HPQ vs WDC: HP and Western Digital compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Western Digital is the larger company, worth $134.8B, about 4.9 times HP.
- Western Digital grew revenue faster over the last year (+43.8% vs +12.5%).
- Western Digital keeps more of each dollar of revenue as operating profit (34.5% vs 5.5%).
- On earnings, HP is the cheaper stock (11.3x vs 23.4x).
- Western Digital's price assumes faster free cash flow growth: about 14% a year, against -4% for HP (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HPQ | WDC |
|---|---|---|
| Market cap | $27.3B | $134.8B |
| Share price | $30.20 | $397.28 |
| Revenue (last fiscal year) | $55.3B | $12.9B |
| Free cash flow (last fiscal year) | $2.8B | $3.5B |
| Revenue growth, last year | +12.5% | +43.8% |
| Revenue growth per year, last 5 fiscal years | -3.4% | -8.9% |
| Operating margin | 5.5% | 34.5% |
| Net margin | 4.1% | 73.0% |
| Return on equity | — | 106.3% |
| P/E (trailing) | 11.3x | 23.4x |
| Price / free cash flow | 9.77x | 105.0x |
| EV / EBITDA | 8.89x | 21.9x |
| FCF growth the price implies | -4.5% | 13.5% |
| Dividend yield | 3.9% | 0.12% |
| Debt / equity | — | 0.56x |
| Fundamental grade | D | B |
| Superinvestors holding it | 6 | 6 |
| Insider purchases, last 12 months | 0 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
HP
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $63.5B | $5.8B | 8.4% |
| 2022 | $62.9B | $3.7B | 7.2% |
| 2023 | $53.7B | $3.0B | 6.4% |
| 2024 | $53.6B | $3.2B | 7.1% |
| 2025 | $55.3B | $2.8B | 5.7% |
Western Digital
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $18.8B | $758M | 12.7% |
| 2023 | $6.3B | -$1.2B | -8.8% |
| 2024 | $6.3B | -$781M | -6.4% |
| 2025 | $9.5B | $1.3B | 24.5% |
| 2026 | $12.9B | $3.5B | 34.5% |
Where the revenue comes from
HP · by segments, 2025
Personal Systems$38.5B70%
Printing$16.7B30%
Corporate Investments$62M0%
Western Digital · by segments, 2024
Flash$6.7B51%
HDD$6.3B49%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HPQ in InvestinglyQuestions
Which is bigger, HP or Western Digital?
Western Digital (WDC), at $134.8B against $27.3B.
Is HPQ or WDC cheaper?
By trailing P/E, HP (11.3x) is cheaper than Western Digital (23.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, HPQ or WDC?
Western Digital: revenue grew +43.8% over the last year, against +12.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.