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WESTERN DIGITAL CORP（WDC）の決算・業績分析

WESTERN DIGITAL CORPの2025年有価証券報告書をAI分析。売上高$9.5B(-26.8%)。営業利益$2.3B。Information Technology。

目次
SUMMARY — 業績サマリー

WESTERN DIGITAL CORPの2025年度 業績サマリー

WESTERN DIGITAL CORP（証券コード: WDC）の2025年度決算・業績分析。売上高は$9.5B（前年比-26.8%）。営業利益は$2.3B（前年比+836.3%）。純利益は$1.9B（前年比+336.7%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。

WESTERN DIGITAL CORPの2024年度 注目ポイント

※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。

  1. Revenue surged to $18.8B (+11.1% YoY) driven by improved supply-demand dynamics and higher pricing (XBRL).
  2. Operating income skyrocketed to $2.4B (+96.0% YoY) with a 12.7% operating margin (XBRL).
  3. Net income reached $1.5B (+88.3% YoY), supported by cost reduction measures and tax resolution (10-K).
  4. R&D investment hit $2.3B, underscoring commitment to innovation (XBRL).
  5. Net debt stood at $3.8B (1.1x EBITDA), reflecting disciplined capital structure management (XBRL).

WESTERN DIGITAL CORPの売上高変化の要因

  • •Total revenue for FY2024 was $18.8B, reflecting an 11.1% YoY increase. Growth was driven by improved supply-demand balance and higher pricing, with digital transformation and AI data cycles expected to sustain momentum (10-K). However, the 5-year CAGR for revenue remains negative at -21.2% (XBRL). Segment-specific revenue figures are not disclosed in the provided data (N/A).

WESTERN DIGITAL CORPの営業利益変化の要因

  • •Gross profit was $5.9B with a 31.3% gross margin, up from prior years due to improved pricing and supply-demand dynamics (XBRL). Operating income rose to $2.4B (+96.0% YoY) with a 12.7% operating margin, driven by cost reduction initiatives and scaled-back CapEx (10-K). Net income reached $1.5B (+88.3% YoY) with an 8.2% net margin (XBRL). R&D expenses were $2.3B, though YoY changes are unspecified (XBRL).

WESTERN DIGITAL CORPの事業リスクと対応

Adverse global/regional conditions could disrupt international operations (10-K).

Dependence on limited suppliers for critical components poses supply chain risks (10-K).

Compliance risks with anti-bribery laws (e.g., FCPA, UK Bribery Act) and trade regulations are significant (10-K).

Trade restrictions, tariffs, and geopolitical conflicts may impact supply chains and profitability (10-K).

Challenges in managing global operations and international sales could affect revenue growth (10-K).

Competition for materials/components from other industries may impact demand (10-K).

WESTERN DIGITAL CORPの今後の見通し・業績予想

Management expects continued growth from AI-driven data cycles and digital transformation trends. Tax resolution and cost management initiatives are expected to further improve profitability. However, no specific guidance for FY2025 is provided (10-K).

WESTERN DIGITAL CORPの事業内容

Western Digital Corp (WDC) is a global leader in data storage solutions, specializing in hard disk drives (HDD) and NAND flash technologies. The company generates revenue by selling storage products for cloud, client, and consumer markets. Key segments include Cloud (public/private cloud storage), Client (OEM and channel solutions for PCs, mobile, gaming), and Consumer (retail products). Competitive advantages include a large patent portfolio (13,000 active patents) and robust R&D spending ($2.3B). The company operates with no significant customer concentration, serving industry leaders across cloud infrastructure, OEMs, and consumers (10-K).

WESTERN DIGITAL CORPのAI業績分析レポート（2024年度）

Western Digital Corp (WDC) FY2024 Annual Report Analysis

Highlights

•Revenue surged to $18.8B (+11.1% YoY) driven by improved supply-demand dynamics and higher pricing (XBRL).
•Operating income skyrocketed to $2.4B (+96.0% YoY) with a 12.7% operating margin (XBRL).
•Net income reached $1.5B (+88.3% YoY), supported by cost reduction measures and tax resolution (10-K).
•R&D investment hit $2.3B, underscoring commitment to innovation (XBRL).
•Net debt stood at $3.8B (1.1x EBITDA), reflecting disciplined capital structure management (XBRL).

