NASDAQ: WDC
Western Digital
Technology · Computer Storage Devices
52-week range
$132.43$799.87
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.$155B
Show tableHide table
| Period | Market cap |
|---|---|
| FY2017, ended Jun 30, 2017 | $26.1B |
| FY2018, ended Jun 29, 2018 | $22.6B |
| FY2019, ended Jun 28, 2019 | $14.1B |
| FY2020, ended Jul 3, 2020 | $12.8B |
| FY2021, ended Jul 2, 2021 | $21.7B |
| FY2022, ended Jul 1, 2022 | $13.7B |
| FY2023, ended Jun 30, 2023 | $12.2B |
| FY2024, ended Jun 28, 2024 | $26.0B |
| FY2025, ended Jun 27, 2025 | $22.0B |
| FY2026, ended Jul 3, 2026 | $194B |
| Trailing 12 months to Oct 2, 2026 (through Q1 FY2027) | $155B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.$14.5B
Show tableHide table
| Period | Revenue |
|---|---|
| FY2017, ended Jun 30, 2017 | $19.1B |
| FY2018, ended Jun 29, 2018 | $20.6B |
| FY2019, ended Jun 28, 2019 | $16.6B |
| FY2020, ended Jul 3, 2020 | $16.7B |
| FY2021, ended Jul 2, 2021 | $16.9B |
| FY2022, ended Jul 1, 2022 | $18.8B |
| FY2023, ended Jun 30, 2023 | $6.25B |
| FY2024, ended Jun 28, 2024 | $6.32B |
| FY2025, ended Jun 27, 2025 | $9.52B |
| FY2026, ended Jul 3, 2026 | $12.9B |
| Trailing 12 months to Oct 2, 2026 (through Q1 FY2027) | $14.5B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2017, ended Jun 30, 2017 | $397M | $2.86B |
| FY2018, ended Jun 29, 2018 | $675M | $3.37B |
| FY2019, ended Jun 28, 2019 | −$754M | $671M |
| FY2020, ended Jul 3, 2020 | −$250M | $177M |
| FY2021, ended Jul 2, 2021 | $821M | $752M |
| FY2022, ended Jul 1, 2022 | $1.55B | $758M |
| FY2023, ended Jun 30, 2023 | −$1.68B | −$1.23B |
| FY2024, ended Jun 28, 2024 | −$798M | −$781M |
| FY2025, ended Jun 27, 2025 | $1.89B | $1.28B |
| FY2026, ended Jul 3, 2026 | $9.42B | $3.51B |
| Trailing 12 months to Oct 2, 2026 (through Q1 FY2027) | $10.0B | $4.29B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.$1.31B
Show tableHide table
| Period | Cash and cash equivalents |
|---|---|
| FY2017, ended Jun 30, 2017 | $6.35B |
| FY2018, ended Jun 29, 2018 | $5.00B |
| FY2019, ended Jun 28, 2019 | $3.46B |
| FY2020, ended Jul 3, 2020 | $3.05B |
| FY2021, ended Jul 2, 2021 | $3.37B |
| FY2022, ended Jul 1, 2022 | $2.33B |
| FY2023, ended Jun 30, 2023 | $2.02B |
| FY2024, ended Jun 28, 2024 | $1.55B |
| FY2025, ended Jun 27, 2025 | $2.11B |
| FY2026, ended Jul 3, 2026 | $1.58B |
| Trailing 12 months to Oct 2, 2026 (through Q1 FY2027) | $1.31B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.—
Show tableHide table
| Period | Total debt |
|---|---|
| FY2017, ended Jun 30, 2017 | $13.2B |
| FY2018, ended Jun 29, 2018 | $11.2B |
| FY2019, ended Jun 28, 2019 | $10.5B |
| FY2020, ended Jul 3, 2020 | $9.57B |
| FY2021, ended Jul 2, 2021 | $8.72B |
| FY2022, ended Jul 1, 2022 | $7.02B |
| FY2023, ended Jun 30, 2023 | $7.07B |
| FY2024, ended Jun 28, 2024 | $7.43B |
| FY2025, ended Jun 27, 2025 | $4.71B |
| FY2026, ended Jul 3, 2026 | $1.05B |
| Trailing 12 months to Oct 2, 2026 (through Q1 FY2027) | — |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 26.9% since 2017.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.374M
