$15.8 B

WDC Mkt cap, 15-Oct-2018

$20.6 B

Western Digital Revenue FY, 2018
Western Digital Gross profit (FY, 2018)7.7 B
Western Digital Gross profit margin (FY, 2018), %37.3%
Western Digital Net income (FY, 2018)675 M
Western Digital EBIT (FY, 2018)3.6 B
Western Digital Cash, 29-Jun-20185 B
Western Digital EV22 B

Western Digital Revenue

Western Digital revenue was $20.65 b in FY, 2018

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Western Digital Revenue Breakdown

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Western Digital revenue breakdown by business segment: 21.3% from Client Solutions, 49.9% from Client Devices and 28.8% from Data Center Devices & Solutions

Western Digital revenue breakdown by geographic segment: 17.1% from Hong Kong, 17.2% from Europe, Middle East and Africa, 16.7% from Asia, 22.4% from China, 20.3% from United States and 6.4% from Other

Western Digital Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Revenue

15.1b14.6b13.0b19.1b20.6b

Revenue growth, %

(4%)(11%)47%

Cost of goods sold

10.8b10.4b9.6b13.0b12.9b

Gross profit

4.4b4.2b3.4b6.1b7.7b

Gross profit Margin, %

29%29%26%32%37%

R&D expense

1.7b1.6b1.6b2.4b2.4b

General and administrative expense

813.0m773.0m997.0m1.4b1.5b

Operating expense total

2.5b2.4b2.6b4.1b4.1b

EBIT

1.8b1.6b466.0m2.0b3.6b

EBIT margin, %

12%11%4%10%18%

Interest expense

56.0m49.0m266.0m847.0m676.0m

Interest income

15.0m14.0m26.0m26.0m60.0m

Pre tax profit

1.8b1.6b153.0m769.0m2.1b

Income tax expense

135.0m112.0m(89.0m)372.0m1.4b

Net Income

1.6b1.5b242.0m397.0m675.0m

Quarterly

USDQ1, 2014Q2, 2014Q1, 2014Q3, 2014Q2, 2015Q1, 2015Q3, 2015Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Revenue

3.8b4.0b3.9b3.7b3.9b3.4b3.6b2.8b4.7b4.9b4.6b5.2b5.3b5.0b

Cost of goods sold

2.7b2.8b2.8b2.6b2.8b2.4b2.5b2.1b3.4b3.4b3.1b3.3b3.3b3.1b

Gross profit

1.1b1.1b1.1b1.1b1.1b955.0m1.0b753.0m1.3b1.5b1.5b1.9b2.0b1.9b

Gross profit Margin, %

29%29%29%29%29%28%29%27%28%31%33%37%38%38%

R&D expense

401.0m421.0m437.0m426.0m426.0m385.0m402.0m359.0m639.0m585.0m613.0m592.0m629.0m602.0m

General and administrative expense

132.0m229.0m220.0m202.0m164.0m192.0m199.0m166.0m396.0m358.0m346.0m364.0m381.0m376.0m

Operating expense total

546.0m663.0m680.0m641.0m644.0m633.0m611.0m665.0m1.1b988.0m998.0m1.0b1.1b1.0b

EBIT

542.0m478.0m469.0m419.0m466.0m322.0m421.0m88.0m232.0m545.0m525.0m905.0m955.0m914.0m

EBIT margin, %

14%12%12%11%12%10%12%3%5%11%11%17%18%18%

Interest expense

236.0m205.0m205.0m205.0m197.0m160.0m

Interest income

3.0m3.0m4.0m5.0m5.0m7.0m16.0m14.0m16.0m

Pre tax profit

532.0m467.0m460.0m406.0m458.0m314.0m412.0m80.0m321.0m304.0m710.0m774.0m(128.0m)

Income tax expense

37.0m37.0m37.0m31.0m20.0m31.0m28.0m6.0m95.0m86.0m56.0m29.0m1.6b(189.0m)

Net Income

495.0m430.0m423.0m375.0m438.0m283.0m384.0m74.0m(366.0m)235.0m248.0m681.0m(823.0m)61.0m

