Seagate Technology Holdings (STX) FY2021 results: revenue $10.7 billion, up 1.6% on the year
Seagate Technology Holdings plc (STX) reported revenue of $10.7 billion for fiscal 2021, the year ended 2 July 2021, up 1.6% on the year before. Net income was $1.3 billion, up 30.9%, and diluted earnings per share $5.36. The figures are the company's own, from the 10-K it filed with the SEC on 6 August 2021.
Revenue
$10.7 billion
+1.6% on the year
FY2014FY2021
Operating margin
14.0%
12.4% a year earlier
FY2014FY2021
Net income
$1.3 billion
+30.9% on the year
FY2014FY2021
Diluted EPS
$5.36
+41.4% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
10,681
10,509
10,390
+1.6%
Cost of revenue
7,764
7,667
7,458
+1.3%
Gross profit
2,917
2,842
2,932
+2.6%
Gross margin
27.3%
27.0%
28.2%
Research and development
903
973
991
-7.2%
Selling, general and administrative
502
473
453
+6.1%
Operating income
1,492
1,300
1,487
+14.8%
Operating margin
14.0%
12.4%
14.3%
Interest expense
220
201
224
+9.5%
Pre-tax income
1,348
1,032
1,372
+30.6%
Income tax
34.0
28.0
-640
+21.4%
Effective tax rate
2.5%
2.7%
-46.6%
Net income
1,314
1,004
2,012
+30.9%
Net margin
12.3%
9.6%
19.4%
Diluted EPS
$5.36
$3.79
$7.06
+41.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,626
1,714
1,761
-5.1%
Capital expenditure
498
585
602
-14.9%
Free cash flow
1,128
1,129
1,159
-0.1%
Free cash flow margin
10.6%
10.7%
11.2%
Cash from investing
-466
-635
846
Cash from financing
-1,673
-1,605
-2,212
Depreciation and amortisation
397
379
541
+4.7%
Share-based compensation
112
109
99.0
+2.8%
Buybacks
2,047
850
963
+140.8%
Dividends paid
649
673
713
-3.6%
Dividend per share
$2.66
$2.58
$2.52
+3.1%
Diluted shares, weighted
245m
265m
285m
-7.5%
Shares outstanding at period end
227m
257m
269m
-11.4%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
631
1,787
2,162
-64.7%
Debt
5,216
4,249
4,291
+22.8%
Operating lease liabilities
39.0
49.0
n/a
-20.4%
Other liabilities
2,789
2,845
2,432
-2.0%
Total liabilities and equity
8,675
8,930
8,885
-2.9%
Fixed assets
2,181
2,129
1,869
+2.4%
Goodwill
1,237
1,237
1,237
0.0%
Intangible assets
29.0
58.0
111
-50.0%
Securities held for sale or to maturity
571
569
557
+0.4%
Cash and equivalents
1,209
1,722
2,220
-29.8%
Receivables
1,158
1,115
989
+3.9%
Inventory
1,204
1,142
970
+5.4%
Other assets
1,086
958
932
+13.4%
Total assets
8,675
8,930
8,885
-2.9%
10-K for the year ended 2 July 2021, filed 6 August 2021: the filing.