Seagate Technology Holdings plc vs WESTERN DIGITAL CORPORATION, two Computer Hardware stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both prices bet on the same drive cycle from inside the same duopoly, and the market has chosen a favorite: Seagate at 85.1 times trailing earnings against Western Digital's 34.5, a 51-turn spread between two companies selling hard drives into identical demand. The economics do not explain it: WDC currently earns the better margins, 35.7% operating against 32.1%, and the better net line, 40.7% against 21.6%. The balance sheets might: Seagate carries 3.5 turns of debt to equity (its 217% return on equity is that leverage talking), WDC a modest 0.33. Free-cash yields are tied at 1.2-1.3%. Paying more than double per dollar of earnings for the more levered half of a duopoly is a bet that operating leverage cuts hardest at Seagate when the cycle extends.
Comparison updated 2026-07-10.
| Metric | STX | WDC |
|---|---|---|
| Price | $896.74 | $578.52 |
| Market cap | $205.4B | $223.9B |
| Sector | Computer Hardware | Computer Hardware |
| Stage | Growth | Growth |
| P/E | 85.1 | 34.5 |
| P/B | 187.54 | 23.13 |
| P/S | 18.65 | 19.01 |
| EV/EBITDA | 65.5 | 61.5 |
| Revenue growth | +29.1% | +32.0% |
| Gross margin | — | 50.2% |
| Operating margin | 32.1% | 35.7% |
| Net margin | 21.6% | 40.7% |
| Return on equity | 217.2% | 49.6% |
| Return on assets | 26.7% | 31.9% |
| Return on invested capital | 54.2% | 26.5% |
| FCF yield | 1.2% | 1.3% |
| Dividend yield | 0.3% | 0.0% |
| Debt / equity | 3.53 | 0.33 |
| Current ratio | 1.33 | 1.49 |
| Altman Z (solvency) | 6.66 | 7.86 |
| Piotroski F (quality) | 7 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.