⚡What does Western Digital do, in 30 seconds?
Western Digital makes and sells hard disk drives, mostly high-capacity drives for cloud data centers 16 1. It sold $12.9bn ✓ in FY2026, and Cloud made up 89% ✓ of that. It split off its flash memory business as a separate company, Sandisk, in February 2025 9.
📱What does Western Digital sell?
Western Digital sells hard drives into three end markets, and Cloud is by far the biggest 19. Here is what each one is and who buys it.
Cloud
High-capacity hard drives for cloud and company data centers and for smart video systems 1. Cloud brought in $11.5bn ✓ in FY2026. Its newest data-center drives hold up to 40TB each 3.
👥 Hyperscale cloud providers, neoclouds, computer makers and other big buyers, some on long-term deals 4.
How the mix has shifted
Where the customers are
The United States is Western Digital's biggest market, at 40% ✓ of FY2026 sales. China added 20% ✓ and Hong Kong 12% ✓. Europe, the Middle East and Africa added 16% ✓, and the rest of Asia 8% ✓.
💸How does Western Digital make money?
Follow the money from left to rightfrom top to bottom: what customers pay for, what it costs to make, and what is left as profit.
FY2024: Western Digital made a loss, so there was no profit left to follow and no money map is drawn for that year.
Western Digital sold $12.9bn ✓ of hard drives in FY2026. Making those drives cost $6.6bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $6.3bn ✓.
Next come the costs of running the company. Research and development took $1.2bn ✓, and sales, marketing and admin took $0.6bn ✓. What remains is operating profit, the profit from the main business, which was $4.5bn ✓. Income from outside the main business added $5.5bn ✓, so after tax of $0.5bn ✓, net income was $9.4bn ✓. That is more than double the operating profit.
Out of every $100 customers paid in FY2026…
Interest, investment gains and other income added +$42 for every $100 of sales, so the slices above add up to a little more than $100.
⏱️ Western Digital by the clock
Spread the FY2026 totals evenly over its 371 days and you get this. Source: WESTERN DIGITAL CORP 10-K [6].
📈How is Western Digital doing?
Western Digital has turned from losses to strong profits in three years. Its operating margin was -8.8% ✓ in FY2023, so it lost money on its main business. By FY2026 the margin was 34.5% ✓. Sales grew 27.4% ✓ a year from FY2023 to FY2026, rising in all 3 ✓ years, though growth in FY2024 was only 1.0% ✓. The company split off its flash business, Sandisk, in February 2025 9.
In FY2026, revenue rose 36% as the company sold 25% more storage, measured in exabytes, at an 8% higher price per exabyte 9. Gross margin climbed from 22.2% ✓ in FY2023 to 48.9% ✓. Net cash, meaning cash and investments minus borrowings, was $0.5bn ✓ at the end of FY2026.
The latest four quarters, to 2 October 2026, look stronger still. Sales reached $14.5bn ✓, up 43.0% ✓ on the four quarters before, and the operating margin was 39.4% ✓. In the first quarter of fiscal 2027 alone, revenue was $4.38 billion, up 55% on a year earlier 5. In that quarter, cloud prices per exabyte were about 25% higher than a year earlier 18.
📝 The report card
Western Digital scores well for growth and fairly for profit, but its cash record is middling and its sales swing a lot from year to year. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Western Digital (orange) and its 2 peers land; further right is better.
