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Memory·WDC

Western Digital Corporation

NASDAQ · US

Data storage device supplier focused on hard drives and storage systems after the Sandisk separation.

AI relevance

High-capacity storage exposure for AI data lakes, training corpora, and data center archival tiers.

Memory NAND

Price

$395.41

Change

-1.01 (-0.25%)

Market cap

$148.0B

52w range

$132–$800

Exchange

NASDAQ

Country

Jason's Chips

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Price chart

WDC market performance

Daily close for Western Digital Corporation

Latest close: $395.4
Range move: +$254.0 (+179.7%)
Range high: $746.2
Range low: $138.1
Latest volume: 5.7M
Source: FMP EOD

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Exports

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CSV

Income statement

12 annual rows

Revenue, gross profit, R&D, operating income, EBITDA, net income, and EPS.

Annual

Balance sheet

12 annual rows

Cash, receivables, inventory, PP&E, assets, debt, liabilities, and equity.

Annual

Cash flow

12 annual rows

Operating cash flow, capital expenditures, and free cash flow.

Annual

Key metrics

12 annual rows

Enterprise value, valuation multiples, returns, yields, and cash conversion.

Annual

Ratios

12 annual rows

Margins, liquidity ratios, valuation ratios, leverage, and per-share metrics.

Annual

Chart data

1254 rows

Five years of daily close and volume data powering the company chart.

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Transcript list

81 rows

Available earnings-call transcript dates by fiscal year and quarter.

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StreetBuy

Analyst expectations

Consensus target

$617.15

+56.1%

Target range

$405.00 - $1050.00

Rating mix

Buy

61 ratings

Next FY revenue

$21.24B

2027-07-03

Next FY EPS

$24.73

$22.59 - $26.37

Rating consensus61 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2027-07-03	$21.24B	$20.75B - $21.83B	$24.73	$22.59 - $26.37	$11.07B	$10.48B	$9.49B	$1.68B	17 rev / 13 EPS
2028-07-03	$30.22B	$27.97B - $32.99B	$40.43	$30.26 - $48.82	$17.27B	$16.38B	$15.00B	$2.39B	17 rev / 12 EPS
2029-07-03	$36.59B	$27.71B - $43.66B	$54.03	$47.57 - $61.36	$21.95B	$20.75B	$19.07B	$2.89B	14 rev / 5 EPS
2030-07-03	$43.23B	$37.96B - $48.59B	$69.22	$58.25 - $80.38	$30.28B	$28.73B	$26.51B	$3.42B	7 rev / 1 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2027-01-02	$5.13B	$5.08B - $5.21B	$5.87	$5.79 - $6.02	$2.55B	$2.43B	$2.25B	$405.2M	10 rev / 12 EPS
2027-04-02	$5.58B	$5.32B - $5.84B	$6.77	$5.92 - $7.18	$2.94B	$2.81B	$2.60B	$441.2M	10 rev / 12 EPS
2027-07-02	$6.12B	$5.93B - $6.36B	$7.76	$7.44 - $8.16	$3.36B	$3.21B	$2.98B	$484.0M	5 rev / 5 EPS
2027-10-02	$6.48B	$6.27B - $6.73B	$8.40	$8.06 - $8.83	$3.64B	$3.48B	$3.23B	$511.9M	5 rev / 5 EPS
2028-01-02	$7.08B	$6.85B - $7.36B	$9.46	$9.07 - $9.94	$4.09B	$3.91B	$3.63B	$559.5M	4 rev / 6 EPS
2028-04-02	$7.56B	$7.32B - $7.86B	$10.48	$10.05 - $11.02	$4.53B	$4.33B	$4.03B	$597.8M	4 rev / 6 EPS
2028-07-02	$7.95B	$7.69B - $8.26B	$11.36	$10.88 - $11.94	$4.90B	$4.69B	$4.36B	$628.0M	4 rev / 6 EPS
2028-10-02	$7.49B	$7.25B - $7.78B	$11.54	$11.07 - $12.13	$4.99B	$4.77B	$4.43B	$592.0M	4 rev / 6 EPS

Price target history

Window	Targets	Average target
Last month	13	$566.62
Last quarter	17	$575.71
Last year	75	$423.55
All time	133	$272.26