Western Digital Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Cash

4.8b5.0b8.2b6.4b5.0b

Accounts Receivable

2.0b1.5b1.5b1.9b2.2b

Inventories

1.2b1.4b2.1b2.3b2.9b

Current Assets

8.7b8.5b12.6b11.1b10.6b

PP&E

3.3b3.0b3.5b3.0b3.1b

Goodwill

2.6b2.8b10.0b10.0b10.1b

Total Assets

15.5b15.2b32.9b29.9b29.2b

Accounts Payable

2.0b1.9b1.9b2.1b2.3b

Short-term debt

125.0m407.0m3.3b233.0m179.0m

Current Liabilities

3.8b3.2b6.9b4.3b4.5b

Long-term debt

2.3b2.2b13.7b12.9b11.0b

Total Debt

2.4b2.6b17.0b13.2b11.2b

Total Liabilities

21.7b18.4b17.7b

Common Stock

3.0m3.0m

Additional Paid-in Capital

2.3b2.4b4.4b4.5b4.3b

Retained Earnings

8.1b9.1b8.8b8.6b8.8b

Total Equity

8.8b9.2b11.1b11.4b11.5b

Debt to Equity Ratio

0.3 x0.3 x1.5 x1.2 x

Debt to Assets Ratio

0.2 x0.2 x0.5 x0.4 x

Financial Leverage

1.8 x1.6 x2.9 x2.6 x2.5 x

Quarterly

USDQ1, 2014Q2, 2014Q1, 2014Q3, 2014Q2, 2015Q1, 2015Q3, 2015Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Cash

4.9b4.7b5.2b4.6b4.9b5.1b4.8b5.9b4.1b4.9b5.7b6.9b6.3b5.0b

Accounts Receivable

1.8b2.0b1.9b1.8b1.9b1.6b1.7b1.3b2.0b2.0b1.9b2.1b2.1b2.0b

Inventories

1.2b1.3b1.3b1.3b1.3b1.3b1.3b1.2b2.1b2.1b2.3b2.3b2.3b2.7b

Current Assets

8.3b8.3b9.0b8.3b8.7b8.7b8.4b8.7b9.1b9.6b10.3b11.8b11.1b10.2b

PP&E

3.6b3.5b3.2b3.4b3.1b2.9b3.1b2.7b3.4b3.2b3.1b3.0b3.1b3.0b

Goodwill

2.1b2.6b2.6b2.6b2.6b2.8b2.7b2.8b10.0b10.0b10.0b10.1b10.1b10.1b

Total Assets

14.8b15.3b15.7b15.3b15.1b15.3b15.2b14.9b29.0b29.0b29.4b30.5b29.8b29.0b

Accounts Payable

2.1b2.1b2.0b1.9b2.1b1.8b2.0b1.6b1.9b2.0b2.2b2.1b1.9b2.1b

Short-term debt

230.0m230.0m125.0m125.0m125.0m172.0m141.0m203.0m78.0m129.0m181.0m258.0m274.0m124.0m