Growth
Western Digital's sales grew 27.4% ✓ a year over its last three fiscal years, which earns an A ✓ on the fixed scale. Seagate grew 18.2% ✓ a year, also an A ✓, while Micron grew a remarkable 104.6% ✓ a year.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Western Digital kept 22.2% ✓ of sales as operating profit, a B ✓. That includes FY2024, when its operating margin was -6.4% ✓. Seagate is about level at 23.1% ✓, while Micron kept 56.4% ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Western Digital turned 13.9% ✓ of sales into free cash flow, which earns a C ✓. The figure is held down by FY2024, when free cash flow was -$0.8bn ✓; that year still included the flash business that became Sandisk 9. Seagate managed 16.5% ✓ and Micron 31.0% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2026, Western Digital's cash and investments minus its borrowings (leases not counted) equalled 4.1% ✓ of a year's sales, a C ✓. Seagate owes more than it holds, at -15.3% ✓.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Western Digital's yearly growth rates swing a lot, with a standard deviation of 25.5% ✓, which earns an F ✓. Growth jumped from 1.0% ✓ in FY2024 to 50.7% ✓ in FY2025. Seagate also gets an F ✓, at 21.6% ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Western Digital compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
4 years at a glance
Where the cash goes
From FY2023 to FY2026, Western Digital handed back a little more cash than its free cash flow. It spent $3.0bn ✓ on buybacks and dividends, against $2.8bn ✓ of free cash flow. Most of that came in FY2026, when buybacks were $2.6bn ✓ and payouts equalled 79% ✓ of free cash flow. In February 2026 the board approved up to $4.0 billion more of buybacks 9.
🧮Ratios 101: what are Western Digital's key financial ratios?
Ratios turn Western Digital's results into easy comparisons, and a few look strange in FY2026 because of a large boost to profit from outside the main business. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Western Digital's real FY2026 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 At 48.9% ✓, up from 28.1% ✓ in FY2024, Western Digital is just ahead of Seagate's 45.6% ✓ but below the 63.1% ✓ peer median, which Micron lifts.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Western Digital's 34.5% ✓ is a big swing from -6.4% ✓ in FY2024. It is close to Seagate's 33.6% ✓ but below the 54.1% ✓ peer median.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 A net margin of 72.9% ✓ is higher than the operating margin, because $5.5bn ✓ of income came from outside the main business. It was -12.6% ✓ in FY2024.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 106.3% ✓, against -7.4% ✓ in FY2024, is lifted by the same outside income. It sits near the 104.2% ✓ peer median.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 68.0% ✓ is well above the 37.7% ✓ peer median, but it also counts the outside income. In FY2024 it was -3.3% ✓.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Western Digital's sales are 0.9x ✓ the value of everything it owns, close to the 1.0x ✓ peer median.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Western Digital holds 83 ✓ days of stock, down from 111 ✓ days in FY2024 and below the peer median of 117 ✓ days.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 At 1.3x ✓, the same as 1.3x ✓ in FY2024, Western Digital can cover its bills due within a year, though with less room than the 2.5x ✓ peer median.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 Debt to equity fell to 0.1x ✓ from 0.7x ✓ in FY2024, well below the 0.8x ✓ peer median. In February 2026 the company used Sandisk shares to pay off several notes and a loan 9.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit covered interest costs 27.0x ✓ in FY2026, against -1.0x ✓ in FY2024, when the main business lost money. Seagate's cover was 14.4x ✓.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Free cash flow of $3.5bn ✓ was well below net income of $9.4bn ✓, so cash conversion was just 0.4x ✓. The gap mostly reflects the $5.5bn ✓ of income from outside the main business.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 Western Digital spends 9.0% ✓ of sales on R&D, down from 15.0% ✓ in FY2024 as sales grew, but above the 5.2% ✓ peer median.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is 1.6% ✓ of sales, close to the 1.4% ✓ peer median.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Western Digital returned 29.4% ✓ of FY2026 profit, up from 10.2% ✓ in FY2025 and above the 13.5% ✓ peer median. Measured against free cash flow, payouts were 79% ✓.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Western Digital's competitors?
Seagate is Western Digital's direct hard drive rival, and data centers were 80% of Seagate's FY2026 revenue 11121314. Micron competes from the flash side, selling SSDs into the same data-center market 410.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Western Digital (WDC, FY2026) | High-capacity hard drives for cloud data centers, plus PC and consumer drives 19 | $12.9bn | 27.4% | 34.5% | 27.2% |
| Micron (MU, FY2026) | Data-center SSDs built with NAND flash, including a 245TB drive 410 | $133.2bn | 104.6% | 74.6% | 44.3% |
| Seagate (STX, FY2026) | Hard drives for data centers; a direct hard drive rival 11121314 | $12.2bn | 18.2% | 33.6% | 25.5% |
Toshiba also makes hard drives, and both Western Digital and Seagate name it as a rival 11121314. Western Digital also counts NAND flash suppliers as competitors 4. Micron says SSDs are faster and use less power than hard drives 10. Seagate says that in data centers the two mostly work side by side 2223.
