Explain this page
Arphra AIPlain-English read on Western Digital Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | $21.96B | — | — | — | — |
| Enterprise value | — | — | — | — | $24.93B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | 2.62 | — | — | — | — |
| EV / FCF | — | — | — | — | 19.41 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | +8.47% | — | — | — | — |
| Free cash flow yield | — | — | — | — | +5.85% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +26.72% | +31.26% | +22.24% | +28.07% | +38.78% | +30.02% | +29.42% | +29.76% | +29.50% |
| Operating margin | +7.21% | +12.72% | -8.76% | -6.38% | +24.52% | +3.07% | +3.20% | +3.04% | +3.06% |
| EBITDA margin | +14.57% | +18.11% | +4.62% | +3.85% | +20.36% | +9.61% | +9.73% | +9.50% | +9.70% |
| EBIT margin | +7.40% | +13.17% | -8.62% | -5.14% | +15.62% | +0.60% | +0.61% | +0.61% | +0.63% |
| Pre-tax margin | +5.48% | +11.55% | -13.57% | -11.70% | +11.87% | -4.53% | -4.36% | -4.56% | -4.50% |
| Net margin | +4.85% | +8.23% | -26.92% | -12.63% | +19.55% | -6.48% | -6.82% | -6.65% | -6.48% |
| Cost structure | |||||||||
| Cost of revenue / sales | +73.28% | +68.74% | +77.76% | +71.93% | +61.22% | +72.17% | +71.76% | +72.26% | +69.26% |
| R&D intensity | +13.25% | +12.36% | +15.76% | +15.04% | +10.44% | +13.66% | +13.42% | +13.49% | +13.70% |
| SG&A intensity | +6.53% | +5.94% | +12.90% | +11.49% | +5.97% | +9.93% | +9.86% | +10.18% | +9.84% |
| Effective tax rate | +11.43% | +28.79% | — | — | -45.40% | — | — | — | — |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +7.66% | +12.65% | -15.36% | -7.38% | +35.04% | -4.96% | -5.14% | -5.10% | -5.03% |
| Return on assets (ROA) | +3.14% | +5.89% | -6.86% | -3.30% | +13.29% | -2.10% | -2.28% | -2.12% | -2.14% |
| Return on capital (ROC) | +6.27% | +12.05% | -2.82% | -2.16% | +22.46% | +1.30% | +1.34% | +1.30% | +1.33% |
| Return on invested capital (ROIC) | +4.22% | +7.79% | -2.11% | -1.62% | +17.91% | +0.97% | +1.01% | +0.97% | +0.99% |
| Asset turnover | +64.76% | +71.57% | +25.48% | +26.12% | +67.99% | +32.37% | +33.40% | +31.95% | +33.06% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +4.85% | +8.23% | -26.92% | -12.63% | +19.55% | -6.48% | -6.82% | -6.65% | -6.48% |
| Asset turnover (× revenue / assets) | +64.76% | +71.57% | +25.48% | +26.12% | +67.99% | +32.37% | +33.40% | +31.95% | +33.06% |
| Equity multiplier (× assets / equity) | +243.75% | +214.87% | +223.88% | +223.59% | +263.64% | +236.65% | +225.76% | +240.39% | +234.77% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.65 | 0.72 | 0.25 | 0.26 | 0.68 | 0.32 | 0.33 | 0.32 | 0.33 |
| Fixed-asset turnover | 5.31 | 5.12 | 1.73 | 2.68 | 4.06 | — | — | — | — |
| Inventory turnover | 3.43 | 3.55 | 1.32 | 3.28 | 4.51 | — | — | — | — |
| Receivables turnover | 7.50 | 6.70 | 3.91 | 5.13 | 6.41 | — | — | — | — |
| Payables turnover | 5.32 | 5.81 | 3.07 | 4.31 | 4.60 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 48.68 | 54.46 | 93.25 | 71.13 | 56.97 | — | — | — | — |
| Days inventory outstanding (DIO) | 106.43 | 102.78 | 277.50 | 111.41 | 80.85 | — | — | — | — |
| Days payables outstanding (DPO) | 68.64 | 62.78 | 118.94 | 84.66 | 79.29 | — | — | — | — |
| Cash conversion cycle | 86.47 | 94.47 | 251.81 | 97.88 | 58.54 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 2.31 | 1.22 | 0.24 | 0.37 | 0.91 | -0.34 | -0.33 | -0.33 | -0.34 |
| FCF / Net income | 1.09 | 0.50 | 0.72 | 0.98 | 0.69 | 0.94 | 0.92 | 0.92 | 0.93 |
| FCF margin | +5.29% | +4.11% | -19.42% | -12.36% | +13.49% | -6.08% | -6.27% | -6.11% | -6.02% |
| OCF margin | +11.22% | +10.00% | -6.52% | -4.65% | +17.76% | +2.19% | +2.22% | +2.16% | +2.19% |
| CapEx / Revenue | +5.93% | +5.89% | +12.90% | +7.71% | +4.28% | +8.49% | +8.31% | +8.44% | +8.17% |
| CapEx / D&A | 0.83 | 1.19 | 0.97 | 0.86 | 0.90 | — | — | — | — |
