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STX US S&P 500NASDAQ-100 Earnings call · transcribed from the recording

Seagate Technology (STX) · Q1 2027 results and valuation

Share price: $551.72 · 2026-11-11

Results Q1 2027 vs Q4 2026 · previous quarter · published 27 Oct 2026 and 28 Jul 2026

Management sounded upbeat, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

—

Figures not yet filed

Outlook given

2 · How management spoke

Upbeat

More upbeat than 82% of company calls

Answers to analysts: upbeat, in line with the script.

Last call it was different: the answers were less upbeat than the script.

3 · What stood out Nothing unusual flagged this period.

Valuation

Is Seagate Technology undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2026-07-03), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 18.2% growth a year (3-year revenue growth), the model's fair value is $585.82 a share — the stock trades 6% below it. Today's price assumes 17.4% growth a year.

Current price

$551.72

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+17.4% for 10 yrs

Fair value / share

$585.82

Buy below

$439.37

Price vs fair value

Undervalued 6%

Price vs buy-below price

Overvalued 26%

Management expects

Growth +20% · from the Q1 2027 report: “📊 "At the same time, we expect our technology roadmap to support near-line exabyte supply growth in the mid 20% range..." — notable figure this quarter”

A guidance figure for growth, usually one year ahead, not a 10-year free-cash-flow rate.

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Figure

    September quarter revenue grew by more than 60% year-over-year, and non-GAAP EPS expanded by nearly three times to a record...

  2. Guidance

    At the same time, Seagate Technology expects its technology roadmap to support near-line exabyte supply growth in the mid 20% range...

  3. Fading

    Seagate Technology's impressive fiscal 2026 financial performance was underpinned by the 3 structural growth pillars that I outlined last quarter: sustainable market demand…

    Source quote
    “Our impressive fiscal 2026 financial performance was underpinned by the 3 structural growth pillars that I outlined last quarter: sustainable market demand... Our performance led to free cash flow margins of 31%, which totaled more than $1.1 billion, our strongest quarter in over a decade. First, sustainable market demand.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2027. Ring: Q4 2026.

Prepared remarks Upbeat (was upbeat)
Answers to analysts Upbeat (was typical)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“We're executing our strategy, that positioned Seagate to capture that opportunity through continued technology innovation and disciplined execution with a relentless focus on driving profitable growth and creating value for...”
“September quarter revenue grew by more than 60% year-over-year, and non-GAAP EPS expanded by nearly three times to a record $7.68.”
“These trends support our expectation to deliver strong sequential revenue growth and gross margin expansion throughout fiscal 2027.”

Full figures

Q1 2027 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.

Topics

Most discussed now

  • To learn more about the risks, uncertainties, and other factors that may affect future business results, please refer to the...
  • These trends support Seagate Technology's expectation to deliver strong sequential revenue growth and gross margin expansion throughout…
  • Seagate Technology's confidence is supported by an extremely strong demand environment with visibility extending beyond 2030 and an aerial…
  • As Seagate Technology drives these hard product transitions, it has to incur some of that scrap.
  • During some of the transitions, Seagate Technology gets early costs, things like scrap that go up.

Faded since Q4 2026

  • Fading Sustained data center demand continued to outpace broader company growth.
  • Fading Seagate Technology achieved record profitability levels across gross margin, operating margin and earnings per share.
  • Fading Exactly to your question, how much you have to store to make sure you have that context long term.
  • Fading As various customers are rolling through those periods, interesting things happen.

Latest announcements

Official filings, newest first.

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