Sources: StreetInsider, Benzinga, Pulse 2.0

Latest grade actions

Date	Firm	Action	Previous	New
2026-10-26	Argus Research	Maintain	Buy	Buy
2026-10-23	UBS	Maintain	Neutral	Neutral
2026-10-23	Rosenblatt	Maintain	Buy	Buy
2026-10-23	TD Cowen	Maintain	Buy	Buy
2026-10-23	JP Morgan	Maintain	Overweight	Overweight
2026-10-23	Citigroup	Maintain	Buy	Buy
2026-10-23	Cantor Fitzgerald	Maintain	Overweight	Overweight
2026-10-23	Morgan Stanley	Maintain	Overweight	Overweight

Historical rating snapshots

Date	Strong buy	Buy	Hold	Sell	Strong sell
2026-10-01	5	17	5	0	0
2026-09-01	4	17	5	0	0
2026-08-01	4	18	5	0	1
2026-07-01	4	18	3	0	1
2026-06-01	4	18	3	1	1
2026-05-01	4	17	4	0	1
2026-04-01	4	17	5	0	1
2026-03-01	4	17	6	0	0

FinancialsFY 2026

Financials

Revenue

$12.92B

Gross margin

48.9%

Operating income

$4.45B

Free cash flow

$3.51B

Cash + ST investments

$1.58B

Net debt

-$527.0M

ROE

106.3%

ROIC

39.7%

EV / sales

14.4x

EV / EBITDA

37.1x

R&D / revenue

9.0%

Current ratio

1.3x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2026	$12.92B	$6.31B	48.9%	$1.16B	$4.45B	$5.00B	$9.42B	$26.92
FY 2025	$9.52B	$3.69B	38.8%	$994.0M	$2.33B	$2.47B	$1.89B	$5.31
FY 2024	$6.32B	$1.77B	28.1%	$950.0M	-$403.0M	$460.0M	-$798.0M	$-2.61
FY 2023	$6.25B	$1.39B	22.2%	$986.0M	-$548.0M	$10.0M	-$1.68B	$-5.37
FY 2022	$18.79B	$6.07B	32.3%	$2.32B	$2.39B	$3.59B	$1.55B	$4.81
FY 2021	$16.92B	$4.45B	26.3%	$2.24B	$1.22B	$2.32B	$821.0M	$2.69
FY 2020	$16.74B	$3.78B	22.6%	$2.26B	$335.0M	$1.93B	-$250.0M	$-0.84
FY 2019	$16.57B	$3.75B	22.6%	$2.18B	$87.0M	$2.03B	-$754.0M	$-2.58
FY 2018	$20.65B	$7.71B	37.3%	$2.40B	$3.62B	$5.89B	$675.0M	$2.27
FY 2017	$19.09B	$6.07B	31.8%	$2.44B	$1.95B	$4.31B	$397.0M	$1.38
FY 2016	$12.99B	$3.44B	26.4%	$1.63B	$466.0M	$1.97B	$242.0M	$1.01
FY 2015	$14.57B	$4.22B	29.0%	$1.65B	$1.61B	$2.90B	$1.47B	$6.31

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2026	$3.93B	$418.0M	$3.51B
FY 2025	$1.69B	$412.0M	$1.28B
FY 2024	-$294.0M	$487.0M	-$781.0M
FY 2023	-$408.0M	$821.0M	-$1.22B
FY 2022	$1.88B	$1.12B	$773.0M
FY 2021	$1.90B	$1.15B	$895.0M
FY 2020	$824.0M	$647.0M	$177.0M
FY 2019	$1.55B	$876.0M	$790.0M
FY 2018	$4.21B	$835.0M	$3.40B
FY 2017	$3.44B	$578.0M	$2.88B
FY 2016	$1.98B	$584.0M	$1.40B
FY 2015	$2.24B	$612.0M	$1.63B

