Seagate Technology Holdings PLC (STX): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage en constante évolution du stockage numérique, Seagate Technology Holdings Plc (STX) émerge comme une puissance technologique, transformant la façon dont les entreprises gèrent et protègent leur atout le plus critique: les données. En fabriquant méticuleusement un modèle commercial complet qui couvre l'innovation matérielle de pointe, les partenariats mondiaux stratégiques et les solutions de stockage avancées, Seagate s'est positionné comme un acteur pivot dans les technologies de stockage d'entreprise et de cloud. Cette exploration de la toile du modèle commercial de Seagate dévoile les stratégies complexes qui permettent à l'entreprise de fournir des solutions de stockage à haute capacité, sécurisées et évolutives à un éventail diversifié de clients mondiaux, des centres de données massifs aux institutions de recherche innovantes.

Seagate Technology Holdings PLC (STX) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les principaux fournisseurs de services cloud

Seagate maintient des partenariats critiques avec les principaux fournisseurs de cloud, notamment:

Fournisseur de cloud	Focus de partenariat	Volume de stockage annuel
Microsoft Azure	Solutions de stockage d'entreprise	5.2 exaoctets par an
Services Web Amazon	Infrastructure de stockage du centre de données	4,8 exabytets par an
Google Cloud	Systèmes de stockage à hyperscale	3,7 exaoctets par an

Partnership de fabrication avec des fournisseurs d'équipements semi-conducteurs

Les partenariats clés de l'équipement semi-conducteur comprennent:

• Matériaux appliqués - technologies de fabrication avancées à couches minces
• ASML Holding - Équipement de lithographie pour la fabrication de précision
• LAM RECHERCHE - Équipement de traitement des semi-conducteurs

Accords de développement conjoints avec les clients du stockage d'entreprise

Enterprise Storage Collaboration Partners:

Client	Focus de développement	Montant d'investissement
Dell Technologies	Solutions de stockage d'entreprise	Investissement annuel de R&D de 78 millions de dollars
HPE	Infrastructure hyperconvergée	Budget de collaboration annuel de 62 millions de dollars

Alliances avec des institutions de recherche technologique

Réseaux de collaboration de recherche:

• Institut de technologie du Massachusetts (MIT) - Technologies de stockage avancées
• Université de Stanford - Innovation de stockage de données
• Georgia Tech - Recherche de stockage informatique

Partenariats de la chaîne d'approvisionnement avec des sociétés de logistique mondiales

Partners mondiaux de logistique et de distribution:

Partenaire de logistique	Portée du service	Volume d'expédition annuel
Chaîne d'approvisionnement DHL	Distribution mondiale	2,3 millions d'unités de stockage par an
Kuehne + Nagel	Transport mondial	1,9 million d'unités de stockage par an

Seagate Technology Holdings PLC (STX) - Modèle d'entreprise: Activités clés

Disk Disk Disk (HDD) et conception de conduite à l'état solide (SSD)

Capacité de production annuelle: 550 millions de dispositifs de stockage

Catégorie de produits	Volume de production annuel	Lieux de fabrication
SHDD d'entreprise	220 millions d'unités	Chine, Thaïlande, Singapour
HDDS client	180 millions d'unités	Chine, Thaïlande
SSTS	150 millions d'unités	Singapour, Chine

Recherche et développement technologiques de stockage de données avancées

Investissement en R&D: 682 millions de dollars au cours de l'exercice 2023

• Personnel total de R&D: 3 200 ingénieurs
• Déposés annuels des brevets: 450-500 nouveaux brevets
• Les domaines d'intérêt de la recherche:
  • HAMR (enregistrement magnétique assisté par la chaleur)
  • MAMR (enregistrement magnétique assisté par micro-ondes)
  • Technologies de stockage exascale

Distribution et ventes mondiales de produits

Région géographique	Contribution des revenus	Canaux de vente
Amérique du Nord	42% des revenus totaux	Entreprise directe, OEM, vente au détail
Asie-Pacifique	35% des revenus totaux	ODM, fournisseurs de cloud, intégrateurs de systèmes
Europe / Moyen-Orient / Afrique	23% des revenus totaux	Partners de canal, ventes directes

Innovation continue dans les solutions de stockage

Métriques d'innovation:

• Amélioration de la densité de stockage: 20% d'une année à l'autre
• Cycle de développement des nouveaux produits: 12-18 mois
• Technologies de stockage de génération actuelle:
  • Technologie des disques durs multi-actuateurs
  • Drives d'entreprise à haute capacité (jusqu'à 24 To)
  • Solutions SSD NVME

