Western Digital
ConvictionWeak
Capital-intensive vertically-integrated hard-disk-drive design/manufacturing; sells nearline (data-center/cloud), client, and consumer drives, now largely on multi-year exabyte long-term agreements (LTAs) with fixed/predictable pricing into CY2028-29. Cloud is ~89% of revenue.
Revenue
$3.34B Q3 FY2026+45% YoY); $11.78B TTM; FY2025 $9.52B (+51%) [fact]Rev growth
+45% YoYQ3 FY2026); FY2025 +51% [fact]Gross margin
50.5% non-GAAPQ3 FY2026), +1,040bps YoY; Q4 guide 51-52% [fact]Op margin
38.6%Q3 FY2026), op income $1.3B +106% YoY [fact]Capex intensity
~4.3% of revenue$145M capex / $3.34B, Q3 FY2026) — light vs. fabless-grade [fact]Market cap
~$233Bstockanalysis.com, June 25 2026; price ~$675, ~345M sh; sources vary $675-766 given extreme volatility, stock up ~250% YTD) [fact]Across the boards
The thesis on this name
opportunityWeak
State of the Memory Supercycle
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2025-08-14. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$16.9B
FY’22
$18.8B+11%
FY’23
$12.3B-34%
FY’24
$13.0B+6%
FY’25
$9.5B-27%
Margins & balance sheet — FY’25
Gross margin38.8%
Operating margin24.5%
Net margin19.8%
Net cash$469M
The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Western Digital
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.