| Stock-based comp / Revenue | +1.88% | +1.73% | +5.08% | +4.67% | +2.78% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.66 | 4.75 | -5.37 | -2.61 | 5.12 | 9.97 | 17.38 | 25.50 | 37.39 |
| EPS · basic | 2.69 | 4.81 | -5.37 | -2.61 | 5.31 | 10.03 | 17.54 | 25.61 | 38.16 |
| Book value / share | 34.70 | 38.67 | 34.48 | 33.18 | 14.79 | 46.52 | 64.65 | 81.08 | 99.31 |
| Tangible BV / share | 0.69 | 6.22 | 2.66 | 19.71 | 2.76 | 46.52 | 64.65 | 81.08 | 99.31 |
| Sales / share | 54.76 | 59.47 | 19.67 | 19.38 | 26.52 | 35.63 | 48.75 | 62.28 | 77.08 |
| Operating CF / share | 6.14 | 5.95 | -1.28 | -0.90 | 4.71 | 0.78 | 1.08 | 1.35 | 1.69 |
| Free cash flow / share | 2.90 | 2.45 | -3.82 | -2.40 | 3.58 | -2.17 | -3.05 | -3.80 | -4.64 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.12 | 0.05 | 0.08 | 0.09 | 0.12 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | +2.36% | -2.38% | -2.26% | -2.29% | -2.33% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +97.64% | +102.38% | +102.26% | +102.29% | +102.33% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +11.06% | -66.72% | +0.99% | +50.70% | +35.07% | +37.18% | +26.55% | +23.72% | +6.31% |
| Gross profit · YoY | — | +29.93% | -76.32% | +27.46% | +108.23% | +4.56% | +34.43% | +28.03% | +22.61% | +7.64% |
| Profit | ||||||||||
| Operating income · YoY | — | +95.98% | -122.92% | +26.46% | +679.16% | -83.10% | +43.22% | +20.23% | +24.38% | -4.49% |
| EBITDA · YoY | — | +38.09% | -91.51% | -15.92% | +697.53% | -36.23% | +38.90% | +23.49% | +26.41% | +1.05% |
| Net income · YoY | — | +88.31% | -208.93% | +52.61% | +333.21% | -144.78% | -44.38% | -23.31% | -20.70% | — |
| Operating | ||||||||||
| EBIT · YoY | — | +97.53% | -121.78% | +39.70% | +557.54% | -94.80% | +39.40% | +26.96% | +28.10% | -21.80% |
| R&D · YoY | — | +3.57% | -57.55% | -3.65% | +4.63% | +76.70% | +34.78% | +27.25% | +25.62% | +6.76% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +78.57% | -213.05% | +51.40% | +296.17% | +94.73% | +74.30% | +46.75% | +46.61% | +39.15% |
| EPS · basic · YoY | — | +78.81% | -211.64% | +51.40% | +303.45% | +88.84% | +74.93% | +46.02% | +48.97% | +39.31% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $8.73B | $7.62B | $8.47B | $7.82B | $5.08B | $13.59B | $18.72B | $23.27B | $28.17B |
| Net debt | $5.36B | $5.29B | $6.45B | $6.27B | $2.97B | $10.24B | $14.21B | $17.42B | $20.74B |
| Net debt / EBITDA | 2.17 | 1.55 | 22.32 | 25.81 | 1.53 | 8.29 | 8.28 | 8.22 | 7.74 |
| Debt / equity | 0.81 | 0.62 | 0.77 | 0.72 | 0.96 | 0.81 | 0.80 | 0.80 | 0.79 |
| Debt / assets | +33.39% | +29.00% | +34.52% | +32.35% | +36.29% | +34.21% | +35.45% | +33.31% | +33.72% |
| Equity / assets | +41.03% | +46.54% | +44.67% | +44.72% | +37.93% | +42.26% | +44.29% | +41.60% | +42.60% |
| Coverage | |||||||||
| EBITDA / interest expense | 7.56 | 11.20 | 0.93 | 0.59 | 5.43 | 1.91 | 1.90 | 1.87 | 1.94 |
| Operating income / interest | 3.74 | 7.87 | -1.77 | -0.97 | 6.54 | 0.61 | 0.63 | 0.60 | 0.61 |
| Interest expense | $326M | $304M | $310M | $414M | $357M | $646.27M | $902.4M | $1.14B | $1.38B |
| Liquidity | |||||||||
| Current ratio | 2.00 | 1.81 | 1.45 | 1.32 | 1.08 | — | — | — | — |
| Quick ratio | 1.16 | 0.98 | 0.67 | 0.46 | 0.73 | — | — | — | — |
| Cash ratio | 0.69 | 0.44 | 0.37 | 0.25 | 0.39 | — | — | — | — |
| Working capital | $4.89B | $4.22B | $2.45B | $1.97B | $438M | — | — | — | — |
| Working capital / revenue | +28.88% | +22.43% | +39.20% | +31.23% | +4.60% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 |
|---|---|
| P / E | — |
| P / B | — |
| EV / EBITDA | — |
| EV / Sales | 2.62x |
| Earnings yield | 8.5% |
| FCF yield | 5.8% |
Returns
| Metric | FY 2025 |
|---|---|
| Gross margin | — |
| Operating margin | — |
| Net margin | — |
| ROE | 35.0% |
| ROA | 13.3% |
| ROIC | 21.5% |
Leverage & liquidity
| Metric | FY 2025 |
|---|---|
| Debt / equity | — |
| Net debt / EBITDA | 1.53 |
| Interest coverage | — |
| Current ratio | 1.08x |
| Quick ratio | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).