Stock Analysis on Net
Stock Analysis on Net

Western Digital Corp. (NASDAQ:WDC)

This company has been moved to the archive! The financial data has not been updated since February 12, 2024.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Western Digital Corp., adjusted financial ratios

Microsoft Excel
Jun 30, 2023 Jul 1, 2022 Jul 2, 2021 Jul 3, 2020 Jun 28, 2019 Jun 29, 2018
Activity Ratio
Total Asset Turnover
Reported 0.50 0.72 0.65 0.65 0.63 0.71
Adjusted 0.51 0.72 0.65 0.65 0.62 0.71
Liquidity Ratio
Current Ratio
Reported 1.45 1.81 2.00 2.05 2.22 2.39
Adjusted 1.48 1.86 2.08 2.15 2.34 2.48
Solvency Ratios
Debt to Equity
Reported 0.60 0.57 0.81 1.00 1.06 0.97
Adjusted 0.62 0.59 0.82 0.98 1.03 0.98
Debt to Capital
Reported 0.38 0.36 0.45 0.50 0.51 0.49
Adjusted 0.38 0.37 0.45 0.50 0.51 0.49
Financial Leverage
Reported 2.08 2.15 2.44 2.69 2.65 2.54
Adjusted 2.05 2.10 2.38 2.57 2.55 2.51
Profitability Ratios
Net Profit Margin
Reported -13.85% 7.98% 4.85% -1.49% -4.55% 3.27%
Adjusted -14.64% 6.59% 2.92% -2.17% -2.28% 1.71%
Return on Equity (ROE)
Reported -14.55% 12.27% 7.66% -2.62% -7.56% 5.85%
Adjusted -15.21% 9.94% 4.53% -3.63% -3.61% 3.03%
Return on Assets (ROA)
Reported -6.98% 5.71% 3.14% -0.97% -2.86% 2.31%
Adjusted -7.41% 4.74% 1.90% -1.41% -1.42% 1.21%

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Western Digital Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Western Digital Corp. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Western Digital Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Western Digital Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Western Digital Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Western Digital Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Western Digital Corp. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Western Digital Corp. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Western Digital Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Jun 30, 2023 Jul 1, 2022 Jul 2, 2021 Jul 3, 2020 Jun 28, 2019 Jun 29, 2018
Reported
Selected Financial Data (US$ in millions)
Revenue, net 12,318 18,793 16,922 16,736 16,569 20,647
Total assets 24,429 26,259 26,132 25,662 26,370 29,235
Activity Ratio
Total asset turnover1 0.50 0.72 0.65 0.65 0.63 0.71
Adjusted
Selected Financial Data (US$ in millions)
Revenue, net 12,318 18,793 16,922 16,736 16,569 20,647
Adjusted total assets2 24,318 26,159 25,944 25,662 26,612 29,192
Activity Ratio
Adjusted total asset turnover3 0.51 0.72 0.65 0.65 0.62 0.71

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

1 2023 Calculation
Total asset turnover = Revenue, net ÷ Total assets
= 12,318 ÷ 24,429 = 0.50

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Revenue, net ÷ Adjusted total assets
= 12,318 ÷ 24,318 = 0.51

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Western Digital Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Jun 30, 2023 Jul 1, 2022 Jul 2, 2021 Jul 3, 2020 Jun 28, 2019 Jun 29, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets 7,886 9,453 9,757 9,048 8,477 10,638
Current liabilities 5,434 5,237 4,870 4,406 3,817 4,456
Liquidity Ratio
Current ratio1 1.45 1.81 2.00 2.05 2.22 2.39
Adjusted
Selected Financial Data (US$ in millions)
Current assets 7,886 9,453 9,757 9,048 8,477 10,638
Adjusted current liabilities2 5,337 5,075 4,695 4,201 3,629 4,288
Liquidity Ratio
Adjusted current ratio3 1.48 1.86 2.08 2.15 2.34 2.48

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 7,886 ÷ 5,434 = 1.45

2 Adjusted current liabilities. See details »

3 2023 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 7,886 ÷ 5,337 = 1.48

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Western Digital Corp. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Jun 30, 2023 Jul 1, 2022 Jul 2, 2021 Jul 3, 2020 Jun 28, 2019 Jun 29, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 7,070 7,022 8,725 9,575 10,522 11,172
Shareholders’ equity 11,723 12,221 10,721 9,551 9,967 11,531
Solvency Ratio
Debt to equity1 0.60 0.57 0.81 1.00 1.06 0.97
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 7,354 7,339 8,962 9,820 10,764 11,344
Adjusted shareholders’ equity3 11,856 12,466 10,896 10,004 10,455 11,634
Solvency Ratio
Adjusted debt to equity4 0.62 0.59 0.82 0.98 1.03 0.98

