Does WESTERN DIGITAL CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores WESTERN DIGITAL CORPORATION (WDC) 32.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 30, returns on capital 16, balance-sheet safety 39, capital discipline 53.

Is WDC stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $46.01 per share versus a recent price of $477.22 — 937% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has WDC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 32.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

WESTERN DIGITAL CORPORATION

WDC · Technology · $165.6B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power30

Median gross margin 27.4% over 10y, variable.

Returns on capital16

Median ROIC 5.5%, above the 9% hurdle in 40% of years.

Balance-sheet safety39

Net debt/EBITDA n/ax, interest coverage 7x.

Capital discipline53

Owner earnings +10.1%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

937% above value

Owner earnings (normalized): $887.0M
Est. intrinsic value / share: $46.01
Recent price: $477.22
Discount to value: 937% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

WESTERN DIGITAL CORPORATION booked $9.5B of revenue in FY2025 in the Technology sector and kept 38.8% of it as gross profit — a solid-margin business by that measure. After every other cost, 19.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $8.1B (FY2008) to $9.5B (FY2025) — about 1.0% a year compounded over 17 years.

It earned 73.0% on invested capital in FY2025, with a median of 25.7% across 18 filed years. The Returns on Capital filter above scores it 16/100.

The balance sheet carried $13.4B of total debt in FY2017. Balance-Sheet Safety scores it 39/100.

The share count rose 54.2% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 53/100.

Put together: Capital Discipline is the strongest of the four filters (53/100) and Returns on Capital the weakest (16/100), which is how WDC lands at 32/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$9.5B FY2025

Gross marginRevenue kept after cost of goods38.8% FY2025

Return on invested capitalOperating profit on the capital employed73.0% FY2025

Owner earningsCash an owner could take out$1.9B FY2025

Gaps in a line mean that item isn’t in WDC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale32.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — WDC has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#402 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#400SEGG SPORTS ENTERTAINMENT GAMING GLOBAL CORPORATION33.0 out of 100, No moatNo moat
#401GMER Good Gaming, Inc.32.3 out of 100, No moatNo moat
#403PXLW PIXELWORKS, INC32.2 out of 100, No moatNo moat
#404FIEE FiEE, Inc.32.2 out of 100, No moatNo moat

Compare WDC with its nearest peers →All Technology companies on the Index →

Common questions about WDC

Does WESTERN DIGITAL CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores WESTERN DIGITAL CORPORATION (WDC) 32.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 30, returns on capital 16, balance-sheet safety 39, capital discipline 53.
Is WDC stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $46.01 per share versus a recent price of $477.22 — 937% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has WDC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 32.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell WDC. See the disclaimer.