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2026	$1.58B	$2.03B	$1.51B	$2.48B	$13.86B	$1.05B	-$527.0M	$5.00B	$8.86B
FY 2025	$2.47B	$1.49B	$1.29B	$2.47B	$14.00B	$5.08B	$2.97B	$8.69B	$5.31B
FY 2024	$1.55B	$1.23B	$1.39B	$2.36B	$24.19B	$7.82B	$6.27B	$13.37B	$10.82B
FY 2023	$2.02B	$1.60B	$3.70B	$3.62B	$24.55B	$8.47B	$6.45B	$13.58B	$10.96B
FY 2022	$2.33B	$2.80B	$3.64B	$3.67B	$26.26B	$7.62B	$5.29B	$14.04B	$12.22B
FY 2021	$3.37B	$2.26B	$3.62B	$3.19B	$26.13B	$8.72B	$5.36B	$15.41B	$10.72B
FY 2020	$3.05B	$2.38B	$3.07B	$2.85B	$25.66B	$9.57B	$6.53B	$16.11B	$9.55B
FY 2019	$3.46B	$1.20B	$3.28B	$2.84B	$26.37B	$10.52B	$7.07B	$16.40B	$9.97B
FY 2018	$5.00B	$2.20B	$2.94B	$3.10B	$29.23B	$11.17B	$6.17B	$17.70B	$11.53B
FY 2017	$6.35B	$1.95B	$2.34B	$3.03B	$29.86B	$13.15B	$6.80B	$18.44B	$11.42B
FY 2016	$8.38B	$1.46B	$2.13B	$3.50B	$32.86B	$16.99B	$8.84B	$21.72B	$11.14B
FY 2015	$5.29B	$1.53B	$1.37B	$2.96B	$15.18B	$2.56B	-$2.47B	$5.95B	$9.22B

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2026	48.9%	34.5%	72.9%	1.3x	1.0x	106.3%	39.7%	14.4x	37.1x	1.9%	9.0%	43d
FY 2025	38.8%	24.5%	19.8%	1.1x	0.8x	35.6%	21.5%	2.6x	10.1x	5.8%	10.4%	59d
FY 2024	28.1%	-6.4%	-12.6%	1.3x	1.1x	-7.4%	-2.0%	3.9x	54.2x	-4.2%	15.0%	98d
FY 2023	22.2%	-8.8%	-26.9%	1.5x	0.8x	-15.4%	-2.7%	2.5x	1556.5x	-13.3%	15.8%	252d
FY 2022	32.3%	12.7%	8.2%	1.8x	1.1x	12.7%	8.1%	0.8x	4.3x	7.6%	12.4%	95d
FY 2021	26.3%	7.2%	4.9%	2.0x	1.3x	7.7%	5.0%	1.3x	9.3x	5.5%	13.3%	86d
FY 2020	22.6%	2.0%	-1.5%	2.1x	1.4x	-2.6%	1.6%	1.0x	8.3x	1.9%	13.5%	72d
FY 2019	22.6%	0.5%	-4.6%	2.2x	1.4x	-7.6%	0.4%	1.1x	8.9x	7.2%	13.2%	66d
FY 2018	37.3%	17.5%	3.3%	2.4x	1.7x	5.9%	4.7%	1.1x	4.0x	19.5%	11.6%	51d
FY 2017	31.8%	10.2%	2.1%	2.5x	2.0x	3.5%	3.9%	1.4x	6.0x	14.9%	12.8%	37d
FY 2016	26.4%	3.6%	1.9%	1.8x	1.5x	2.2%	1.6%	1.3x	8.8x	16.4%	12.5%	44d
FY 2015	29.0%	11.1%	10.1%	2.6x	2.2x	15.9%	12.1%	0.8x	3.9x	11.9%	11.3%	20d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2026	+35.7%	+70.9%	+16.8%	+90.8%	+398.9%	+407.0%	+173.4%	-2.7%	-36.0%	+17.0%	-1.0%	-79.3%
FY 2025	+50.7%	+108.2%	+4.6%	+679.2%	+336.7%	+303.4%	+264.4%	+16.4%	+59.1%	-6.9%	-42.1%	-35.1%
FY 2024	+1.0%	+27.5%	-3.7%	+26.5%	+52.6%	+51.4%	+35.7%	+39.7%	-23.3%	-62.5%	-1.5%	-7.7%
FY 2023	-66.7%	-77.1%	-57.6%	-122.9%	-208.9%	-211.6%	-257.2%	+27.1%	-13.1%	+1.6%	-6.5%	+11.3%
FY 2022	+11.1%	+36.6%	+3.6%	+96.0%	+88.3%	+78.8%	-13.6%	-10.4%	-30.9%	+0.6%	+0.5%	-12.7%
FY 2021	+1.1%	+17.6%	-0.8%	+264.2%	+428.4%	+420.2%	+405.6%	-55.0%	+10.6%	+17.8%	+1.8%	-8.9%
FY 2020	+1.0%	+0.8%	+3.6%	+285.1%	+66.8%	+67.4%	-77.6%	+14.5%	-11.8%	-6.5%	-2.7%	-9.0%
FY 2019	-19.8%	-51.3%	-9.1%	-97.6%	-211.7%	-213.7%	-76.7%	+6.4%	-31.0%	+11.5%	-9.8%	-5.8%
FY 2018	+8.1%	+26.9%	-1.7%	+85.1%	+70.0%	+64.5%	+17.9%	-45.2%	-21.2%	+25.8%	-2.1%	-15.0%
FY 2017	+46.9%	+76.8%	+50.0%	+319.3%	+64.0%	+36.6%	+105.9%	+4.6%	-24.2%	+10.0%	-9.1%	-22.6%
FY 2016	-10.8%	-18.6%	-1.2%	-71.1%	-83.5%	-84.0%	-14.2%	+4.6%	+58.5%	+55.6%	+116.5%	+564.9%
FY 2015	-3.7%	-3.2%	-0.9%	-10.1%	-9.4%	-8.3%	-25.5%	+2.5%	+3.9%	+11.6%	-2.1%	+4.8%

