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Seagate Technology Holdings plc

STX

Seagate Technology Holdings plc • NASDAQ
$276.69 ▲ 1.62% (+4.41)
Market Cap $58.80 B
52w High $297.88
52w Low $63.19
Dividend Yield 2.88%
P/E 35.47
Volume 1.24M
Outstanding Shares 212.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $2.629B ▲ $330M ▼ $549M ▲ 20.882% ▲ $2.58 ▲ $766M ▲
Q4-2025 $2.444B ▲ $346M ▲ $488M ▲ 19.967% ▲ $2.3 ▲ $628M ▲
Q3-2025 $2.16B ▼ $329M ▲ $340M ▲ 15.741% ▲ $1.6 ▲ $495M ▼
Q2-2025 $2.325B ▲ $324M ▲ $336M ▲ 14.452% ▲ $1.58 ▲ $497M ▲
Q1-2025 $2.168B $311M $305M 14.068% $1.45 $465M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $1.112B ▲ $8.442B ▲ $8.505B ▲ $-63M ▲
Q4-2025 $891M ▲ $8.023B ▲ $8.476B ▲ $-453M ▲
Q3-2025 $814M ▼ $7.564B ▼ $8.393B ▼ $-829M ▲
Q2-2025 $1.238B ▼ $7.959B ▼ $9.038B ▼ $-1.079B ▲
Q1-2025 $1.239B $7.972B $9.272B $-1.3B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $549M ▲ $532M ▲ $-90M ▲ $-221M ▲ $221M ▲ $427M ▲
Q4-2025 $488M ▲ $508M ▲ $-130M ▼ $-301M ▲ $77M ▲ $425M ▲
Q3-2025 $340M ▲ $259M ▲ $-8M ▲ $-675M ▼ $-424M ▼ $216M ▲
Q2-2025 $336M ▲ $221M ▲ $-70M ▼ $-152M ▼ $-1M ▲ $150M ▲
Q1-2025 $305M $95M $-68M $-146M $-119M $27M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been very cyclical, with a strong peak, a sharp downturn, and then a solid rebound more recently. Profitability dipped into losses during the downturn but has recovered meaningfully, with margins now looking healthy again. This pattern suggests the core business is still fundamentally profitable but highly sensitive to swings in demand for storage, pricing pressure, and product mix. The recent improvement is encouraging, yet it also reflects how quickly results can change in this industry.

Balance Sheet

Balance Sheet The balance sheet is functional but aggressive. Total assets have stayed fairly steady, while debt remains high and shareholders’ equity has slipped into negative territory. Negative equity often reflects heavy share repurchases and past earnings volatility rather than immediate distress, but it does mean the company runs with a thin capital cushion. The combination of sizable debt and limited equity support increases financial risk if the industry hits another deep downturn.

Cash Flow

Cash Flow Cash generation is a relative bright spot. The company has consistently produced positive operating cash flow and positive free cash flow, even in weaker years. Investment in equipment and facilities has been steady and manageable relative to cash inflows. This pattern suggests the business model is cash-generative and that the company has some flexibility to fund debt service, dividends, and ongoing investment without needing constant external financing, as long as conditions do not deteriorate too sharply.

Competitive Edge

Competitive Edge Seagate is one of a small group of global leaders in hard disk drives for large-scale data storage. Its strength lies in very high-capacity drives for cloud and enterprise customers, supported by deep manufacturing know‑how, a large patent base, and long-standing relationships with major data center and hardware partners. Economies of scale and vertical integration help it manage costs and maintain relevance, but it still faces intense competition from other HDD makers and the long-term shift toward flash and other storage technologies. Its moat is meaningful today, especially in mass-capacity storage, but not unassailable.

Innovation and R&D

Innovation and R&D The company is leaning heavily on innovation to extend the life and value of HDD technology. Its HAMR-based platforms, very high-capacity Exos drives, and multi‑actuator designs aim to offer more storage and better performance at attractive cost for hyperscale customers. On top of hardware, services like Lyve Cloud and integrated systems such as CORVAULT show an effort to move up the stack into recurring, solution-focused offerings. The roadmap to much larger drive capacities and exploration of next‑generation recording methods signal a long-term R&D commitment, though successful execution and market adoption are not guaranteed.

Summary

Seagate looks like a cyclical, cash-generative storage leader that has just come through a downturn and is now in a recovery phase. The income statement shows that profits can swing widely with the storage cycle, while the balance sheet reveals a leveraged, buyback-heavy capital structure that amplifies both upside and downside. Consistent free cash flow and strong positions with cloud and enterprise customers are clear strengths. At the same time, high debt, negative equity, and structural shifts in storage technology remain key risks. The company’s future will largely depend on its ability to keep pushing the limits of high-capacity drives, grow its services footprint, and navigate the ongoing transition in data storage architectures.

NEWS

November 17, 2025 · 4:05 PM UTC

Seagate to Participate in Upcoming Investor Events

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November 13, 2025 · 8:30 AM UTC

Seagate Announces Closing of Exchanges with Holders of $500 Million Principal Amount of Exchangeable Notes

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November 5, 2025 · 7:30 AM UTC

Seagate Announces Exchanges With Holders of $500 Million Principal Amount of Exchangeable Notes

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October 28, 2025 · 4:05 PM UTC

Seagate Technology Reports Fiscal First Quarter 2026 Financial Results

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October 14, 2025 · 4:05 PM UTC

Seagate Technology to Report Fiscal First Quarter 2026 Financial Results on October 28, 2025

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