Développement de la technologie de la cybersécurité et de la protection des données

Investissement en sécurité: 125 millions de dollars au cours de l'exercice 2023

• Technologies de stockage sécurisées développées:
  • Drives d'entreprise cryptées
  • Technologies sur le lecteur d'auto-incrypté (SED)
  • Capacités d'effacement sécurisées
• Certifications de conformité: FIPS 140-2, TCG Enterprise

Seagate Technology Holdings PLC (STX) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées dans le monde

Seagate exploite des installations de fabrication dans plusieurs emplacements mondiaux:

Emplacement	Type d'installation	Capacité de production annuelle
Wuxi, Chine	Fabrication du disque dur	200 millions d'unités / an
Singapour	Fabrication de composants	150 millions d'unités / an
Fremont, Californie	R&D et centre prototype	N / A

Portefeuille de propriété intellectuelle

Métriques de la propriété intellectuelle:

• Brevets totaux: 5 200 brevets actifs
• Investissement annuel de R&D: 614 millions de dollars (2023 Exercice)
• Taux de dépôt de brevets: environ 300 à 400 nouveaux brevets par an

Équipes d'ingénierie et de recherche hautement qualifiées

Catégorie	Nombre
Total des employés	48,000
Ingénieurs de R&D	7,500
Titulaires de doctorat	1,200

Investissement en capital dans l'infrastructure technologique

Répartition des investissements des infrastructures technologiques:

• Total des dépenses en capital (2023): 872 millions de dollars
• Investissement en équipement de fabrication: 520 millions de dollars
• Mise à niveau des installations de recherche: 152 millions de dollars
• Infrastructure numérique: 200 millions de dollars

Réseau mondial de distribution et de vente

Région	Couverture des ventes	Centres de distribution
Amérique du Nord	35% des revenus mondiaux	12 centres
Asie-Pacifique	40% des revenus mondiaux	18 centres
Europe / Moyen-Orient	25% des revenus mondiaux	8 centres

Seagate Technology Holdings PLC (STX) - Modèle d'entreprise: propositions de valeur

Solutions de stockage de données élevées et fiables

Seagate propose des disques durs d'entreprise avec des capacités jusqu'à 22 To par trajet. Depuis le quatrième trimestre 2023, leur gamme de produits comprend:

Type de lecteur	Plage de capacité	Volume annuel d'expédition
HDD d'entreprise	10 To - 22 To	285 millions d'unités
EXOS ENTERPRISE DRIVES	16 To - 22 To	127 millions d'unités

Technologies de stockage d'entreprise et de cloud

Solutions de stockage cloud Conçu pour les centres de données à hyperscale avec des spécifications spécifiques:

• IOPS Performance jusqu'à 550 000
• Taux de transfert soutenus de 260 Mo / s
• Temps moyen entre les échecs (MTBF): 2,5 millions d'heures

Solutions de stockage rentables pour les centres de données à grande échelle

Stratégie de tarification de Seagate pour le stockage des entreprises:

Niveau de stockage	Coût par TB	Part de marché annuel
HDD d'entreprise	25 $ - 40 $ par TB	45.7%
Stockage proche	15 $ - 25 $ par TB	38.2%

Caractéristiques avancées de protection et de sécurité des données

Capacités de sécurité dans les entraînements d'entreprise Seagate:

• Technologie d'effacement sécurisée instantanée
• Gestion des clés de chiffrement
• Certification FIPS 140-2 Level 2

Technologies de stockage évolutives pour divers besoins de l'industrie

Distribution du segment de marché pour les solutions de stockage Seagate:

Segment de l'industrie	Allocation de stockage	Revenus annuels
Cloud computing	42%	4,2 milliards de dollars
Centres de données d'entreprise	33%	3,3 milliards de dollars
Médias & Divertissement	15%	1,5 milliard de dollars
Autres segments	10%	1 milliard de dollars

Seagate Technology Holdings PLC (STX) - Modèle d'entreprise: relations avec les clients

Assistance technique et service client

Seagate fournit un support technique mondial sur plusieurs canaux:

Canal de support	Disponibilité	Temps de réponse
Support téléphonique	24/7	Dans les 1-2 heures
Assistance par e-mail	24/7	Dans les 4-6 heures
Chat en direct	Heures de bureau	Immédiat

Partenariats client à long terme

Seagate maintient des partenariats stratégiques avec les principaux clients de l'entreprise:

