A Business at a Glance
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Seagate Technology Holdings plc
STX
$184.8B
Mkt Cap
$851.69
-6.75%
Seagate Technology Holdings plc (STX) has a current P/E ratio of 96.2, compared to its historical median P/E of 11.0. The stock is currently considered Expensive based on its historical valuation range.
Seagate Technology Holdings plc (STX) has a 5-year average return on invested capital (ROIC) of 27.4%. This indicates strong capital allocation and a potential competitive advantage.
Seagate Technology Holdings plc (STX) has a market capitalization of $191.1B. It is classified as a large-cap stock.
Yes, Seagate Technology Holdings plc (STX) pays a dividend with a trailing twelve-month yield of 0.32%. The company also returns capital through share buybacks, with a buyback yield of 0.03%.
Based on historical P/E analysis, Seagate Technology Holdings plc (STX) appears expensive. The current P/E of 96.2 is 778% above its historical median of 11.0. The estimated fair value CAGR (P/E method) is -2.1%.
Seagate Technology Holdings plc (STX) operates in the Computer Storage Devices industry, within the Technology sector.
Seagate is a leading provider of data storage technology and infrastructure solutions, primarily manufacturing hard disk drives (HDDs) that serve mass capacity storage applications in cloud data centers, enterprises, and edge environments, complemented by solid state drives (SSDs) and storage subsystems. The company's HDD products leverage advanced technology platforms including heat-assisted magnetic recording (HAMR) and multi-actuator technologies to deliver high-capacity, cost-effective storage solutions; these drives are designed for hyperscale data centers, private and public clouds, machine learning and AI applications, as well as legacy markets including consumer and mission-critical storage. Seagate's business model is characterized by high research and development intensity and capital equipment investments required to design and manufacture advanced components such as read/write heads and recording media, enabling it to serve multiple data storage applications across a broad geographic footprint. The company also offers systems solutions including storage subsystems for enterprises and cloud service providers, as well as the Lyve portfolio—a platform providing data transfer shuttles and storage-as-a-service cloud offerings for managing massive data volumes across distributed enterprises. Seagate's competitive moat derives from its proprietary areal density technology roadmap, manufacturing expertise in producing high-capacity drives at scale, and long-term build-to-order contracts with major cloud customers that provide demand visibility and pricing power, positioning the company to capture significant value as data creation accelerates driven by traditional workloads and emerging AI applications.
【Structural growth acceleration ahead】 Management expects Seagate to enter a period of structural growth driven by robust market demand, a proven technology roadmap, and disciplined operational execution, with confidence to increase annual revenue growth targets to a minimum of 20% over the next few years. The company is finalizing build-to-order contracts with major cloud customers through the end of fiscal 2027, which lock in specific configurations and pricing and provide visibility for sequential revenue and profitability improvement throughout fiscal 2027. Mozaic 4 HAMR-based drives are ramping in production with expectations that they will represent a majority of HAMR exabyte shipments by the end of calendar 2026, while Mozaic 5 development is progressing on schedule to deliver 50 TB capacities with qualification shipments targeted for late calendar 2027. Management expects free cash flow generation to improve further through the remainder of calendar 2026 supported by sustained demand trends, operational efficiencies, and capital discipline, while continuing to reduce debt and enhance shareholder value.
| Metric | Target | Period |
|---|---|---|
| Annual Revenue Growth Target | minimum of 20% | next few years |
| Capital Expenditure | 4%-6% of revenue | Fiscal year 2026 |
Annual Revenue Growth Target (next few years): “The progress we have made gives us confidence to significantly increase our annual revenue growth target from the low-to-mid teens to a minimum of 20% over the next few years.”