🧭Western Digital SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Western Digital makes nearly all of its own recording heads and disks, the parts that raise capacity and cut cost 16.
- It names Seagate and Toshiba as its hard drive rivals, alongside NAND flash suppliers 4 11121314.
- Customers are planning with it earlier and signing longer deals, which gives it a better view of future demand 9.
- Its operating margin went from -8.8% ✓ in FY2023 to 34.5% ✓ in FY2026.
🩹 Weaknesses
🚀 Opportunities
- In February 2026, two big cloud customers were testing its 40TB UltraSMR drive, with volume production planned for the second half of 2026 17.
- The company says its ePMR drives can grow to 60TB and its HAMR drives to 100TB 17.
- Its High Bandwidth Drive offers up to twice the speed of a standard drive, with a roadmap to eight times 17.
- In the quarter to 2 October 2026, Cloud storage shipped rose more than 20% from a year earlier 18.
⚠️ Threats
- Sales depend on how big cloud customers build data centers, and the industry is cyclical 4.
- Micron says SSDs are faster, more reliable and use less power than hard drives 10.
- Seagate already uses its own form of HAMR in its Mozaic drives to store more on each disk 11.
- In a patent case brought by SPEX Technologies, a jury awarded $316 million in 2024, but the court later cut the award to $1 18. Both sides have appealed, and no liability is booked 18.
🏰Does Western Digital have a moat?
Why 1?
Western Digital sells drives to cloud providers, computer makers, resellers and retailers 4. One more buyer does not make a drive more useful to anyone else, so there is no network effect.
Why 4?
Western Digital makes nearly all of its own recording heads and disks, the parts that raise capacity and cut cost over time 16. Shared parts across drive platforms bring buying savings 16. It says hard drives give cloud customers a low total cost for storing lots of data 1. Seagate and Toshiba compete with it 4, and Seagate's FY2026 operating margin of 33.6% ✓ was close to Western Digital's 34.5% ✓.
Why 3?
Western Digital holds about 4,700 active patents, and also uses technology licensed from others 16. It designs its own recording heads and disks 16. Patents cut both ways: in FY2024 it booked a $384 million liability after a jury found its drive media broke another firm's patents 15. It settled for $130 million in April 2025 15.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Western Digital; grey dots are peers).
🔭What should you watch next?
Fiscal Q2 2027 results
Western Digital expects revenue of about $5.1 billion, plus or minus $100 million, with a non-GAAP gross margin of 60% to 61% 5. Figures on this page run to FY2026 and the four quarters to 2 October 2026.
Convertible notes redemption
Western Digital has called its remaining 3.00% convertible notes due 2028 and expects nearly all holders to convert them first 24.
Annual meeting of stockholders
The meeting is set for 20 November 2026 and will be held online only 20.
40TB UltraSMR drive in volume
In February 2026 two hyperscale customers were testing the drive, with volume production planned for the second half of 2026 17.
SPEX patent appeal
A jury awarded $316 million in 2024, the court later cut it to $1, and both sides have appealed; no liability is booked 18.
Tariffs and trade policy
Western Digital said US trade policy and tariffs had not materially affected its business through the quarter to 2 October 2026 18.
📚Learn the words
❓Frequently asked questions about Western Digital
How does Western Digital make money?
Western Digital makes money by selling hard drives, mostly to cloud data centers. In FY2026, Cloud brought in $11.5bn ✓ of its $12.9bn ✓ in sales. Drives for PCs and for consumers make up the rest.
Is Western Digital the same company as Sandisk?
No, they are now separate companies. Western Digital spun off its flash memory business as Sandisk on 21 February 2025 and kept the hard drive business 9. By 3 July 2026 it held no Sandisk shares 9.
What is a hard disk drive?
A hard disk drive stores data by recording magnetic patterns on spinning disks 16. Western Digital says hard drives give cloud customers a low total cost for storing large amounts of data 1.
Is Western Digital's revenue growing?
