Seagate Technology

STX · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

STX · Last close · October 26, 2026

$644.21

Seagate Technology's revenue rose 34.1% to $12.2 billion in fiscal 2026. Its operating margin was 33.6%, up from 20.8% a year earlier. Free cash flow was $3.1 billion, up 279.6%. It paid out $810 million in dividends and buybacks, 26% of free cash flow. The diluted share count rose 5.5%.

Seagate Technology Holdings plc Latest fiscal year ended July 3, 2026 10-K filed August 4, 2026 · 0001137789-26-000159 Updated October 9, 2026

Revenue

$12.2B

34.1%

Operating margin

33.6%

12.8 pts

Net income

$3.2B

116.8%

Free cash flow

$3.1B

279.6%

Return on capital

92.0%

35.3 pts

Market cap

$147.5B

Oct 26 close

P/E

46.3x

On $13.90 EPS, FY26

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Seagate Technology does

Seagate designs and makes hard disk drives (HDDs), storage systems and related products. It serves two main markets. Data Center covers cloud and enterprise customers that need large amounts of storage, including for AI-related computing. Edge / Internet of Things covers industrial and consumer uses where data is stored closer to where it is created, such as video, network-attached storage, gaming and backup.

Its Data Center products include HDDs of up to 44TB and storage systems of up to 3.5PB. They are sold mainly to cloud service providers, equipment makers (OEMs), distributors and enterprise customers, often under master purchase agreements. Its Edge products range from 1TB to 32TB and are sold mainly through OEMs, distributors, retailers and resellers, and some as branded products for casual users, gamers and creative professionals.

Seagate says its competitive position rests on making its own drives and from raising how much data fits on a disk, including with a heat-assisted magnetic recording technology it calls Mozaic. It had about 30,000 full-time employees on July 3, 2026, about 25,000 of them in Asia.

Its biggest risks, as it describes them

Failing to launch new products and win market share, with customers concentrated in a few large end markets.
Intense competition from other makers of hard drives and solid-state drives.
A small number of key customers account for a significant share of its revenue.
Weak or falling demand for drives in consumer and client-centric markets.
Reliance on sales through distributors and retailers, which can increase price erosion and sales swings.

From Seagate Technology's annual report on Form 10-K, filed August 4, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 20.6% a year and net income 17.1% a year, as buybacks cut the share count by 23%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Seagate Technology yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Seagate Technology's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Seagate Technology's cash from operations minus depreciation in fiscal 2026 (free cash flow before spending to grow: capital spending was 2.1 times depreciation, which holds its free cash flow down) of $3.4B, net cash of −$1.9B at July 3, 2026 and 229 million diluted shares, from its filings. The scenarios are fitted to Seagate Technology: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 18.2% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Technology Hardware, Storage & Peripherals), plus 1 point for unsteady results (a loss in fiscal 2023); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2026: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at July 3, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Seagate Technology's own revenue growth, as above. Cautious: growth of 9% then 5.5% a year, 2% after year 10, a 11% discount rate. Base: growth of 18% then 10% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $644.21
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Seagate Technology's earnings per share of $13.90 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 33.3×, the middle of Seagate Technology's own P/E today, its peers' median and its sector's median (the Information Technology median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Western Digital, Sandisk, NetApp, Logitech.

Earnings growth in the years ahead (% a year) Starts at Seagate Technology's revenue growth over the last 3 years, 18.2% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $644.21
Value at this multiple, against the last close: —
Seagate Technology's P/E at the last close: 46.3×

Company	Last close	Earnings per share	P/E today
Seagate TechnologySTX	$644.21	$13.90	46.3×
NetAppNTAP	$222.08	$7.09	31.3×
LogitechLOGI	$109.89	$5.45	20.2×
SandiskSNDK	$1,255.58	$73.76	17.0×
Western DigitalWDC	$356.13	$25.79	13.8×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	615	786	1,358	891	1,704
Debt incl. finance leases	964	5,451	5,674	4,995	3,565
Net debt (negative means net cash)	349	4,665	4,316	4,104	1,861
Net debt to EBITDA	0.1x	27.3x	6.0x	1.9x	0.4x
Debt to equity	—	—	—	—	1.6x
Interest coverage	7.8x	−1.1x	1.4x	5.9x	14.4x
Current ratio	1.1x	1.1x	1.1x	1.4x	1.7x
Quick ratio	0.7x	0.7x	0.7x	0.8x	1.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Seagate Technology shares on the open market, and 11 insiders sold $594.7 million, $392.5 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 23, 2026	James CI LeeEVP & CLO	Sold	547	$642.14	$351,411	Form 4
Oct 1, 2026	William D MosleyCEO, Director	Sold plan	18,998	$914.67	$17.4 million	Form 4
Oct 1, 2026	William D MosleyCEO, Director	Sold plan	11,002	$935.60	$10.3 million	Form 4
Sep 21, 2026	John Christopher MorrisEVP & CTO	Sold plan	9,354	$877.91	$8.2 million	Form 4
Sep 15, 2026	William D MosleyCEO, Director	Sold	97,889	$772.14	$75.6 million	Form 4
Sep 15, 2026	Ban Seng TehEVP & Chief Commercial Officer	Sold plan	52,730	$782.08	$41.2 million	Form 4
Sep 15, 2026	Gianluca RomanoEVP & CFO	Sold	49,984	$772.16	$38.6 million	Form 4
Sep 15, 2026	John Christopher MorrisEVP & CTO	Sold	15,466	$772.15	$11.9 million	Form 4
Sep 14, 2026	William D MosleyCEO, Director	Sold	1,870	$781.23	$1.5 million	Form 4
Sep 14, 2026	Ban Seng TehEVP & Chief Commercial Officer	Sold plan	989	$779.00	$770,431	Form 4
Sep 14, 2026	Gianluca RomanoEVP & CFO	Sold plan	955	$781.24	$746,084	Form 4
Sep 14, 2026	John Christopher MorrisEVP & CTO	Sold	493	$781.23	$384,951	Form 4

