Sandisk (SNDK)
Information Technology · $259B market cap · SEC CIK 0002023554
fundamentals score out of 100
Next reports on Nov 4, 2026, with analysts expecting $47.06 in earnings per share.
The case for SNDK
- Generated $11.5B of free cash flow in FY2026, 57% of revenue.
- Earns 93% on shareholder equity.
- 56% of revenue drops through to net profit.
- Holds more cash ($4.8B) than long-term debt ($0).
- Revenue up 175% on the year. A jump that size is often a deal or an accounting change, so check the filing.
- Carries essentially no debt.
The case against
- Priced at 12.8× sales, which leaves no room for a stumble.
- Swings harder than the market (beta 3.81).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 49 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 83 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 91 |
| Momentumhow the price has behaved lately | 63 |
| Stabilityhow violently it moves, what it owes and what it pays you | 23 |
- Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.
Key numbers
| Price / earnings | 22.6× |
|---|---|
| Price / book | 16.42× |
| Price / sales | 12.8× |
| Revenue growth (YoY) | +175.3% |
| EPS growth (YoY) | — |
| Gross margin | 71% |
| Operating margin | 61% |
| Net margin | 56% |
| Return on equity | 93% |
| Debt / equity | 0.00× |
| Current ratio | 2.29 |
| Dividend yield | none |
| Beta | 3.81 |
| 52-week range | $93.54 – $2,354 |
| Position in that range | 79% of the way up |
| 3-month return | -19.1% |
| 1-year return | +1628.4% |
Five years of financials, as filed
Pulled from Sandisk's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $20.2B | $7.4B | $6.7B | $6.1B | — |
| Gross profit | $14.5B | $2.2B | $1.1B | $430M | — |
| Operating income | $12.4B | -$1.4B | -$468M | -$2.0B | — |
| Net income | $11.4B | -$1.6B | -$672M | -$2.1B | — |
| Operating cash flow | $11.7B | $84.0M | -$309M | -$713M | — |
| Capital expenditure | $177M | $204M | $166M | $219M | — |
| Total assets | $22.5B | $13.0B | $13.5B | — | — |
| Total liabilities | $6.8B | $3.8B | $2.4B | — | — |
| Shareholder equity | $15.7B | $9.2B | $11.1B | $11.4B | $13.0B |
| Cash | $4.8B | $1.5B | $328M | $425M | — |
| Long-term debt | $0 | $1.8B | $0 | — | — |
| Free cash flow | $11.5B | -$120M | -$475M | -$932M | — |
| Gross margin | 71.5% | 30.1% | 16.1% | 7.1% | — |
| Operating margin | 61.2% | -18.7% | -7.0% | -33.4% | — |
| Net margin | 56.5% | -22.3% | -10.1% | -35.2% | — |
| Diluted shares | 155M | 145M | 145M | 145M | — |
Share count is up 6.9% over 3 years. Mild issuance.
What Sandisk says it does
Separation from Western Digital Corporation Prior to February 21, 2025, we were wholly owned by Western Digital Corporation ("WDC"). As of February 21, 2025, we separated from WDC (the "separation") and became a standalone publicly traded company, trading under the stock symbol "SNDK" on the Nasdaq Global Select Market. For more information about the separation, see Part II, Item 7., Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 8., Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K. General Sandisk is a leading global semiconductor memory company with more than 30 years of innovation in NAND flash technology. We are a vertically integrated solutions provider with ownership of chip-level design and IP, front and back-end manufacturing, as well as…
Risk factors SNDK lists in its 10-K
- Adverse global or regional conditions could harm our business
- Our operations, and those of certain of our suppliers and customers, are subject to substantial risk of damage or disruption
- Our success depends on our ability to attract, retain and develop highly skilled management and technical talent
- We may be adversely affected by the risks, challenges, and evolving regulatory landscape associated with the use of AI in our operations, product development, and business practices
- We rely substantially on strategic relationships with various partners, including Kioxia, which subjects us to risks and uncertainties that could harm our business
- If we do not properly manage technology transitions and product development and introduction, our competitiveness and operating results may be negatively affected
- Failure to successfully execute on strategic initiatives including acquisitions, divestitures or cost saving measures may negatively impact our future results
- Loss of revenue from a key customer, or consolidation among our customer base, could harm our operating results
- Long-term agreements, which we also refer to as New Business Models or "NBMs", expose us to certain execution, financial, and market risks, which could be significant
- Fluctuations in currency exchange rates as a result of our international operations may negatively affect our operating results
- Increases in our customers’ credit risk could result in credit losses and term extensions under existing contracts with customers with credit losses could result in an increase in our operating costs
- The amount and timing of our share repurchases may fluctuate, and share repurchases may not enhance shareholder value and could affect the price of our common stock and reduce our financial flexibility
- Our aspirations, disclosures and actions related to sustainability and governance matters expose us to risks that could adversely affect our reputation and performance
- The nature of our industry and its reliance on intellectual property and other proprietary information subjects us and our suppliers, customers and partners to the risk of significant litigation