WDCWESTERN DIGITAL CORP
Computer Storage Devices
- Revenue
- $12.9B
- 36% YoY
- Operating margin
- 34.5%
- 41% YoY
- EBITDA
- $4.8B
- 73% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 2.5×
- $12.0B net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashFired42% of net incomeCash flow under 80% of net income
- Dilutive SBCClear2% of revenueOver 10% of revenue
- Payouts exceed cash flowClear70% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear30% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $18.8B | $6.3B | $6.3B | $9.5B | $12.9B | 36% |
| Operating income | $2.4B | −$548M | −$403M | $2.3B | $4.5B | 91% |
| Net income | $1.5B | −$902M | −$765M | $1.6B | $9.4B | 474% |
| Operating cash flow | $1.9B | −$408M | −$294M | $1.7B | $3.9B | 132% |
| Capex | $1.1B | $821M | $487M | $412M | $418M | 1.5% |
| Stock-based comp | $326M | $318M | $295M | $265M | $204M | 23% |
| Buybacks | — | $0 | $0 | $149M | $2.6B | 1640% |
| Dividends | $0 | $0 | $0 | $44M | $174M | 295% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $5M · 18
- Net
- −$5M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 1021 | 383 |
| FY2025 | — | — | 198 | 352 |
| FY2024 | — | — | 179 | 316 |
| FY2023 | — | — | 89 | 208 |
| FY2022 | — | — | 102 | 138 |