Western Digital Corporation
- Open
- 564.00
- Day high
- 585.20
- Day low
- 562.76
- Prev close
- 578.05
- Volume
- 4.5M
- Mkt cap
- $200.8B
- P/E (TTM)
- 31.2
- EPS (TTM)
- $18.69
- P/B
- 20.7
- P/S
- 17.1
- Yield
- 0.05%
- Per share
- $0.28
- ▼Insiders net selling -$19.1M over the last 3 months (0 open-market buys, 53 sales)
- 🏛Institutions accumulating (13F)
Western Digital Corporation (WDC) is a Technology company listed on NASDAQ. The stock is up 788% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 53 sales (SEC Form 4). Drillr has 3 published research articles covering WDC.
Western Digital Corporation (WDC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 14 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WDC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $2.39 | $2.72 | +13.8% | $3.3B | +2.8% |
| Jan 29, 2026 | $1.93 | $2.13 | +10.4% | $3.0B | +3.0% |
| Oct 30, 2025 | $1.59 | $1.78 | +11.9% | $2.8B | +3.2% |
| Jul 30, 2025 | $1.48 | $1.66 | +12.2% | $2.6B | +5.4% |
| Apr 30, 2025 | $1.12 | $1.36 | +21.4% | $2.3B | -0.9% |
| Jan 29, 2025 | $1.35 | $1.77 | +31.1% | $4.3B | +0.6% |
| Oct 24, 2024 | $1.72 | $1.78 | +3.5% | $4.1B | -0.5% |
| Jul 31, 2024 | $1.18 | $1.44 | +22.0% | $3.8B | +0.5% |
| Apr 25, 2024 | $0.22 | $0.63 | +190.3% | $3.5B | +2.6% |
| Jan 25, 2024 | $-1.13 | $-0.69 | +38.9% | $3.0B | -8.4% |
| Jan 31, 2023 | $-0.08 | $-0.42 | -425.0% | $3.1B | +4.3% |
| Oct 27, 2022 | $0.30 | $0.20 | -33.3% | $3.7B | +4.1% |
WDC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | MASSENGILL MATTHEW Edirector | Grant | 6 | — |
| Jun 22, 2026 | Davis Brian Scottofficer: Chief Sales & Mrktng Officer | Option | 8 | — |
| Jun 22, 2026 | Tan Irvingdirector, officer: Chief Executive Officer | Tax | 1,090 | $746.23 |
| Jun 22, 2026 | DOLUCA TUNCdirector | Grant | 0 | — |
| Jun 22, 2026 | Shihab Ahmed Mohammedofficer: Chief Product Officer | Tax | 5,149 | $712.13 |
| Jun 22, 2026 | Tan Irvingdirector, officer: Chief Executive Officer | Option | 52 | — |
| Jun 22, 2026 | Gubbi Vidyadhara Kofficer: Chief of Global Operations | Grant | 14 | — |
| Jun 22, 2026 | Das Manuvirdirector | Grant | 0 | — |
| Jun 22, 2026 | Cole Martin Idirector | Grant | 0 | — |
| Jun 22, 2026 | Davis Brian Scottofficer: Chief Sales & Mrktng Officer | Tax | 961 | $746.23 |
| Jun 22, 2026 | Alexy Kimberlydirector | Grant | 0 | — |
| Jun 22, 2026 | Tan Irvingdirector, officer: Chief Executive Officer | Grant | 57 | — |
| Jun 22, 2026 | Shihab Ahmed Mohammedofficer: Chief Product Officer | Grant | 28 | — |
| Jun 22, 2026 | Tan Irvingdirector, officer: Chief Executive Officer | Option | 52 | — |
| Jun 22, 2026 | Davis Brian Scottofficer: Chief Sales & Mrktng Officer | Grant | 12 | — |
Source: WDC SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full WDC insider & 13F page →WDC research & analysis
STX: 1,130bp Margin Surge Driven by HAMR Ramp
Seagate's FQ3 2026 earnings beat on revenue and EPS, but the real story is a 1,130 basis point gross margin expansion driven by a structural shift toward higher-capacity nearline drives using HAMR/Mozaic technology. The tape is reading this as cyclical strength; the filing reveals a durable product mix transition that should sustain elevated margins as cloud providers deploy AI infrastructure.
STXMUSouth Korea's 12% Semiconductor Export Jump Outpaces Dell's 18% YTD
South Korea's Q1 GDP data, driven by a 12% jump in semiconductor exports, confirms the memory chip upcycle is accelerating two quarters ahead of consensus. This creates a differential trade: memory producers (SSNGY, HXSCL, MU, WDC) benefit from price increases, while consumer electronics assemblers (DELL, HPQ, LNVGY) face unmodeled margin compression. A long memory/short assembler pair targets 7-10% outperformance over six months, falsified if Q2 export growth falls below 8% YoY by July 31.
