WESTERN DIGITAL CORP

WDC

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions based on hard disk drive (HDD) technology in the United States, Asia, Europe, the Middle East, and Africa. The company offers internal HDDs, data center drives, data center platforms, external drives, portable drives, NAS for home and office, and accessories.

Country: United StatesPrice: $508.80Market Cap: $175.4B

Company Profile

Industry: Computers

SIC Sector: Industrial Machinery & Computing

Size: Large Cap($175.4B)

Revenue: $9.5B+0.0% YoY

Net Income: $1.9B+0.0% YoY

Financial Snapshot

Operating Margin24.5%

Return on Equity35.6%

Debt / Equity1.31

Current Ratio1.08

EPS (Diluted)$5.12+0.0%

Shares Retired0.0% / −1.1% 2y

Similar Companies

AAPLApple Inc.

$4.46T

CSCOCISCO SYSTEMS, INC.

$440.2B

IBMINTERNATIONAL BUSINESS MACHINES CORP

$220.8B

HPE-PCHewlett Packard Enterprise Co

$198.1B

Shareholder Return

Fiscal 2025

Retired 0.0% of shares last year, 1.1% issued over two.

Buybacks: —
Dividends: $44.0M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY25

0.0% = 0.0% + 0.0%

Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Market Cap	$175.4B	$17.0Best.	$14.8Best.	$10.7Best.	$12.0Best.
Revenue	$9.5B	$9.5B↑51%	$6.3B↑1%	$6.3B↓63%	$16.9B
Operating Income	$2.3B	$2.3B↑679%	-$403.0M↑26%	-$548.0M↓145%	$1.2B
Net Income	$1.9B	$1.9B↑337%	-$798.0M↑53%	-$1.7B↓305%	$821.0M
EPS (Diluted)	$5.12	$5.12↑296%	$-2.61↑51%	$-5.37↓302%	$2.66
Gross Margin	38.8%	38.8%↑38%	28.1%↑26%	22.2%↓17%	26.7%
Operating Margin	24.5%	24.5%↑484%	-6.4%↑27%	-8.8%↓222%	7.2%
ROE	35.6%	35.6%↑582%	-7.4%↑46%	-13.7%↓280%	7.6%
Total Debt	$6.9B	$6.9B↓24%	$9.2B↑11%	$8.3B↓8%	$9.0B
Shareholders' Equity	$5.3B	$5.3B↓51%	$10.8B↓12%	$12.3B↑14%	$10.8B
Current Ratio	1.08	1.08↓18%	1.32↓9%	1.45↓28%	2.00
Debt / Equity	1.31	1.31↑54%	0.85↑26%	0.67↓19%	0.83
Operating Cash Flow	$1.7B	$1.7B↑675%	-$294.0M↑28%	-$408.0M↓121%	$1.9B
Free Cash Flow	$1.3B	$1.3B↑264%	-$781.0M↑36%	-$1.2B↓263%	$752.0M

Scored from 10-K1d ago

Metric	Marks Risk-Aware Value	Akre Three-Legged Stool	Druckenmiller Macro-Enhanced Growth	Spier Value Checklist	Pabrai Dhandho Framework	Munger Quality Focus	Ackman Activist Value	Piotroski F-Score	Greenblatt Magic Formula	Lynch GARP	Buffett Quality Compounder	Graham Defensive Value
Verdict	HOLD	HOLD	PASS	BUY	HOLD	BUY	HOLD	PASS	Not ranked	PASS	FAIL	FAIL
Score
Analysis
Intrinsic Value			N/A
Margin of Safety	-13688.6%	-611.9%	N/A	-406.4%	-1273.7%	-919.0%	-986.5%	-3223.3%	-1471.8%	-458.7%	-469.5%	-1111.4%
Data As Of	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)

Where They Agree

Valuation models
WDC overvalued: all 11 models price fair value below $508.80 (median $46.83)
Marks fair value$3.69
✗Marks-13688.6% margin vs $508.80
Akre fair value$71.47
✗Akre-611.9% margin vs $508.80
Spier fair value$100.47
✗Spier-406.4% margin vs $508.80
Pabrai fair value$37.04
✗Pabrai-1273.7% margin vs $508.80
Show 7 more metrics ▾Show fewer ▴
Munger fair value$49.93
✗Munger-919.0% margin vs $508.80
Ackman fair value$46.83
✗Ackman-986.5% margin vs $508.80
Piotroski fair value$15.31
✗Piotroski-3223.3% margin vs $508.80
Greenblatt fair value$32.37
✗Greenblatt-1471.8% margin vs $508.80
Lynch fair value$91.07
✗Lynch-458.7% margin vs $508.80
Buffett fair value$89.34
✗Buffett-469.5% margin vs $508.80
Graham fair value$42.00
✗Graham-1111.4% margin vs $508.80

