Western Digital Corp., FCFF calculation

US$ in millions

12 months ended:	Jun 30, 2023	Jul 1, 2022	Jul 2, 2021	Jul 3, 2020	Jun 28, 2019	Jun 29, 2018
Net income (loss)	(1,706)	1,500)	821)	(250)	(754)	675)
Net noncash charges	1,208)	1,455)	1,252)	1,831)	2,561)	3,044)
Changes in assets and liabilities	90)	(1,075)	(175)	(757)	(260)	486)
Net cash provided by (used in) operating activities	(408)	1,880)	1,898)	824)	1,547)	4,205)
Cash paid for interest, net of tax¹	232)	174)	252)	294)	340)	227)
Purchases of property, plant and equipment	(821)	(1,122)	(1,146)	(647)	(876)	(835)
Proceeds from the sale of property, plant and equipment	14)	15)	143)	—)	119)	26)
Free cash flow to the firm (FCFF)	(983)	947)	1,147)	471)	1,130)	3,623)

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Western Digital Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Western Digital Corp. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Western Digital Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Jun 30, 2023	Jul 1, 2022	Jul 2, 2021	Jul 3, 2020	Jun 28, 2019	Jun 29, 2018
Effective Income Tax Rate (EITR)
EITR¹	21.00%	29.00%	11.00%	21.00%	21.00%	68.00%
Interest Paid, Net of Tax
Cash paid for interest, before tax	294)	245)	283)	372)	431)	708)
Less: Cash paid for interest, tax²	62)	71)	31)	78)	91)	481)
Cash paid for interest, net of tax	232)	174)	252)	294)	340)	227)

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

¹ See details »

² 2023 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 294 × 21.00% = 62

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Western Digital Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	24,601)
Free cash flow to the firm (FCFF)	(983)
Valuation Ratio
EV/FCFF	—
Benchmarks
EV/FCFF, Competitors¹
Apple Inc.	28.81
Arista Networks Inc.	47.63
Cisco Systems Inc.	9.16
Super Micro Computer Inc.	81.76
EV/FCFF, Sector
Technology Hardware & Equipment	26.33
EV/FCFF, Industry
Information Technology	45.18

Based on: 10-K (reporting date: 2023-06-30).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Western Digital Corp., historical EV/FCFF calculation, comparison to benchmarks

	Jun 30, 2023	Jul 1, 2022	Jul 2, 2021	Jul 3, 2020	Jun 28, 2019	Jun 29, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	18,934)	19,762)	24,880)	17,975)	22,655)	24,758)
Free cash flow to the firm (FCFF)²	(983)	947)	1,147)	471)	1,130)	3,623)
Valuation Ratio
EV/FCFF³	—	20.87	21.69	38.17	20.04	6.83
Benchmarks
EV/FCFF, Competitors⁴
Apple Inc.	27.21	22.40	26.45	24.67	18.01	15.09
Arista Networks Inc.	39.01	89.96	38.46	28.99	15.17	—
Cisco Systems Inc.	10.98	13.46	15.47	10.35	12.56	14.32
Super Micro Computer Inc.	21.05	—	25.07	—	3.78	18.10
EV/FCFF, Sector
Technology Hardware & Equipment	24.85	21.83	25.06	22.35	16.86	—
EV/FCFF, Industry
Information Technology	34.25	27.01	27.93	24.12	19.69	—

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 18,934 ÷ -983 = —

⁴ Click competitor name to see calculations.

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Western Digital Corp. (NASDAQ:WDC)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical