Western Digital Corp., FCFE calculation

US$ in millions

12 months ended:	Jun 30, 2023	Jul 1, 2022	Jul 2, 2021	Jul 3, 2020	Jun 28, 2019	Jun 29, 2018
Net income (loss)	(1,706)	1,500)	821)	(250)	(754)	675)
Net noncash charges	1,208)	1,455)	1,252)	1,831)	2,561)	3,044)
Changes in assets and liabilities	90)	(1,075)	(175)	(757)	(260)	486)
Net cash provided by (used in) operating activities	(408)	1,880)	1,898)	824)	1,547)	4,205)
Purchases of property, plant and equipment	(821)	(1,122)	(1,146)	(647)	(876)	(835)
Proceeds from the sale of property, plant and equipment	14)	15)	143)	—)	119)	26)
Settlement of debt hedge contracts	—)	—)	—)	—)	—)	28)
Repayment of debt	(1,180)	(3,621)	(886)	(982)	(181)	(17,074)
Proceeds from debt issuance	1,180)	1,894)	—)	—)	—)	13,840)
Borrowings from (repayment of) revolving credit facility	—)	—)	—)	—)	(500)	500)
Debt issuance costs	(19)	(23)	—)	—)	(4)	(59)
Free cash flow to equity (FCFE)	(1,234)	(977)	9)	(805)	105)	631)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Western Digital Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Western Digital Corp. FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Western Digital Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	325,859,745
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	(1,234)
FCFE per share	-3.79
Current share price (P)	57.32
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Competitors¹
Apple Inc.	37.42
Arista Networks Inc.	71.07
Cisco Systems Inc.	7.89
Super Micro Computer Inc.	56.70
P/FCFE, Sector
Technology Hardware & Equipment	38.57
P/FCFE, Industry
Information Technology	53.73

Based on: 10-K (reporting date: 2023-06-30).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Western Digital Corp., historical P/FCFE calculation, comparison to benchmarks

	Jun 30, 2023	Jul 1, 2022	Jul 2, 2021	Jul 3, 2020	Jun 28, 2019	Jun 29, 2018
No. shares of common stock outstanding¹	321,895,961	314,492,541	308,748,049	302,525,787	296,003,875	291,356,809
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	(1,234)	(977)	9)	(805)	105)	631)
FCFE per share³	-3.83	-3.11	0.03	-2.66	0.35	2.17
Share price^1, 4	40.42	47.91	63.24	37.84	52.66	63.81
Valuation Ratio
P/FCFE⁵	—	—	2,169.47	—	148.45	29.46
Benchmarks
P/FCFE, Competitors⁶
Apple Inc.	30.63	22.26	23.27	24.40	21.64	—
Arista Networks Inc.	41.51	96.72	42.05	32.99	18.05	—
Cisco Systems Inc.	12.84	17.18	21.02	38.82	14.85	—
Super Micro Computer Inc.	41.38	139.27	13.81	—	7.83	108.50
P/FCFE, Sector
Technology Hardware & Equipment	27.96	22.10	23.19	25.31	20.14	—
P/FCFE, Industry
Information Technology	33.63	26.79	27.64	23.72	19.16	—

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -1,234,000,000 ÷ 321,895,961 = -3.83

⁴ Closing price as at the filing date of Western Digital Corp. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 40.42 ÷ -3.83 = —

⁶ Click competitor name to see calculations.

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Western Digital Corp. (NASDAQ:WDC)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical