Western Digital delivered a revenue win in QQ4 2024 with reported revenue of $3.764 billion, up 24.14% year over year and 8.88% quarter over quarter, and a gross margin of 35.95%. Despite top-line growth, profitability remained modest, with net income of $39 million and a net margin of 1.04%, reflecting elevated other expenses and interest costs. EBITDA stood at $343 million, and operating income was $216 million, yielding an operating margin of roughly 5.74%. The quarter generated strong operating cash flow of $366 million and free cash flow of $250 million, supporting a positive liquidity position as of quarter end. Balance sheet leverage remains substantial: total debt of $7.434 billion and net debt of $5.883 billion, with cash and cash equivalents of $1.551 billion, and a cash balance of about $1.889 billion at the start of the period. The company continued debt reduction (net debt decline via $337 million debt repayment) and executed a modest amount of share repurchases ($21 million), while no cash dividends were paid. Valuation metrics imply a premium to earnings and cash flow relative to many peers, underscoring the importance of margin expansion and de-leveraging to unlock better risk-adjusted returns going forward.