Yes, and fast. Sales rose 35.7% ✓ in FY2026 and 43.0% ✓ in the four quarters to 2 October 2026. In the first quarter of fiscal 2027, revenue was up 55% on a year earlier 5.
Who are Western Digital's biggest competitors?
Western Digital names Seagate and Toshiba as its hard drive rivals, along with NAND flash suppliers 4. Micron competes by selling SSDs to data centers 410.
How big are Western Digital's biggest drives?
Its newest data-center drives hold up to 40TB each 3. It says its 44TB HAMR drive is on track for the first half of 2027 3, and it sees HAMR drives growing to 100TB 17.
Who is Western Digital's CEO?
Irving Tan has been CEO since February 2025. He earlier ran the company's global operations and held senior roles at Cisco 20.
Does Western Digital pay a dividend?
Yes, it pays a dividend every quarter. It paid $0.2bn ✓ in dividends in FY2026, and in October 2026 it raised the quarterly dividend by 17% 5.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [6] [8] [7].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. About how much of Western Digital's FY2026 sales came from Cloud?
2. What did Western Digital spin off as Sandisk in 2025?
3. How does a hard disk drive store data?
4. Which key drive parts does Western Digital make itself?
5. Why was FY2026 net income bigger than operating profit?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Western Digital Corporation Form 10-K FY2026 (FYE 2026-07-03), filed 2026-08-14 — Item 1 General: founded 1970, headquartered in San Jose, California; HDD maker; Cloud, Client and Consumer end markets and their products; HDDs give cloud customers a low total cost of ownership; consumer brand recognition; Western Digital and WD brands (accessed 2026-10-29)
- Western Digital (WDC) Form 10-K for fiscal year 2026, filed 2026-08-14 — revenue by product, segment and geography (accessed 2026-10-28)
- StorageReview: WD fiscal Q4 2026 results report, 2026-08-06 — Started shipping the next ePMR nearline platform at up to 40TB per drive in the quarter ended 2026-07-03; 44TB HAMR drive on track for the first half of calendar 2027; High Bandwidth Drive sampling with five customers (accessed 2026-10-29)
- Western Digital Corporation Form 10-K FY2026 (FYE 2026-07-03), filed 2026-08-14 — Item 1 Competition, Sales, Warranty, Human Capital: competitors Seagate, Toshiba and NAND flash suppliers; sells to hyperscale cloud providers, neoclouds, OEMs, resellers, distributors and retailers, with long-term agreements with some customers; international sales 60% of FY2026 revenue; three customers at 16%, 15% and 13% of FY2026 revenue; sales depend on large Cloud customers' buying patterns; warranty up to five years; about 40,000 employees in 24 countries, about 88% in Asia Pacific (accessed 2026-10-29)
- Western Digital press release: fiscal first quarter 2027 results (8-K Exhibit 99.1), 2026-10-22 — Q1 FY2027 revenue $4.38bn, up 55% year over year; Q2 FY2027 outlook revenue $5.1bn plus or minus $100m and non-GAAP gross margin 60%-61%; quarterly dividend raised 17% to $0.175, payable 2026-12-17; company now presents itself as WD, also known as Western Digital (accessed 2026-10-29)
- SEC EDGAR companyfacts: Western Digital (WDC) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Seagate Technology Holdings plc (STX) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: MICRON TECHNOLOGY INC (MU) — annual 10-K facts (accessed 2026-10-28)
- Western Digital Corporation Form 10-K FY2026 (FYE 2026-07-03), filed 2026-08-14 — Item 7 MD&A and Note 1: fiscal year ends Friday nearest June 30, FY2026 ended 2026-07-03 (53 weeks); single HDD segment; Sandisk spin-off 2025-02-21 and use of all retained Sandisk shares by 2026-07-03; February 2026 debt redemptions; preferred shares converted February 2026; June 2026 convertible note exchanges; additional $4.0bn buyback authorized February 2026; FY2026 revenue drivers (exabytes +25%, price per exabyte +8%; Cloud 89%, Client 6%, Consumer 5%); customers extending commercial arrangements (accessed 2026-10-29)
