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WESTERN DIGITAL CORP (WDC) USD

Makes hard-disk drives and flash data-storage products.

At a glance: strengths & risks
✓Revenue growing (+55% y/y, Q1 2026)✓Profit growing (+51% y/y, Q1 2026)✓Net cash balance sheet

Sector: United States — large cap (SEC filings)

US_WDC

Price chart

354.19 USDDay -6.43%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
354.19 USD · -6.43%
Market cap
127.9 bn USD

Growth

Δ revenue y/y
55.5%
Δ EBITDA y/y
73.4%

Multiples

P/E (LTM)
12.8x
3y avg: 14.8x
P/B (FY)
14.4x
P/E (ann.)
18.0x
EV/EBITDA (LTM)
26.4x
3y avg: 21.6x
EV/EBITDA (ann.)
19.2x

Cash return

Dividend yield
0.2%
FCF yield (LTM)
3.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+35.7%
↓ details

Liquidity

Daily turnover (US listing)
4.7 bln USD

Shares: yahoo_fundamentals_timeseries/WDC

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-10-02Q4 2026 (3M)PARTIAL4.4
y/y 55.5%
2.0
y/y 158.3%
—
y/y —
—
y/y —
1.8
y/y 50.5%
1.6—14.2
y/y -0.8%
9.3
y/y 58.8%
78.1%≈ -0.5SEC EDGAR
2026-07-03Q3 2026 (3M)OK3.7
y/y 43.8%
1.6
y/y 129.9%
-0.1
y/y 52.1%
1.5
y/y 190.0%
3.2
y/y 1033.0%
1.4-0.113.9
y/y -1.0%
8.9
y/y 66.9%
101.6%-0.4Link
2026-04-03Q2 2026 (3M)OK3.3
y/y 45.5%
1.2
y/y 56.6%
0.3
y/y -24.4%
1.5
y/y 30.3%
3.2
y/y 516.3%
1.1-0.115.0
y/y -8.1%
9.7
y/y 87.0%
50.9%-0.4Link
2026-01-02Q1 2026 (3M)OK3.0
y/y —
0.9
y/y —
0.1
y/y —
1.0
y/y —
1.8
y/y —
0.7-0.115.6
y/y —
7.1
y/y —
113.4%2.7Link
2025-10-03Q4 2025 (3M)OK2.8
y/y 27.4%
0.8
y/y 137.1%
0.1
y/y -34.8%
0.9
y/y 87.6%
1.2
y/y 139.8%
0.7-0.114.4
y/y -42.0%
5.9
y/y -49.4%
84.4%2.7Link
2025-06-27Q2 2025 (3M)OK2.6
y/y —
0.7
y/y 120.1%
-0.2
y/y -222.5%
0.5
y/y 14.3%
0.3
y/y 623.1%
0.7-0.114.0
y/y -42.1%
5.3
y/y -50.9%
36.0%2.7Link
2025-03-28Q1 2025 (3M)OK2.3
y/y 30.9%
0.8
y/y 708.5%
0.4
y/y 160.7%
1.1
y/y 380.8%
0.5
y/y 285.2%
0.5-0.116.4
y/y -31.2%
5.2
y/y -48.8%
8.0%4.0Link
2024-12-27Q4 2024 (3M)OK2.4
y/y -20.5%
0.6
y/y —
0.1
y/y -16.1%
0.7
y/y —
0.6
y/y —
0.4-0.125.5
y/y 4.4%
12.1
y/y 10.7%
20.0%5.4Link
2024-09-27Q3 2024 (3M)OK2.2
y/y -19.6%
0.3
y/y —
0.1
y/y -8.2%
0.5
y/y —
0.5
y/y —
0.0-0.124.8
y/y 3.2%
11.6
y/y 6.0%
17.6%6.0Link
2024-06-28FY 2024 (12M)OK—
y/y 1.0%
0.3
y/y —
0.1
y/y —
0.4
y/y —
0.0
y/y —
0.4-0.124.2
y/y -1.5%
10.8
y/y -8.6%
-7.6%6.0Link
2024-03-29Q1 2024 (3M)OK1.8
y/y -37.5%
0.1
y/y —
0.1
y/y -34.3%
0.2
y/y —
0.1
y/y —
0.1-0.123.8
y/y -5.4%
10.1
y/y -18.9%
1.7%6.3Link
2023-12-29Q4 2023 (3M)OK3.0
y/y —
-0.2
y/y —
0.1
y/y —
-0.1
y/y —
-0.3
y/y —
-0.1-0.124.4
y/y —
10.9
y/y —
-10.5%6.4Link
2023-09-29Q3 2023 (3M)OK2.8
y/y —
-0.6
y/y —
0.1
y/y —
-0.4
y/y —
-0.7
y/y —
-0.6-0.124.0
y/y —
11.0
y/y —
-24.0%6.1Link
2023-06-30FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——24.5
y/y —
11.8
y/y —
-13.8%5.3Link
2023-03-31Q1 2023 (3M)OK2.8
y/y —
-0.5
y/y —
0.2
y/y —
-0.3
y/y —
-0.6
y/y —
-0.4-0.125.2
y/y —
12.5
y/y —
—5.1Link

Net debt structure (leases included, IFRS 16) 2026-07-03

Short-term debt (incl. ST leases)1 052
Long-term debt (incl. LT leases)107
− Cash & equivalents1 579
Net debt-420

