Forensic Analysis · Computer Hardware · as of Nov 8, 2026

Seagate Technology Holdings PLC (STX)

A forensic read on Seagate Technology Holdings PLC built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Grey Zone

Financial health

2.5

Distress distance

Clean

Earnings quality

Forensic signals

371.5%

ROE

34.1%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Seagate Technology Holdings PLC earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.5, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+3.9%/yr

FY2024–FY2026

Share-count dilution. Diluted share count changed +8% over the last 2 years to FY2026 (+3.9%/yr). The count is growing — 212.0M shares in FY2024, 229.0M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~7%.

1.7% of rev

FY2026

Stock-based comp load. Stock-based compensation ran 1.7% of revenue and 7% of free cash flow in FY2026 — about $0.93 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.9% a year across FY2024–FY2026 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$12.20B

Revenue Growth YoY+34.1%

Revenue CAGR (2yr)+36.4%

Net Margin26.1%

Free Cash Flow$3.10B

Return on Equity371.5%

Debt / Equity1.65x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.