# Seagate Technology Holdings plc (STX)

> Seagate makes hard drives and storage systems for cloud data centers, businesses, industrial uses and consumers.

- Exchange: Nasdaq · Sector: Technology · Industry: Semiconductors
- Headquarters: Singapore
- Founded: 1979
- Employees: 30,000 (July 3, 2026)
- SEC CIK: 0001137789 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001137789))
- Full page: https://inspectstocks.com/stocks/stx
- Data as of: price 2026-09-25; newest filing used 2026-08-04; latest fiscal period ended 2026-07-03

## Grade

**A+** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $12.2B | $7.4B |
| Revenue growing recently | passed | $12.2B | $9.1B |
| Free cash flow positive | passed | $3.1B |  |
| Free cash flow growing overall | passed | $3.1B | $626M |
| Free cash flow growing recently | passed | $3.1B | $818M |

Business quality (the + / − mark): 6 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 26.1% |  |
| Healthy profit margin | passed | 26.1% |  |
| Strong operating margin | passed | 33.6% |  |
| Good return on equity | passed | 146.9% |  |
| Debt under control | passed | 1.80 |  |
| Turns sales into cash | passed | 25.5% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $12.2B |
| Net income, trailing twelve months | $3.2B |
| Free cash flow, trailing twelve months | $3.1B |
| Net margin | 26.1% |
| Operating margin | 33.6% |
| Return on equity | 146.9% |
| Debt to equity | 1.80 |
| Diluted EPS, trailing twelve months | $13.91 |
| Share price | $916.83 |
| Market value | $207.8B |
| Price / earnings | 65.9x |
| Price / sales | 17.0x |

## What the business does

Seagate designs and manufactures hard disk drives (HDDs) and storage systems that hold large amounts of digital information. Cloud and enterprise customers use them in data centers for stored data, backups and archives; other products store data near where it is created, including in industrial equipment and consumer devices. It sells directly and through original equipment manufacturers, distributors, retailers and other resellers.

### How it makes money

- **Data Center storage** (Approximately 81% (Q4 fiscal 2026)) — Seagate sells high-capacity hard drives and storage systems mainly to cloud service providers, original equipment manufacturers and enterprise customers. Data Center revenue was about $2.9 billion in the quarter; its share is approximate because the call rounded both this amount and total revenue.
- **Edge Internet of Things storage** (19% (Q4 fiscal 2026)) — Seagate sells storage products for industrial, commercial and consumer uses through original equipment manufacturers, distributors, retailers and resellers. Management reported $697 million in revenue for this market in the quarter.

### Products

- **Data Center hard disk drives** — High-capacity drives used by cloud operators and businesses to store large volumes of data, including data used for applications, backups and archives.
- **Storage systems** — Equipment that combines storage drives into systems for cloud, enterprise and other large-scale data storage.
- **Edge Internet of Things hard drives** — Drives for data stored near where it is created, including in industrial, commercial and consumer settings.
- **Branded consumer storage products** — Storage products sold under Seagate brands through retailers and distribution partners for personal storage, gaming and creative work.
- **Mozaic 3+ drives** — Hard drives using Seagate's heat-assisted magnetic recording technology; management said these drives were qualified and in production at major cloud customers.
- **Mozaic 4+ drives** — A newer generation of Seagate heat-assisted magnetic recording hard drives, being introduced with large cloud customers.

### Customers

- Large cloud service providers and hyperscale cloud operators buy high-capacity drives, often using longer-term demand plans and purchase orders under master purchase agreements.
- Original equipment manufacturers buy Seagate drives and incorporate them into computer systems and data center equipment.
- Enterprise organizations buy storage for private data centers and business applications, directly or through sales partners.
- Distributors and third-party resellers buy products for sale to industrial, commercial and consumer buyers.
- Retailers sell Seagate-branded storage products to consumers, gamers and creative professionals.

### Competitors

- Western Digital Corporation (WDC) — Makes hard drives that compete with Seagate's drives for data center and other storage uses.
- Toshiba Electronic Devices & Storage Corporation (TOSYY) — Competes in hard drives; this is a division of Toshiba Corporation, whose United States trading symbol is TOSYY.
- Samsung Electronics (SSNLF) — Supplies flash memory and solid-state storage products that can serve as alternatives to hard drives in some storage uses.
- Micron Technology (MU) — Supplies flash memory and solid-state storage products that can serve as alternatives to hard drives in some storage uses.

### What it depends on

- A limited number of major customers account for a significant portion of revenue, including large cloud operators and cloud service providers.
- Manufacturing depends on critical components and raw materials, some available from a limited number of suppliers, including rare earth elements and specialized materials.
- The business depends on qualifying and manufacturing new hard drive technologies and on moving those products through complex factory transitions.
- Most business comes from Data Center customers, so their purchasing plans and data center investment cycles affect demand.

### What could go wrong

- If a major cloud or other key customer delays, reduces or cancels purchases, Seagate may lose substantial sales; demand plans and purchase orders can change.
- If new drives do not meet customer requirements or are not accepted on time, product transitions may disrupt sales and leave Seagate less able to compete with other hard drive makers and alternative storage technologies.
- Shortages or delays involving critical components, raw materials or single-source suppliers could interrupt production, raise costs or delay product development.

## More on this company

- [Overview](https://inspectstocks.com/stocks/stx)
- [Financial statements](https://inspectstocks.com/stocks/stx/financials)
- [Competitors](https://inspectstocks.com/stocks/stx/peers)
- [Earnings](https://inspectstocks.com/stocks/stx/earnings)

---

Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.