Capital Expenditure (Fiscal year 2026): “We expect capital expenditure for fiscal year 2026 to be inside our target range of 4%-6% of revenue, with investment aimed at the ongoing transition and ramp of HAMR-based products.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 11.0B | 9.1B | 6.6B | 7.4B | 11.7B | 10.7B |
| Net Income | 2.4B | 1.5B | 335M | -529M | 1.6B | 1.3B |
| EPS | $10.87 | $6.77 | $1.58 | $-2.56 | $7.36 | $5.36 |
| Free Cash Flow | 2.4B | 818M | 664M | 626M | 1.3B | 1.1B |
| ROIC | 72.3% | 61.2% | 10.9% | -11.3% | 41.0% | 35.4% |
| Gross Margin | - | 35.2% | 23.4% | 18.3% | 29.7% | 27.3% |
| Debt/Equity | 3.53 | -11.03 | -3.81 | -4.55 | 51.80 | 8.14 |
| Dividends/Share | $2.77 | $2.86 | $2.80 | $2.80 | $2.72 | $2.66 |
| Operating Income | 3.1B | 1.9B | 452M | -342M | 2.0B | 1.5B |
| Operating Margin | 28.2% | 20.8% | 6.9% | -4.6% | 16.8% | 14.0% |
| ROE | 217.2% | -151.1% | -24.9% | 97.1% | 445.7% | 108.7% |
| Shares Outstanding | 224M | 217M | 212M | 207M | 224M | 245M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 13.7B | 13.7B | 11.2B | 10.8B | 11.2B | 10.4B | 10.5B | 10.7B | 11.7B | 7.4B | 6.6B | 9.1B | 11.0B |
| Gross Margin | 28.0% | 27.7% | 23.4% | 29.5% | 30.1% | 28.2% | 27.0% | 27.3% | 29.7% | 18.3% | 23.4% | 35.2% | N/A |
| R&D | 1.2B | 1.4B | 1.2B | 1.2B | 1.0B | 991M | 973M | 903M | 941M | 797M | 654M | 724M | 746M |
| SG&A | 722M | 857M | 635M | 606M | 562M | 453M | 473M | 502M | 559M | 491M | 460M | 561M | 584M |
| EBIT | 1.8B | 2.1B | 445M | 1.1B | 1.6B | 1.5B | 1.3B | 1.5B | 2.0B | -342M | 452M | 1.9B | 3.1B |
| Op. Margin | 12.9% | 15.0% | 4.0% | 9.8% | 14.6% | 14.3% | 12.4% | 14.0% | 16.8% | -4.6% | 6.9% | 20.8% | 28.2% |
| Net Income | 1.6B | 1.7B | 248M | 772M | 1.2B | 2.0B | 1.0B | 1.3B | 1.6B | -529M | 335M | 1.5B | 2.4B |
| Net Margin | 11.4% | 12.7% | 2.2% | 7.2% | 10.6% | 19.4% | 9.6% | 12.3% | 14.1% | -7.2% | 5.1% | 16.1% | 21.6% |
| Non-Recurring | 28M | 30M | 175M | 356M | 178M | 44M | 164M | 16M | 6.0M | 269M | 61M | 13M | 13M |
| Returns on Capital | |||||||||||||
| ROIC | 56.0% | 54.0% | 9.5% | 27.6% | 36.5% | 38.3% | 32.2% | 35.4% | 41.0% | -11.3% | 10.9% | 61.2% | 72.3% |
| ROE | 49.6% | 59.6% | 10.8% | 52.2% | 78.0% | 105.1% | 50.8% | 108.7% | 445.7% | 97.1% | -24.9% | -151.1% | 217.2% |
| ROA | 16.8% | 18.0% | 2.7% | 8.8% | 12.7% | 22.0% | 11.3% | 14.9% | 18.7% | -6.4% | 4.4% | 18.6% | 26.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.6B | 2.6B | 1.7B | 1.9B | 2.1B | 1.8B | 1.7B | 1.6B | 1.7B | 942M | 918M | 1.1B | 2.9B |
| Free Cash Flow | 2.0B | 1.9B | 1.1B | 1.5B | 1.7B | 1.2B | 1.1B | 1.1B | 1.3B | 626M | 664M | 818M | 2.4B |
| Owner Earnings | 1.6B | 1.7B | 745M | 1.0B | 1.4B | 1.1B | 1.2B | 1.1B | 1.1B | 314M | 527M | 632M | 2.4B |
| CapEx | 559M | 747M | 587M | 434M | 366M | 602M | 585M | 498M | 381M | 316M | 254M | 265M | 465M |
| Maint. CapEx | 879M | 841M | 815M | 749M | 598M | 541M | 379M | 397M | 451M | 513M | 264M | 251M | 267M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 61M | 206M | 101M | 0 | 0 | 0 | 14M | 198M |
| D&A | 879M | 841M | 815M | 749M | 598M | 541M | 379M | 397M | 451M | 513M | 264M | 251M | 267M |
