Western Digital Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jun 2026, Cloud was 89% and Client Devices was 6% of revenue; Cloud rose from 80% in the fiscal year to Jun 2024.

In the fiscal year to Jun 2026, United States was 40% and China was 20% of revenue; China rose from 8% in the fiscal year to Jun 2024.

Quarters: Western Digital Corporation's SEC filings, named by the month they end. Fiscal years: Western Digital Corporation's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $72.9 ends up as net income. Net margin rose from −26.9% to 72.9% over the past 3 years.

Circled: Dec 2025 (net 61.1%, operating 30.1%), Mar 2026 (net 96.0%, operating 35.7%), Jun 2026 (net 85.3%, operating 41.7%). Net margin is usually less than 1 point below operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Western Digital Corporation's annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

Western Digital's latest annual report names none of its suppliers or customers, but three customers it does not name account for 16% and 15% and 13% of its revenue.

 

WDCWestern Digital

Customers

Unnamed customer 16%

Unnamed customer 15%

Unnamed customer 13%

Fortinet FTNT

Their customers

Arrow Electronics ARWfrom Fortinet

Ingram Micro INGMfrom Fortinet

TD Synnex SNXfrom Fortinet

Show 3

Western Digital's 10-Q for the quarter to Sep 2026 gives two customers' shares of its revenue: Customer One (14%) and Customer Two (13%). Separately, it gives a group of customers: Top Ten Customers (64%).

From Western Digital Corporation's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

Sandisk SNDKCross-licenses intellectual property

Named in other companies’ filings

Sandisk SNDKlicensing deal with it · Intellectual property cross-licensing

Only the companies Western Digital names in its 10-K filed Aug 14, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Western Digital. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 12.1x, below the peer median of 21.5x, with earnings still growing.

Priced 44% below the peer median of 21.5x.

At 12.1× trailing earnings WDC is inside the middle of its five-year range; the five-year median is 14.4×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $613, 97% above the current price; 85% of 26 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 22 analysts (85%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $166.22 to $589.14 (+254%), while WDC went from $157.16 to $311.21 (+98%). In the past three months targets were raised 3 times and cut 9 times. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved −10.5% (Dec 2025, beat); +4.5% (Mar 2026, beat); −17.7% (Jun 2026, beat); −9.2% (Sep 2026, beat).

For the quarter ending Dec 2026 (Western Digital reports on Jan 28, 2027), analysts expect adjusted earnings of $5.87 a share, 176% more than the $2.13 of a year earlier, and revenue of $5.1B, up 70% on a year earlier. For the fiscal year ending Jun 2027, they expect adjusted earnings of $24.72 a share, and revenue of $21.3B, up 65% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $4.3B in free cash flow over the year, of which $3.2B went back to shareholders (dividends plus buybacks), leaving $1.1B in the company.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 1.3, short-term debt is manageable; debt-to-equity 0.1, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 10 funds whose copy leaves WDC out (on the exchange, not in the app yet): UNICOM Systems, Whale Rock Capital Management, Bridgewater Associates, Norges Bank, Mirae Asset Global Investments, Swiss National Bank and 4 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 15 held WDC at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 7 cut, 1 bought new and 1 held the same. The largest of them is Norges Bank, 4.63M shares worth $3.0B at Jun 30, 2026, 1.1% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of WDC at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.