Seagate Technology Holdings plc (STX) Stock

Seagate Technology Holdings plc (STX) is a Technology stock trading at $804.08 (as of 2026-09-02), with a market capitalization of $180.30B and a trailing P/E of 56.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives. The company also offers legacy applications comprising Mission Critical HDDs and SSDs; external storage solutions under the Seagate Ultra Touch, One Touch, and Expansion product lines, as well as under the LaCie brand name; desktop drives; notebook drives, DVR HDDs, and gaming SSDs. In addition, it provides Lyve edge-to-cloud mass capacity platform. The company sells its products primarily to OEMs, distributors, and retailers. Seagate Technology Holdings plc was founded in 1978 and is based in Dublin, Ireland.

Understand Seagate Technology Holdings plc: how it makes money

Seagate designs and sells high-capacity hard disk drives and SSDs to cloud data centers and edge device manufacturers. The revenue base is weighted heavily toward enterprise nearline HDDs supplied in volume to hyperscalers, with pricing that tracks the storage demand cycle.

Profit scales with exabytes delivered, not units shipped; higher-density HAMR media lets exabyte growth outpace drive output and factory headcount.

Revenue by segment (latest quarter)
Data center$2.2B
Edge IoT$0.6B

Business quality (Exceptional): Exceptional business quality, driven by the shift to a nearline-data-center scale model where density gains compound margin expansion on a shrinking unit base.

Valuation: At 58× earnings, STX trades 79% above the Tech Hardware average (32×).

Bull case

  • AI exabyte demand is structural: Data center drives represent $2.2B, or 62% of quarterly revenue, and management explicitly ties exabyte growth to AI-driven cloud storage demand. This is a multi-year capacity buildout at hyperscalers, not a single-cycle spike.
  • Density decouples exabytes from units: HAMR and Mosaic media let Seagate grow exabyte deliveries without proportionally increasing drive output. The structural consequence is that factory capacity constraints matter less over time, and each dollar of capex produces more sellable exabytes than it did a year ago.
  • Margin expansion is already showing: Operating margin hit 43% and gross margin 52% this quarter, well above the historical HDD norm, driven by pricing execution and the mix shift toward higher-value nearline drives. The margin trajectory validates the density-driven unit-cost story in real time.

Bear case

  • Valuation prices in perfection: Seagate trades at 57.8x earnings versus a 32x Tech Hardware industry average, a 79% premium. At that multiple, any slippage in Mosaic ramp timing or a pause in hyperscaler capex hits the stock disproportionately because there is no cheap-cycle cushion left.
  • Transitions choke near-term exabytes: Management acknowledged that product transitions create factory inefficiencies, that Mosaic qualification cycles and supply-chain complexity can throttle ramps, and that the benefit from agentic and physical AI storage remains very early-stage and difficult to quantify. Exabyte growth can dip quarter-to-quarter even if the multi-year trend is intact.
  • Pricing path is not linear: Management itself flagged that pricing may not progress linearly as contracts, volumes, and customer negotiations change. If a handful of hyperscaler customers push back on per-exabyte price increases at renewal, the margin expansion story loses its next gear.
Valuation — source: SEC EDGAR (first-party)
Price$804.08
Market Cap$180.30B
P/E Ratio56.6
EV / EBITDA41.7
Price / Book83.20
Price / Sales14.78
FCF Yield1.7%
DCF Value (model)$279.28
DCF Upside vs Price-65.3%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$12.20B
Net Margin26.1%
Revenue Growth (YoY)48.5%
EPS Growth (YoY)153.7%
FCF Growth (YoY)163.1%
Financial Health — source: SEC EDGAR
Altman Z-Score15.36 (safe)
Valuation vs Sector & Industry
Stock P/E56.6
Sector P/E (Technology)31.8
Industry P/E (Computers)30.1
vs Sector77.9%
vs Industry87.9%
Company
SectorTechnology
IndustryComputers
CEOWilliam David Mosley
Employees30,000
CountryIE
IPO Date2002-12-11

Seagate Technology Holdings plc earnings call transcripts

  • STX Q4 FY26 earnings call transcript (reported 2026-07-28) · analysis
  • STX Q2 FY26 earnings call transcript (reported 2026-01-27) · analysis
  • STX Q1 FY26 earnings call transcript (reported 2025-10-28) · analysis
  • STX Q4 FY25 earnings call transcript (reported 2025-07-29) · analysis
  • STX Q3 FY25 earnings call transcript (reported 2025-04-29) · analysis
  • STX Q2 FY25 earnings call transcript (reported 2025-01-21) · analysis

All STX earnings calls

Related Companies (Computers; 8 comparable computer makers)

  • Western Digital Corporation (WDC)
  • Archer-Daniels-Midland Company (ADM)
  • The Mosaic Company (MOS)
  • Crown Holdings, Inc. (CCK)
  • Motorola Solutions, Inc. (MSI)
  • Ball Corporation (BALL)
  • Cintas Corporation (CTAS)
  • Westlake Corporation (WLK)
STX earnings history · STX institutional & insider holders · STX KPIs & operating metrics · STX financials · STX investor presentations & press releases · STX SEC filings · STX peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.