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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
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Company details
Market cap
$240B
P/E ratio
85×
Div yield
0.7%
EPS (non-GAAP Q3'26)
$4.10
Gross margin
~38%
Rev. growth (YoY)
+29%
Revenue (FY25)
$9.1B
HDD market share
~39%
In plain English
Seagate makes the high-capacity hard disk drives that store most of the cloud's cold data. Its HAMR-based Mozaic platform — drives of 30TB and beyond — is qualified with the world's largest cloud operators, who buy nearly all of its output. A vertically integrated maker (its own recording heads, media and lasers), it shares a near-duopoly of the HDD market with Western Digital, and the AI data boom has turned mass-capacity storage into a growth business again.
In simple terms
What Seagate Technology really sells
Seagate makes the high-capacity hard disk drives that store most of the cloud's cold data. Its HAMR-based Mozaic platform — drives of 30TB and beyond — is qualified with the world's largest cloud operators, who buy nearly all of its output. A vertically integrated maker (its own recording heads, media and lasers), it shares a near-duopoly of the HDD market with Western Digital, and the AI data boom has turned mass-capacity storage into a growth business again.
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