SSNGYHXSCLMUDRAM Prices Up 90% With 2-Year Backlogs — Why MU Wins the AI Memory Crunch
DRAM prices surged 90-95% with 2-year backlogs per 247WallSt, spotlighting AI memory crunch winners: Micron leads with HBM dominance, followed by WDC, AMAT. Designers like NVDA/AMD benefit indirectly but face costs.
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Western Digital Corporation company profile
Overview
Western Digital Corporation (NASDAQ:WDC) is a major American data storage technology company founded in 1970 and headquartered in San Jose, California. The company went public in 1978 and has evolved from its origins as a semiconductor manufacturer into one of the world's leading providers of data storage devices and solutions. Western Digital operates globally, serving markets across the United States, China, Hong Kong, Europe, the Middle East, Africa, and other regions throughout Asia. The company is currently undergoing a significant strategic transformation, having completed the separation of its business into two independent public companies in early 2025 - with the flash memory business operating as SanDisk and the hard disk drive business continuing as Western Digital Corporation.
Business
Western Digital operates in the data storage industry, manufacturing and selling devices that store digital information for computers, servers, and consumer electronics. The company's core business revolves around two primary storage technologies that serve different market needs and price points. The Hard Disk Drive (HDD) business represents the company's traditional storage technology, accounting for approximately 55-60% of total revenue. HDDs store data on spinning magnetic disks and are the workhorses of data centers worldwide due to their cost-effectiveness for storing large amounts of data. Western Digital's HDD portfolio includes nearline drives for cloud data centers (ranging from 18TB to 32TB capacity), desktop drives for personal computers, and specialized drives for surveillance systems and gaming consoles. The company's innovative technologies include UltraSMR (Shingled Magnetic Recording) which increases storage density by 20%, and OptiNAND technology that combines flash memory with traditional magnetic storage to improve performance. The Flash Memory business, operating under the SanDisk brand, produces solid-state storage devices that use NAND flash memory chips with no moving parts. This segment represents approximately 40-45% of total revenue and includes enterprise SSDs for data center servers, client SSDs for laptops and desktops, embedded storage for mobile devices, memory cards for cameras and smartphones, and USB flash drives. Flash storage offers faster data access speeds and better durability than HDDs but at a higher cost per gigabyte. Western Digital's flash technology includes their proprietary BiCS (Bit Cost Scalable) 3D NAND architecture, currently in its 8th generation, which stacks memory cells vertically to increase storage density. The company serves three primary market segments: Cloud customers (data centers and hyperscale companies like Amazon, Google, Microsoft) representing about 50% of revenue, Client markets (PC and laptop manufacturers) at roughly 30%, and Consumer markets (retail customers buying external drives, memory cards) at approximately 20%. Western Digital sells its products under multiple brands including WD for hard drives, SanDisk for flash products, and G-Technology for professional creative applications.
Revenue model
Western Digital generates revenue primarily through direct product sales to original equipment manufacturers (OEMs), distributors, retailers, and end consumers. The company operates on a traditional manufacturing business model where it designs, produces, and sells physical storage devices at varying price points depending on capacity, performance, and target market. Revenue streams are diversified across different customer types and use cases. Cloud and enterprise customers represent the largest and most profitable segment, purchasing high-capacity drives in large volumes through long-term agreements (LTAs) that provide 2-6 quarter visibility into demand. These customers pay premium prices for reliability, capacity, and performance. OEM customers like PC manufacturers purchase drives in bulk for integration into their products, typically at lower margins but with predictable volumes. Consumer and retail channels offer higher margins on individual units but with more volatile demand patterns. The company's profitability is influenced by several key factors. Technology leadership and innovation allow Western Digital to command premium pricing for advanced products like 32TB HDDs or high-performance enterprise SSDs. Manufacturing scale and efficiency impact cost structure, with the company operating fabs in multiple countries to optimize production costs. Supply-demand dynamics significantly affect pricing power - tight supply conditions in HDDs have recently supported strong margins, while NAND flash markets experience more cyclical pricing pressure. Commodity pricing cycles represent a major margin risk, particularly in NAND flash where industry-wide supply additions can quickly shift market dynamics. Competition from hyperscale customers developing their own storage solutions poses a long-term threat to demand. Technology transitions like the shift from HDDs to SSDs in certain applications can impact product mix and margins. Conversely, data growth trends driven by AI, cloud computing, and digital transformation provide structural demand tailwinds. Manufacturing consolidation in the industry has reduced competitive pressure and supported more rational pricing behavior.
