{"slug":"western-digital","name":"Western Digital","name_en":"Western Digital","ticker":"WDC","updated_at":"2026-07-12T08:25:12.574179+00:00","canonical":"https://valuechain.wiki/western-digital","same_as":["https://finance.yahoo.com/quote/WDC","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=106040"],"citable":"밸류체인 그래프 기준 Western Digital의 직접 연결 기업은 3곳(관계 기준 공급 1·매출 2)이고, 사슬을 2차까지 넓히면 11곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Western Digital is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 11 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · 스토리지 · 니어라인 HDD 1위(48%)","kicker_en":"S&P 500 · Storage · Nearline HDD leader (48%)","lead":"니어라인 엑사바이트 시장 점유 48%의 1위 스토리지 기업(NAND는 샌디스크로 분사)으로, 대용량 저장의 최저비용이 여전히 HDD라는 구조 위에서 AI 데이터센터 수요를 받는다. 2025년 클라우드 매출 $30억(+48%)·클라우드 비중 87~89%, 니어라인 199EB(+37%) 출하에 2026년 생산은 완판이고 상위 하이퍼스케일러와 2027~28년까지 계약을 맺어 매출 가시성이 이례적으로 높다. 관전점은 HAMR·유리기판 전환으로 용량 로드맵을 이어가면서 하이퍼스케일러 capex와 QLC SSD 대체 위협을 견디느냐다.","lead_en":"The No.1 in nearline exabytes at 48% (NAND spun off as SanDisk). 2025 cloud revenue $3B (+48%), with cloud 87-89% of revenue. It shipped 199EB of nearline (+37%); its 2026 production is sold out to AI-datacenter customers, with deals to top hyperscalers into 2027-28. Up 280% in 2025, the No.3 in the S&P. A core of the AI storage supercycle.","segments":{"fy":2025,"parts":[{"desc":"매출의 대부분(클라우드 87~89%). 니어라인 199EB(+37%), 2026 완판·장기계약으로 가시성 확보.","name":"니어라인 HDD(클라우드)"},{"desc":"PC·소비자용 HDD 등. 사이클 민감하나 비중은 작다.","name":"클라이언트·기타"}],"total":"클라우드 매출 $3B (+48%)","concentration":"니어라인 48% 점유, 2026 완판."},"segments_en":{"fy":2025,"parts":[{"name":"Nearline HDD (cloud)"},{"name":"Client/other"}],"total":"Cloud revenue $3B (+48%)","concentration":"48% nearline share; 2026 sold out."},"returns_yearly":{"2021":17.7,"2022":-51.6,"2023":66,"2024":13.9,"2025":283.7,"2026":238.4},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"nestle","name":"Nestlé","name_en":"Nestlé S.A.","tier":3,"returns_yearly":{"2021":22.1,"2022":-4.2,"2023":-9.3,"2024":-18.8,"2025":-1.8,"2026":17.9}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":3,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-7.8}},{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":2,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":2,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":2,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"procter-gamble","name":"Procter & Gamble","name_en":"Procter & Gamble","tier":2,"returns_yearly":{"2021":20.5,"2022":-5,"2023":-0.9,"2024":17.3,"2025":-12.3,"2026":4.1}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":2,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":1,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":1,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}}],"benefiting":[{"slug":"hoya","name":"호야","name_en":"Hoya Corporation","tier":1,"returns_yearly":{"2021":10.8,"2022":-3,"2023":34.4,"2024":11.3,"2025":24.9,"2026":-2.9}}],"analysis":"웨스턴디지털의 논점은 'AI 데이터센터 스토리지 슈퍼사이클의 과점 수혜'다. NAND를 샌디스크로 분사한 뒤 니어라인 HDD 순수기업이 됐고, 대용량 저장의 최저비용은 여전히 HDD라 하이퍼스케일러 수요가 구조적이다 — 클라우드가 매출의 87~89%, 니어라인 199EB(+37%) 출하, 2026년 생산은 완판이고 상위 고객과 2027~28년까지 계약을 맺어 이례적 가시성을 확보했다. HAMR·유리기판(호야) 전환이 용량 로드맵을 잇는 축이다. 리스크는 하이퍼스케일러 capex 변동과 QLC SSD의 대용량 잠식. 그래프 파급: 마이크로소프트·메타 등 하이퍼스케일러 capex가 수요를 직접 끌고, 상류에선 호야 유리기판 공급이 증산의 병목.","analysis_en":"WD's thesis is oligopoly leverage on the AI-datacenter storage supercycle. After spinning off NAND as SanDisk, it became a pure nearline-HDD player, and since HDD remains the lowest-cost bulk storage, hyperscaler demand is structural — cloud is 87-89% of sales, nearline shipped 199EB (+37%), 2026 output is sold out, and top customers are contracted into 2027-28 for unusual visibility. The HAMR and glass-substrate (HOYA) transition extends the capacity roadmap. Risks are hyperscaler capex swings and QLC SSD encroaching on bulk. Graph propagation: Microsoft/Meta hyperscaler capex pulls demand directly, while upstream HOYA glass-substrate supply is the ramp bottleneck.