Seagate Technology Holdings plc

Worth knowing

• Stock pay outran buybacks. Stock-based pay expense $540M vs $176M spent repurchasing shares over the 3 fiscal years to FY Jun 2026.

  Over three fiscal years Seagate Technology recorded $540M of stock-based pay expense and spent $176M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Seagate Technology recorded $540M of stock-based pay expense and spent $176M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Much more borrowing than peers. Debt is 1.7× equity vs a peer median of 0.2×.Debt is 1.7× equity vs peers 0.2×.

  Debt is 1.7× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 1.7× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

• Operating margin at a 6-year high. 34% in FY Jun 2026, the best of the last 6 years.

  Seagate Technology kept 34% of revenue as operating profit in FY Jun 2026, its highest in the 6 years of filings we have.

• Profit is backed by cash. Free cash flow is 98% of reported profit.

  Seagate Technology's free cash flow is 98% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.