Show tableHide table
| Period | Shares outstanding |
|---|---|
| FY2017, ended Jun 30, 2017 | 295M |
| FY2018, ended Jun 29, 2018 | 291M |
| FY2019, ended Jun 28, 2019 | 296M |
| FY2020, ended Jul 3, 2020 | 303M |
| FY2021, ended Jul 2, 2021 | 309M |
| FY2022, ended Jul 1, 2022 | 314M |
| FY2023, ended Jun 30, 2023 | 322M |
| FY2024, ended Jun 28, 2024 | 343M |
| FY2025, ended Jun 27, 2025 | 347M |
| FY2026, ended Jul 3, 2026 | 361M |
| Trailing 12 months to Oct 2, 2026 (through Q1 FY2027) | 374M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.Net: $2.81B more bought back than issued
Show tableHide table
| Period | Bought back | Paid to employees |
|---|---|---|
| FY2017, ended Jun 30, 2017 | $0 | $394M |
| FY2018, ended Jun 29, 2018 | $591M | $377M |
| FY2019, ended Jun 28, 2019 | $563M | $306M |
| FY2020, ended Jul 3, 2020 | $0 | $308M |
| FY2021, ended Jul 2, 2021 | $0 | $318M |
| FY2022, ended Jul 1, 2022 | — | $326M |
| FY2023, ended Jun 30, 2023 | $0 | $318M |
| FY2024, ended Jun 28, 2024 | $0 | $295M |
| FY2025, ended Jun 27, 2025 | $149M | $265M |
| FY2026, ended Jul 3, 2026 | $2.59B | $204M |
| Trailing 12 months to Oct 2, 2026 (through Q1 FY2027) | $3.04B | $230M |
Revenue (TTM)
$14.5B
+43.0% YoY
Net income (TTM)
$10.0B
+289% YoY
Cash
$1.31B
−35.8% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $137B
- P/E
- 13.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 9.5×
- Price / Book
- 14.7×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $14.5B
- Revenue Growth YoY
- 43.0%
- Revenue CAGR 3Y
- 27.4%
- Revenue CAGR 5Y
- −5.3%
- EPS Growth YoY
- 278%
- Net Income Growth YoY
- 289%
Profitability
Trailing 12 months- Gross Margin
- 52.6%
- Operating Margin
- 39.4%
- Net Margin
- 69.2%
- FCF Margin
- 29.6%
- Return on Equity
- 132%
Earnings
Trailing 12 months- Net Income
- $10.0B
- EPS (diluted)
- $25.84
- EBITDA
- $6.10B
- Operating Income
- $5.71B
Balance Sheet
As of Oct 2, 2026- Cash and cash equivalents
- $1.31B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $14.2B
- Total Liabilities
- $4.89B
- Shareholders' Equity
- $9.35B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.86B
- Capital Expenditure
- $572M
- Free Cash Flow
- $4.29B
Dividends and risk
Last 12 months- Dividend Yield
- 0.2%
- Dividend / Share
- $0.55
- Beta (5Y)
- 2.11
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 43.0% over the last year, to $14.5B.
Strength
Operating margin widened 11.8 pts in a year, to 39.4%.
Strength
Turns 29.6% of revenue into free cash flow.
Watch
Share count is up 9.5% in a year, diluting holders.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Oct 2, 2026 · filed Oct 23, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2026 · 10-K73Good news
73Good news
10-K for the fiscal year ended Jul 3, 2026
Filed Aug 14, 2026 · Read the filing on EDGAR
- Revenue rose 36% to $12.92 billion and operating income nearly doubled to $4.45 billion. Gross margin climbed to 48.9% on strong cloud demand and higher prices.
