Revenue Concentration RiskSeagate exited F2025 with one customer accounting for approximately 10% of the year's revenue, indicating a potential risk of revenue concentration.
Tax Rate IncreaseThe Pillar Two framework for the global minimum tax beginning in FY26 is expected to significantly raise Seagate’s corporate tax rate to a mid-teen percent.
Transparency ConcernsSeagate did not disclose its sales by channel with its earnings release starting F1Q25, which could reduce transparency for investors.