Spin-offSpun off from Western Digital CorporationWDCNasdaq
The two companies
Open either company's hub for its full SEC financials, ratios, ownership, filings, and every other event it's been part of.
- Sector
- Technology
- Industry
- Computer Storage Devices
- Exchange
- Nasdaq
- State of incorporation
- DE
- Record date
- February 12, 2025
- Distribution date
- February 21, 2025
- Ratio
- 1:1
- Parent sector
- Computer Storage Devices
- Form
- 10-12B/A
- Filed
- January 27, 2025
Financials — parent vs spin-off
SEC XBRL · latest year- Revenue
- $2.29B
- Operating income
- $2.33B
- Net income
- $520M
- Total assets
- $14.00B
- Equity
- $5.31B
- Revenue
- $7.36B
- Operating income
- −$1.38B
- Net income
- −$1.64B
- Total assets
- $12.98B
- Equity
- $9.22B
Latest reported figures from each company's own SEC filings — the parent after the separation and the spin-off as a standalone. Full multi-year history on each company hub.
Spin-off signals
score 2/8 favorable · factors, not advice- Focus-increasingNo — both Technology
Spin-offs into a different sector than the parent (pure-plays) have historically outperformed diversifying ones.
- Size vs parent (revenue)~321% of parent
Smaller spin-offs draw more forced selling from holders who can't keep them — the classic mispricing edge.
- Leverage (liabilities/assets)29%
A heavy debt load loaded onto the spin-off is a known risk; a clean balance sheet is favorable.
- Return on capital employed-11.9%
EBIT ÷ capital employed — the quality metric the spin-off scorecard research weighs most.
- Operating margin-18.7%
Profitability of the standalone business, from its own SEC filings.
- Tax-basis reportNone found
A Form 8937 (basis allocation) accompanies tax-free §355 spin-offs — favorable for taxable holders.
- Insider buying (post-spin)None recorded
Officers/directors buying their own newly independent shares (Form 4) has historically preceded outperformance.
- Time since spin-off1.3 years
Studies find the spin-off return premium concentrates in roughly the first one to three years.
Factors the spin-off research literature (Greenblatt; Cusatis-Miles-Woolridge; Desai-Jain) associates with outcomes — computed from this company's own SEC filings, shown as factors, not a recommendation. The premium is debated and not guaranteed. How we compute these ↗
Filings & documents
Every entry traces to SEC EDGAR. The Information Statement is the primary source; the links below open the full filing and each company's complete filing history.