The latest 12 of 87 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Fail	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	6 of 9	7 of 9	8 of 9
Accruals ratio	−7.6%	4.9%	−5.5%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Seagate Technology side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Seagate Technology	FY26	34.1%	33.6%	25.5%	92.0%	0.4x	8
Western Digital	FY26	35.7%	34.5%	27.2%	52.2%	−0.1x	7	Compare
Sandisk	FY26	175.3%	61.2%	56.8%	105.9%	−0.4x	7	Compare
NetApp	FY26	5.4%	24.2%	27.0%	—	−0.6x	7	Compare
Logitech	FY26	6.3%	16.0%	20.1%	121.9%	−2.0x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	10,771	11,184	10,390	10,509	10,681	11,661	7,384	6,551	9,097	12,195
Revenue growth	−3.5%	3.8%	−7.1%	1.1%	1.6%	9.2%	−36.7%	−11.3%	38.9%	34.1%
Gross profit	3,174	3,364	2,932	2,842	2,917	3,469	1,351	1,536	3,200	5,558
Research and development	1,232	1,026	991	973	903	941	797	654	724	755
Operating income	1,054	1,634	1,487	1,300	1,492	1,955	−342	452	1,890	4,094
Net income	772	1,182	2,012	1,004	1,314	1,649	−529	335	1,469	3,184
Diluted EPS (US$)	2.58	4.05	7.06	3.79	5.36	7.36	−2.56	1.58	6.77	13.90
Diluted shares (millions)	299	292	285	265	245	224	207	212	217	229
Cash flow
Cash from operations	1,916	2,113	1,761	1,714	1,626	1,657	942	918	1,083	3,674
Capital expenditure	434	366	602	585	498	381	316	254	265	569
Free cash flow	1,482	1,747	1,159	1,129	1,128	1,276	626	664	818	3,105
Dividends paid	561	726	713	673	649	610	582	585	600	634
Share buybacks	460	361	963	850	2,047	1,799	408	0	0	176
Acquisitions	0	0	0	0	0	0	0	0	88	0
Stock-based compensation	137	112	99	109	112	145	115	127	200	213
Balance sheet at fiscal year end
Cash and short-term investments	2,539	1,853	2,220	1,722	1,209	615	786	1,358	891	1,704
Debt incl. finance leases	5,021	4,819	4,253	4,175	5,139	964	5,451	5,674	4,995	3,565
Total assets	9,268	9,410	8,885	8,930	8,675	8,944	7,556	7,739	8,023	9,972
Total liabilities	7,904	7,745	6,723	7,143	8,044	8,835	8,755	9,230	8,476	7,805
Shareholders' equity	1,364	1,665	2,162	1,787	631	109	−1,199	−1,491	−453	2,167
Margins and ratios
Gross margin	29.5%	30.1%	28.2%	27.0%	27.3%	29.8%	18.3%	23.4%	35.2%	45.6%
Operating margin	9.8%	14.6%	14.3%	12.4%	14.0%	16.8%	−4.6%	6.9%	20.8%	33.6%
Net margin	7.2%	10.6%	19.4%	9.6%	12.3%	14.1%	−7.2%	5.1%	16.1%	26.1%
Free cash flow margin	13.8%	15.6%	11.2%	10.7%	10.6%	10.9%	8.5%	10.1%	9.0%	25.5%
Return on capital	23.8%	32.1%	33.7%	30.0%	33.0%	76.5%	−13.8%	10.8%	56.7%	92.0%
Return on equity	52.2%	78.0%	105.2%	50.9%	108.7%	—	—	—	—	371.5%
Return on assets	8.8%	12.7%	22.0%	11.3%	14.9%	18.7%	−6.4%	4.4%	18.6%	35.4%
Net debt to EBITDA	1.4x	1.3x	1.0x	1.5x	2.1x	0.1x	27.3x	6.0x	1.9x	0.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Seagate Technology's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Seagate Technology.