Price to Sales (P/S)
since 2005
Calculation
Western Digital Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue, net1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 22, 2023 | 1.06 | = | 40.42 | ÷ | 38.27 | 38.27 | = | 12,318 | ÷ | 321,895,961 | |
| Aug 25, 2022 | 0.80 | = | 47.91 | ÷ | 59.76 | 59.76 | = | 18,793 | ÷ | 314,492,541 | |
| Aug 27, 2021 | 1.15 | = | 63.24 | ÷ | 54.81 | 54.81 | = | 16,922 | ÷ | 308,748,049 | |
| Aug 28, 2020 | 0.68 | = | 37.84 | ÷ | 55.32 | 55.32 | = | 16,736 | ÷ | 302,525,787 | |
| Aug 27, 2019 | 0.94 | = | 52.66 | ÷ | 55.98 | 55.98 | = | 16,569 | ÷ | 296,003,875 | |
| Aug 24, 2018 | 0.90 | = | 63.81 | ÷ | 70.86 | 70.86 | = | 20,647 | ÷ | 291,356,809 | |
| Aug 29, 2017 | 1.39 | = | 90.07 | ÷ | 64.75 | 64.75 | = | 19,093 | ÷ | 294,875,015 | |
| Aug 29, 2016 | 1.03 | = | 47.08 | ÷ | 45.71 | 45.71 | = | 12,994 | ÷ | 284,264,636 | |
| Aug 21, 2015 | 1.26 | = | 79.44 | ÷ | 63.25 | 63.25 | = | 14,572 | ÷ | 230,402,975 | |
| Aug 15, 2014 | 1.56 | = | 100.62 | ÷ | 64.66 | 64.66 | = | 15,130 | ÷ | 234,011,170 | |
| Aug 19, 2013 | 0.99 | = | 64.20 | ÷ | 64.77 | 64.77 | = | 15,351 | ÷ | 236,996,062 | |
| Aug 20, 2012 | 0.90 | = | 45.32 | ÷ | 50.46 | 50.46 | = | 12,478 | ÷ | 247,262,090 | |
| Aug 12, 2011 | 0.75 | = | 30.70 | ÷ | 40.85 | 40.85 | = | 9,526 | ÷ | 233,191,524 | |
| Aug 13, 2010 | 0.57 | = | 24.46 | ÷ | 42.95 | 42.95 | = | 9,850 | ÷ | 229,321,305 | |
| Aug 14, 2009 | 0.94 | = | 31.20 | ÷ | 33.17 | 33.17 | = | 7,453 | ÷ | 224,685,608 | |
| Aug 20, 2008 | 0.78 | = | 28.53 | ÷ | 36.45 | 36.45 | = | 8,074 | ÷ | 221,485,710 | |
| Aug 28, 2007 | 0.86 | = | 21.42 | ÷ | 24.97 | 24.97 | = | 5,468 | ÷ | 219,000,000 | |
| Nov 20, 2006 | 1.06 | = | 20.79 | ÷ | 19.58 | 19.58 | = | 4,341 | ÷ | 221,700,000 | |
| Sep 14, 2005 | 0.81 | = | 13.53 | ÷ | 16.80 | 16.80 | = | 3,639 | ÷ | 216,600,000 |
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), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-07-01), 10-K (reporting date: 2015-07-03), 10-K (reporting date: 2014-06-27), 10-K (reporting date: 2013-06-28), 10-K (reporting date: 2012-06-29), 10-K (reporting date: 2011-07-01), 10-K (reporting date: 2010-07-02), 10-K (reporting date: 2009-07-03), 10-K (reporting date: 2008-06-27), 10-K (reporting date: 2007-06-29), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-07-01).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Western Digital Corp. Annual Report.
The valuation of the entity through the Price-to-Sales (P/S) ratio demonstrates a pattern of cyclical volatility with a long-term baseline generally fluctuating around 1.0.
