Sandisk (SNDK)
Information Technology · $126B market cap · SEC CIK 0002023554
ahead of 97% of the S&P 500 · #2 of 73 in Information Technology
Next reports on Jan 27, 2027, with analysts expecting $58.14 in earnings per share.
52-week range $183.00 to $2,354. 63% below its 52-week high and 370% above its low.
The case for SNDK
- Cheap for its growth: 6.5× earnings, where 25%+ a year of growth would justify about 46×.
- Generated $11.5B of free cash flow in FY2026, 57% of revenue.
- Earns 134% on shareholder equity.
- 67% of revenue drops through to net profit.
- Holds more cash ($4.8B) than long-term debt ($0).
- Free cash flow of 9.1% of its market value a year: a lot of cash for the price.
The case against
- Swings harder than the market (beta 3.76).
- Its weakest area is stability (22/100): beta 3.76, 0.0 years of cash flow to clear its debt, a 92% swing over the year.
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. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 94 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 90 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 92 |
| Momentumhow the price has behaved lately | 44 |
| Stabilityhow violently it moves, what it owes and what it pays you | 22 |
- Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.
The financials
Revenue growth
Is the business growing? Yes
| Last 12 months | +272.4% |
|---|---|
| Over 5 years | n/a |
| FY2026 revenue | $20.2B (+175%) |
Free cash flow
Is it generating real cash? Yes, plenty
| FY2026 free cash flow | $11.5B |
|---|---|
| Of revenue | 57% |
| Of profit | 101% |
Profit margins
Is profitability improving? Yes, improving
| Gross margin | 80% |
|---|---|
| Operating margin | 72% |
| Net margin, FY25 → FY26 → now | −22.3% → 56.5% → 67.0% |
Debt vs. cash
Is the balance sheet healthy? Yes, more cash than debt
| Cash | $4.8B |
|---|---|
| Long-term debt | $0 |
| Net cash | $4.8B |
| Years to repay | 0.0 yrs |
Valuation
Is the stock price reasonable? Yes, it looks cheap
| P/E | 6.5× |
|---|---|
| Fair P/E for its growth | 46× |
| P/FCF | 11.0× |
| Forward P/E | 4.9× |
| EV / EBITDA | 5.7× |
At 6.5× earnings it trades well below the 46× that 25%+ a year of growth would justify. At 11.0× free cash flow it trades well below that same mark.
The financials, five years deep
Pulled from Sandisk's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue growth | ||||
| Revenue | $20.2B | $7.4B | $6.7B | $6.1B |
| Change on the year | +175% | +10% | +9% | — |
| Free cash flow | ||||
| Free cash flow | $11.5B | −$120M | −$475M | −$932M |
| Of revenue | 57% | −2% | −7% | −15% |
| Profit margins | ||||
| 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% |
| Debt vs. cash | ||||
| Cash | $4.8B | $1.5B | $328M | $292M |
| Long-term debt | $0 | $1.8B | $0 | — |
| Net cash (debt) | $4.8B | −$348M | $328M | — |
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…