Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period Seagate’s total assets moved from $8,675m in 2021 to a peak of $8,944m in 2022 before falling sharply to $7,556m in 2023 and then recovering to $8,023m by 2025. Total liabilities rose from $8,044m in 2021 to a high of $9,230m in 2024 before declining to $8,476m in 2025. As a result the company’s leverage (liabilities/assets) deteriorated markedly from about 93% in 2021 to roughly 119% in 2024, improving to ~106% in 2025. The mid‑period drop in assets and peak in liabilities produced the largest stress in 2023–2024, while 2025 shows a modest asset recovery and a meaningful reduction in liabilities. Stockholders’ equity swung from a positive $631m in 2021 to a severely negative position (–$1,199m in 2023, reaching –$1,491m in 2024) before improving to –$453m in 2025. That large negative swing likely reflects cumulative operating losses, possible asset write‑downs or impairment charges and financing activities (e.g., debt issuance or buybacks/dividends) common in cyclical storage/hardware industries where demand, pricing and inventory levels can move quickly. The 2025 improvement is encouraging but equity remains negative, meaning liabilities still exceed assets; this warrants monitoring of cash flow generation and near‑term debt maturities because negative equity raises solvency concerns even if operations or cost actions are driving a recovery.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.