Enterprise Value (EV)
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Western Digital Corp. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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Current Enterprise Value (EV)
Western Digital Corp., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Convertible preferred stock, $0.01 par value (per books) | |
| Total equity | |
| Add: Current portion of long-term debt (per books) | |
| Add: Long-term debt, less current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2023-06-30).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Western Digital Corp., EV calculation
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 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Western Digital Corp. Annual Report.
3 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The financial data indicates fluctuations in the company's equity and overall valuation over the six-year period. Common equity, measured at market value, exhibited a general downward trend from 2018 through 2020, reaching its lowest point in 2020. This was followed by a significant recovery in 2021, with equity levels peaking higher than the initial 2018 value, before declining again in subsequent years through 2023.
Total equity mirrors the pattern of common equity exactly, indicating consistency in equity measurement without significant adjustments or additional components influencing total equity figures. The peak in 2021 suggests a notable event or operational improvement that temporarily enhanced the company's equity position.
Total equity combined with debt shows a similar pattern of decline to 2020 and rebound in 2021. However, the magnitude of both the downturn and recovery is less pronounced than in equity alone, implying that changes in debt levels partially offset fluctuations in equity. Specifically, after the 2021 peak, total equity and debt experienced a steeper decline through 2023.
Enterprise value (EV), which reflects the market value of the company adjusted for debt and cash, also declined steadily from 2018 to 2020. Following 2020, EV increased in 2021 but then decreased in the subsequent years, aligning with movements in both total equity and total capital structure. This suggests market valuation responded closely to changes in the company's financial health and capital structure during the period.
Overall, the company's financial metrics demonstrate a period of contraction through 2020, with a rebound in 2021 indicating improved financial conditions or market perceptions at that time. However, since 2021 there has been a general decline in equity and enterprise value, signaling potential challenges in maintaining previous valuation levels or capital structure stability.
- Common Equity and Total Equity Trends
- Both declined from 2018 to 2020, rose sharply in 2021, then declined through mid-2023.
- Total Equity and Debt
- Followed a similar pattern with less volatility, indicating some offsetting debt adjustments.
- Enterprise Value (EV)
- Decreased through 2020, rose in 2021, then decreased again through 2023, closely tracking equity trends.