• Infrastructure cloud Microsoft Azure
• Dell Enterprise Solutions
• Hewlett Packard Enterprise (HPE)
• Services cloud IBM

Plateaux de support en ligne et de libre-service

Fonctionnalité de plate-forme	Engagement des utilisateurs	Utilisation annuelle
Base de connaissances en ligne	1,2 million de visiteurs uniques	4,8 millions de pages vues
Portail RMA	85% de résolution en libre-service	230 000 demandes de services annuelles

Consultations de solutions de stockage personnalisées

Les services de consultation spécialisés comprennent:

• Conception d'architecture du centre de données d'entreprise
• Optimisation du stockage cloud
• Ateliers de réglage des performances

Communications de mise à jour de la technologie régulière

Canal de communication	Fréquence	Base d'abonné
Newsletters techniques	Mensuel	187 000 abonnés
Webinaire Series	Trimestriel	42 000 participants inscrits
Blogs technologiques	Bihebdomadaire	275 000 lecteurs mensuels

Seagate Technology Holdings PLC (STX) - Modèle d'entreprise: canaux

Équipes de vente en entreprise directe

Seagate maintient une force de vente en entreprise directe mondiale ciblant les clients de données à grande échelle, le stockage cloud et les clients d'entreprise. En 2024, la société compte environ 1 200 représentants des ventes d'entreprises dévouées sur les principaux marchés mondiaux.

Région de vente	Nombre de représentants commerciaux	Marchés de focus clés
Amérique du Nord	450	Fournisseurs de cloud, centres de données
Emea	300	Enterprise IT, Télécommunications
Asie-Pacifique	350	Computing hyperscale, fabrication
l'Amérique latine	100	Gouvernement, services financiers

Plateformes de commerce électronique en ligne

Seagate exploite plusieurs canaux de vente numériques avec un chiffre d'affaires en ligne estimé de 1,2 milliard de dollars en 2024.

• Plateforme de vente de site Web direct de l'entreprise
• Market Amazon Businessplace
• Newegg Enterprise Procurement Channel
• Systèmes d'approvisionnement numérique B2B

Réseaux de distributeurs technologiques

Seagate collabore avec 87 distributeurs de technologies mondiales, couvrant 140 pays. Le réseau de distribution génère environ 3,5 milliards de dollars de revenus annuels.

Top distributeurs	Volume de distribution annuel	Marchés primaires
Ingram Micro	850 millions de dollars	Entreprise, SMB
Données technologiques	725 millions de dollars	Cloud, Datacenter
Électronique flèche	650 millions de dollars	Industriels, télécommunications

Partenariats de revendeurs technologiques stratégiques

Seagate maintient des partenariats stratégiques avec 215 revendeurs technologiques dans le monde, générant 2,8 milliards de dollars de revenus de partenariat.

• Dell Technologies
• HPE
• Lenovo
• Ibm
• Systèmes Cisco

CONFÉRENCES DE MARKETING DIMIQUE DIGIQUE DIRECT

Budget de marketing numérique: 42 millions de dollars en 2024. Investissement en marketing de conférence et d'événements: 18 millions de dollars.

Canal de marketing	Investissement annuel	Atteindre
Publicité numérique	25 millions de dollars	Professionnels de la technologie mondiale
Conférences techniques	18 millions de dollars	45 événements internationaux
Campagnes par e-mail ciblées	7 millions de dollars	Entreprise informatique décideurs

Seagate Technology Holdings PLC (STX) - Modèle d'entreprise: segments de clientèle

Grands centres de données d'entreprise

Seagate dessert de grands centres de données d'entreprise avec des solutions de stockage à haute capacité. Au troisième trimestre 2023, les revenus de stockage des entreprises de Seagate étaient de 2,16 milliards de dollars.

Segment de stockage	Revenus annuels	Part de marché
Disques durs d'entreprise	8,64 milliards de dollars	42.3%

Fournisseurs de services cloud

Les principaux fournisseurs de cloud constituent un segment de clientèle critique pour Seagate.

• Services Web Amazon
• Microsoft Azure
• Google Cloud Platform

Sociétés informatiques à hyperscale

Seagate fournit des solutions de stockage spécialisées pour les environnements informatiques hyperscales.

Client hyperscale	Investissement annuel de stockage
Meta (Facebook)	1,2 milliard de dollars
Google	1,5 milliard de dollars

Gouvernement et institutions de recherche

Seagate fournit des systèmes de stockage à haute fiabilité pour les segments du gouvernement et de la recherche.

