Seagate Technology Holdings plc is a leading provider of data storage technology and infrastructure solutions, primarily known for its hard disk drives (HDDs) and solid state drives (SSDs). The company designs and sells HDDs for mass capacity storage and legacy markets, and SSDs that utilize NAND flash memory for data storage. Seagate also offers storage subsystems and solutions, including a scalable edge-to-cloud mass data platform, data transfer shuttles, and a storage-as-a-service cloud .
- Hard Disk Drives (HDDs) - Designed for mass capacity storage and legacy markets, serving hyperscale data centers and cloud service providers.
- Solid State Drives (SSDs) - Utilize NAND flash memory for efficient data storage solutions.
- Storage Subsystems and Solutions - Include a scalable edge-to-cloud mass data platform, data transfer shuttles, and a storage-as-a-service cloud.
- Systems, SSD, and Lyve Platform - Areas of strategic investment, focusing on expanding data storage capabilities and services .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Dr. William D. Mosley ExecutiveBoard | CEO and Director | Board Member at Cirrus Logic, Inc. | Joined STX in 1996; became CEO in October 2017. Previously held roles including COO and EVP of Operations and Technology. | View Report → |
Ban Seng Teh Executive | EVP and Chief Commercial Officer | None | Joined STX in 1989. Promoted to EVP and Chief Commercial Officer in July 2022. Previously held leadership roles in global sales and marketing. | |
Dr. John C. Morris Executive | SVP, HDD and SSD Products and CTO | None | Joined STX in 1996. Promoted to CTO in 2019. Previously held leadership roles in engineering and enterprise development. | |
Gianluca Romano Executive | EVP and CFO | None | Joined STX in January 2019. Previously held senior finance roles at Micron Technology, Numonyx, and STMicroelectronics. | |
James C. Lee Executive | SVP, Chief Legal Officer, and Secretary | None | Joined STX in June 2024. Previously served as General Counsel at Maxar Technologies and held leadership roles at Aramark Corporation. | |
Kian Fatt Chong Executive | SVP, Global Operations | None | Joined STX in 1989. Promoted to SVP, Global Operations in October 2020. Previously led China Operations and spearheaded Seagate's first campus concept. | |
Dylan G. Haggart Board | Director | Managing Partner at Fivespan Partners; Board Member at Fiserv, Inc. | Director since 2018. Former Partner at ValueAct Capital. Brings expertise in strategic planning, capital structure, and corporate governance. | |
Jay L. Geldmacher Board | Director | President and CEO of Resideo Technologies, Inc. | Director since 2012. Currently CEO of Resideo Technologies. Formerly held leadership roles at Emerson Electric and Verra Mobility. | |
Judy Bruner Board | Director | Board Member at Applied Materials, Inc.; Qorvo, Inc.; Rapid7, Inc. | Director since 2018. Former CFO of SanDisk Corporation. Brings expertise in financial management, strategy, and enterprise risk management. | |
Michael R. Cannon Board | Board Chair | Board Member at Lam Research Corporation | Director since 2011; became Board Chair in July 2020. Former CEO of Solectron Corporation and held leadership roles in the disk drive industry. | |
Prat S. Bhatt Board | Director | Board Member at RingCentral, Inc.; Governing Board Member at Center for Audit Quality | Director since 2020. Former Chief Accounting Officer at Cisco Systems. Brings expertise in accounting, financial management, and enterprise risk management. | |
Richard L. Clemmer Board | Director | Board Member at HP, Inc. and Aptiv PLC | Director since 2022. Former CEO of NXP Semiconductors and Agere Systems. Brings expertise in semiconductors, storage, and corporate governance. | |
Stephanie Tilenius Board | Director | Venture Advisor at AI Fund; Board Member at ContextLogic (Wish) and Papa | Director since 2014. Founder and former CEO of Vida Health. Former executive at Google, eBay, and Kleiner Perkins. Brings expertise in digital innovation and e-commerce. | |
Yolanda L. Conyers Board | Director | None | Director since 2022. Former VP of Global HR and Chief Diversity Officer at Lenovo. Brings expertise in diversity, inclusion, and global operations. |
- Considering that you're nearing maximum production capacity and plan to expand exabyte shipments through transitioning to higher-capacity drives, what risks do you foresee if customer adoption of these drives doesn't keep pace, and how might this impact your growth projections?