| CapEx/OCF | 21.9% | 28.2% | 34.9% | 22.7% | 17.3% | 34.2% | 34.1% | 30.6% | 23.0% | 33.5% | 27.7% | 24.5% | 16.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 557M | 664M | 727M | 561M | 726M | 713M | 673M | 649M | 610M | 582M | 585M | 600M | 621M |
| Dividend Yield | 5.6% | 5.6% | 10.6% | 7.0% | 7.5% | 7.0% | 6.0% | 4.8% | 3.4% | 4.9% | 3.6% | 2.8% | 0.3% |
| Share Buybacks | 1.9B | 1.1B | 1.1B | 460M | 361M | 963M | 850M | 2.0B | 1.8B | 408M | 0 | 0 | 59M |
| Buyback Yield | 16.4% | 10.7% | 24.2% | 5.4% | 3.0% | 9.1% | 8.2% | 11.2% | 12.4% | 3.4% | N/A | N/A | 0.0% |
| Stock-Based Comp | 118M | 137M | 120M | 137M | 112M | 99M | 109M | 112M | 145M | 115M | 127M | 200M | 218M |
| Debt Repayment | 725M | 1.0B | 22M | 316M | 214M | 819M | 1.1B | 33M | 701M | 1.6B | 1.3B | 1.1B | 1.1B |
| Balance Sheet | |||||||||||||
| Net Debt | -1.0B | -400M | 2.2B | 1.3B | 1.9B | 1.5B | 1.9B | 3.4B | 4.9B | 4.6B | 4.3B | 4.1B | 2.7B |
| Cash & Equiv. | 2.6B | 2.5B | 1.1B | 2.5B | 1.9B | 2.2B | 1.7B | 1.2B | 615M | 786M | 1.4B | 891M | 1.1B |
| Long-Term Debt | 3.9B | 4.2B | 4.1B | 5.0B | 4.3B | 4.3B | 4.2B | 4.9B | 5.1B | 5.4B | 5.2B | 5.0B | 3.5B |
| Debt/Equity | 1.38 | 1.38 | 2.57 | 3.68 | 2.89 | 1.97 | 2.34 | 8.14 | 51.80 | -4.55 | -3.81 | -11.03 | 3.53 |
| Interest Coverage | 9.1 | 9.9 | 2.3 | 4.7 | 6.9 | 6.6 | 6.5 | 6.8 | 7.9 | -1.1 | 1.4 | 5.9 | 10.5 |
| Equity | 2.8B | 3.0B | 1.6B | 1.4B | 1.7B | 2.2B | 1.8B | 631M | 109M | -1.2B | -1.5B | -453M | 1.1B |
| Total Assets | 9.5B | 9.8B | 8.2B | 9.3B | 9.4B | 8.9B | 8.9B | 8.7B | 8.9B | 7.6B | 7.7B | 8.0B | 8.9B |
| Total Liabilities | 6.7B | 6.8B | 6.6B | 7.9B | 7.7B | 6.7B | 7.1B | 8.0B | 8.8B | 8.8B | 9.2B | 8.5B | 7.8B |
| Intangibles | 359M | 370M | 448M | 281M | 188M | 111M | 58M | 29M | 9.0M | 0 | N/A | N/A | N/A |
| Retained Earnings | -2.7B | -2.7B | -4.3B | -4.8B | -4.7B | -4.3B | -4.9B | -6.3B | -7.1B | -8.7B | -9.0B | -8.2B | -6.9B |
| Working Capital | 3.4B | 3.2B | 1.3B | 2.4B | 1.1B | 2.1B | 1.4B | 858M | 478M | 313M | 233M | 1.0B | 1.1B |
| Current Assets | 5.8B | 5.6B | 3.5B | 5.0B | 4.3B | 4.4B | 4.1B | 3.8B | 4.0B | 2.9B | 3.3B | 3.7B | 4.3B |
| Current Liabilities | 2.4B | 2.3B | 2.2B | 2.6B | 3.2B | 2.2B | 2.7B | 2.9B | 3.6B | 2.6B | 3.1B | 2.6B | 3.2B |
| Per Share Data | |||||||||||||
| EPS | 4.52 | 5.26 | 0.82 | 2.58 | 4.05 | 7.06 | 3.79 | 5.36 | 7.36 | -2.56 | 1.58 | 6.77 | 10.87 |
| Owner EPS | 4.49 | 5.05 | 2.46 | 3.44 | 4.81 | 3.93 | 4.63 | 4.56 | 4.74 | 1.52 | 2.49 | 2.91 | 10.66 |
| Book Value | 8.15 | 9.11 | 5.27 | 4.56 | 5.70 | 7.59 | 6.75 | 2.57 | 0.49 | -5.80 | -7.03 | -2.09 | 4.88 |
| Cash Flow/Share | 7.36 | 8.00 | 5.55 | 6.40 | 7.24 | 6.18 | 6.47 | 6.63 | 7.40 | 4.56 | 4.33 | 4.99 | 11.79 |
| Dividends/Share | 1.67 | 2.05 | 2.43 | 2.52 | 2.52 | 2.52 | 2.58 | 2.66 | 2.72 | 2.80 | 2.80 | 2.86 | 2.77 |
| Shares Out. | 347.3M | 331.2M | 302.4M | 299.2M | 291.9M | 285.0M | 264.9M | 245.1M | 224.0M | 206.6M | 212.0M | 217.0M | 224.4M |
| Valuation | |||||||||||||
| P/E Ratio | 7.4 | 5.8 | 18.2 | 11.0 | 10.3 | 5.3 | 10.3 | 13.9 | 8.8 | N/A | 63.2 | 20.8 | 78.3 |
| P/FCF | 5.8 | 5.3 | 4.1 | 5.7 | 7.0 | 9.1 | 9.1 | 16.2 | 11.4 | 19.0 | 31.9 | 37.3 | 79.2 |
| EV/EBIT | 7.3 | 5.7 | 16.8 | 8.0 | 8.5 | 7.0 | 8.5 | 14.2 | 10.0 | N/A | 54.5 | 17.8 | 62.5 |
| Price/Book | 4.1 | 3.4 | 2.8 | 6.2 | 7.3 | 4.9 | 5.8 | 28.9 | 133.6 | N/A | N/A | N/A | 174.5 |