• NASA
• Ministère de la Défense
• Laboratoires nationaux

Petites et moyennes entreprises

Seagate propose des solutions de stockage évolutives pour le marché des SMB.

Catégorie de stockage SMB	Revenus annuels
Stockage NAS	620 millions de dollars
Drives externes d'entreprise	340 millions de dollars

Seagate Technology Holdings PLC (STX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Seagate Technology a déclaré des dépenses de R&D de 604 millions de dollars, ce qui représente 9,9% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	604 millions de dollars	9.9%
2022	687 millions de dollars	10.5%

Coûts de fabrication et de production

Les coûts de fabrication totaux de Seagate au cours de l'exercice 2023 étaient d'environ 3,2 milliards de dollars.

• Coût de production de disque dur par unité: 45 $ - 65 $
• Frais généraux de fabrication moyens: 22% du total des dépenses de production
• Dépenses en capital pour les installations de fabrication: 482 millions de dollars en 2023

Gestion mondiale de la chaîne d'approvisionnement

Dépenses opérationnelles annuelles de la chaîne d'approvisionnement mondiale: 1,1 milliard de dollars

Composant de chaîne d'approvisionnement	Dépenses annuelles
Logistique	312 millions de dollars
Gestion des stocks	224 millions de dollars
Approvisionnement	189 millions de dollars

Dépenses de vente et de marketing

Dépenses de vente et de marketing pour l'exercice 2023: 512 millions de dollars

• Budget de marketing numérique: 87 millions de dollars
• Frais de salon et d'événements: 42 millions de dollars
• Compensation de l'équipe de vente: 223 millions de dollars

Protection et entretien de la propriété intellectuelle

Dépenses annuelles de propriété intellectuelle: 76 millions de dollars

Catégorie de dépenses IP	Coût annuel
Dépôt et entretien des brevets	38 millions de dollars
Protection juridique	28 millions de dollars
IP Research	10 millions de dollars

Seagate Technology Holdings PLC (STX) - Modèle d'entreprise: Strots de revenus

Ventes de matériel de stockage d'entreprise

Pour l'exercice 2023, Seagate a déclaré un chiffre d'affaires total de 11,384 milliards de dollars. Les ventes de matériel de stockage d'entreprise représentaient environ 65% du total des revenus, ce qui équivaut à environ 7,4 milliards de dollars.

Catégorie de produits	Revenus (2023)	Part de marché
Entreprise Disk Disk Drives	4,92 milliards de dollars	42.7%
Solutions SSD d'entreprise	2,48 milliards de dollars	21.5%

Abonnements à la solution de stockage cloud

Les abonnements à la solution de stockage cloud ont généré environ 1,7 milliard de dollars de revenus pour Seagate en 2023.

• Revenus de services cloud Lyve: 215 millions de dollars
• Solutions de stockage basées sur l'abonnement: 1,485 milliard de dollars

Licence de technologie de stockage du centre de données

Les revenus de licence pour les technologies de stockage des centres de données ont atteint 387 millions de dollars en 2023.

Catégorie de licence	Revenu
Brevets de technologie de stockage	267 millions de dollars
Licence de propriété intellectuelle	120 millions de dollars

Services de support de stockage du marché secondaire

Les services de soutien du marché secondaire ont contribué 532 millions de dollars aux revenus de Seagate en 2023.

• Extensions de garantie matérielle: 276 millions de dollars
• Contrats de support technique: 256 millions de dollars

Services de conseil et de mise en œuvre technologiques

Les services de conseil et de mise en œuvre technologiques ont généré 345 millions de dollars de revenus pour Seagate en 2023.

Type de service	Revenu
Conseil d'architecture de stockage	189 millions de dollars
Services de mise en œuvre	156 millions de dollars

Seagate Technology Holdings plc (STX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why the hyperscalers and large enterprises choose Seagate Technology Holdings plc for their massive data needs as of late 2025. It's all about density, efficiency, and proven scale.

Lowest Total Cost of Ownership (TCO) for mass-capacity storage

The value here is simple: keeping the cost per terabyte down, which is critical when you're dealing with exabytes. Seagate Technology Holdings plc is positioned to deliver this because their high-capacity drives are significantly cheaper than flash alternatives. On a cost per terabyte basis, hard disk drives (HDDs) remain about 6x cheaper than solid-state drives (SSDs). The transition to Heat-Assisted Magnetic Recording (HAMR) technology is designed to supercharge this advantage; the upcoming 40TB HAMR products are expected to slash the company's production cost per terabyte relative to its peers. This focus on density directly translates to lower TCO for the customer fleet.