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"하이퍼스케일러 (니어라인 클라우드)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","basis":"FY2025(6월 결산) 매출 $9.52B(+51%)·순이익 $1.9B(전년 -$33M), 니어라인 190EB(+32%)·클라우드 90%. 샌디스크(NAND) 분사 후 순수 HDD","value":9520000000,"period":"FY2025","basis_en":"FY2025 (June year-end) revenue $9.52B (+51%), net income $1.9B (vs -$33M), nearline 190EB (+32%), cloud 90%. Pure HDD after SanDisk (NAND) spin-off","qualifier":"company_total"},"note":"하이퍼스케일러에 니어라인 HDD(점유 48%, 199EB, 클라우드 87%).","note_en":"Nearline HDDs to hyperscalers (48% share, 199EB, 87% cloud).","sources":[{"stance":"confirms","publisher":"Forbes(Tom Coughlin)","publisher_en":"Forbes (Tom Coughlin)","kind":"research","lang":"en","published_at":"2026-02-02","url":"https://www.forbes.com/sites/tomcoughlin/2026/02/02/c4q-2025-and-2025-hard-disk-drive-industry-update/","title":"C4Q 2025·2025년 HDD 산업 업데이트(Coughlin)","title_en":"C4Q 2025 and 2025 Hard Disk Drive Industry Update","excerpt":"Coughlin C4Q2025 업데이트: AI 데이터센터 니어라인 수요로 HDD 산업 회복, WD 완판 지속.","excerpt_en":"Coughlin C4Q2025 update: HDD industry recovers on AI-datacenter nearline demand; WD stays sold out."},{"stance":"confirms","publisher":"MLQ","publisher_en":"MLQ","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://mlq.ai/news/v2/western-digitals-2026-hdd-production-is-sold-out-as-ai-data-centers-drive-record-results/","title":"WDC 2026 HDD 생산 완판(AI 데이터센터)","title_en":"WDC 2026 HDD production sold out (AI datacenters)","excerpt":"하이퍼스케일러에 니어라인 HDD(점유 48%, 199EB, 클라우드 87%).","excerpt_en":"Nearline HDDs to hyperscalers (48% share, 199EB, 87% cloud)."},{"stance":"confirms","publisher":"Blocks & Files","publisher_en":"Blocks & Files","kind":"news","lang":"en","published_at":"2025-07-31","url":"https://blocksandfiles.com/2025/07/31/western-digital-q4-2025/","title":"WD FY2025 결산 — 니어라인 중심 심화(샌디스크 분사 후 순수 HDD)","title_en":"Western Digital FY2025 results — nearline focus deepens (pure HDD post-SanDisk)","excerpt":"FY2025 매출 $9.52B(+51%)·순이익 $1.9B. FQ4 니어라인 190EB(+32%)·클라우드90%·26TB CMR/32TB UltraSMR 램프. 샌디스크 분사 완료 후 니어라인 HDD 순수기업.","excerpt_en":"FY2025 revenue $9.52B (+51%), net income $1.9B. FQ4 nearline 190EB (+32%), cloud 90%, 26TB CMR/32TB UltraSMR ramp. Pure nearline-HDD company after SanDisk spin-off."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-04-01","url":"https://www.sec.gov/Archives/edgar/data/0000106040/000010604025000020/a4ex991-pressreleaseq325.htm","title":"Western Digital FY2025 3분기 실적(8-K)","title_en":"Western Digital FY2025 Q3 results (8-K)","excerpt":"하이퍼스케일러에 니어라인 HDD(점유 48%, 199EB, 클라우드 87%).","excerpt_en":"Nearline HDDs to hyperscalers (48% share, 199EB, 87% cloud)."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":null,"note":"마이크로소프트 등 하이퍼스케일러에 니어라인 HDD를 공급 — 2026년 생산이 완판이고 장기계약으로 묶여, 고객 capex가 곧 물량 가시성.","note_en":"Supplies nearline HDDs to hyperscalers like Microsoft — 2026 output sold out and locked by long-term contracts, so customer capex is volume visibility.","sources":[{"stance":"confirms","publisher":"MLQ","publisher_en":"MLQ","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://mlq.ai/news/v2/western-digitals-2026-hdd-production-is-sold-out-as-ai-data-centers-drive-record-results/","title":"WDC 2026 HDD 생산 완판(AI 데이터센터)","title_en":"WDC 2026 HDD production sold out (AI datacenters)","excerpt":"MS 등 하이퍼스케일러에 니어라인 HDD(2026 완판).","excerpt_en":"Nearline HDDs to hyperscalers like Microsoft (2026 sold out)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-04-01","url":"https://www.sec.gov/Archives/edgar/data/0000106040/000010604025000020/a4ex991-pressreleaseq325.htm","title":"Western Digital FY2025 3분기 실적(8-K)","title_en":"Western Digital FY2025 Q3 results (8-K)","excerpt":"MS 등 하이퍼스케일러에 니어라인 HDD(2026 완판).","excerpt_en":"Nearline HDDs to hyperscalers like Microsoft (2026 sold out)."