Updated
The most significant concentration Western Digital discloses is international sales at 55%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Western Digital’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'Our international sales, which include sales to foreign subsidiaries of U.S. companies but do not include sales to U.S. subsidiaries of foreign companies, represented 55%, 58% and 57% of our net revenue for 2025, 2024 and 2023, respectively.'”
“10-K Item 1: 'we source some of our components from a limited number of sole or single source providers.'”
“10-K Item 1: 'For 2025, three customers accounted for 17%, 12%, and 10%, respectively, of our net revenue.'”
Western Digital's concentration profile combines a large geographic exposure with supplier and customer dependencies. International sales made up 55% of net revenue in fiscal 2025, down from 58% and 57% in the two preceding years — a high-share, structural exposure tied to global demand rather than a single foreign counterparty. On the supply side, the company sources some components from a limited number of sole or single source providers, another high-share dependency that could disrupt production if any one relationship falters. Customer concentration is more granular but still notable: three customers accounted for 17%, 12%, and 10% of net revenue in fiscal 2025 respectively — a medium-share dependency spread across a small handful of named accounts rather than a single dominant buyer. Netting these out, the international revenue mix is the broadest and most structural exposure, while the sole-source supplier dependency is the sharpest potential single point of failure; the three-customer concentration sits in between, material but diversified across more than one counterparty. None of the three exposures alone dominates, but together they point to real concentration risk across revenue base, supply chain, and customer base.
For the engine’s reasoning on WDC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CRCT | Cricut, Inc. | 2 | 1 | 0 | 3 |
| WDC● | Western Digital Corporation | 2 | 1 | 0 | 3 |
| ANET | Arista Networks, Inc. | 0 | 2 | 1 | 3 |
| CRSR | Corsair Gaming, Inc. | 0 | 2 | 0 | 2 |
| DDD | 3D Systems Corporation | 0 | 0 | 0 | 0 |
| DELL | Dell Technologies Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.