First-to-market 40TB HAMR drives for AI and cloud workloads

Seagate Technology Holdings plc has established a clear technology lead here. They have already shipped limited units of their 40TB hard drives, built on the Mozaic 4+ platform, which uses HAMR to achieve 4TB per platter across ten platters. While full-scale production is targeted for the first half of 2026, this early sampling puts them ahead of the competition, with Western Digital's comparable 40TB HAMR drive slated for late 2026. Furthermore, the company is already seeing massive adoption of high-capacity drives; in September 2025, nearly 80% of Seagate Technology Holdings plc's nearline volume shipped at or above 24 terabytes per drive.

Scalable, energy-efficient storage solutions for data centers

Scalability is proven by the sheer volume moving to the Mass Capacity segment. For the fourth quarter of fiscal 2025 (ended June 27), nearline capacity shipments hit 136.6 EB, marking a 52% year-over-year increase. The CEO noted that the 40TB density gives better efficiencies at the fleet level, which is how data center customers think about energy and space. The company's gross margins have also seen structural improvement, reaching 37.9 percent in Q4 of fiscal 2025, up from 35.2 percent in the prior quarter, driven by this higher-capacity, more efficient product mix.

Comprehensive portfolio from edge devices to Lyve Cloud services

Seagate Technology Holdings plc structures its business to cover the entire data lifecycle, though the focus is heavily weighted toward the data center. In fiscal 2025, data center markets, which include nearline products and systems for cloud and enterprise, accounted for about 75% of the company's revenue. The remaining Edge/IoT segment covers consumer and client-centric markets, including Network Attached Storage (NAS). The company is actively shipping its latest technologies across these tiers, evidenced by the mass availability of 30 TB Exos and IronWolf Pro HAMR drives in 2025.

Reliable, high-quality data storage with over four billion terabytes shipped

Reliability is backed by massive installed scale and a commitment to next-generation density. Seagate Technology Holdings plc has shipped over 4 zettabytes of storage capacity cumulatively between 2015 and 2024. To put that in the requested terms, that is over four billion terabytes shipped over that period. The company reported full-year fiscal 2025 turnover of $9.1 billion and net profit of $1.47 billion. The build-to-order model, implemented nine quarters ago, helps align production predictability with customer demand, which supports quality and delivery expectations.

Here's a quick look at the capacity progression driving these value propositions:

Metric/Technology	Capacity Point	Status/Timeline	Key Technology
Current Mass Capacity Average	Approx. 16.5 TB (C2Q 2025 Avg. Mass Capacity)	Shipped in volume in FY2025	PMR/SMR
Latest Shipped HAMR	30 TB	Mass availability in 2025	HAMR
Next Generation HAMR	40 TB	Limited units shipped; Mass production H1 2026	HAMR (4TB/platter)
Future Roadmap	44 TB and 50 TB	Targeted for 2027 and 2028 respectively	HAMR

The company's financial health supports this R&D push; cash and cash equivalents stood at $2.2 billion in Q4 2025, while gross debt was around $5 billion. Finance: draft 2026 capital expenditure plan focused on HAMR tooling by end of Q1 2026.

Seagate Technology Holdings plc (STX) - Canvas Business Model: Customer Relationships

Dedicated account management for major hyperscale cloud customers is central to Seagate Technology Holdings plc (STX) strategy, evidenced by the successful qualification of its next-generation technology.

• Five global Cloud Service Providers (CSPs) qualified the Mozaic HAMR platform as of the quarter ending October 3, 2025.
• The company is in the process of qualifying an additional 3 CSPs for the HAMR platform, with completion expected in calendar year 1H26.
• The company is also qualifying its Mozaic 4+ terabyte per disk platform with a second major cloud provider.

The long-term, high-touch sales approach is executed through build-to-order (BTO) contracts, which management states provides good demand visibility over the next few quarters. This model supports pricing discipline and margin accretion. Seagate Technology Holdings plc (STX) recorded a non-GAAP gross margin of 37.9% in the fourth quarter of fiscal year 2025, up from 30.9% in the same quarter of fiscal year 2024. Seagate Technology Holdings plc (STX) generated total revenue of $9.10 billion for fiscal year 2025.