- Net income of $9.42 billion was boosted by a one-off $6.50 billion gain on Sandisk shares. The company no longer holds any Sandisk stock.
- The company used Sandisk shares and cash to pay off most of its debt. It also bought back $2.59 billion of stock and added $4 billion to its buyback authorisation.
- Customers are more concentrated: the top 10 now make up 73% of sales, and three customers each account for 13% to 16%.
Business momentum
Strong improvement
“Net revenue increased by 36% in 2026 compared to 2025, primarily driven by a 25% increase in exabytes sold and an 8% increase in ASPs per exabyte, both of which were driven by strong demand across all of our end markets.”
Outlook
Positive
“In response, customers are partnering with us earlier to support their future growth requirements and are extending the duration of their commercial arrangements, which improves our long-term visibility of demand.”
Financial stress
Low
“We believe our existing cash and cash expected to be generated from our business will be adequate to meet our debt repayment requirements.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Much higher margins
“Gross margin increased 10.1 percentage points in 2026 compared to 2025.”
Operating cash flow more than doubled
“Operating activities $ 3,929 $ 1,691 $ (294)”
Most debt paid off
“As described in “Key Developments – Capital Allocation Actions” above, we undertook several financing actions during 2026, to settle a substantial portion of our debt.”
Concerns
Heavy reliance on a few customers
“For 2026, three customers accounted for 16%, 15%, and 13%, respectively, of our net revenue.”
Profit inflated by one-off Sandisk gain
“The change primarily reflects a mark-to-market gain on our retained interest in Sandisk of $6.50 billion in the current year compared to a loss of $772 million in the prior year.”
Near-term cash calls from convertible notes and tax payments
“We expect the settlement of these notes will require the use of an aggregate $710 million of cash to settle the principal amount with substantially all of any premium being settled in shares under the original terms of the notes.”
New risks since the previous report
Long-term supply deals may lock in prices
“As a result, we may be obligated to continue selling products to these customers even when demand from other customers, prevailing market prices, or other sales opportunities would be more favorable to us”
Middle East conflict and Chinese rare-earth export limits
“Additionally, China has imposed export restrictions on rare earth minerals and related materials critical to semiconductor and hard drive manufacturing.”
Energy concerns about AI data centres could hurt demand
“Environmental concerns about the energy demands of AI workloads, including actual or perceived environmental issues associated with data center power consumption, could lead to regulatory constraints on data center development”
Customer base shifting toward newer cloud providers
“We may also experience changes to our customer base, such as a greater portion of our business shifting to neocloud and other customers.”
Big cloud customers could cut AI spending
“As it evolves, our hyperscale customers could lower their investment in AI infrastructure.”
Biggest risks named
- Dependence on cloud demand and a few large customers
- Hard-drive industry cycles and swings in demand and pricing
- Tariffs, geopolitical conflict and supply disruptions
- Risks of moving to new HAMR drive technology
- Commitments under long-term customer agreements
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 73 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 23, 2026 | Pro | |||
| 10-K | Aug 14, 2026 | 73 | Strong improvement | None | |
| 10-K | Aug 14, 2025 | 74 | Strong improvement | 1 minor | |
| 10-K | Aug 20, 2024 | 57 | Improving | 1 medium1 minor | |
| 10-K | Aug 22, 2023 | 25 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Aug 25, 2022 | 63 | Strong improvement | 1 medium1 minor | |
| 10-K | Aug 27, 2021 | 75 | Strong improvement | None | |
| 10-K | Aug 28, 2020 | 70 | Strong improvement | None | |
| 10-K | Aug 27, 2019 | 36 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Aug 24, 2018 | 68 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2027 (period ended Oct 2, 2026), filed Oct 23, 2026. View filings on SEC EDGAR