- P/S Ratio Trends
- For the first decade of the analyzed period, the P/S ratio remained largely compressed, ranging from a low of 0.57 in 2010 to a high of 1.06 in 2006. A notable valuation expansion occurred between 2014 and 2017, reaching a peak of 1.56 in 2014. Following this peak, the ratio entered a period of instability, dipping to 0.68 in 2020 before returning to 1.06 by 2023.
- Share Price Dynamics
- The share price experienced significant fluctuations, ascending from $13.53 in 2005 to a maximum of $100.62 in 2014. Subsequent years were characterized by a general decline and intermittent volatility, with the price ending the period at $40.42 in 2023.
- Sales per Share Performance
- Revenue per share exhibited a consistent growth trajectory from 2005 ($16.80) through 2018, where it peaked at $70.86. However, a sharp downward trend followed, with sales per share contracting to $38.27 by 2023, indicating a significant reduction in the revenue generated per outstanding share in the latter part of the period.
The relationship between share price and sales per share indicates that the valuation peak in 2014 was primarily driven by price appreciation rather than revenue growth, as sales per share in that year remained flat compared to 2013. The eventual convergence of the P/S ratio back toward 1.06 suggests a return to historical valuation norms despite the substantial decline in sales per share observed between 2018 and 2023.
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Comparison to Competitors
Western Digital Corp., P/S, long-term trends, comparison to competitors
| Western Digital Corp. | Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Lumentum Holdings Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|---|
| Aug 22, 2023 | 1.06 | 7.17 | 14.17 | 4.04 | 0.28 | 2.01 | 1.90 |
| Aug 25, 2022 | 0.80 | 6.28 | 9.89 | 3.62 | 0.40 | 3.62 | 0.70 |
| Aug 27, 2021 | 1.15 | 6.72 | 13.57 | 4.96 | 0.72 | 3.61 | 0.51 |
| Aug 28, 2020 | 0.68 | 6.74 | 10.24 | 3.52 | 0.31 | 3.76 | 0.43 |
| Aug 27, 2019 | 0.94 | 4.25 | 7.09 | 3.96 | 0.47 | 2.65 | 0.32 |
| Aug 24, 2018 | 0.90 | 3.60 | 9.29 | 4.38 | — | 3.46 | 0.33 |
| Aug 29, 2017 | 1.39 | 3.86 | 11.20 | 3.28 | — | 3.44 | 0.40 |
| Aug 29, 2016 | 1.03 | 2.86 | 7.49 | 3.20 | — | 2.34 | 0.47 |
| Aug 21, 2015 | 1.26 | 2.85 | 5.52 | 2.71 | — | 1.20 | 0.65 |
| Aug 15, 2014 | 1.56 | 3.37 | 7.82 | 2.69 | — | — | 0.82 |
| Aug 19, 2013 | 0.99 | 2.76 | — | 2.66 | — | — | 0.48 |
| Aug 20, 2012 | 0.90 | 3.58 | — | 2.19 | — | — | 0.54 |
| Aug 12, 2011 | 0.75 | 3.44 | — | 2.03 | — | — | 0.54 |
| Aug 13, 2010 | 0.57 | 4.33 | — | 3.02 | — | — | 0.51 |
| Aug 14, 2009 | 0.94 | 4.87 | — | 3.70 | — | — | 0.55 |
| Aug 20, 2008 | 0.78 | 2.83 | — | 3.33 | — | — | 0.62 |
| Aug 28, 2007 | 0.86 | 5.99 | — | 5.59 | — | — | 0.61 |
| Nov 20, 2006 | 1.06 | 3.77 | — | 4.87 | — | — | — |
| Sep 14, 2005 | 0.81 | 4.34 | — | 4.60 | — | — | — |
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), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-07-01), 10-K (reporting date: 2015-07-03), 10-K (reporting date: 2014-06-27), 10-K (reporting date: 2013-06-28), 10-K (reporting date: 2012-06-29), 10-K (reporting date: 2011-07-01), 10-K (reporting date: 2010-07-02), 10-K (reporting date: 2009-07-03), 10-K (reporting date: 2008-06-27), 10-K (reporting date: 2007-06-29), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-07-01).
