Seagate Technology Holdings

STX

Computer Hardware · Technology

Price

$850.00

-0.24 (-0.03%)

Market Cap

$190.59B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jul 3, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+2.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 224.0M (2022) → 229.0M (2026)

Winston Score History

The full picture

Seagate Technology makes hard disk drives (HDDs) — the spinning storage devices used to hold massive amounts of data. Its main customers are large cloud computing companies like Amazon, Microsoft, and Google, as well as makers of personal computers and network storage systems. Seagate is one of only two major HDD manufacturers left in the world, alongside Western Digital, giving it significant control over the market.

Seagate earns money by selling HDDs and related storage hardware, with pricing tied closely to supply and demand cycles in the storage industry. The company operates globally, with manufacturing in Asia and customers across North America, Europe, and Asia-Pacific. Its moat comes from the high cost and complexity of building HDD factories, which keeps new competitors out. The key growth driver is surging demand for data storage from AI workloads and cloud data centers, though the long-term risk is that solid-state drives (SSDs) could eventually replace HDDs in more use cases.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+48.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+153.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$755M/ year

→ Flat (+4% vs prior year)

6.2% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Seagate Technology Holdings grew revenue 48% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

52.3%

Healthy — 52.3% gross margin

Profit after running costs

Operating Margin

42.5%

Excellent — 42.5% operating margin

Return on the money invested

ROCE

174.1%

Exceptional — 174.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+34.1%

Fast-growing sales (+34.1% YoY)

Profit growth

EPS YoY

+109.8%

Earnings growing fast (+109.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

90%

Modest — 90% of profit becomes cash

Spare cash per sale

FCF Margin

19.9%

Converts sales into free cash efficiently (19.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.09

Conservative — low debt load (0.09)

Covers its interest

Interest Cover

14.42x

Comfortably covers interest (14.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

58.5x

Expensive — P/E 58.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+45.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (58.5 → 13.2)

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Dividends

Dividend

Dividend Yield

0.38%

Small dividend — 0.38% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+2.8%

Dividend flat

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