- Given concerns about the HDD industry potentially being at cyclical peak levels, how do you ensure that your current shipments are being deployed by customers rather than ending up as excess inventory, and what measures are you taking to prevent overproduction?
- With the delays in qualifying your Mozaic HAMR-based platform at your lead cloud customer, how confident are you in meeting the revised qualification timelines, and what are the potential implications for your competitive positioning if further delays occur?
- As non-GAAP gross margins have reached their highest level in over a decade, exceeding long-term targets, how sustainable is this margin expansion amid potential pricing pressures and increased competition, and what strategies do you have to maintain or improve these margins?
- While your build-to-order model provides visibility over the next few quarters, how do you mitigate the risks associated with possible demand volatility or overreliance on a few large customers, and what diversification strategies are you implementing to protect against potential disruptions?
Research analysts who have asked questions during Seagate Technology Holdings earnings calls.
Amit Daryanani
Evercore
4 questions for STX
Ananda Baruah
Loop Capital Markets LLC
4 questions for STX
Asiya Merchant
Citigroup Global Markets Inc.
4 questions for STX
Erik Woodring
Morgan Stanley
4 questions for STX
Thomas O’Malley
Barclays Capital
4 questions for STX
Timothy Arcuri
UBS
4 questions for STX
Vijay Rakesh
Mizuho
4 questions for STX
Wamsi Mohan
Bank of America Merrill Lynch
4 questions for STX
Aaron Rakers
Wells Fargo
3 questions for STX
Christopher Muse
Cantor Fitzgerald
3 questions for STX
Mark Miller
The Benchmark Company LLC
3 questions for STX
Steven Fox
Fox Research
3 questions for STX
Karl Ackerman
BNP Paribas
2 questions for STX
Sreekrishnan Sankarnarayanan
Wolfe Research, LLC
2 questions for STX
Tristan Gerra
Robert W. Baird & Co.
2 questions for STX
CJ Muse
Cantor Fitzgerald
1 question for STX
Eddy Orabi
TD Cowen
1 question for STX
Hadi Orabi
TD Cowen
1 question for STX
Jacob Wilhelm
Wells Fargo
1 question for STX
James Schneider
Goldman Sachs
1 question for STX
Toshiya Hari
Goldman Sachs Group, Inc.
1 question for STX
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes in the data storage industry, providing SSDs and systems, and is one of the principal manufacturers in the data storage solution industry. | |
Samsung Electronics | A key competitor in the data storage industry, offering SSDs and systems, and is recognized as a principal manufacturer in the data storage solution industry. |
SK hynix, Inc. | Operates in the data storage industry, providing SSDs and systems, and is listed as a principal manufacturer in the data storage solution industry. |
Kioxia Holdings Corporation | A competitor in the data storage industry, known for its SSDs and systems, and is identified as a principal manufacturer in the data storage solution industry. |
Toshiba Corporation | Competes in the data storage industry, offering SSDs and systems, and is one of the principal manufacturers in the data storage solution industry. |
A major competitor in the data storage industry, providing SSDs and systems, and is recognized as a principal manufacturer in the data storage solution industry. |
Recent press releases and 8-K filings for STX.
- Strong demand outpacing supply, with nearline storage up 90% over the past four quarters and mid-20% annual growth expected; Seagate is focused on increasing exabyte volume via higher-capacity drives rather than unit shipments.
- MR and HAMR ramp: Seagate has qualified four major cloud customers on MR drives and aims to complete top seven by June 2026; qualification of 40 TB HAMR drives began in July to further boost capacity mix.
- Build-to-order model provides 3–4 quarters of firm customer orders under long-term agreements, offering clear near-term visibility for production planning and pricing.
- Technology roadmap and capital efficiency: Transition to HAMR lowers cost per terabyte vs. PMR and supports future 50–100 TB drives; CapEx remains 4–6% of revenue, with strong free cash flow, a maintained dividend, and share buybacks initiated in the current quarter.
