Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Solvency Ratios (Summary)
Western Digital Corp., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Western Digital Corp. debt to equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Western Digital Corp. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Western Digital Corp. debt to capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Western Digital Corp. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Western Digital Corp. debt to assets ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Western Digital Corp. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Western Digital Corp. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Western Digital Corp. interest coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Western Digital Corp. fixed charge coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Equity
Western Digital Corp., debt to equity calculation, comparison to benchmarks
| Jun 30, 2023 | Jul 1, 2022 | Jul 2, 2021 | Jul 3, 2020 | Jun 28, 2019 | Jun 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Long-term debt, less current portion | |||||||
| Total debt | |||||||
| Shareholders’ equity | |||||||
| Solvency Ratio | |||||||
| Debt to equity1 | |||||||
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| Debt to Equity, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| Debt to Equity, Industry | |||||||
| Information Technology | |||||||
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
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Western Digital Corp. debt to equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Equity (including Operating Lease Liability)
Western Digital Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Jun 30, 2023 | Jul 1, 2022 | Jul 2, 2021 | Jul 3, 2020 | Jun 28, 2019 | Jun 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Long-term debt, less current portion | |||||||
| Total debt | |||||||
| Current portion of operating lease liabilities (included in Accrued expenses) | |||||||
| Long-term operating lease liabilities (included in Other liabilities) | |||||||
| Total debt (including operating lease liability) | |||||||
| Shareholders’ equity | |||||||
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Technology Hardware & Equipment | |||||||
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Information Technology | |||||||
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Western Digital Corp. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Capital
Western Digital Corp., debt to capital calculation, comparison to benchmarks
| Jun 30, 2023 | Jul 1, 2022 | Jul 2, 2021 | Jul 3, 2020 | Jun 28, 2019 | Jun 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Long-term debt, less current portion | |||||||
| Total debt | |||||||
| Shareholders’ equity | |||||||
| Total capital | |||||||
| Solvency Ratio | |||||||
| Debt to capital1 | |||||||
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| Debt to Capital, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| Debt to Capital, Industry | |||||||
| Information Technology | |||||||
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
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Western Digital Corp. debt to capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Capital (including Operating Lease Liability)
Western Digital Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Jun 30, 2023 | Jul 1, 2022 | Jul 2, 2021 | Jul 3, 2020 | Jun 28, 2019 | Jun 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Long-term debt, less current portion | |||||||
| Total debt | |||||||
| Current portion of operating lease liabilities (included in Accrued expenses) | |||||||
| Long-term operating lease liabilities (included in Other liabilities) | |||||||
| Total debt (including operating lease liability) | |||||||
| Shareholders’ equity | |||||||
| Total capital (including operating lease liability) | |||||||
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Technology Hardware & Equipment | |||||||
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Information Technology | |||||||
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Western Digital Corp. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Assets
Western Digital Corp., debt to assets calculation, comparison to benchmarks
| Jun 30, 2023 | Jul 1, 2022 | Jul 2, 2021 | Jul 3, 2020 | Jun 28, 2019 | Jun 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Long-term debt, less current portion | |||||||
| Total debt | |||||||
| Total assets | |||||||
| Solvency Ratio | |||||||
| Debt to assets1 | |||||||
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| Debt to Assets, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| Debt to Assets, Industry | |||||||
| Information Technology | |||||||
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 assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Western Digital Corp. debt to assets ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Assets (including Operating Lease Liability)
Western Digital Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Jun 30, 2023 | Jul 1, 2022 | Jul 2, 2021 | Jul 3, 2020 | Jun 28, 2019 | Jun 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Long-term debt, less current portion | |||||||
| Total debt | |||||||
| Current portion of operating lease liabilities (included in Accrued expenses) | |||||||
| Long-term operating lease liabilities (included in Other liabilities) | |||||||
| Total debt (including operating lease liability) | |||||||
| Total assets | |||||||
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Technology Hardware & Equipment | |||||||
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Information Technology | |||||||
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Western Digital Corp. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Financial Leverage
Western Digital Corp., financial leverage calculation, comparison to benchmarks
| Jun 30, 2023 | Jul 1, 2022 | Jul 2, 2021 | Jul 3, 2020 | Jun 28, 2019 | Jun 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Total assets | |||||||
| Shareholders’ equity | |||||||
| Solvency Ratio | |||||||
| Financial leverage1 | |||||||
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| Financial Leverage, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| Financial Leverage, Industry | |||||||
| Information Technology | |||||||
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
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Western Digital Corp. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023. |
Interest Coverage
Western Digital Corp., interest coverage calculation, comparison to benchmarks
| Jun 30, 2023 | Jul 1, 2022 | Jul 2, 2021 | Jul 3, 2020 | Jun 28, 2019 | Jun 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income (loss) | |||||||
| Add: Income tax expense | |||||||
| Add: Interest expense | |||||||
| Earnings before interest and tax (EBIT) | |||||||
| Solvency Ratio | |||||||
| Interest coverage1 | |||||||
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| Interest Coverage, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| Interest Coverage, Industry | |||||||
| Information Technology | |||||||
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
Interest coverage = EBIT ÷ Interest expense
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Western Digital Corp. interest coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Fixed Charge Coverage
Western Digital Corp., fixed charge coverage calculation, comparison to benchmarks
| Jun 30, 2023 | Jul 1, 2022 | Jul 2, 2021 | Jul 3, 2020 | Jun 28, 2019 | Jun 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| U.S. Federal statutory tax rate | |||||||
| Selected Financial Data (US$ in millions) | |||||||
| Net income (loss) | |||||||
| Add: Income tax expense | |||||||
| Add: Interest expense | |||||||
| Earnings before interest and tax (EBIT) | |||||||
| Add: Cost of operating leases | |||||||
| Earnings before fixed charges and tax | |||||||
| Interest expense | |||||||
| Cost of operating leases | |||||||
| Cumulative dividends allocated to preferred shareholders | |||||||
| Cumulative dividends allocated to preferred shareholders, tax adjustment1 | |||||||
| Cumulative dividends allocated to preferred shareholders, after tax adjustment | |||||||
| Fixed charges | |||||||
| Solvency Ratio | |||||||
| Fixed charge coverage2 | |||||||
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors3 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| Fixed Charge Coverage, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| Fixed Charge Coverage, Industry | |||||||
| Information Technology | |||||||
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
Cumulative dividends allocated to preferred shareholders, tax adjustment = (Cumulative dividends allocated to preferred shareholders × U.S. Federal statutory tax rate) ÷ (1 − U.S. Federal statutory tax rate)
= ( × ) ÷ (1 − ) =
2 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
3 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Western Digital Corp. fixed charge coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |