Seagate Technology Holdings plc (STX)
Seagate manufactures high-capacity hard-disk drives and storage systems used primarily in cloud and enterprise data centers.
STX vs WDC: how the two businesses compare
- Similar size: WDC and STX each brought in about $9.5B of yearly revenue.
- More profitable: WDC keeps 17 cents of each sales dollar as profit, against 16 cents at STX.
- More cash from each sale: WDC turns 18 cents of each sales dollar into operating cash flow, against 12 cents at STX.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Western Digital (WDC) and Seagate Technology (STX) reported similar revenue: $9.5B (fiscal year ended Jun 2025) versus $9.1B (fiscal year ended Jun 2025). STX's net margin was 16.1% and WDC's 17.3%. Both file with the SEC under the same industry code, SIC 3572 (Computer Storage Devices).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Computer Storage Devices
- Same classification
- Different
- STX June 27 · WDC July 3
- Aug 14, 2026
STX vs WDC: quick comparison
| Company fact | STX | WDC |
|---|---|---|
| Company | Seagate Technology Holdings plc | Western Digital Corporation |
| Exchange | NASDAQ | NASDAQ |
| SEC industry | Computer Storage Devices | Computer Storage Devices |
| Fiscal year-end | June 27 | July 3 |
| Latest annual filing | 10-K · 2026-08-04 | 10-K · 2026-08-14 |
STX vs WDC: audited financials
- Scale: revenue is roughly in line ($9.5B for WDC versus $9.1B for STX).
- Net margin: WDC kept 17.3% of revenue as net income versus 16.1% at STX.
- Cash conversion: operating cash flow equalled STX 11.9% of revenue, or 0.74× net income; WDC 17.8% of revenue, or 1.03× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-06-27, so these annual figures cover the same months.
| Metric | STX | WDC |
|---|---|---|
| Revenue | $9.1B2024-06-29 to 2025-06-27 · SEC filing | $9.5B2024-06-29 to 2025-06-27 · SEC filing |
| Net income | $1.5B2024-06-29 to 2025-06-27 · SEC filing | $1.6B2024-06-29 to 2025-06-27 · SEC filing |
| Operating cash flow | $1.1B2024-06-29 to 2025-06-27 · SEC filing | $1.7B2024-06-29 to 2025-06-27 · SEC filing |
| Diluted EPS | $6.772024-06-29 to 2025-06-27 · SEC filing | $5.122024-06-29 to 2025-06-27 · SEC filing |
| Net margin | 16.1%2024-06-29 to 2025-06-27 · SEC filing | 17.3%2024-06-29 to 2025-06-27 · SEC filing |
STX: FY ending 2025-06-27 · WDC: FY ending 2025-06-27. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where STX and WDC overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 3572, Computer Storage Devices.
- Shared research theme: Tariffs & trade.
- Nearly aligned fiscal calendars: STX's year ends June 27 and WDC's July 3.
Differences
No differences in classification, themes, or calendar are recorded in the data; the differences sit in the businesses described below.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Western Digital Corporation (WDC)
Western Digital makes hard-disk drives and flash storage products for data centers, PCs, and consumer devices.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves STX
We have not yet published a company-specific driver list for STX. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-08-04.
What moves WDC
We have not yet published a company-specific driver list for WDC. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-08-14.
The investment question
You now know how STX and WDC are classified, when their fiscal years end, and where their exposures overlap. Those are the facts. The investment question is what each share price already assumes about their exposure to tariffs & trade, and which evidence in the next filings would prove that assumption wrong.
Members-only research
Members-only research on STX and WDC
- Seagate: More Terabytes, Better Economics
Seagate’s capacity-density thesis as of January 28, 2026, separating known qualifications and financials from an uncertain next phase.
- Issue 07: The Vote That Knocked Almost a Quarter off Data Center Stocks
Texas has frozen new data center approvals since the summer. The vote extends that freeze, but it cannot unplug campuses that already have power. We map who is exposed, test whether the sell-off overshot and say where the real risk sits.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. STX's fiscal year ends June 27, while WDC's ends July 3. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 11 matched transaction rows for STX and 8 matched transaction rows for WDC. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
STX primary filings
WDC primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
STX vs WDC FAQs
Are STX and WDC direct competitors?
Seagate Technology and Western Digital share the SEC industry classification “Computer Storage Devices.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is STX or WDC the bigger company by revenue?
Western Digital (WDC) and Seagate Technology (STX) reported similar revenue: $9.5B (fiscal year ended Jun 2025) versus $9.1B (fiscal year ended Jun 2025). STX's net margin was 16.1% and WDC's 17.3%. Both file with the SEC under the same industry code, SIC 3572 (Computer Storage Devices). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, STX or WDC?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this STX vs WDC comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Seagate Technology Holdings plc and Western Digital Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
STX vs WDC compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
Members-only research
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