Current Liabilities

4.4b4.6b3.9b3.7b3.3b3.2b3.2b2.8b3.9b4.1b4.3b4.5b4.4b4.3b

Long-term debt

1.7b1.6b2.3b2.3b2.3b2.1b2.2b2.0b13.1b12.9b12.9b12.9b11.8b11.1b

Total Debt

1.9b1.8b2.4b2.5b2.4b2.3b2.3b2.2b13.1b2.3b13.1b13.1b12.1b11.2b

Total Liabilities

6.6b6.7b6.7b6.6b6.1b5.9b6.0b5.3b18.2b18.2b18.4b18.4b18.6b17.7b

Common Stock

3.0m3.0m3.0m

Additional Paid-in Capital

2.2b2.3b2.3b2.3b2.3b2.4b2.4b2.5b4.5b4.6b4.5b4.4b4.4b4.3b

Retained Earnings

7.2b7.5b8.4b7.8b8.7b9.3b9.0b9.4b8.3b8.4b8.5b9.2b8.3b8.2b

Total Equity

8.3b8.6b9.0b8.8b9.1b9.3b9.2b9.6b10.8b10.7b11.0b12.1b11.3b11.3b

Debt to Equity Ratio

0.2 x0.2 x0.3 x0.3 x0.3 x0.2 x0.3 x0.2 x1.2 x0.2 x1.2 x1.1 x1.1 x1 x

Debt to Assets Ratio

0.1 x0.1 x0.2 x0.2 x0.2 x0.1 x0.2 x0.1 x0.5 x0.1 x0.4 x0.4 x0.4 x0.4 x

Financial Leverage

1.8 x1.8 x1.7 x1.7 x1.7 x1.6 x1.6 x1.6 x2.7 x2.7 x2.7 x2.5 x2.6 x2.6 x

Western Digital Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Net Income

1.6b1.5b242.0m397.0m675.0m

Depreciation and Amortization

1.2b1.1b1.2b2.1b2.1b

Accounts Receivable

(175.0m)458.0m466.0m(487.0m)(244.0m)

Inventories

(143.0m)306.0m(204.0m)(598.0m)

Accounts Payable

(32.0m)(148.0m)(299.0m)223.0m(15.0m)

Cash From Operating Activities

2.8b2.2b2.0b3.4b4.2b

Purchases of PP&E

(628.0m)(612.0m)(584.0m)(578.0m)(835.0m)

Cash From Investing Activities

(1.9b)(953.0m)(9.6b)(636.0m)(1.7b)

Long-term Borrowings

(2.5b)(125.0m)(4.3b)(12.2b)

Dividends Paid

(259.0m)(396.0m)(464.0m)(574.0m)(593.0m)

Cash From Financing Activities

(385.0m)(1.1b)10.8b(4.6b)(3.9b)

Net Change in Cash

3.1b(1.8b)

Interest Paid

46.0m45.0m113.0m777.0m708.0m

Income Taxes Paid

141.0m47.0m26.0m184.0m220.0m

Quarterly

USDQ1, 2014Q2, 2014Q1, 2014Q3, 2014Q2, 2015Q1, 2015Q3, 2015Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Net Income

495.0m430.0m423.0m375.0m438.0m283.0m384.0m74.0m(366.0m)(131.0m)117.0m681.0m(142.0m)(81.0m)

Depreciation and Amortization

508.0m1.0b1.6b533.0m1.1b1.6b

Accounts Receivable

1.9b1.9b1.6b1.7b1.3b(562.0m)(540.0m)(489.0m)(148.0m)(99.0m)(58.0m)

Inventories

1.3b1.3b1.3b1.3b1.2b28.0m52.0m(117.0m)44.0m65.0m(324.0m)

Accounts Payable

2.0b2.1b1.8b2.0b1.6b99.0m180.0m319.0m(146.0m)(276.0m)(41.0m)

Cash From Operating Activities

440.0m1.5b2.5b1.1b2.3b3.3b

Purchases of PP&E

(184.0m)(330.0m)(453.0m)(160.0m)(416.0m)(643.0m)

Cash From Investing Activities

(202.0m)(316.0m)(446.0m)(378.0m)(1.0b)(1.4b)

Long-term Borrowings

(8.2b)(8.3b)(12.2b)(62.0m)(4.1b)(14.6b)

Dividends Paid

(142.0m)(284.0m)(428.0m)(147.0m)(295.0m)(443.0m)

Cash From Financing Activities

(4.3b)(4.4b)(4.5b)(224.0m)(1.4b)(3.3b)

Net Change in Cash

532.0m(82.0m)(1.4b)

Interest Paid

93.0m299.0m454.0m71.0m308.0m633.0m

Income Taxes Paid

18.0m43.0m117.0m73.0m140.0m177.0m

Western Digital Ratios

USDY, 2018

EV/EBIT

6.1 x

EV/CFO

5.2 x

Revenue/Employee

298.4k

Financial Leverage

2.5 x
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Western Digital Operating Metrics

Western Digital's Units Shipped was reported to be 185 m in FY, 2016. Western Digital's Backlog was reported to be $50m in FY, 2017.
Q1, 2014Q2, 2014Q3, 2014FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016FY, 2017

Units Shipped

62.60 m63.10 m60.40 m249 m64.70 m61 m54.50 m229 m51.70 m49.70 m43.10 m185 m

Average Selling Price Per Unit

$58 $60 $58 $58 $58 $60 $61 $60 $60 $61 $60 $61

Backlog

$50 m$50 m

Patents Issued

7 k7 k13.50 k14 k
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