SegmentsFY 2026

Revenue Mix

Period	Total	Client Devices	Cloud	Data Center Devices & Solutions	Retail Products
FY 2026	$12.92B	$726.0M	$11.49B	--	$703.0M
FY 2025	$9.52B	$556.0M	$8.34B	--	$623.0M
FY 2024	$13.00B	$4.65B	$5.38B	--	$2.98B
FY 2023	$12.32B	$4.33B	$5.25B	--	$2.74B
FY 2022	$18.79B	$7.08B	$8.02B	--	$3.70B
FY 2021	$16.92B	$11.97B	--	$4.95B	--
FY 2020	$16.74B	$10.51B	--	$6.23B	--
FY 2019	$16.57B	$11.53B	--	$5.04B	--

Period	Total	Asia	Americas	Europe Middle East And Africa	Others
FY 2026	$11.82B	$4.03B	$5.17B	$2.11B	$513.0M
FY 2025	$9.52B	$3.39B	$4.59B	$1.54B	--
FY 2024	$12.62B	$6.90B	$3.58B	$2.13B	--
FY 2023	$11.96B	$6.05B	$3.81B	$2.10B	--
FY 2022	$18.34B	$10.05B	$5.41B	$2.87B	--
FY 2021	$16.92B	$9.46B	$3.79B	$3.06B	$617.0M
FY 2020	$16.74B	$8.37B	$4.68B	$2.93B	$765.0M
FY 2019	$16.57B	$9.10B	$3.60B	$3.11B	$759.0M
FY 2018	$19.66B	$11.17B	$4.64B	$3.86B	--
FY 2017	$19.09B	$10.71B	$3.88B	$3.28B	$1.23B
FY 2016	$12.99B	$6.40B	$3.65B	$2.66B	$277.0M
FY 2015	$14.57B	$7.28B	$3.05B	$3.17B	$1.07B

Transcripts

Events

Next earnings

No upcoming earnings scheduled.

