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
6 questions for STX
Ananda Baruah
Loop Capital Markets LLC
6 questions for STX
Asiya Merchant
Citigroup Global Markets Inc.
6 questions for STX
Erik Woodring
Morgan Stanley
6 questions for STX
Thomas O’Malley
Barclays Capital
6 questions for STX
Timothy Arcuri
UBS
6 questions for STX
Vijay Rakesh
Mizuho
6 questions for STX
Wamsi Mohan
Bank of America Merrill Lynch
6 questions for STX
Aaron Rakers
Wells Fargo
5 questions for STX
Mark Miller
The Benchmark Company LLC
5 questions for STX
Steven Fox
Fox Research
5 questions for STX
Karl Ackerman
BNP Paribas
4 questions for STX
Tristan Gerra
Robert W. Baird & Co.
4 questions for STX
Christopher Muse
Cantor Fitzgerald
3 questions for STX
CJ Muse
Cantor Fitzgerald
3 questions for STX
Jim Schneider
Goldman Sachs
2 questions for STX
Krish Sankar
TD Cowen
2 questions for STX
Mark Newman
Bernstein
2 questions for STX
Sreekrishnan Sankarnarayanan
Wolfe Research, LLC
2 questions 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.
- On November 4, 2025, Seagate privately exchanged $500 million of its 3.50% Exchangeable Senior Notes due 2028 for approximately $503.4 million in cash and ordinary shares, reducing the remaining notes to about $1.0 billion.
- The agreements, exempt from Securities Act registration, will close by November 10, 2025, with the exact share issuance determined over a one-day trading period starting November 5, 2025.
- Seagate’s total long-term debt was approximately $3.5 billion as of October 2025; the stock rose 12% to a record intraday high and is up 226% year-to-date following the announcement.
- Analyst opinions are mixed: some maintain Buy ratings with ~$275 price targets, while TipRanks’ AI Analyst rates the stock Neutral due to high leverage and valuation risks.
- Posted $2.63 B revenue, up 21% YoY; 40.1% non-GAAP gross margin and 29% non-GAAP operating margin; $2.61 non-GAAP EPS.
- Data center segment (nearline) drove 80% of revenue ($2.1 B) and shipped 182 EB, up 32% YoY.
- Advanced HAMR roadmap: qualified 5 global CSPs on Mosaic 3 (up to 36 TB), shipped over 1 M Mosaic drives; targeting 50% exabyte crossover in H2 calendar 2026.
- Q2 guidance: $2.7 B ± $100 M revenue (+16% YoY), ~30% non-GAAP operating margin, $2.75 ± $0.20 EPS.
- Returned capital: 3% dividend increase to $0.74/share, repurchased $29 M of stock; generated $427 M free cash flow and ended with 1.5× net leverage.
- Seagate delivered a strong start to fiscal 2026: revenue grew 21% YoY, non-GAAP gross margin hit 40.1%, non-GAAP operating margin reached 29%, and non-GAAP EPS was $2.61, above guidance.
- Data center end market drove 80% of revenue; Seagate shipped over 1 million Mosaic HAMR drives, qualified 5 global CSPs on its 3+ TB per disk platform (up to 36 TB), and is on track for 50% exabyte crossover in H2 2026.
- Generated $427 M free cash flow, closed with $2.4 B in cash & equivalents and 1.5x net leverage; returned $153 M via dividends (raising the quarterly payout ~3% to $0.74) and repurchased $29 M of stock.
- Q2 guidance: revenue of $2.7 B ± $100 M (+16% YoY), non-GAAP EPS of $2.75 ± 0.20, and operating margin ~30%.
- Seagate delivered 21% YoY revenue growth and set a record non-GAAP gross margin of 40.1%, with non-GAAP operating margin at 29% and EPS of $2.61, exceeding guidance.
- Generated $427 million in free cash flow and closed the quarter with $2.4 billion in liquidity; returned $153 million via dividends (up 3% to $0.74/share) and $29 million in share repurchases.
- Advanced its HAMR roadmap by shipping over 1 million Mosaic drives and qualifying 5 global CSPs on 36 TB platforms, targeting 50% exabyte crossover by H2 CY2026 and ramping 44 TB drives in H1 CY2026.
- Issued Q2 guidance of $2.7 billion ± $100 million revenue (mid-point +16% YoY) with non-GAAP EPS of $2.75 ± 0.20 and an expected operating margin of ~30%.
- Seagate reported Q1 FY26 revenue of $2.63 B, up 21% YoY.
- Achieved record gross margin of 40.1%, up ~220 bps QoQ and ~680 bps YoY.
- Operating margin expanded to 29.0%, up ~280 bps QoQ and ~860 bps YoY.
- EPS of $2.61, exceeding the high end of guidance.
- Generated $427 M free cash flow and raised quarterly dividend by ~3% to $0.74 per share.
- Revenue of $2.63 billion (up 21% YoY) and record GAAP gross margin of 39.4% (non-GAAP 40.1%)
- GAAP EPS of $2.43 and non-GAAP EPS of $2.61
- Operating cash flow of $532 million, free cash flow of $427 million; returned $182 million to shareholders via dividends and repurchases; raised quarterly dividend ~3% to $0.74/share
- Ramping shipments of Mozaic HAMR products, now qualified with five of the world’s largest cloud customers amid strong AI-driven demand
- Revenue of $2.63 billion, GAAP EPS of $2.43 and non-GAAP EPS of $2.61; achieved record non-GAAP gross margin of 40.1%.
- Generated $532 million in operating cash flow and $427 million in free cash flow; returned $182 million to shareholders through $153 million of dividends and $29 million of share repurchases; raised quarterly dividend to $0.74 per share.
- Provided fiscal Q2 2026 guidance of $2.70 billion in revenue (±$100 million) and $2.75 non-GAAP diluted EPS (±$0.20).
- Ramping shipments of Mozaic HAMR drives, now qualified with five of the world’s largest cloud customers to support AI-driven demand.
- 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.