Competitive moat
Western Digital's competitive moat is moderate and primarily built around technological expertise, manufacturing scale, and customer relationships, though it faces ongoing competitive pressures in a commoditizing industry. The company's strongest moat lies in its deep technological expertise and intellectual property in both HDD and NAND flash technologies. Developing new storage technologies requires substantial R&D investment, specialized manufacturing capabilities, and years of engineering experience. Western Digital's innovations like UltraSMR technology and BiCS 3D NAND represent significant technological achievements that competitors cannot easily replicate. The company's ability to consistently deliver higher-capacity drives ahead of competitors provides temporary pricing advantages and customer preference. Manufacturing scale and fab economics create meaningful barriers to entry. Storage device manufacturing requires massive upfront capital investments in specialized facilities, with Western Digital's fabs representing billions of dollars in sunk costs. The company benefits from economies of scale in purchasing raw materials, spreading fixed costs across large production volumes, and optimizing manufacturing processes. However, this scale advantage is shared with other major players like Seagate in HDDs and Samsung/SK Hynix in NAND flash. Customer relationships and switching costs provide some defensive characteristics, particularly in enterprise markets where customers undergo lengthy qualification processes for new storage devices. Long-term agreements with hyperscale customers create revenue visibility and relationship stickiness. However, these same large customers have significant bargaining power and increasingly develop their own storage solutions or work with multiple suppliers to avoid dependence. The company's moat faces several challenges. The storage industry is inherently commoditizing over time, with products becoming more standardized and price-competitive. Cyclical demand patterns and industry overcapacity can quickly erode pricing power. Technological disruption risks include potential new storage technologies that could obsolete current approaches. Hyperscale customer concentration creates dependency on a small number of large buyers who have significant negotiating leverage and the resources to develop alternative solutions internally.
Risks & safety
Western Digital presents a moderate margin of safety with improving financial health but some remaining leverage concerns. **Overall Assessment:** The company has significantly strengthened its balance sheet and cash generation following the recent business separation and market recovery, though debt levels remain elevated. **Liquidity and Solvency:** - Cash and short-term investments: $3.5 billion providing substantial liquidity buffer - Current ratio: 1.56x indicating adequate short-term liquidity coverage - Debt-to-equity ratio: 1.36x showing elevated but manageable leverage - Free cash flow: $379 million positive in recent quarter, demonstrating cash generation capability - The company redeemed $1.8 billion of 2026 senior notes, reducing near-term refinancing risk **Valuation Metrics:** - P/E ratio: 6.7x representing attractive valuation relative to earnings - EV/EBITDA: 5.9x suggesting reasonable valuation for a cyclical technology company - Price-to-book: 2.6x reflecting some premium to book value - Graham number suggests potential undervaluation at current levels **Other Considerations:** - Cyclical industry exposure creates earnings volatility risk - Recent business separation provides strategic focus but also transition execution risk - Strong technology position in growing data storage markets provides long-term value support
Recent development
Western Digital has undergone significant strategic transformation over the past few years, centered around the separation of its flash memory and hard disk drive businesses into independent public companies. This separation, completed in February 2025, created two focused entities: SanDisk (flash/NAND business) and Western Digital (HDD business), with the goal of unlocking shareholder value and allowing each business to pursue distinct strategic priorities. The company has made substantial technology investments and product innovations across both business segments. In the HDD business, Western Digital has successfully commercialized UltraSMR technology that provides 20% capacity improvements, launched industry-leading 32TB drives, and is preparing to qualify HAMR (Heat-Assisted Magnetic Recording) technology for production in the second half of 2026. The flash business has advanced its BiCS 3D NAND technology to the 8th generation, significantly expanded its enterprise SSD portfolio (now representing 15-20% of flash revenue), and developed specialized products for AI training and inference workloads. Operationally, Western Digital has implemented a more disciplined approach to supply chain management, moving to build-to-order models and securing long-term agreements with hyperscale customers that provide 2-6 quarter demand visibility. The company has also strengthened its balance sheet by redeeming $1.8 billion in debt, initiating a quarterly dividend of $0.10 per share, and generating consistent positive free cash flow. These moves reflect a shift toward more conservative capital allocation and financial management following the cyclical downturn in 2022-2023. The strategic focus has increasingly centered on AI and data center applications, with both businesses developing products specifically for artificial intelligence workloads. This includes high-performance enterprise SSDs for AI training, high-capacity nearline HDDs for AI data storage, and specialized solutions for hyperscale customers building AI infrastructure. Management has positioned the company to benefit from the growing data storage requirements driven by AI adoption across industries.
WDC company profile · for informational purposes only — not investment advice.
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