The success of the high-capacity product focus, heavily skewed toward cloud and enterprise, is quantified by recent shipment metrics:

Metric	Value (Latest Reported)	Period/Context
Total Hard Drive Capacity Shipped	182 exabytes	Quarter ending October 3, 2025 (Fiscal Q1 2026)
Nearline Drive Capacity Shipped	159 exabytes	Quarter ending October 3, 2025 (Fiscal Q1 2026)
Mass-Capacity Device Revenue	$2 billion	Most recent reported quarter (Q4 FY2025)
Average Capacity Per Drive	14.6 terabytes	Quarter ending October 3, 2025 (Fiscal Q1 2026)
Nearline Drive Capacity YoY Increase	26%	Quarter ending October 3, 2025 (Fiscal Q1 2026)
Mozaic Drive Shipments	More than 1 million units	September quarter 2025

For the broader stakeholder base, including retail and channel customers, Seagate Technology Holdings plc (STX) demonstrated financial commitment by returning 75% of free cash flow to shareholders. For fiscal year 2025, the company returned $600 million to shareholders through dividends.

Specialized technical support for enterprise system integration is implied by the focus on high-value products and the resulting margin performance. Non-GAAP operating margin reached 26.2% in Q4 FY2025, up from 17.3% in Q4 FY2024.

The company's fiscal year 2025 non-GAAP diluted earnings per share (EPS) was $8.10 on total revenue of $9.10 billion.

The quarterly cash dividend was declared at $0.72 per share for the quarter ending June 27, 2025.

Seagate Technology Holdings plc (STX) - Canvas Business Model: Channels

You're looking at how Seagate Technology Holdings plc moves its mass-capacity storage solutions to the end-user as of late 2025. The channel strategy heavily favors large-scale buyers, which makes sense given the AI-driven demand for high-capacity drives.

The company's fiscal year 2025 (ending June 27, 2025) saw total revenue hit $9.10 billion, a significant jump of about 39% year-over-year. A huge portion of this came through channels serving the Data Center market, which is now being segmented out for reporting purposes starting in fiscal year 2026.

Here is the breakdown of how Seagate Technology Holdings plc generated its revenue in fiscal year 2025, based on the source channel:

Channel/Source	FY 2025 Revenue (Millions USD)	Approximate Percentage of Total Revenue
Original Equipment Manufacturers (OEMs)	$7,280.00	~80%
Distributors	$1,060.00	12%
Retailers	$755.00	~8%

Direct sales force to hyperscale and large enterprise customers

This segment, which includes global cloud service providers (CSPs) and enterprise customers, is the core driver for the high-capacity nearline drives. While the explicit direct sales revenue isn't broken out separately from the OEM channel in the FY2025 data, the strong demand from cloud customers fueled the Mass Capacity business to $7.4 billion in FY2025, a 56% jump. The company is executing on qualifying these major buyers for its new technology; as of the first quarter of fiscal 2026, Seagate Technology Holdings plc had 5 global CSPs qualified on its Mozaic 3+ TB data storage products.

Original Equipment Manufacturer (OEM) partners for embedded solutions

OEMs represent the largest channel, accounting for approximately 80% of the total $9.10 billion revenue in fiscal year 2025, equating to about $7.28 billion. These partners integrate Seagate Technology Holdings plc's storage into their own systems, which are then sold to the hyperscale and enterprise market.

Global distribution network for internal and external drives

The global distribution network moved about 12% of the total revenue, amounting to approximately $1.06 billion in fiscal year 2025. This network supports the flow of both internal drives (sold to OEMs/systems builders) and external drives. Geographically, the Americas accounted for 48.48% of total revenue, while Asia Pacific accounted for 41.32% in FY2025, showing the global reach of these distribution channels.

Retail and e-commerce platforms for consumer products (e.g., LaCie)

The channel serving the consumer and client-focused segments, which includes retail sales for external drives like LaCie, contributed around 8% of the total revenue, or roughly $755 million in fiscal year 2025. This segment is now grouped into the Edge IoT reporting category starting in fiscal Q1 2026.

Direct-to-customer delivery for Lyve Cloud services

Seagate Technology Holdings plc offers the Lyve edge-to-cloud mass capacity platform, which includes hardware and software for enterprise storage infrastructure. While specific revenue figures for Lyve Cloud services are not explicitly detailed as a separate channel line item in the main revenue breakdown, the company's strategic focus on the cloud and edge market underpins its growth prospects. The company shipped a total of 182 exabytes of HDD storage capacity in FY25, some of which would support these edge-to-cloud solutions.

