WESTERN DIGITAL CORPORATION
In the published model solve dated 2026-Q2, anchored at $461.05, WESTERN DIGITAL CORPORATION (WDC) is priced for today's economics sustained for ~6.3 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: 2026-09-14 (items 7.01, 8.01, 9.01); 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).
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.