Seagate Technology Holdings PLC (STX) intrinsic value & 10-year financials
Seagate Technology Holdings PLC (STX) has a Graham intrinsic value of $224.87 per share. At $639.01 on Oct 17, 2026, the stock trades 184% above that value. Over the last 10 fiscal years revenue shrank 2.2% a year to $9.1B, with an average return on invested capital of 25.8%.
- Graham intrinsic value
- $224.87
- Share price (Oct 17, 2026)
- $639.01
- Price vs Graham value
- 184% above
- Market cap
- $138.7B
- Revenue (FY2025)
- $9.1B
- Revenue growth (10-yr CAGR)
- -2.2%
- ROIC (10-yr avg)
- 25.8%
- Free cash flow (FY2025)
- $818.0M
STX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $9.1B | $1.5B | $6.77 | $818.0M | 20.8% | 51.5% |
| FY2024 | $6.6B | $335.0M | $1.58 | $664.0M | 6.9% | 9.8% |
| FY2023 | $7.4B | -$529.0M | -$2.56 | $626.0M | -4.6% | -7.6% |
| FY2022 | $11.7B | $1.6B | $7.36 | $1.3B | 16.8% | 39.3% |
| FY2021 | $10.7B | $1.3B | $5.36 | $1.1B | 14.0% | 32.7% |
| FY2020 | $10.5B | $1.0B | $3.79 | $1.1B | 12.4% | 29.8% |
| FY2019 | $10.4B | $2.0B | $7.06 | $1.2B | 14.3% | 35.7% |
| FY2018 | $11.2B | $1.2B | $4.05 | $1.7B | 14.6% | 34.1% |
| FY2017 | $10.8B | $772.0M | $2.58 | $1.5B | 9.8% | 23.6% |
| FY2016 | $11.2B | $248.0M | $0.82 | $1.1B | 4.0% | 8.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Seagate Technology is facing top-line stagnation, with revenue contracting over the decade.
Seagate Technology has earned high returns on invested capital, averaging 25.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Seagate Technology shows that management has aggressively returned capital to shareholders by retiring 28.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Seagate Technology is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $224.87 per share.