporation's return on equity has moved, and how steadily. (FY2017 to FY2026, 10 filed years of Western Digital Corporation)
What could explain it
What in Western Digital Corporation's filed statements could explain the movements. (11 readings drawn from the statement lines Western Digital Corporation filed)
What to check next
What to check next on Western Digital Corporation, and where in its filings. (5 questions for Western Digital Corporation)
In one paragraph
One paragraph on Western Digital Corporation's returns, cash, balance sheet and price. (16 of sixteen figures read for Western Digital Corporation)

These are WDC’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research WDCPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Aug 14, 2026, accession 0001628280-26-057139.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Western Digital Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax50.0% ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Return on equity106.3% ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Return on capital employed, pre-tax46.3% ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Return on assets68.0% ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Gross margin48.9% ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Operating margin34.5% ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Net margin73.0% ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
WDC 73.0%
STX 26.1%NTAP 20.5%HPQ 4.6%LOGI 14.7%SMCI 5.7%
4.6%73.0%
Net margin: WDC against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Western Digital Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.13 ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Current ratio1.33 ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Quick ratio0.97 ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Interest coverage26.99x ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Altman Z-score19.51 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Net debt-388.0M ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Total assets 13.86BTotal liabilities 5.00BShareholders' equity 8.86BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Western Digital Corporation owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Aug 14, 2026, 0001628280-26-057139).

Western Digital Corporation: balance sheet position
Total assets13.86B FiledFY2026 10-K, filed Aug 14, 2026
Total liabilities5.00B FiledFY2026 10-K, filed Aug 14, 2026
Shareholders' equity8.86B FiledFY2026 10-K, filed Aug 14, 2026
Cash1.58B FiledFY2026 10-K, filed Aug 14, 2026
Total debt1.19B FiledFY2026 10-K, filed Aug 14, 2026
Net debt-388.0M
Current ratio1.33
Debt to equity0.13

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Western Digital Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings13.24x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
P/E on trailing twelve months15.94x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book15.40x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Price to sales10.57x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Enterprise value to EBIT30.57x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Enterprise value to EBITDA28.20x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Price to earnings over growth0.20 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Diluted earnings per share24.28 USD FiledFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Graham number118.40 USD ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139

We publish no fair value or price target of our own. Value WDC on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Western Digital Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Western Digital Corporation: valuation
Share price356.45 USD
Market capitalisation133.40B USD
Enterprise value to EBITDA28.20x
Graham number118.40 USD
Diluted earnings per share, FY202624.28 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 6.58x, median 23.88x, high 138.25x, latest 15.94x. 1,514 trading days with a meaningful ratio, 1,006 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Western Digital Corporation

  1. Seagate Technology Holdings plc (STX)Market cap 157.10B USD
  2. NetApp, Inc. (NTAP)Market cap 42.17B USD
  3. HP Inc. (HPQ)Market cap 27.82B USD
  4. Logitech International S.A. (LOGI)Market cap 15.10B USD
  5. Super Micro Computer, Inc. (SMCI)Market cap 23.05B USD

Same industry (Computer Hardware) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Western Digital Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield2.6% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Free cash flow3.51B USD ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Free cash flow margin27.2% ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Dividend yield0.1% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Payout ratio1.9% ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
FY2017 Free cash flow: 2.86B USDFY2017 Net income: 397.0M USDFY2018 Free cash flow: 3.37B USDFY2018 Net income: 675.0M USDFY2019 Free cash flow: 671.0M USDFY2019 Net income: -754.0M USDFY2020 Free cash flow: 177.0M USDFY2020 Net income: -250.0M USDFY2021 Free cash flow: 752.0M USDFY2021 Net income: 821.0M USDFY2022 Free cash flow: 758.0M USDFY2022 Net income: 1.55B USDFY2023 Free cash flow: -1.23B USDFY2023 Net income: -1.68B USDFY2024 Free cash flow: -781.0M USDFY2024 Net income: -798.0M USDFY2025 Free cash flow: 1.28B USDFY2025 Net income: 1.89B USDFY2026 Free cash flow: 3.51B USDFY2026 Net income: 9.42B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Western Digital Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
13.24xFY2026Oct 15, 2026
15.40xFY2026Oct 15, 2026
30.57xFY2026Oct 15, 2026
2.6%FY2026Oct 15, 2026
50.0%FY2026Aug 14, 2026
0.1%FY2026Oct 15, 2026
0.13FY2026Aug 14, 2026
1.33FY2026Aug 14, 2026
10.57xFY2026Oct 15, 2026
0.20FY2026Oct 15, 2026
19.51FY2026Oct 15, 2026
-1.66FY2026Aug 14, 2026
7/9FY2026Aug 14, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 18 filed fiscal years on record, FY2008 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2017 to FY2026, read from the annual reports Western Digital Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Western Digital Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202612.92B4.45B9.42B24.283.51B34.5%106.3%10-K, Aug 14, 20260001628280-26-057139
FY20259.52B2.33B1.89B5.121.28B24.5%35.6%10-K, Aug 14, 20250000106040-25-000038
FY20246.32B-403.0M-798.0M-2.61-781.0M-6.4%-7.4%10-K, Aug 20, 20240000106040-24-000031
FY20236.25B-548.0M-1.68B-5.37-1.23B-8.8%-15.4%10-K, Aug 22, 20230000106040-23-000024
FY202218.79B2.39B1.55B3.70758.0M12.7%12.6%10-K, Aug 25, 20220000106040-22-000055
FY202116.92B1.22B821.0M2.01752.0M7.2%7.6%10-K, Aug 27, 20210000106040-21-000040
FY202016.74B335.0M-250.0M-0.63177.0M2.0%-2.6%10-K, Aug 28, 20200000106040-20-000049
FY201916.57B87.0M-754.0M-1.95671.0M0.5%-7.6%10-K, Aug 27, 20190000106040-19-000058
FY201820.65B3.62B675.0M1.663.37B17.5%5.8%10-K, Aug 24, 20180000106040-18-000029
FY201719.09B1.95B397.0M1.012.86B10.2%3.5%10-K, Aug 29, 20170000106040-17-000027
  • Revenue, compound annual growth FY2017 to FY2026: -4.2%
  • Earnings, compound annual growth FY2017 to FY2026: 42.2%
  • Earnings per share, compound annual growth FY2017 to FY2026: 42.3%
  • Free cash flow, compound annual growth FY2017 to FY2026: 2.3%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Western Digital Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-1.66 ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Piotroski F-score7/9 ComputedFY2026 10-K, filed Aug 14, 2026, 0001628280-26-057139
Named tests met5 of 30 Computed
Beta2.19 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 5 met, 24 not met, 1 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Low PEG, low debt (Peter Lynch); Gross margin, turnover (Robert Novy-Marx); ROIC at or above WACC; High return on tangibles; Clean books, high ROIC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(1)
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • One figure could not be read on this company: Dividend Streak. 1 named test comes back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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