Western Digital management check
WDC · Information Technology · Technology Hardware, Storage & Peripherals · CEO Irving Tan
Filings as of
3 good · 3 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2022 grew to $1021, against $383 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.99 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.2% of net income$17.2m of reported pay in fiscal 2026, against $9.4bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 6.9 years of payThe CEO holds 266,703.762 shares, directly or through trusts (unvested awards not counted): about 6.9 years of pay. 7 insiders sold $35.8m in the last six months and none bought. 121 of 128 sales ran on pre-arranged 10b5-1 plans.
- Watch
Are owners being diluted?
Stock pay 2.8% of revenueStock-based pay was 2.8% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Goeckeler, Mr. Tan. 12 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Flag
Are the books clean?
Red flags on file1 late-filing notice since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 33 | |
| Pay for performance | 99 | 87 | |
| CEO cost | 100 | 35 | |
| Skin in the game | 57 | 47 | |
| Dilution | 81 | 56 | |
| Stable leadership | 25 | 85 | |
| Clean books | 30 | 100 |
Closest peers
Others in Technology Hardware, Storage & Peripherals, by management score. Western Digital is 21st of 73 in its sector.
- 3SNDKSandisk94
- 7DELLDell Technologies90
- 24STXSeagate Technology85
- 178WDCWestern Digital70
- 195PEverpure69
- 204AAPLApple Inc.68
- 295SMCISupermicro62
- 348NTAPNetApp58
- 387HPQHP Inc.55
- 403HPEHewlett Packard Enterprise53
Pay versus performance
From the proxy statement filed October 5, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2026 | Mr. Tan | $17.2m | $257.5m | $5.2m | $1021 | $383 | $9.4bn |
| 2025 | Goeckeler | $24.9m | $42.5m | $6.2m | $198 | $352 | $1.6bn |
| 2024 | Goeckeler | $17.7m | $55.0m | $3.5m | $179 | $316 | −$765.0m |
| 2023 | Goeckeler | $11.0m | −$3.3m | $3.4m | $89 | $208 | −$902.0m |
| 2022 | Goeckeler | $32.1m | −$9.1m | $8.5m | $102 | $138 | $1.5bn |
The board says pay is tied most to revenue. Its other key measures: Revenue (the Company-Selected Measure), Non-GAAP EPS, Non-GAAP Operating Income.
Insiders and the CEO's stake
Irving Tan (Chief Executive Officer) held 266,703.762 shares directly after their latest Form 4 on Sep 20, 2026, roughly $117.7m at that filing's price.
7 insiders sold $35.8m in the last six months and none bought. 121 of 128 sales ran on pre-arranged 10b5-1 plans.
- SoldIrving TanChief Executive Officer · 10b5-1 plan$17.1mAug 11, 2026
- SoldBrian Scott DavisChief Sales & Mrktng Officer · 10b5-1 plan$5.0mMay 11, 2026
- SoldVidyadhara K GubbiChief of Global Operations$4.3mSep 4, 2026
- SoldMartin I ColeDirector · 10b5-1 plan$3.9mJul 28, 2026
Leadership and governance on file
- May 28, 2026Leadership change8-K 5.02
- Nov 24, 2025Leadership change8-K 5.02
- Nov 3, 2025Leadership change8-K 5.02
- May 8, 2025Leadership change8-K 5.02
- Feb 3, 2025Leadership change8-K 5.02
- Jan 30, 2025Leadership change8-K 5.02
- Jan 16, 2025Leadership change8-K 5.02
- Dec 13, 2024Leadership change8-K 5.02
- Nov 25, 2024Leadership change8-K 5.02
- May 24, 2024Leadership change8-K 5.02
- Feb 8, 2024Late filing noticeNT 10-Q
- Jan 4, 2024Leadership change8-K 5.02
Latest shareholder vote results: Nov 24, 2025, including the say-on-pay vote.
Where the money went
Over 2021–2025: $193.0m returned to owners in buybacks and dividends, 6% of net income, and $1.2bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $16.9bn | $18.8bn | $6.3bn | $9.5bn | — |
| Net income | $821.0m | $1.5bn | −$765.0m | $1.6bn | — |
| Stock-based pay | $318.0m | $326.0m | $295.0m | $265.0m | — |
| Buybacks | $0 | — | $0 | $149.0m | — |
| Dividends | $0 | $0 | $0 | $44.0m | — |
| Diluted shares | 309m | 316m | 326m | 359m | — |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.