Educational research only - not investment advice, an offer, or a trade instruction. Confirm current data and do your own due diligence before acting.
WDC trades against a final fair-value range of $142.93-$297.11, with the midpoint set by the accepted valuation synthesis rather than earlier draft model outputs.
In a severe cycle downturn mirroring 2023, margins collapse, revenueRevenueRevenue is an income-statement line item used to reconcile revenue to operating profit, pre-tax income, net income, or per-share earnings. It should be compared across periods and against peer disclosure conventions. shrinks double-digits, and free cash flowFree cash flowOperating cash flow minus capital expenditures. The cash a business generates after maintaining and growing its asset base — the closest accounting proxy for owner-economics. turns heavily negative due to rigid maintenance capexMaintenance capexCapex required to sustain current revenue and capacity. Approximately equal to depreciation in steady-state. Subtracted from earnings in the owner-earnings construct..
A glut in NAND/HDD capacity causes pricing to collapse rapidly, driving operating margins back into negative territory.
Failure to remain competitive in next-generation high-capacity enterprise SSDs, losing share to Samsung or SK Hynix.
A deep cyclical trough strains liquidity before the flash spin-off is completed, triggering distressed capital raises.
| Статья | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | Trend |
|---|---|---|---|---|---|
| Выручка | $18.79B | $6.26B-66.7% | $6.32B+1.0% | $9.52B+50.6% | -20.3% |
| Валовая прибыль | $5.87B | $1.39B | $1.77B | $3.69B | -14.3% |
| Операционная прибыль | $2.43B | $-402.0M | $97.0M | $2.13B | -4.3% |
| Чистая прибыль | $1.55B | $-1.68B | $-798.0M | $1.86B | +6.4% |
| EPS (разводнённая) | $4.75 | $-5.44 | $-1.72 | $5.12 | +2.5% |
| EBITDA | $3.40B | $289.0M | $243.0M | $1.94B | -17.1% |
| R&D | $2.32B | $986.0M | $950.0M | $994.0M | -24.6% |
| SG&A | $1.12B | $807.0M | $726.0M | $568.0M | -20.2% |
Cash-flow quality is reflected in the OCFOperating cash flowCash generated from the company's core operations after working-capital changes but before capital expenditures. The first line of the cash-flow statement. / net incomeNet IncomeNet Income is an income-statement line item used to reconcile revenue to operating profit, pre-tax income, net income, or per-share earnings. It should be compared across periods and against peer disclosure conventions., accounting-quality, and ROICROICReturn on invested capital. Operating profit (after tax) divided by invested capital. The single best gauge of capital-efficiency. Spread over WACC = economic value created. rows above.
Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.