}]},{"direction":"revenue","counterparty":"메타 플랫폼스","counterparty_slug":"meta","confidence":"mid","metric":null,"note":"메타 등 클라우드에 니어라인 HDD를 공급 — AI 데이터센터의 콜드·웜 데이터 저장 수요가 EB 출하 증가로 직결.","note_en":"Supplies nearline HDDs to cloud players like Meta — AI-datacenter cold/warm data storage demand flows into rising EB shipments.","sources":[{"stance":"confirms","publisher":"Stocktwits","publisher_en":"Stocktwits","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://stocktwits.com/news-articles/markets/equity/how-wdc-stx-stocks-became-unlikely-ai-winners-of-2025/cLIussoRENn","title":"WDC·STX, 2025 AI 스토리지 승자","title_en":"How WDC and STX became 2025 AI winners","excerpt":"메타 등 클라우드에 니어라인 HDD 공급.","excerpt_en":"Nearline HDDs to cloud like Meta."}]},{"direction":"cost","counterparty":"HDD 유리기판 (호야)","counterparty_slug":"hoya","confidence":"mid","metric":{"product":"hdd_glass_substrate"},"note":"고용량·HAMR HDD용 유리기판을 호야에서 조달 — 3.5\" 유리 전환이 용량 로드맵의 핵심이라, 호야 캐파가 증산의 상류 병목이 된다.","note_en":"Sources glass substrates for high-capacity/HAMR HDDs from HOYA — the 3.5\" glass shift is central to the capacity roadmap, so HOYA capacity is the upstream ramp bottleneck.","sources":[{"stance":"mentions","publisher":"Tom's Hardware","publisher_en":"Tom's Hardware","kind":"news","lang":"en","published_at":"2025-05-15","url":"https://www.tomshardware.com/news/hoya-hdd-22tb-24tb","title":"HDD 부품사 호야, 22TB·24TB 유리기판 설명","title_en":"HDD components maker Hoya describes 22TB & 24TB hard drives","excerpt":"호야는 HDD 유리기판 최대 제조사 — 고용량 드라이브용 기판 공급.","excerpt_en":"Hoya is the largest HDD glass-substrate maker for high-capacity drives."}]},{"direction":"cost","counterparty":"헤드·미디어·부품 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"자기 헤드·미디어·기구 부품.","note_en":"Heads, media and mechanical parts.","sources":[{"stance":"mentions","publisher":"Blocks & Files","publisher_en":"Blocks & Files","kind":"news","lang":"en","published_at":"2025-07-31","url":"https://blocksandfiles.com/2025/07/31/western-digital-q4-2025/","title":"WD FY2025 결산 — 니어라인 중심 심화(샌디스크 분사 후 순수 HDD)","title_en":"Western Digital FY2025 results — nearline focus deepens (pure HDD post-SanDisk)","excerpt":"FY2025 결산: 니어라인 HDD 제조의 헤드·미디어·증설·R&D 원가(개별 공급사 비중 비공개).","excerpt_en":"FY2025 results: heads/media, capacity and R&D cost of nearline-HDD manufacturing (individual supplier shares undisclosed)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-04-01","url":"https://www.sec.gov/Archives/edgar/data/0000106040/000010604025000020/a4ex991-pressreleaseq325.htm","title":"Western Digital FY2025 3분기 실적(8-K)","title_en":"Western Digital FY2025 Q3 results (8-K)","excerpt":"자기 헤드·미디어·기구 부품.","excerpt_en":"Heads, media and mechanical parts."}]},{"direction":"cost","counterparty":"증설·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"HDD 증설·R&D.","note_en":"HDD capacity and R&D.","sources":[{"stance":"mentions","publisher":"Blocks & Files","publisher_en":"Blocks & Files","kind":"news","lang":"en","published_at":"2025-07-31","url":"https://blocksandfiles.com/2025/07/31/western-digital-q4-2025/","title":"WD FY2025 결산 — 니어라인 중심 심화(샌디스크 분사 후 순수 HDD)","title_en":"Western Digital FY2025 results — nearline focus deepens (pure HDD post-SanDisk)","excerpt":"FY2025 결산: 니어라인 HDD 제조의 헤드·미디어·증설·R&D 원가(개별 공급사 비중 비공개).","excerpt_en":"FY2025 results: heads/media, capacity and R&D cost of nearline-HDD manufacturing (individual supplier shares undisclosed)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-04-01","url":"https://www.sec.gov/Archives/edgar/data/0000106040/000010604025000020/a4ex991-pressreleaseq325.htm","title":"Western Digital FY2025 3분기 실적(8-K)","title_en":"Western Digital FY2025 Q3 results (8-K)","excerpt":"HDD 증설·R&D.","excerpt_en":"HDD capacity and R&D."}]}]}