Where They Disagree

Profitability
3 of 11 pass — Marks, Druckenmiller, Spier +5 more object
Discount to Intrinsic Value-110.6% (IV=$38.15 vs Price=$80.34)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency17/22 years positive
✓MarksPositive net income in >= 7 of last 10 years
Return on Equity21.3% (3-yr avg)
✓AkreROE > 20% (3-year avg)
EPS Growth AccelerationLatest: 0.0%, Prior: 296.2%
✗DruckenmillerAccelerating EPS growth
Show 19 more metrics ▾Show fewer ▴
Margin of SafetyP/E=15.7x, P/B=5.2x
✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
Operating Income / Revenue24.5%
✓Ackman>= 15%
Net Income / Shareholders Equity35.6%
✓Ackman>= 15%
Net Income / Total Assets13.49%
✓PiotroskiROA > 0
ROA Change YoY13.49% -> 13.49% (delta: +0.00%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=12.08%, ROA=13.49%
✗PiotroskiCFO/Assets > ROA
Gross Margin Change YoY38.8% -> 38.8%
✗PiotroskiImproved YoY
EBIT / Enterprise Value7.1%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=7.1%, ROC=45.6%
✗GreenblattBoth EY > 10% and ROC > 25%
3-5 Year EPS CAGR17.8%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE35.6%
✓Lynch> 15%
Net Income Positive (10+ years)17/26 years positive
✗BuffettPositive every year for 10+ years
ROE (5-yr avg)11.5%
✗Buffett> 15% (5-yr avg)
Operating Margin (10-yr trend)24.5% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$1.9B
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)1.68
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Positive EPS (10 years)15/26 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Debt & Leverage
2 of 8 pass — Akre, Munger, Ackman +3 more object
Interest Coverage & Debt/EBITDAIC=6.4x, D/EBITDA=2.5x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Debt Levels1.31
✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
Total Debt / Shareholders Equity1.31
✗Ackman<= 1.0
LT Debt / Total Assets Change17.75% -> 17.75%
✓PiotroskiDecreased YoY
Show 4 more metrics ▾Show fewer ▴
Total Debt / Equity1.31
✗Lynch< 0.33
Cash - Long-term Debt$-371.0M
✗LynchPositive preferred
Debt/Equity & Interest CoverageD/E: 1.31, IC: 6.4x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
LT Debt vs Net Current AssetsLT Debt $2.5B vs NCA $438.0M
✗GrahamLT Debt <= Net Current Assets
Valuation
4 of 9 pass — Marks, Spier, Pabrai +2 more object
P/B or P/E vs. Historical AverageP/E=15.7x, P/B=5.2x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-110.6% (IV=$38.15 vs Price=$80.34)
✗Marks>= 20% below intrinsic value
Price vs. 200-day MAQualitative
✓DruckenmillerPrice above 200-day moving average
Margin of SafetyP/E=15.7x, P/B=5.2x
✗SpierP/E < 15 AND P/B < 2.0
Show 9 more metrics ▾Show fewer ▴
P/E or FCF YieldP/E=15.7x, FCF Yield=4.6%
✗PabraiP/E < 15 or FCF Yield > 10%
Valuation ReasonablenessP/E=15.7x, OE Yield=6.9%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
Price / FCF per Share21.8x
✓Ackman<= 25
EBIT / Enterprise Value7.1%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=7.1%, ROC=45.6%
✗GreenblattBoth EY > 10% and ROC > 25%
P/E / EPS Growth Rate0.88
✓Lynch< 1.0 (ideally < 0.5)
Price / 3-yr avg EPS31.6x
✗Graham<= 15x
Price-to-Book Ratio5.2x
✗Graham<= 1.5x
P/E x P/B165.80
✗Graham<= 22.5
Cash Flow
3 of 6 pass — Pabrai, Piotroski and Lynch object
FCF Positive16/19 years FCF positive
✓MarksPositive FCF in majority of recent years
P/E or FCF YieldP/E=15.7x, FCF Yield=4.6%
✗PabraiP/E < 15 or FCF Yield > 10%
(OCF - CapEx) / Market Cap4.6%
✓Ackman>= 4%
Price / FCF per Share21.8x
✓Ackman<= 25
Show 4 more metrics ▾Show fewer ▴
Operating Cash Flow$1.7B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=12.08%, ROA=13.49%
✗PiotroskiCFO/Assets > ROA
FCF Positive and Growing$1.3B
✗LynchPositive and growing
Free Cash Flow Proxy$1.9B
✓BuffettPositive and growing
Growth
1 of 5 pass — Druckenmiller, Ackman, Lynch +1 more object
Positive Net Income Frequency17/22 years positive
✓MarksPositive net income in >= 7 of last 10 years
EPS Growth AccelerationLatest: 0.0%, Prior: 296.2%
✗DruckenmillerAccelerating EPS growth
Revenue Growth RateLatest: 0.0%, Prior: 50.7%
✗DruckenmillerRevenue growth accelerating
3yr Median Revenue Growth1.0%
✗Ackman>= 5%
Show 5 more metrics ▾Show fewer ▴
Positive EPS Growth Frequency3/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
P/E / EPS Growth Rate0.88
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR17.8%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 0.0% vs Rev: 0.0%
✗LynchInventory growth < Revenue growth
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Efficiency
3 of 6 pass — Piotroski, Buffett and Graham object
ROIC (high and growing)8/21 years ROIC > 15% (latest: 15.1%)
✓AkreROIC > 15% for 3+ years
Reinvestment Rate x ROIC14.7% (RR=98% x ROIC=15.1%)
✓AkreReinvestment Rate * ROIC > 10%
Return on Invested Capital15.1%
✓Munger> 15%
Current Ratio Change YoY1.08 -> 1.08
✗PiotroskiIncreased YoY
Show 5 more metrics ▾Show fewer ▴
Revenue / Total Assets Change YoY0.68x -> 0.68x
✗PiotroskiImproved YoY
EBIT / (NWC + Net Fixed Assets)45.6%
✓Greenblatt> 25%
ROIC (3-5 yr avg)7.6%
✗Buffett> 10%
ROIC - WACC-2.4%
✗BuffettPositive (WACC = 10%)
Current Ratio1.08
✗Graham>= 2.0
Verdicts
Split decision: 4 HOLD · 3 PASS · 2 BUY · 2 FAIL
Overall verdict
•MarksHOLD (6/8)•AkreHOLD (5/7)✓DruckenmillerPASS (4/7)✓SpierBUY (7/8)•PabraiHOLD (6/8)✓MungerBUY (6/7)•AckmanHOLD (7/9)✓PiotroskiPASS (F-Score 4)•GreenblattNot ranked✓LynchPASS (PEG 0.88)✗BuffettFAIL (1/9)✗GrahamFAIL (1/9)