Net debt / LTM EBITDA: -0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-5 00005 00010 00015 0002023 q22023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22026 FY

Year-over-year change

-200%0%200%400%2023 q22023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22026 FY

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1 00001 0002 0003 0004 0002023 q22023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22026 FY

Net debt / cash ($ mln)

-2 00002 0004 0006 0008 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q42026 FY

Profit and cash

Profit is broadly cash-backed
In a typical year of 2022–2026 operating cash flow came to 0.90x of reported net profit; after capex, 0.49x. Loss years (2023, 2024) are left out of the ratio.
year20222023202420252026
cash flow / profit1.22x——0.90x0.42x
accruals, % of assets-1.3%-5.2%-2.1%1.4%39.6%
Last twelve months (to 2026-07-03): 0.42x of profit came back as operating cash flow.
net debt / EBITDA -0.1x · EBIT covers interest 27.0x · capex 1.0x of depreciation · dividends 1% of free cash flow · share count +4.3% a year
● Over the last twelve months operating cash flow covered 42% of profit, against 1x across the annual window.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Memory cycle indicator

Composite +5 from 7 active signals as of 2026-10: upcycle intact. Each signal scores +1 / 0 / −1 by the rules below; every input enters only from the month it was actually published.
SignalValueScoreSource
Nanya revenue, 3m vs prior 3m+61.9%+1TWSE, monthly
Nanya revenue, 3m yoy+611.7%+1TWSE, monthly
DRAM spot basket, 1m+2.1%+1DRAMeXchange, daily
Micron gross margin, qoq change (pp)+2.2+1SEC 10-Q
Micron inventory days, qoq change+20−1SEC 10-Q
Micron capex / revenue, 4q avg vs 3y median26%+1SEC 10-Q
SK hynix inventory days, qoq change-11+1DART
DRAM spot basket (DDR5 16Gb, DDR4 16Gb, DDR4 8Gb) as of 2026-10-22: 62.031 $, days of history 49
Backtest since 2006, Micron next 6 months, median (share positive, n): composite > 0 16.6% (58.0%, n=115), = 0 1.5% (62.0%, n=32), < 0 11.5% (56.0%, n=96).
2023-11 … 2026-10
Rules: Nanya ±3% over 3 months and yoy sign; spot ±2% per month; Micron gross margin ±1pp; inventory days ±5 (a build scores minus); capex below median = plus, 10pp above = minus. The index is fundamental: it dates the cycle phase, not the share price; in past cycles the stocks turned 1–2 quarters ahead of the fundamentals. Built 2026-10-22.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +35.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-07-03 vs 2025-06-27)
= (1 662 − 767) × 3.01
2 697
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (127 863 + -527) ÷ 5 008
25.4x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (25.4 + 12) ÷ 2
18.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 3 124 + 120 + 1 920 − 0
5 164
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 7.8% × 127 863
−9 973
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (2 697 × 18.7 + 5 164 − 9 973) ÷ 127 863
+35.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • share-count dilution 7.8%/yr (valued at market: -9973)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +36% vs +51% the year before — a -15.0 pp move. 3-year CAGR +27%.
revenue growth by year: 2024 +1% · 2025 +51% · 2026 +36%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 23.9x · 3-year 75th pct 79.5x

EV/EBITDA3-year 75th pct

Peer comparison

Group: technology (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
MICRON TECHNOLOGY INCUS1027.99.1x
ORACLE CORPUS390.515.4x
INTERNATIONAL BUSINESS MACHINES CORPUS238.619.5x
Dell Technologies Inc.US328.020.3x
MICROSOFT CORPUS3972.120.9x
NVIDIA CORPUS5394.826.9x
CISCO SYSTEMS, INC.US423.227.3x
TEXAS INSTRUMENTS INCUS259.928.4x
Apple Inc.US5081.929.8x
Broadcom Inc.US1639.330.0x
ANALOG DEVICES INCUS198.831.6x
Arista Networks, Inc.US235.150.2x
Group median27.1x
Group average25.8x
This companyUS136.626.4x

Group median 27.1x; this company 26.4x — a 3% discount.

Group average 25.8x; against the average this company is at a 2% premium.

At the adjusted group median the market cap would be +3% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-080.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2026-06-050.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2026-03-050.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2025-12-040.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2025-09-040.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2025-06-040.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of WESTERN DIGITAL CORP (WDC) — from primary filings.

Frequently asked questions

What is WESTERN DIGITAL CORP (WDC)'s P/E ratio?
WESTERN DIGITAL CORP (WDC) trades at a P/E of 12.8x (price to trailing 12-month earnings).
What is WESTERN DIGITAL CORP (WDC)'s EV/EBITDA?
WESTERN DIGITAL CORP (WDC) trades at 26.4x EV/EBITDA.
What is WESTERN DIGITAL CORP (WDC)'s P/B ratio?
WESTERN DIGITAL CORP (WDC) trades at a P/B of 14.4x.
What is WESTERN DIGITAL CORP (WDC)'s dividend yield?
WESTERN DIGITAL CORP (WDC)'s trailing 12-month dividend yield is 0.2%.
What is WESTERN DIGITAL CORP (WDC)'s return on equity (ROE)?
WESTERN DIGITAL CORP (WDC)'s ROE is 78.1%.
What is WESTERN DIGITAL CORP (WDC)'s market capitalization?
WESTERN DIGITAL CORP (WDC)'s market cap is 127.9 bn USD.

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