Seagate Technology Holdings PLC (NASDAQ: STX) is a data storage hardware company that designs, manufactures, and sells hard disk drives and solid state drives for cloud, enterprise, and legacy applications. Revenue comes from transactional sales of HDD and SSD products, storage subsystems, and the Lyve data management and storage-as-a-service platform. Seagate is one of a small number of HDD manufacturers globally, with its primary mass capacity focus on hyperscale data centers and cloud service providers. In FY2025 (fiscal year ended June 27, 2025), the company shipped 595 exabytes of HDD storage capacity, generated approximately $9.1 billion in revenue, a 35% gross margin, and net income of $1.5 billion. The company paid $600 million in dividends and generated $1.1 billion in operating cash flow during FY2025. CEO Dr. William D. Mosley signed the 10-K filed August 1, 2025. As of June 27, 2025, Seagate held approximately 3,273 U.S. patents.

Revenue model

Transactional product sales of HDDs and SSDs across mass capacity and legacy market segments. Additional revenue from storage subsystems sold to enterprises, cloud service providers, and OEMs. The Lyve platform generates revenue through a shuttle data-transfer solution and a storage-as-a-service offering at the metro edge.

Products and services

Enterprise nearline HDDs including HAMR-based Mozaic drives shipping in capacities up to 35TB (as of the 10-K filed August 1, 2025). SATA, SAS, and NVMe-based HDD and SSD products for mass capacity and legacy applications. Storage subsystems for enterprises, CSPs, scale-out storage servers, and OEMs. Lyve portfolio including a shuttle solution for bulk data transport and a storage-as-a-service cloud offering. VIA and NAS drives for video analytics and network storage. Consumer and client HDDs and SSDs for backup, desktop, notebook, and gaming applications.

Customers and end markets

Primary end markets are hyperscale data centers and cloud service providers, where demand is driven by mass capacity nearline storage for ML and AI workloads. Secondary markets include enterprise private cloud, scale-out storage, OEMs, and edge deployments. Legacy markets include consumer external storage, desktop and notebook client storage, and mission critical applications. The filing notes a significant increase in demand for high-capacity nearline drives from cloud customers during FY2025.

Value-chain role

Vertically integrated manufacturer. Seagate internally develops and produces recording heads, magnetic media (using internally manufactured and externally sourced finished media and aluminum substrates), printed circuit board assemblies with custom ASICs, and head disk assemblies. R&D centers are located in Northern Ireland, Singapore, Thailand, California, Colorado, and Minnesota. The company acquired Intevac, a thin-film processing systems supplier, for a net cash outlay of $47 million during FY2025.

Geographic exposure

R&D and manufacturing operations span Northern Ireland, Singapore, Thailand, and multiple U.S. states including California, Colorado, and Minnesota. Geographic revenue mix is not broken out in the provided filing excerpts.

Source: SEC 10-K, filed 2025-08-01

Industry: Computer Storage Devices Peers: Canaan Inc Ebang International Holdings Inc