WDCNasdaqComputer Storage DevicesFiscal year ends July 3
WESTERN DIGITAL CORP
Financials through Q4 FY2026, quarter ended Jul 3, 2026Last filing: 10-K on Aug 14, 2026
$352.21+20.21 (+6.09%)
Close on Oct 19, 2026
- Market cap
- $137.01B
- P/E (TTM)
- 14.5
- Dividend yield
- 0.14%
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
48.9%+22.1 pts over 5 years
Operating margin
34.5%+27.3 pts over 5 years
Net margin
72.9%+68.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +35.7% | +27.4% | -5.3% | -0.1% | |
| Gross profit | +70.9% | +65.5% | +6.9% | +6.3% | |
| Operating income | +90.8% | – | +29.6% | +25.3% | |
| Net income | +398.9% | – | +62.9% | +44.2% | |
| EPS, diluted | +374.2% | – | +55.6% | +37.6% | |
| Free cash flow | +174.5% | – | +36.1% | +9.6% | |
| Dividend per share | +400.0% | – | – | -12.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 3.5% | 8.1% | 133.0% | |
| Return on assets | 1.3% | 3.2% | 67.6% | |
| Current ratio | 2.55 | 2.00 | 1.33 | |
| Debt to equity | 1.15 | 0.81 | 0.12 | |
| Net debt to EBITDA | 1.67× | 2.20× | -0.11× | |
| Interest coverage | 2.3× | 3.7× | 27.0× | |
| Inventory turnover | 5.8× | 3.7× | 4.7× | |
| Capex to revenue | 3.0% | 6.8% | 3.2% | |
| Diluted shares | 296M | 309M | 383M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Western Digital generated $8.20B from operations and spent $6.22B on capital expenditure, dividends and share buybacks. 52% of that went back into the business.
Generated
$8.20B
Used
$6.22B
Capital expenditure$3.26B52%Dividends$218.00M4%Share buybacks$2.74B44%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin72.9%
×Asset turnover0.93×
×Equity multiplier1.97×
=Return on equity, FY2026133.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 72.9% | 0.93× | 1.97× | 133.0% |
| FY2025 | 19.8% | 0.50× | 2.37× | 23.4% |
| FY2024 | -12.6% | 0.26× | 2.24× | -7.3% |
| FY2023 | -26.9% | 0.25× | 2.18× | -14.5% |
| FY2022 | 8.2% | 0.72× | 2.27× | 13.4% |
| FY2021 | 4.9% | 0.65× | 2.55× | 8.1% |
| FY2020 | -1.5% | 0.64× | 2.67× | -2.6% |
| FY2019 | -4.6% | 0.60× | 2.59× | -7.0% |
| FY2018 | 3.3% | 0.70× | 2.58× | 5.9% |
| FY2017 | 2.1% | 0.61× | 2.78× | 3.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
7of 9 tests passed in fiscal 2026. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$9.42B
- Cash generatingOperating cash flow above zero$3.93B
- Return on assets improvedROA up on the prior year7.8% → 67.3%
- Earnings backed by cashOperating cash flow above net income$3.93B vs $9.42B
- Less leverageLong-term debt to assets fell17.7% → 0.0%
- Better liquidityCurrent ratio rose1.08 → 1.33
- No dilutionShare count did not rise359M → 383M
- Gross margin improvedGross margin up on the prior year38.78% → 48.85%
- More efficientAsset turnover rose0.39 → 0.92