Recent filings

42026-10-22
10-Q2026-10-23
8-K2026-10-22

Latest news

Seagate vs. Western Digital: Which AI Storage Stock Wins?
24/7 Wall Street · 2026-10-29
Western Digital vs. Seagate: Best AI Stock to Buy After Earnings
Zacks Investment Research · 2026-10-29

Analyst expectations

Consensus target

$617.15

+56.1%

Target range

$405.00 - $1050.00

Rating mix

Buy

61 ratings

Next FY revenue

$21.24B

2027-07-03

Next FY EPS

$24.73

$22.59 - $26.37

Rating consensus61 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2027-07-03	$21.24B	$20.75B - $21.83B	$24.73	$22.59 - $26.37	$11.07B	$10.48B	$9.49B	$1.68B	17 rev / 13 EPS
2028-07-03	$30.22B	$27.97B - $32.99B	$40.43	$30.26 - $48.82	$17.27B	$16.38B	$15.00B	$2.39B	17 rev / 12 EPS
2029-07-03	$36.59B	$27.71B - $43.66B	$54.03	$47.57 - $61.36	$21.95B	$20.75B	$19.07B	$2.89B	14 rev / 5 EPS
2030-07-03	$43.23B	$37.96B - $48.59B	$69.22	$58.25 - $80.38	$30.28B	$28.73B	$26.51B	$3.42B	7 rev / 1 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2027-01-02	$5.13B	$5.08B - $5.21B	$5.87	$5.79 - $6.02	$2.55B	$2.43B	$2.25B	$405.2M	10 rev / 12 EPS
2027-04-02	$5.58B	$5.32B - $5.84B	$6.77	$5.92 - $7.18	$2.94B	$2.81B	$2.60B	$441.2M	10 rev / 12 EPS
2027-07-02	$6.12B	$5.93B - $6.36B	$7.76	$7.44 - $8.16	$3.36B	$3.21B	$2.98B	$484.0M	5 rev / 5 EPS
2027-10-02	$6.48B	$6.27B - $6.73B	$8.40	$8.06 - $8.83	$3.64B	$3.48B	$3.23B	$511.9M	5 rev / 5 EPS
2028-01-02	$7.08B	$6.85B - $7.36B	$9.46	$9.07 - $9.94	$4.09B	$3.91B	$3.63B	$559.5M	4 rev / 6 EPS
2028-04-02	$7.56B	$7.32B - $7.86B	$10.48	$10.05 - $11.02	$4.53B	$4.33B	$4.03B	$597.8M	4 rev / 6 EPS
2028-07-02	$7.95B	$7.69B - $8.26B	$11.36	$10.88 - $11.94	$4.90B	$4.69B	$4.36B	$628.0M	4 rev / 6 EPS
2028-10-02	$7.49B	$7.25B - $7.78B	$11.54	$11.07 - $12.13	$4.99B	$4.77B	$4.43B	$592.0M	4 rev / 6 EPS

Price target history

Window	Targets	Average target
Last month	13	$566.62
Last quarter	17	$575.71
Last year	75	$423.55
All time	133	$272.26

Sources: StreetInsider, Benzinga, Pulse 2.0

Latest grade actions

Date	Firm	Action	Previous	New
2026-10-26	Argus Research	Maintain	Buy	Buy
2026-10-23	UBS	Maintain	Neutral	Neutral
2026-10-23	Rosenblatt	Maintain	Buy	Buy
2026-10-23	TD Cowen	Maintain	Buy	Buy
2026-10-23	JP Morgan	Maintain	Overweight	Overweight
2026-10-23	Citigroup	Maintain	Buy	Buy
2026-10-23	Cantor Fitzgerald	Maintain	Overweight	Overweight
2026-10-23	Morgan Stanley	Maintain	Overweight	Overweight

Historical rating snapshots

Date	Strong buy	Buy	Hold	Sell	Strong sell
2026-10-01	5	17	5	0	0
2026-09-01	4	17	5	0	0
2026-08-01	4	18	5	0	1
2026-07-01	4	18	3	0	1
2026-06-01	4	18	3	1	1
2026-05-01	4	17	4	0	1
2026-04-01	4	17	5	0	1
2026-03-01	4	17	6	0	0