The company declared a quarterly cash dividend of $0.72 per share for Q4 FY2025, which was later increased to $0.74 per share for the January 2026 payout, reflecting confidence in the revenue trajectory continuing into the next fiscal year, with Q1 FY2026 revenue guided to be $2.50 billion, plus or minus $150 million.

Seagate Technology Holdings plc (STX) - Canvas Business Model: Customer Segments

You're looking at the core buyers driving Seagate Technology Holdings plc's recent financial surge, especially as AI workloads demand massive, cost-effective storage. The customer base has clearly tilted toward the largest data consumers.

The most critical segment, by a wide margin, is the Data Center market, which Seagate defines as encompassing nearline products and systems sold to cloud, enterprise, and VIA customers. For the first quarter of fiscal year 2026, which ended in October 2025, this segment was responsible for $80\%$ of total revenue, translating to $2.1$ billion in sales for that quarter alone. This represents significant growth, showing a $13\%$ sequential increase and a $34\%$ year-over-year growth for the segment.

Within this dominant Data Center group, Hyperscale Cloud Service Providers (CSPs) are the primary engine. Demand from global cloud customers continues to rise, fueling the need for high-capacity drives. Seagate is advancing its technology roadmap to meet this, noting that its Mozaic HAMR products are now qualified by five major cloud providers. The company shipped more than 1 million Mozaic drives during the September 2025 quarter.

The Large Enterprise Data Centers requiring nearline storage are intrinsically linked to the CSP demand, as these high-capacity drives support existing workloads like social media and video platforms, plus new AI-driven applications. The enterprise OEM market also saw notable sequential revenue improvement in Q1 FY2026.

For context on the remaining revenue, which falls outside the primary Data Center reporting bucket (likely into the Edge IoT category covering client and consumer needs), we can look at the prior fiscal year's channel mix, though the current focus is clearly on mass capacity. In the quarter ending September 2024, revenue distribution by channel was:

Channel Partner	Revenue Share (Sept 2024)
Original Equipment Manufacturers (OEMs)	$81\%$
Distributors	$11\%$
Retailers	$8\%$

The Original Equipment Manufacturers (OEMs) segment, which includes server and PC makers, remains a key buyer, though the financial reporting structure now emphasizes the Data Center grouping over the older OEM-centric view. The shift reflects the massive scale of cloud build-outs over traditional client device sales.

Segments like Surveillance and Security markets, and Creative professionals and consumers (external storage), are generally captured within the broader 'Edge IoT' reporting category, which Seagate is positioning to address with its mass data storage solutions. While specific revenue percentages for these smaller segments aren't explicitly broken out for FY2025, the overall FY2025 revenue reached $9.10$ billion, a $38.86\%$ increase year-over-year, driven by this demand strength.

Key customer-related financial metrics from the recent fiscal year include:

• Fiscal Year 2025 Total Revenue: $9.10$ billion.
• Fiscal Year 2025 Non-GAAP Diluted EPS: $8.10.
• Capital Returned to Shareholders (FY2025): $600$ million through dividends.
• Declared Quarterly Cash Dividend (Q1 FY2026): $0.74$ per share.
• Total Capacity Shipped (Sept 2024 Quarter): 138 exabytes of HDD storage capacity.

The company's confidence in this customer base is underscored by its commitment to capital returns; the Board increased the share repurchase authorization to $5$ billion. That's a lot of faith in the hyperscalers.

Finance: draft Q2 FY2026 segment revenue forecast by Monday.

Seagate Technology Holdings plc (STX) - Canvas Business Model: Cost Structure

You're looking at the major drains on Seagate Technology Holdings plc's cash flow as of late 2025. The cost structure is heavily weighted toward maintaining a technological edge and the sheer cost of producing physical storage media. Honestly, you see the capital intensity right away.

High capital expenditures (CapEx) for HAMR technology conversion is a major ongoing cost. Seagate invested $265 million in Capital expenditures for fiscal year 2025, which equated to 3% of revenue for that period. This spending supports the areal density-leading HAMR product qualifications and ramp plans. The company has a stated target CapEx range of 4% to 6% of revenue to meet demand through technology transitions.

Significant Cost of Revenue (CoR) for raw materials and manufacturing forms the largest component of costs. While the full fiscal year 2025 Cost of Revenue is not explicitly stated as a total, the GAAP Cost of Revenue for the third quarter of fiscal 2025 (ending March 28, 2025) was $1,400 million on revenues of $2,160 million. The GAAP Gross Margin for the fourth quarter of fiscal 2025 was reported at 37.4%.

