Western Digital Corp. (WDC) intrinsic value & 10-year financials
Western Digital Corp. (WDC) has a Graham intrinsic value of $170.06 per share. At $332.00 on Oct 17, 2026, the stock trades 95% above that value. Over the last 10 fiscal years revenue shrank 3.4% a year to $9.5B, with an average return on invested capital of 4.7%.
- Graham intrinsic value
- $170.06
- Share price (Oct 17, 2026)
- $332.00
- Price vs Graham value
- 95% above
- Market cap
- $119.2B
- Revenue (FY2025)
- $9.5B
- Revenue growth (10-yr CAGR)
- -3.4%
- ROIC (10-yr avg)
- 4.7%
- Free cash flow (FY2025)
- $1.3B
WDC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $9.5B | $1.9B | $5.12 | $1.3B | 24.5% | 18.9% |
| FY2024 | $13.0B | -$798.0M | -$2.61 | -$781.0M | -2.4% | -1.9% |
| FY2023 | $12.3B | -$1.7B | -$5.44 | -$1.2B | -10.4% | -7.7% |
| FY2022 | $18.8B | $1.5B | $4.75 | $758.0M | 12.7% | 10.1% |
| FY2021 | $16.9B | $821.0M | $2.66 | $752.0M | 7.2% | 6.6% |
| FY2020 | $16.7B | -$250.0M | -$0.84 | $177.0M | 2.0% | 2.0% |
| FY2019 | $16.6B | -$754.0M | -$2.58 | $671.0M | 0.5% | 0.5% |
| FY2018 | $20.6B | $675.0M | $2.20 | $3.4B | 17.5% | 10.1% |
| FY2017 | $19.1B | $397.0M | $1.34 | $2.9B | 10.2% | 5.7% |
| FY2016 | $13.0B | $242.0M | $1.00 | $1.4B | 3.6% | 2.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Western Digital is facing top-line stagnation, with revenue contracting over the decade.
Western Digital has historically struggled to out-earn its cost of capital, averaging just 4.7% ROIC.
Western Digital has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Western Digital is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $170.06 per share.