Historical Score Timeline

Industry Peers

Similar companies in Computers

WDC vs Peers — Financial Grading

Revenue$9.5BMedian

Net Income$1.9BMedian

ROE35.6%Median

D/E1.31Median

Op. Margin24.5%Median

Curr. Ratio1.08Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski
Apple Inc.AAPL	$4.46T	$305.93	$416.2B	$112.0B	151.9%	1.40	32.0%	0.89	1/9	6/9	3/7	1/3	F-Score 8
CISCO SYSTEMS, INC.CSCO	$440.2B	$111.68	$56.7B	$10.2B	21.7%	0.56	20.8%	1.00	4/9	7/9	3/7	0/3	F-Score 8
INTERNATIONAL BUSINESS MACHINES CORPIBM	$220.8B	$234.32	$67.5B	$10.6B	32.4%	1.68	—	0.96	3/9	3/9	3/7	0/3	F-Score 6
Hewlett Packard Enterprise CoHPE-PC	$198.1B	$150.26	$34.3B	$57.0M	0.2%	1.03	-1.3%	1.01	1/9	1/9	1/7	0/3	F-Score 4
NCR Voyix CorpNCRRP	$138.6B	$1002.00	$2.7B	$62.0M	6.5%	1.17	1.0%	1.04	1/9	3/9	0/7	0/3	F-Score 3
Fortinet, Inc.FTNT	$117.4B	$160.01	$6.8B	$1.9B	149.8%	0.81	30.7%	1.17	2/9	5/9	5/7	1/3	F-Score 6
NetApp, Inc.NTAP	$40.6B	$207.08	$6.2B	$1.3B	94.4%	1.84	26.8%	1.44	3/9	5/9	3/7	1/3	F-Score 8
HP INCHPQ	$27.5B	$30.11	$55.3B	$2.5B	-730.9%	-30.38	5.7%	0.77	3/9	3/9	1/7	1/3	F-Score 5

24 fiscal years have an unverified share basis

FY1999, FY2000, FY2001, FY2002, FY2003, FY2004, FY2005, FY2006, FY2007, FY2008, FY2009, FY2010, FY2011, FY2012, FY2013, FY2015, FY2016, FY2017, FY2018, FY2019, FY2020, FY2021, FY2022 and FY2023 could not be reconciled between the historical share price and the per-share figures reported for those years. Splits and ADS re-bundlings change what “one share” means, and the two sides are not always restated together — so ratios for those years, including P/E, P/B and margin of safety, may be scaled by a whole-number factor. Other years on this page are unaffected.

Across the whole archive, 82.4% of company-years reconcile and 17.6% do not. Unverified years are shown rather than silently corrected, because a guessed adjustment is worse than a flagged one.