Western Digital Corp.
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+ FollowMarket Cap$118.52B
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Earnings Call Q1 2027
October 22, 2026 - AI Summary
Q1 FY27 performance beat expectations (strong momentum)
- Revenue $4.4B, +55% YoY (driven by exabyte growth + favorable pricing).
- Delivered 248 exabytes, +22% YoY and +8% sequentially.
- Gross margin 58.1% (+34 bps YoY), operating margin 49.1% (+152% YoY operating income growth).
- Non-GAAP EPS $4.64, +161% YoY; generated $1.4B free cash flow in the quarter.
Demand & visibility: durable HDD data growth beyond core hyperscale
- Management says customer demand remains healthy with visibility extending out to ~2030 for its top 7 customers.
- Emphasizes demand broadening from hyperscale/cloud into enterprise and newer categories (“neo-cloud”, AI frontier labs).
- Calls out AI as a data system trend (logs, outputs, performance data) and “physical AI” (robotics, autonomous vehicles, video workloads) as additional storage demand drivers.
- Opportunity: increasing diversification of the customer base (not just hyperscale), supported by deeper customer engagements.
Technology roadmap executing on schedule (exabyte growth acceleration)
- EPMR: volume production for latest EPMR (up to 40TB) is ramping; expected to reach ~30% of nearline shipments by Q2 and ~50% by Q3 FY27.
- HAMR: first-gen HAMR qualifications with 2 hyperscale customers in Q1 calendar 2027, with volume shipments starting in 1H calendar 2027 (and 2 additional customers start qualification in 1H calendar 2027).
- 2H calendar 2027: begin qualification of second-gen HAMR (stated 5TB per platter on 11-disk platform).
- Key expectation: Q2 FY27 exabyte growth is the “floor,” then accelerates through the year, aided by these transitions.
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$10.06
96.9% downside
Current Fair Value
96.9% downsideOvervalued by 96.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $118.52 Billion |
|---|---|
| Enterprise Value | $118.30 Billion |
| Annual dividend | $0.50 |
| Dividend yield | 0.15% |
| Earnings per Share | $26.92 |
| Beta | 2.17 |
| Outstanding Shares | 366,000,000 |
Return
| Return on Equity | 107.20% |
|---|---|
| Return on Assets | 70.38% |
| Return on Invested Capital | 83.15% |
Valuation & Multiples
| P/E Ratio | 12.77 |
|---|---|
| PEG | 25.27 |
| Price to Sales | 8.3 |
| Price to Book Ratio | 12.95 |
| Enterprise Value to Revenue | 8.17 |
| Enterprise Value to EBIT | 14.02 |
| Enterprise Value to Net Income | 11 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.12 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$4.08
Consensus analyst estimateRevenue Estimate
$4.13 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$5.88
Consensus analyst estimateRevenue Estimate
$5.13 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.75, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.7525▼ 201.02% |
|---|---|
| Total Calls | 128,777▼ 98.90% |
| Total Puts | 96,900▼ 99.70% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.55%▼ 90.75% |
|---|---|
| Total Invested | $5.52B▼ 97.34% |
| Investors Holding | 641▼ 1320.00% |
About Western Digital Corp.
61,800 employees
CEO: David Goeckeler
Western Digital creates environments for data to thrive. As a leader in data infrastructure, the company is driving the innovation needed to help customers capture, preserve, access and transform an ever-increasing diversity of data. Eve...