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 7,070 ÷ 11,723 = 0.60

2 Adjusted total debt. See details »

3 Adjusted shareholders’ equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 7,354 ÷ 11,856 = 0.62

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Western Digital Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Jun 30, 2023 Jul 1, 2022 Jul 2, 2021 Jul 3, 2020 Jun 28, 2019 Jun 29, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 7,070 7,022 8,725 9,575 10,522 11,172
Total capital 18,793 19,243 19,446 19,126 20,489 22,703
Solvency Ratio
Debt to capital1 0.38 0.36 0.45 0.50 0.51 0.49
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 7,354 7,339 8,962 9,820 10,764 11,344
Adjusted total capital3 19,210 19,805 19,858 19,824 21,219 22,978
Solvency Ratio
Adjusted debt to capital4 0.38 0.37 0.45 0.50 0.51 0.49

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 7,070 ÷ 18,793 = 0.38

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 7,354 ÷ 19,210 = 0.38

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Western Digital Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Jun 30, 2023 Jul 1, 2022 Jul 2, 2021 Jul 3, 2020 Jun 28, 2019 Jun 29, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets 24,429 26,259 26,132 25,662 26,370 29,235
Shareholders’ equity 11,723 12,221 10,721 9,551 9,967 11,531
Solvency Ratio
Financial leverage1 2.08 2.15 2.44 2.69 2.65 2.54
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 24,318 26,159 25,944 25,662 26,612 29,192
Adjusted shareholders’ equity3 11,856 12,466 10,896 10,004 10,455 11,634
Solvency Ratio
Adjusted financial leverage4 2.05 2.10 2.38 2.57 2.55 2.51

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 24,429 ÷ 11,723 = 2.08

2 Adjusted total assets. See details »

3 Adjusted shareholders’ equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 24,318 ÷ 11,856 = 2.05

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Western Digital Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Jun 30, 2023 Jul 1, 2022 Jul 2, 2021 Jul 3, 2020 Jun 28, 2019 Jun 29, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) (1,706) 1,500 821 (250) (754) 675
Revenue, net 12,318 18,793 16,922 16,736 16,569 20,647
Profitability Ratio
Net profit margin1 -13.85% 7.98% 4.85% -1.49% -4.55% 3.27%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 (1,803) 1,239 494 (363) (377) 353
Revenue, net 12,318 18,793 16,922 16,736 16,569 20,647
Profitability Ratio
Adjusted net profit margin3 -14.64% 6.59% 2.92% -2.17% -2.28% 1.71%

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) ÷ Revenue, net
= 100 × -1,706 ÷ 12,318 = -13.85%

2 Adjusted net income (loss). See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Revenue, net
= 100 × -1,803 ÷ 12,318 = -14.64%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Western Digital Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Jun 30, 2023 Jul 1, 2022 Jul 2, 2021 Jul 3, 2020 Jun 28, 2019 Jun 29, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) (1,706) 1,500 821 (250) (754) 675
Shareholders’ equity 11,723 12,221 10,721 9,551 9,967 11,531
Profitability Ratio
ROE1 -14.55% 12.27% 7.66% -2.62% -7.56% 5.85%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 (1,803) 1,239 494 (363) (377) 353
Adjusted shareholders’ equity3 11,856 12,466 10,896 10,004 10,455 11,634
Profitability Ratio
Adjusted ROE4 -15.21% 9.94% 4.53% -3.63% -3.61% 3.03%

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

1 2023 Calculation
ROE = 100 × Net income (loss) ÷ Shareholders’ equity
= 100 × -1,706 ÷ 11,723 = -14.55%

2 Adjusted net income (loss). See details »

3 Adjusted shareholders’ equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted shareholders’ equity
= 100 × -1,803 ÷ 11,856 = -15.21%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Western Digital Corp. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Jun 30, 2023 Jul 1, 2022 Jul 2, 2021 Jul 3, 2020 Jun 28, 2019 Jun 29, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) (1,706) 1,500 821 (250) (754) 675
Total assets 24,429 26,259 26,132 25,662 26,370 29,235
Profitability Ratio
ROA1 -6.98% 5.71% 3.14% -0.97% -2.86% 2.31%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 (1,803) 1,239 494 (363) (377) 353
Adjusted total assets3 24,318 26,159 25,944 25,662 26,612 29,192
Profitability Ratio
Adjusted ROA4 -7.41% 4.74% 1.90% -1.41% -1.42% 1.21%

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

1 2023 Calculation
ROA = 100 × Net income (loss) ÷ Total assets
= 100 × -1,706 ÷ 24,429 = -6.98%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × -1,803 ÷ 24,318 = -7.41%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Western Digital Corp. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.