| Price/Sales | 0.7 | 0.9 | 0.6 | 0.7 | 0.9 | 1.0 | 1.1 | 1.3 | 1.5 | 1.6 | 2.5 | 2.3 | 17.4 |
| FCF Yield | 17.1% | 18.8% | 24.3% | 17.5% | 14.3% | 11.0% | 10.9% | 6.2% | 8.8% | 5.3% | 3.1% | 2.7% | 1.3% |
| Market Cap | 11.7B | 10.1B | 4.5B | 8.5B | 12.2B | 10.6B | 10.3B | 18.3B | 14.6B | 11.9B | 21.2B | 30.5B | 191.1B |
| Avg. Price | 28.86 | 35.50 | 22.59 | 26.69 | 33.09 | 35.53 | 42.20 | 55.37 | 80.44 | 56.96 | 75.93 | 97.96 | 851.69 |
| Year-End Price | 33.64 | 30.62 | 14.90 | 28.28 | 41.91 | 37.12 | 38.96 | 74.45 | 65.02 | 57.62 | 99.89 | 140.63 | 851.69 |
Seagate Technology Holdings plc passes 5 of 9 quality checks, suggesting mixed fundamentals.
Seagate Technology Holdings plc trades at 96.2x trailing earnings, compared to its 15-year median P/E of 11.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 110.9x vs a median of 10.3x. The company's 5-year average ROIC is 27.4% with a gross margin of 26.8%. Total shareholder yield (dividends) is 0.4%. At current prices, the estimated annualized return to fair value is -5.7%.
Seagate Technology Holdings plc (STX) reported annual revenue of $9.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Seagate Technology Holdings plc (STX) has a net profit margin of 16.1%. This is a healthy margin.
Seagate Technology Holdings plc (STX) generated $818 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Seagate Technology Holdings plc (STX) reported earnings per share (EPS) of $6.77 in its most recent fiscal year.
Seagate Technology Holdings plc (STX) has a return on equity (ROE) of -151.1%. A negative ROE may indicate losses or negative equity.
Seagate Technology Holdings plc (STX) has a 5-year average gross margin of 26.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for Seagate Technology Holdings plc (STX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Seagate Technology Holdings plc (STX) has a book value per share of $-2.09, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects Seagate to enter a period of structural growth driven by robust market demand, a proven technology roadmap, and disciplined operational execution, with confidence to increase annual revenue growth targets to a minimum of 20% over the next few years. The company is finalizing build-to-order contracts with major cloud customers through the end of fiscal 2027, which lock in specific configurations and pricing and provide visibility for sequential revenue and profitability improvement throughout fiscal 2027. Mozaic 4 HAMR-based drives are ramping in production with expectations that they will represent a majority of HAMR exabyte shipments by the end of calendar 2026, while Mozaic 5 development is progressing on schedule to deliver 50 TB capacities with qualification shipments targeted for late calendar 2027. Management expects free cash flow generation to improve further through the remainder of calendar 2026 supported by sustained demand trends, operational efficiencies, and capital discipline, while continuing to reduce debt and enhance shareholder value.
Based on recent SEC filings and earnings calls, Seagate Technology Holdings plc (STX) has provided the following forward guidance: Annual Revenue Growth Target: minimum of 20% (next few years); Capital Expenditure: 4%-6% of revenue (Fiscal year 2026).