Financials

Revenue

$12.92B

Gross margin

48.9%

Operating income

$4.45B

Free cash flow

$3.51B

Cash + ST investments

$1.58B

Net debt

-$527.0M

ROE

106.3%

ROIC

39.7%

EV / sales

14.4x

EV / EBITDA

37.1x

R&D / revenue

9.0%

Current ratio

1.3x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2026	$12.92B	$6.31B	48.9%	$1.16B	$4.45B	$5.00B	$9.42B	$26.92
FY 2025	$9.52B	$3.69B	38.8%	$994.0M	$2.33B	$2.47B	$1.89B	$5.31
FY 2024	$6.32B	$1.77B	28.1%	$950.0M	-$403.0M	$460.0M	-$798.0M	$-2.61
FY 2023	$6.25B	$1.39B	22.2%	$986.0M	-$548.0M	$10.0M	-$1.68B	$-5.37
FY 2022	$18.79B	$6.07B	32.3%	$2.32B	$2.39B	$3.59B	$1.55B	$4.81
FY 2021	$16.92B	$4.45B	26.3%	$2.24B	$1.22B	$2.32B	$821.0M	$2.69
FY 2020	$16.74B	$3.78B	22.6%	$2.26B	$335.0M	$1.93B	-$250.0M	$-0.84
FY 2019	$16.57B	$3.75B	22.6%	$2.18B	$87.0M	$2.03B	-$754.0M	$-2.58
FY 2018	$20.65B	$7.71B	37.3%	$2.40B	$3.62B	$5.89B	$675.0M	$2.27
FY 2017	$19.09B	$6.07B	31.8%	$2.44B	$1.95B	$4.31B	$397.0M	$1.38
FY 2016	$12.99B	$3.44B	26.4%	$1.63B	$466.0M	$1.97B	$242.0M	$1.01
FY 2015	$14.57B	$4.22B	29.0%	$1.65B	$1.61B	$2.90B	$1.47B	$6.31

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2026	$3.93B	$418.0M	$3.51B
FY 2025	$1.69B	$412.0M	$1.28B
FY 2024	-$294.0M	$487.0M	-$781.0M
FY 2023	-$408.0M	$821.0M	-$1.22B
FY 2022	$1.88B	$1.12B	$773.0M
FY 2021	$1.90B	$1.15B	$895.0M
FY 2020	$824.0M	$647.0M	$177.0M
FY 2019	$1.55B	$876.0M	$790.0M
FY 2018	$4.21B	$835.0M	$3.40B
FY 2017	$3.44B	$578.0M	$2.88B
FY 2016	$1.98B	$584.0M	$1.40B
FY 2015	$2.24B	$612.0M	$1.63B

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2026	$1.58B	$2.03B	$1.51B	$2.48B	$13.86B	$1.05B	-$527.0M	$5.00B	$8.86B
FY 2025	$2.47B	$1.49B	$1.29B	$2.47B	$14.00B	$5.08B	$2.97B	$8.69B	$5.31B
FY 2024	$1.55B	$1.23B	$1.39B	$2.36B	$24.19B	$7.82B	$6.27B	$13.37B	$10.82B
FY 2023	$2.02B	$1.60B	$3.70B	$3.62B	$24.55B	$8.47B	$6.45B	$13.58B	$10.96B
FY 2022	$2.33B	$2.80B	$3.64B	$3.67B	$26.26B	$7.62B	$5.29B	$14.04B	$12.22B
FY 2021	$3.37B	$2.26B	$3.62B	$3.19B	$26.13B	$8.72B	$5.36B	$15.41B	$10.72B
FY 2020	$3.05B	$2.38B	$3.07B	$2.85B	$25.66B	$9.57B	$6.53B	$16.11B	$9.55B
FY 2019	$3.46B	$1.20B	$3.28B	$2.84B	$26.37B	$10.52B	$7.07B	$16.40B	$9.97B
FY 2018	$5.00B	$2.20B	$2.94B	$3.10B	$29.23B	$11.17B	$6.17B	$17.70B	$11.53B
FY 2017	$6.35B	$1.95B	$2.34B	$3.03B	$29.86B	$13.15B	$6.80B	$18.44B	$11.42B
FY 2016	$8.38B	$1.46B	$2.13B	$3.50B	$32.86B	$16.99B	$8.84B	$21.72B	$11.14B
FY 2015	$5.29B	$1.53B	$1.37B	$2.96B	$15.18B	$2.56B	-$2.47B	$5.95B	$9.22B