- Q4 revenue of $2.44 billion, up 30% YoY; non-GAAP gross margin of 37.9% and non-GAAP EPS of $2.59
- Full-year FY 2025 revenue of $9.1 billion, up 39%, with non-GAAP EPS of $8.10
- Q4 volume shipments of 163 EB (151 EB mass capacity), with nearline drives representing 137 EB or 91% of mass capacity exabytes
- Free cash flow of $425 million; returned $153 million via dividends; ended the quarter with $2.2 billion in liquidity and a net leverage ratio of 1.8×
- Q1 FY 2026 guidance: revenue of $2.5 billion ± $150 million (~15% YoY growth), non-GAAP EPS of $2.30 ± $0.20, and operating margin in the mid-to-high 20s percent
- Completed exchange offers and consent solicitations for eight series of Seagate HDD Cayman notes, with an aggregate $2.81 billion tendered as of June 26, 2025.
- Tender rates ranged from 66.86% for the 5.750% 2034 notes to 98.40% for the 8.250% 2029 notes, demonstrating strong holder participation.
- Old notes will be replaced with new notes issued by Seagate Data Storage Technology Pte. Ltd., and proposed indenture amendments will be adopted for all exchanged series.
- High early participation: as of June 10, 2025, Eligible Holders validly tendered between 61.49% and 95.39% across the eight series of Old Notes in the Exchange Offers, with five series tendered above 90% of outstanding principal.
- Withdrawal rights expired at 5:00 p.m. (NYC) on June 10, 2025, and SDST amended the offers so that tenders made through the June 26, 2025 expiration will receive the full consideration of $1,000 principal of New Notes plus $1.25 cash; New Notes will be issued under multiple indentures.
- Requisite consents obtained to adopt proposed amendments eliminating substantially all restrictive covenants and certain default provisions; supplemental indentures will become effective promptly and operative upon exchange of tendered Old Notes.
- Redemption of 4.875% Senior Notes due 2027: Seagate HDD Cayman redeemed all remaining 2027 Notes on June 11, 2025, at a price of 100.819% of principal plus accrued interest.
- Seagate detailed a strong data center demand driven by technology transitions, including the ramping of HAMR products which boost capacity per drive and lower cost per terabyte.
- The company emphasized a robust build-to-order model providing visibility for 3–4 quarters, underpinning expected sequential revenue and profitability improvements in calendar '25.
- Seagate outlined plans to strengthen its balance sheet with a new share buyback authorization of up to $5 billion and nearing a debt target of $5 billion as part of its financial discipline.
- Strong nearline demand and industry consolidation remain key, with the company focusing on technology transition and advanced storage solutions such as HAMR, which has been qualified by three major cloud customers.
- HAMR adoption roadmap was detailed, targeting 40% of exabyte sales by the end of the next fiscal year and 70% over the following four quarters.
- The discussion emphasized stable exabyte growth despite bumpy revenue trends, and noted that failure rates for HAMR are expected to be comparable to PMR, ensuring consistent product quality.
- The integration of the Intevac acquisition and adjustments in manufacturing and R&D underline Seagate's strategy for vertical integration and operational efficiency.
- Seagate Technology Holdings plc has begun exchange offers and consent solicitations for eight series of its senior notes, aiming to convert all outstanding notes issued by Seagate HDD Cayman into new notes by Seagate Data Storage Technology Pte. Ltd.
- The offer details are outlined in a confidential Offering Memorandum and Consent Solicitation Statement dated May 28, 2025, providing key information for affected noteholders.
- Revenue performance was strong with a 31% YoY increase driving $2.33B in revenue and a non-GAAP gross margin that expanded to 35.5% .
- The company delivered compelling profitability with non-GAAP EPS reaching the top end of guidance, alongside expanding gross and operating margins and reduced debt .
- Updated Q3FY25 guidance projects revenue around $2.10B ± $150M, non-GAAP operating margins in the low twenties percent, and diluted EPS estimated at $1.70 ± $0.20 .
- Seagate is advancing its product strategy by ramping production of HAMR-based drives and expects sequential revenue improvement in Q6 with minimal tariff impacts .
- The earnings call also highlighted improved free cash flow (up to $150M) and robust demand trends in nearline and mass capacity product markets .