- Micron Technology Form 10-K FY2026 (FYE 2026-09-03), filed 2026-10-09 — Item 1 Business: Core Data Center Business Unit sells data-center SSDs and NAND; began shipping the 245TB 6600 ION SSD built with QLC NAND in FY2026; SSDs offer faster speeds and lower power than hard disk drives (accessed 2026-10-29)
- Seagate Technology Holdings plc Form 10-K, fiscal 2026 (Item 1, Business) — Competition, demand patterns, vertical integration, manufacturing sites and HAMR roadmap (accessed 2026-10-29)
- Seagate Technology Holdings plc Form 10-K, fiscal 2026 (Item 7, MD&A) — Exabytes shipped, revenue by channel and market, debt reduction, capital spending outlook (accessed 2026-10-29)
- Western Digital Corporation Form 10-K, fiscal 2026 (Item 1, Business) — Western Digital names Seagate and Toshiba as HDD competitors (accessed 2026-10-29)
- Western Digital Corporation Form 10-K, fiscal 2026 (Item 7, MD&A) — Cloud share of fiscal 2026 revenue (89%) (accessed 2026-10-29)
- Western Digital Corporation Form 10-K FY2026 (FYE 2026-07-03), filed 2026-08-14 — Item 1A Risk Factors and Note 16 Legal Proceedings: products must pass lengthy customer qualification; long-term agreements commit volumes at predetermined or formula-based prices over multi-quarter or multi-year periods; $384m liability recognised in FY2024 after a jury verdict on HDD media patents, settled for $130m in April 2025 (accessed 2026-10-29)
- Western Digital Corporation Form 10-K FY2026 (FYE 2026-07-03), filed 2026-08-14 — Item 1 Research and Technology, Patents, Manufacturing: designs and makes substantially all its own recording heads and magnetic media; HDDs record magnetically on rotating disks; roadmap ePMR, OptiNAND, UltraSMR, HAMR, triple stage actuators; common platforms give purchasing economies and let customers reuse qualification; about 4,700 active patents; relies on licensed technology and cross-licenses; assembly and test sites in Thailand, Malaysia, Philippines, China and California (accessed 2026-10-29)
- Blocks and Files: Western Digital Innovation Day 2026 report, 2026-02-03 — Innovation Day 2026: 40TB UltraSMR ePMR drive in qualification at two hyperscalers, volume production planned for the second half of 2026; HAMR drives in qualification at two hyperscalers, volume production from 2027; ePMR roadmap to 60TB, HAMR to 100TB; High Bandwidth Drive up to 2x bandwidth with a roadmap to 8x (accessed 2026-10-29)
- Western Digital Corporation Form 10-Q Q1 FY2027 (period ended 2026-10-02), filed 2026-10-23 — MD&A and notes: Cloud 88% of quarter revenue, exabytes shipped up more than 20% and price per exabyte up about 25%; Client and Consumer drivers; 2.0m shares repurchased for $1.00bn; $6.0bn total buyback authorization; dividend of $0.175 declared 2026-10-21; SPEX patent case on appeal; tariffs not material through Q1 FY2027 (accessed 2026-10-29)
- SEC EDGAR companyfacts: Western Digital (WDC) — quarterly 10-Q/10-K facts (accessed 2026-10-28)
- Western Digital Corporation proxy statement (DEF 14A), filed 2026-10-05 — Irving Tan, CEO since February 2025, earlier Executive Vice President of Global Operations (2022-2025) and Cisco executive; virtual annual meeting on 2026-11-20 (accessed 2026-10-29)
- SEC EDGAR companyfacts: Western Digital (WDC) — balance sheet at 2026-10-02 (accessed 2026-10-28)
- Seagate Technology Holdings plc Form 10-K, fiscal 2026 (Item 1A, Risk Factors) — Competition from SSDs, customer concentration (14% / 10%), HAMR transition risk, limited suppliers (accessed 2026-10-29)
- Micron Technology Form 10-K, fiscal 2026 (Item 1, Business) — Micron data center SSDs built on its NAND (accessed 2026-10-29)
- Western Digital Corporation Form 8-K, 2026-09-14 (redemption of 3.00% convertible notes due 2028) — All outstanding 3.00% convertible senior notes due 2028 called for redemption on 2026-11-16; company expects substantially all holders to convert first (accessed 2026-10-29)