Comparison to Sector (Technology Hardware & Equipment)
Western Digital Corp., P/S, long-term trends, comparison to sector (technology hardware & equipment)
| Western Digital Corp. | Technology Hardware & Equipment | |
|---|---|---|
| Aug 22, 2023 | 1.06 | 5.57 |
| Aug 25, 2022 | 0.80 | 4.94 |
| Aug 27, 2021 | 1.15 | 5.44 |
| Aug 28, 2020 | 0.68 | 4.92 |
| Aug 27, 2019 | 0.94 | 3.35 |
| Aug 24, 2018 | 0.90 | 3.72 |
| Aug 29, 2017 | 1.39 | 3.77 |
| Aug 29, 2016 | 1.03 | 2.92 |
| Aug 21, 2015 | 1.26 | 2.81 |
| Aug 15, 2014 | 1.56 | 3.23 |
| Aug 19, 2013 | 0.99 | 2.73 |
| Aug 20, 2012 | 0.90 | 3.25 |
| Aug 12, 2011 | 0.75 | 3.02 |
| Aug 13, 2010 | 0.57 | 3.81 |
| Aug 14, 2009 | 0.94 | 4.26 |
| Aug 20, 2008 | 0.78 | 3.08 |
| Aug 28, 2007 | 0.86 | 5.72 |
| Nov 20, 2006 | 1.06 | 4.43 |
| Sep 14, 2005 | 0.81 | 4.50 |
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), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-07-01), 10-K (reporting date: 2015-07-03), 10-K (reporting date: 2014-06-27), 10-K (reporting date: 2013-06-28), 10-K (reporting date: 2012-06-29), 10-K (reporting date: 2011-07-01), 10-K (reporting date: 2010-07-02), 10-K (reporting date: 2009-07-03), 10-K (reporting date: 2008-06-27), 10-K (reporting date: 2007-06-29), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-07-01).
Comparison to Industry (Information Technology)
Western Digital Corp., P/S, long-term trends, comparison to industry (information technology)
| Western Digital Corp. | Information Technology | |
|---|---|---|
| Aug 22, 2023 | 1.06 | 7.31 |
| Aug 25, 2022 | 0.80 | 6.01 |
| Aug 27, 2021 | 1.15 | 6.98 |
| Aug 28, 2020 | 0.68 | 6.11 |
| Aug 27, 2019 | 0.94 | 4.62 |
| Aug 24, 2018 | 0.90 | 4.31 |
| Aug 29, 2017 | 1.39 | 4.18 |
| Aug 29, 2016 | 1.03 | 3.46 |
| Aug 21, 2015 | 1.26 | 3.03 |
| Aug 15, 2014 | 1.56 | 3.31 |
| Aug 19, 2013 | 0.99 | 2.85 |
| Aug 20, 2012 | 0.90 | 2.88 |
| Aug 12, 2011 | 0.75 | 2.84 |
| Aug 13, 2010 | 0.57 | 3.04 |
| Aug 14, 2009 | 0.94 | 3.11 |
| Aug 20, 2008 | 0.78 | 2.38 |
| Aug 28, 2007 | 0.86 | 5.73 |
| Nov 20, 2006 | 1.06 | 5.21 |
| Sep 14, 2005 | 0.81 | 5.62 |
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), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-07-01), 10-K (reporting date: 2015-07-03), 10-K (reporting date: 2014-06-27), 10-K (reporting date: 2013-06-28), 10-K (reporting date: 2012-06-29), 10-K (reporting date: 2011-07-01), 10-K (reporting date: 2010-07-02), 10-K (reporting date: 2009-07-03), 10-K (reporting date: 2008-06-27), 10-K (reporting date: 2007-06-29), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-07-01).