Substantial R&D investment to maintain technology leadership is non-negotiable in this industry. Seagate Technology Holdings plc's annual Research and Development Expenses for fiscal year 2025 were $0.724B, or $724 million. This investment supports the execution of the HAMR product ramp to support ongoing cloud customer demand.

Debt servicing costs on total debt of $5.0 billion at FY2025 end requires consistent cash allocation. The total debt for Seagate Technology Holdings plc stood at $5.0 billion at the end of fiscal year 2025. Interest expense for the three months ended March 28, 2025, was ($77 million) GAAP.

Operating expenses for global sales, general, and administrative (SG&A) reflect the worldwide footprint. The annual SG&A Expenses for Seagate Technology Holdings plc for 2025 were reported as $0.561B, or $561 million. This represents a 21.96% increase from 2024.

Here's a quick look at the key cost-related financial figures for the period:

• Total Debt at FY2025 end: $5.0 billion
• FY2025 Total Revenue: $9.10 billion
• FY2025 Annual R&D Expense: $724 million
• FY2025 Annual SG&A Expense: $561 million
• Fiscal Year 2025 Capital Expenditures: $265 million

You can see the relative scale of the major operating expenses for the full fiscal year 2025 below. Note that Cost of Revenue is represented by the Q3 figure as the full-year GAAP number was not explicitly published in the search results.

Cost Category	FY2025 Amount (Annual/Period)	Context/Period
Revenue	$9.10 billion	Fiscal Year 2025
Cost of Revenue (GAAP)	$1,400 million	Fiscal Q3 2025
Research & Development (R&D)	$724 million	Annual 2025
Sales, General & Administrative (SG&A)	$561 million	Annual 2025
Capital Expenditures (CapEx)	$265 million	Fiscal Year 2025
Total Debt	$5.0 billion	FY2025 End

The interest expense is also a fixed drain you need to account for when looking at cash flow before CapEx. Interest expense for the three months ended March 28, 2025, was $77 million.

Finance: draft 13-week cash view by Friday.

Seagate Technology Holdings plc (STX) - Canvas Business Model: Revenue Streams

The revenue streams for Seagate Technology Holdings plc are heavily concentrated in the sale of high-capacity storage devices, primarily serving the hyperscale cloud and data center markets. This focus is a deliberate strategic choice, given the economics still favor Hard Disk Drives (HDDs) over Solid State Drives (SSDs) for mass storage workloads where total cost of ownership is paramount.

The primary engine for Seagate Technology Holdings plc's top line is the Sales of mass-capacity Hard Disk Drives (HDDs) to cloud customers. This segment has seen significant acceleration, driven by the massive data requirements of generative AI applications. For the fiscal year 2025, the company reported total revenue of $9.10 billion.

The strength in the core HDD business is quantifiable:

• HDD volume shipments for fiscal year 2025 increased by 49%, reaching 595 exabytes.
• Nearline products accounted for 84% of those total exabytes shipped in fiscal year 2025.

The performance in the crucial nearline segment was exceptional, as noted in the outline, with Nearline mass capacity revenue surged 40% year-over-year in FQ4 2025. This demand translated directly to profitability, with GAAP diluted earnings per share (EPS) for the full fiscal year 2025 reaching $6.77 and non-GAAP diluted EPS at $8.10.

While the core business is HDD-centric, the revenue composition reflects the strategy:

Revenue Component Focus	FY 2025 Financial Metric	Value
Total Annual Revenue	Fiscal Year 2025 Revenue	$9.10 billion
Cloud/Nearline Demand Indicator	HDD Volume Shipment Growth (YoY)	49%
Cash Generation	Cash Flow from Operations	$1.1 billion
Capital Available	Free Cash Flow	$818 million

Regarding the other specified revenue sources, Seagate Technology Holdings plc maintains a strategic stance on Sales of Solid State Drives (SSDs) and enterprise storage systems. The company has wisely focused on enterprise-grade, high-capacity HDDs while explicitly limiting its exposure to SSDs due to the higher cost per terabyte, though SSDs are still part of the overall enterprise storage systems offering.

Finally, a growing, albeit smaller, component of the revenue model is Recurring revenue from Lyve Cloud Storage-as-a-Service (STaaS). This represents the service and subscription aspect of the business, moving beyond pure hardware sales to capture ongoing customer value as data management needs evolve, though specific recurring revenue figures were not detailed in the latest public financial summaries.