WDC.US: FY26 Q4 $3.75B — pure-play HDD & AI nearline

Snapshot

Price (approx.)

USD 95

Mkt cap (approx.)

USD 33.0B

Revenue (approx.)

USD 15.0B

Q4 FY26 revenue

USD 3.7B

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Western Digital FY26 Q4 revenue $3.75B (+44% / +12% QoQ), GAAP GM 54.1%, FCF $1.28B; FY $12.92B (+36%), Cloud ~89%. Q1 FY27 midpoint $4.1B / 55.5% non-GAAP GM. Pure-play HDD — do not consolidate SNDK flash.

Business

Model: high-capacity HDD to cloud/enterprise. Flagships: nearline; Cloud revenue. Edge: scale + HAMR/SMR. Strategy: AI nearline EB, ~42% share vs Seagate ~41%. Entity: post-split HDD only; flash is SNDK.

Value chain

Mid-stack storage media. Upstream: heads/media/tools; downstream: hyperscalers. High cloud concentration. Risks: tool lead times, process, cycle inventory.

Valuation

Price context ~$95. Market prices nearline upcycle and 50%+ GM durability — do not extrapolate peak earnings.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 95	WDC · 以包内 kpi_snapshot 时点为准

~3y PE / PB / dividend yield / trailing 1Y ann. return. Points without a named market source are null:

Valuation & return · ~3y

Interactive chart available in the reader.

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Last ~8Q revenue and margins with YoY / QoQ. Missing quarters stay null:

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Q4 OCF $1.39B / FCF $1.28B; leverage down post-split. Audit expected unqualified.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

Q4 EB +22%, ASP/EB proxy +18%. FY op. income $4.45B. FY26 buybacks ~$2.59B.

Key financial points

Key financial points

Item	Value	YoY	Note
Q4 营收	$3.75B	+44%	+12% QoQ
GAAP GM	54.1%	+1310bps	周期+结构
FCF	$1.28B	单季	OCF $1.39B
FY26 营收	$12.92B	+36%	Cloud ~89%
Q1 FY27 指引	$4.1B 中值	+42–49%	GM 55.5%
份额（示意）	~42%	HDD	vs STX / 东芝

Competition

Peer strengths/weaknesses; share charts only when a named source exists.

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer map

Peer map

Company	Share/role	Margin	Strength	Weakness
Western Digital (self)	HDD leader	~32%	Nearline AI HDD	Cycle / flash separation
Seagate	HDD peer	Mid	HAMR narrative	Same cycle
SanDisk (SNDK)	NAND spin	Volatile	Pure flash	NAND cycle

Management

Management (24m)

Management (24m)

Role	Name	Since	24m change
CEO	Irving Tan	2024	CEO transition era
CFO	Kris Sennesael	2025	Watch filings
Chair	Board Chair	—	See proxy

Stability: Irving Tan CEO / Kris Sennesael CFO; post-split team stable.

Outlook

Track Q1 $4.1B, HAMR pace, cloud CapEx, and SNDK narrative mix-up.

Scenarios

Risks

Tracking list

Verify on next earnings:

1. Q1 FY27 $4.1B midpoint / 55.5% non-GAAP GM
2. Cloud nearline HDD exabytes and ASP/EB
3. HAMR / SMR capacity vs Seagate share
4. Sustainability of Q4 $1.28B FCF and buyback/dividend
5. Post-split boundary vs SNDK

References

1. WD Q4/FY2026 results — https://investor.wdc.com/news-releases/news-release-details/wd-reports-fiscal-fourth-quarter-and-fiscal-year-2026-financial
2. SEC EDGAR WDC — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000106040
3. Peer — SNDK · Seagate

Not investment advice; defer to latest company filings.