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2026	48.9%	34.5%	72.9%	1.3x	1.0x	106.3%	39.7%	14.4x	37.1x	1.9%	9.0%	43d
FY 2025	38.8%	24.5%	19.8%	1.1x	0.8x	35.6%	21.5%	2.6x	10.1x	5.8%	10.4%	59d
FY 2024	28.1%	-6.4%	-12.6%	1.3x	1.1x	-7.4%	-2.0%	3.9x	54.2x	-4.2%	15.0%	98d
FY 2023	22.2%	-8.8%	-26.9%	1.5x	0.8x	-15.4%	-2.7%	2.5x	1556.5x	-13.3%	15.8%	252d
FY 2022	32.3%	12.7%	8.2%	1.8x	1.1x	12.7%	8.1%	0.8x	4.3x	7.6%	12.4%	95d
FY 2021	26.3%	7.2%	4.9%	2.0x	1.3x	7.7%	5.0%	1.3x	9.3x	5.5%	13.3%	86d
FY 2020	22.6%	2.0%	-1.5%	2.1x	1.4x	-2.6%	1.6%	1.0x	8.3x	1.9%	13.5%	72d
FY 2019	22.6%	0.5%	-4.6%	2.2x	1.4x	-7.6%	0.4%	1.1x	8.9x	7.2%	13.2%	66d
FY 2018	37.3%	17.5%	3.3%	2.4x	1.7x	5.9%	4.7%	1.1x	4.0x	19.5%	11.6%	51d
FY 2017	31.8%	10.2%	2.1%	2.5x	2.0x	3.5%	3.9%	1.4x	6.0x	14.9%	12.8%	37d
FY 2016	26.4%	3.6%	1.9%	1.8x	1.5x	2.2%	1.6%	1.3x	8.8x	16.4%	12.5%	44d
FY 2015	29.0%	11.1%	10.1%	2.6x	2.2x	15.9%	12.1%	0.8x	3.9x	11.9%	11.3%	20d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2026	+35.7%	+70.9%	+16.8%	+90.8%	+398.9%	+407.0%	+173.4%	-2.7%	-36.0%	+17.0%	-1.0%	-79.3%
FY 2025	+50.7%	+108.2%	+4.6%	+679.2%	+336.7%	+303.4%	+264.4%	+16.4%	+59.1%	-6.9%	-42.1%	-35.1%
FY 2024	+1.0%	+27.5%	-3.7%	+26.5%	+52.6%	+51.4%	+35.7%	+39.7%	-23.3%	-62.5%	-1.5%	-7.7%
FY 2023	-66.7%	-77.1%	-57.6%	-122.9%	-208.9%	-211.6%	-257.2%	+27.1%	-13.1%	+1.6%	-6.5%	+11.3%
FY 2022	+11.1%	+36.6%	+3.6%	+96.0%	+88.3%	+78.8%	-13.6%	-10.4%	-30.9%	+0.6%	+0.5%	-12.7%
FY 2021	+1.1%	+17.6%	-0.8%	+264.2%	+428.4%	+420.2%	+405.6%	-55.0%	+10.6%	+17.8%	+1.8%	-8.9%
FY 2020	+1.0%	+0.8%	+3.6%	+285.1%	+66.8%	+67.4%	-77.6%	+14.5%	-11.8%	-6.5%	-2.7%	-9.0%
FY 2019	-19.8%	-51.3%	-9.1%	-97.6%	-211.7%	-213.7%	-76.7%	+6.4%	-31.0%	+11.5%	-9.8%	-5.8%
FY 2018	+8.1%	+26.9%	-1.7%	+85.1%	+70.0%	+64.5%	+17.9%	-45.2%	-21.2%	+25.8%	-2.1%	-15.0%
FY 2017	+46.9%	+76.8%	+50.0%	+319.3%	+64.0%	+36.6%	+105.9%	+4.6%	-24.2%	+10.0%	-9.1%	-22.6%
FY 2016	-10.8%	-18.6%	-1.2%	-71.1%	-83.5%	-84.0%	-14.2%	+4.6%	+58.5%	+55.6%	+116.5%	+564.9%
FY 2015	-3.7%	-3.2%	-0.9%	-10.1%	-9.4%	-8.3%	-25.5%	+2.5%	+3.9%	+11.6%	-2.1%	+4.8%

Revenue Mix