Stock Analysis on Net
AI Tokens
Stock Analysis on Net

Western Digital Corp. (NASDAQ:WDC)

This company has been moved to the archive! The financial data has not been updated since February 12, 2024.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Western Digital Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Jun 30, 2023 Jul 1, 2022 Jul 2, 2021 Jul 3, 2020 Jun 28, 2019 Jun 29, 2018
Accounts payable 5.29 7.24 7.40 7.58 5.94 7.75
Accounts payable to related parties 1.20 1.22 1.52 1.59 1.26 0.89
Accrued expenses 5.27 6.23 5.32 5.05 4.91 4.36
Income taxes payable 4.09 3.31 1.01 0.00 0.00 0.00
Accrued compensation 1.43 1.94 2.43 1.84 1.32 1.64
Current portion of long-term debt 4.97 0.00 0.96 1.11 1.05 0.61
Current liabilities 22.24% 19.94% 18.64% 17.17% 14.47% 15.24%
Long-term debt, less current portion 23.98 26.74 32.43 36.20 38.85 37.60
Non-current net tax payable 1.90 2.51 2.62 3.18 3.52 4.50
Non-current portion of unrecognized tax benefits 1.67 1.82 2.87 2.81 2.65 1.74
Other non-current liabilities 2.22 2.45 2.42 3.43 2.70 1.48
Other liabilities 5.79% 6.77% 7.91% 9.41% 8.87% 7.71%
Non-current liabilities 29.77% 33.52% 40.34% 45.61% 47.73% 45.32%
Total liabilities 52.01% 53.46% 58.97% 62.78% 62.20% 60.56%
Convertible preferred stock, $0.01 par value 3.59 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.01 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 16.11 14.22 13.81 14.48 14.60 14.55
Accumulated other comprehensive loss -2.11 -2.11 -0.75 -0.61 -0.26 -0.13
Retained earnings 30.39 34.42 28.85 26.21 28.25 29.95
Treasury stock, common shares at cost 0.00 0.00 -0.89 -2.87 -4.81 -4.94
Shareholders’ equity 47.99% 46.54% 41.03% 37.22% 37.80% 39.44%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The capital structure exhibits a consistent trend toward deleveraging over the observed six-year period. Total liabilities as a percentage of total liabilities and shareholders’ equity decreased from 60.56% in 2018 to 52.01% in 2023. This reduction is mirrored by a corresponding increase in shareholders' equity, which rose from 39.44% to 47.99% during the same timeframe, indicating a shift toward a more equity-heavy financing model.

Debt Profile and Non-Current Liabilities
A significant contraction in long-term debt is observable, with the non-current portion falling from 37.60% in 2018 to 23.98% in 2023. This downward trajectory contributed to the overall decrease in non-current liabilities, which dropped from 45.32% to 29.77%. However, there is a notable increase in the current portion of long-term debt, which rose sharply to 4.97% by June 30, 2023, suggesting a higher concentration of debt maturities arriving in the short term.
Current Liability Composition
Current liabilities grew steadily from 15.24% in 2018 to 22.24% in 2023. This increase was driven by several factors, including a rise in income taxes payable, which ascended from an unrecorded amount to 4.09% by 2023. Accounts payable exhibited volatility, starting at 7.75% in 2018 and declining to 5.29% by 2023, while accrued expenses remained relatively stable, fluctuating between 4.36% and 6.23%.
Equity and Capital Adjustments
The growth in shareholders' equity was supported by a moderate increase in additional paid-in capital, which reached 16.11% in 2023. Retained earnings remained a substantial component of the equity base, though they experienced fluctuations, peaking at 34.42% in 2022 before settling at 30.39% in 2023. A distinct shift in capital management is evident in the treatment of treasury stock, which decreased from -4.94% in 2018 to 0% by 2022. Furthermore, the introduction of convertible preferred stock at 3.59% in 2023 indicates a diversification of the equity instruments used by the company.
Tax and Other Obligations
Non-current net tax payables and unrecognized tax benefits both showed a general downward trend. Non-current net tax payable decreased from 4.50% in 2018 to 1.90% in 2023, and unrecognized tax benefits declined from 1.74% to 1.67% over the same period, suggesting a reduction in long-term tax-related liabilities.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?