WESTERN DIGITAL CORPORATION
In the published model solve dated 2026-Q2, anchored at $460.35, WESTERN DIGITAL CORPORATION (WDC) is priced for today's economics sustained for ~6.1 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed August 7, 2026 from SEC EDGAR filings.
• After separating its flash business, WD is a hard-drive company and almost nothing else, with cloud customers accounting for 89% of revenue in the nine months ended April 3, 2026 and both halves of the equation moving the right way at once: exabytes shipped up 29% and the average selling price per exabyte up 5% [Source: FY2026 Q3 Form 10-Q, filed May 1, 2026]. • The concentration behind that growth is severe: the FY2025 Form 10-K discloses that ⟦three customers accounted for 17%, 12% and 10%⟧
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1,367 institutional managers reported holding WDC in 13F filings for the quarter ended 2026-03-31. Together they hold about 80% of the company; the top 10 hold 46%. 322 opened new positions that quarter. Held by Vanguard Group, BlackRock, FMR (Fidelity), among others. On the short side, 26.4M shares were sold short as of the 2026-06-15 count, about 7% of shares outstanding (3.9 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
WDC has cut its share count 16.6% over the past five years, spending $2.07B on repurchases. It pays a dividend, and has for 1 year running; the current rate is $0.10 a share annually. Cash returned over the past three years: $164.00M in dividends and $2.07B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at WDC over the trailing three years. Absence is a fact about the company, not a signal. 21 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
WDC's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-05-11 | +0.5% | +20.9% |
| 2023-08-23 | +2.0% | +2.7% |
| 2023-11-08 | +2.0% | +16.8% |
| 2024-02-13 | +0.3% | +28.4% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
WDC's latest 8-K filings: 2026-08-26 (items 3.02, 8.01); 2026-08-05 (items 2.02, 9.01); 2026-06-11 (items 8.01); 2026-06-03 (items 3.02, 8.01); 2026-05-28 (items 5.02, 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: August 7, 2026
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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.