<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

                                   FORM 10-K/A

                                 AMENDMENT NO. 1

/X/  Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934 for the fiscal year ended December 31, 1995 or

/ /  Transition report pursuant to Section 13 of 15(d) of the Securities
     Exchange Act of 1934 for the transition period from         to        .

                         Commission file number 0-25796

                             STORMEDIA INCORPORATED
             (Exact name of registrant as specified in its charter)

               DELAWARE                                  77-0373062
     (State or other jurisdiction                     (I.R.S. Employer
   of incorporation or organization)               Identification Number)

               390 REED STREET, SANTA CLARA, CALIFORNIA 95050-3118
                    (Address of principal executive offices)
                                   (Zip Code)
                                 (408) 988-1409
              (Registrant's telephone number, including area code)

           Securities registered pursuant to Section 12(b) of the Act:
                                      NONE

           Securities registered pursuant to Section 12(g) of the Act:
                     Class A Common Stock, $0.013 Par Value

                              --------------------

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes  X   No
                                               ---     ---

         Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]

         The aggregate market value of the voting stock held by non-affiliates
of the Registrant as of March 18, 1996, was approximately $192,577,646 based on
the last sale price reported for such date on the Nasdaq/National Market System.
For purposes of this disclosure shares of Class A Common Stock held by each
executive officer and director and by each holder of 5% or more of the
outstanding shares of Class A Common Stock have been excluded from this
calculation because such persons may be deemed to be affiliates. This
determination of affiliate status is not necessarily a conclusive determination
for other purposes.

         As of March 18, 1996, Registrant had 8,500,149 shares of Class A Common
Stock and 2,908,001 shares of Class B Common Stock outstanding.

                              --------------------

                       DOCUMENTS INCORPORATED BY REFERENCE

         Parts of the Proxy Statement for the Registrant's 1996 Annual Meeting
of Stockholders (the "Proxy Statement") are incorporated by reference into Part
III of this Annual Report on Form 10-K.
<PAGE>   2
                 3.        EXHIBITS

                                INDEX TO EXHIBITS
                                   FORM 10-K/A

<TABLE>
<CAPTION>
            Exhibit
             Number                        Exhibit Title                 Page
             ------                        -------------                 ----
<S>                       <C>                                            <C>           
             10.37        Purchase Agreement dated November 17,           3
                          1995 between Registrant, Maxtor
                          Corporation and Hyundai Electronics
                          Industries Co. Ltd.
</TABLE>
<PAGE>   3
                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Act of 1934, the Registrant has duly caused this Amendment No. 1 to this report
to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of Santa Clara, State of California, on the 19th day of November, 1996.

                                 STORMEDIA INCORPORATED

                                 By:                   *
                                     -------------------------------------------
                                               William J. Almon,
                                     Chairman of the Board and Executive officer

         Pursuant to the requirements of the Securities Act of 1934, this
Amendment No. 1 to this report has been signed by the following persons in the
capacities and on the dates indicated.


<TABLE>
<S>                                      <C>                                                     <C> 
                    *                    Chairman of the Board and Chief                         November 19, 1996
---------------------------------------- Executive Officer (Principal Executive
           (William J. Almon)            Officer)



         /s/ Stephen M. Abely            Chief Financial Officer, Vice President,                November 19, 1996
---------------------------------------- Finance and Assistant Secretary
            (Stephen M. Abely)           (Principal Financial and Accounting
                                         Officer)



                    *                    Director                                                November 19, 1996
----------------------------------------         
            (John A. Downer)



                    *                    Director                                                November 19, 1996
----------------------------------------         
           (Francis J. Lunger)



                    *                    Director                                                November 19, 1996
----------------------------------------         
             (Mark S. Rossi)





*By:      /s/ Stephen M. Abely
    ------------------------------------         
              Stephen M. Abely
              Attorney-in-Fact
</TABLE>



                                       -2-
<PAGE>   4
                                EXHIBIT INDEX

     Exhibit
       No.                      Description
     -------                    -----------
      10.37             Purchase Agreemebt dated November 17, 1995
                        Between Registrant, Maxtor Corporation
                        and Hyundai Electronics Industries Co. Ltd.