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Seagate Technology
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seagate.com ↗
The world's largest maker of hard-drive storage — the kind AI data centers buy by the exabyte. Revenue *+44%.* The dividend never stopped. The buybacks just *restarted.*
Updated · Q3 FY26 · April 2026
6
Chapters
~18
Min read
$11B / yr revenue · ~30K employees · public since 2002
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Spice: Jalapeño (3/5)
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0 of 6
1
Growth
~4 min
The Exabyte Wave
Revenue up *44%* in a year. Hard drives are the *cheap* way to store AI data.
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2
Financial Health
~4 min
The Capital Return Engine
$2B free cash in 9 months. *Dividend kept. Buybacks restarted. Debt paid down.*
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3
Moat
~3 min
The Density Advantage
Two companies make almost all the world's hard drives. Seagate's *bits-per-square-inch* edge is the moat.
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4
Management
~2 min
The Engineer Who Stayed
Dave Mosley joined Seagate in *1996* as a Senior Engineer. He's now running it.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
44% revenue growth, 5× the cash flow, and a claim that this time it’s structural.
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6
Risk
~3 min
The Substitution Question
Flash is getting cheaper *every year*. At some point, hard drives don't make sense.
↻ Next update · Jul 29
est. Jul 29, 2026 · Q4 FY26 · Seagate IR ↗
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