Business Overview

Western Digital Corp (WDC) is a global leader in data storage solutions, specializing in hard disk drives (HDD) and NAND flash technologies. The company generates revenue by selling storage products for cloud, client, and consumer markets. Key segments include Cloud (public/private cloud storage), Client (OEM and channel solutions for PCs, mobile, gaming), and Consumer (retail products). Competitive advantages include a large patent portfolio (13,000 active patents) and robust R&D spending ($2.3B). The company operates with no significant customer concentration, serving industry leaders across cloud infrastructure, OEMs, and consumers (10-K).

Revenue Analysis

Total revenue for FY2024 was $18.8B, reflecting an 11.1% YoY increase. Growth was driven by improved supply-demand balance and higher pricing, with digital transformation and AI data cycles expected to sustain momentum (10-K). However, the 5-year CAGR for revenue remains negative at -21.2% (XBRL). Segment-specific revenue figures are not disclosed in the provided data (N/A).

Profitability Analysis

Gross profit was $5.9B with a 31.3% gross margin, up from prior years due to improved pricing and supply-demand dynamics (XBRL). Operating income rose to $2.4B (+96.0% YoY) with a 12.7% operating margin, driven by cost reduction initiatives and scaled-back CapEx (10-K). Net income reached $1.5B (+88.3% YoY) with an 8.2% net margin (XBRL). R&D expenses were $2.3B, though YoY changes are unspecified (XBRL).

Balance Sheet Analysis

Equity ratio was 44.0%, with total long-term debt at $5.9B and net debt of $3.8B (1.1x EBITDA) (XBRL). Current ratio stood at 1.45x, indicating strong short-term liquidity (XBRL). Cash reserves totaled $2.0B (XBRL). No geographic or segment-specific asset breakdowns are available (N/A).

Cash Flow Analysis

Operating cash flow was $1.9B, matching net income (XBRL). Free cash flow (FCF) amounted to $758M, calculated as operating cash flow ($1.9B) minus CapEx ($1.1B) (XBRL). Investing cash flow was -$1.2B, primarily due to CapEx. Financing cash flow was -$1.7B, with no dividends or share repurchases disclosed (N/A).

Working Capital Analysis

Receivables days were 31, and inventory days were 104 (XBRL). Asset turnover was 0.77x, suggesting moderate efficiency in asset utilization. Payables days and cash conversion cycle (CCC) data are not available (N/A).

Risks

•Adverse global/regional conditions could disrupt international operations (10-K).
•Dependence on limited suppliers for critical components poses supply chain risks (10-K).
•Compliance risks with anti-bribery laws (e.g., FCPA, UK Bribery Act) and trade regulations are significant (10-K).
•Trade restrictions, tariffs, and geopolitical conflicts may impact supply chains and profitability (10-K).
•Challenges in managing global operations and international sales could affect revenue growth (10-K).
•Competition for materials/components from other industries may impact demand (10-K).

Outlook

Management expects continued growth from AI-driven data cycles and digital transformation trends. Tax resolution and cost management initiatives are expected to further improve profitability. However, no specific guidance for FY2025 is provided (10-K).

Historical Time Series

MetricFY2020FY2021FY2022FY2023FY2024FY2025
Revenue20.6B16.6B16.7B16.9B18.8B6.3B
Operating Income3.6B87M335M1.2B2.4B-548M
Net Income675M-754M-250M821M1.5B-1.7B
Total Assets26.4B25.7B26.1B26.3B24.5B24.2B
Total Equity11.4B11.5B10.0B9.6B10.8B12.3B
Operating Cash Flow4.2B1.5B824M1.9B1.9B-408M

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