Seagate Technology Holdings Plc
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+ FollowMarket Cap$127.01B
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Earnings Call Q1 2027
October 27, 2026 - AI Summary
Blowout quarter & margin/cash strength (Sept quarter)
- Revenue $4.2B, +61% YoY and +17% sequentially.
- Non-GAAP EPS: $7.68, +194% YoY and +35% sequentially (record profitability).
- Non-GAAP gross margin: 57.8% (+510 bps sequentially); Non-GAAP op margin: 50.7% (+610 bps sequentially).
- Free cash flow: ~$1.5B (record) driven by strong demand + disciplined execution; CapEx $211M (~5% of revenue).
Exabyte demand remained strong but timing/staging matters; December step-up expected
- Shipped 220 exabytes, +21% YoY; data center = 90% of exabytes (198 exabytes, +24% YoY).
- Management attributed the September exabyte growth taper to product transition staging (not demand collapse).
- They expect a meaningful step-up in the December quarter, targeting ~25% exabyte growth (and exabyte growth can vary quarter-to-quarter due to ramp/qualification timing for Mozaic).
Mozaic/HAMR ramp is the core growth engine (with long-term visibility)
- Nearline supply run-rate expected to be mid-20% exabyte growth (compound) through the areal-density roadmap; management sounds confident this is sustainable beyond near-term staging.
- HAMR expected ~50% of nearline exabyte shipments exiting calendar 2026, with Mozaic 4 ~half of those HAMR shipments.
- Mozaic 4 qualifications ongoing; they expect additional qualifications over the next couple of months across multiple CSPs/OEMs, which supports the December shipment step-up.
- Roadmap visibility extends beyond 2030; long-term supply allocations largely cover up to calendar 2028, with some customer agreements to 2030.
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$65.62
88.2% downside
Current Fair Value
88.2% downsideOvervalued by 88.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $127.01 Billion |
|---|---|
| Enterprise Value | $128.87 Billion |
| Annual dividend | $2.96 |
| Dividend yield | 0.46% |
| Earnings per Share | $14.54 |
| Beta | 2.08 |
| Outstanding Shares | 228,000,000 |
Return
| Return on Equity | 202.86% |
|---|---|
| Return on Assets | 44.08% |
| Return on Invested Capital | 77.47% |
Valuation & Multiples
| P/E Ratio | 32.75 |
|---|---|
| PEG | 14.84 |
| Price to Sales | 9.28 |
| Price to Book Ratio | 61.9 |
| Enterprise Value to Revenue | 9.34 |
| Enterprise Value to EBIT | 24.3 |
| Enterprise Value to Net Income | 29 |
| Total Debt to Enterprise | 0.03 |
| Debt to Equity | 1.65 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$7.39
Consensus analyst estimateRevenue Estimate
$4.13 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 26, 2027
EPS Estimate
$8.71
Consensus analyst estimateRevenue Estimate
$4.58 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 2.47, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 2.4681▼ 53.07% |
|---|---|
| Total Calls | 4,700▼ 99.92% |
| Total Puts | 11,600▼ 99.93% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.62%▼ 82.12% |
|---|---|
| Total Invested | $7.24B▼ 96.02% |
| Investors Holding | 767▼ 1309.00% |
About Seagate Technology Plc
CEO: Stephen Luczo
