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Buy Day today: Neutral (46) Mixed market breadth · no major macro event
SNDK

Sandisk Corp

Technology · Computer Hardware · listed since 2025

1,150.90$ -13.5% vs. previous close Closing price · As of: Oct 30, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Open questions Delivers and beats

The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.

Why this colour

Yellow, because earning power across a full memory cycle is unproven — fiscal 2023 through 2025 produced a combined loss of $4.5 billion — and nearly all flash supply comes from the Kioxia joint venture; red would require a substantive finding, and there is none: as of October 2, 2026 Sandisk is debt-free and holds $5.14 billion in cash.

What the thesis turns on

Assessment: Opportunities & Risks

Sandisk is the proof that the same market can price the same company completely differently within twenty months: first the spurned spin-off below book value with a $1.8 billion goodwill write-off, in June 2026 at 25 times book value — and on October 30, 2026, one day after the next record quarter, at nine times. The first quarter of fiscal 2027 brought $11.03 billion of revenue, an 85.0 percent gross margin and $8.10 billion of profit; the contract backlog grew to $88.9 billion, and sequential growth for the first time rests mainly on volume. Even so, the core question stays open: year over year the earnings jump still comes mainly from price, three loss years are only just behind the company, the fixed-cost corset toward Kioxia works against Sandisk in a downturn, and two customers carry almost a quarter of revenue. Whether an 85 percent gross margin is a plateau or the top of the roller coaster will be decided by the memory cycle — not by hindsight bias’s “you could have known”. Not investment advice.

Market position & product

One of only a few NAND makers in the world, with secured manufacturing access through the Kioxia joint venture. The data-center business grew from $269 million in the quarter through October 3, 2025 to $4.80 billion in the quarter through October 2, 2026 and makes up 43.5 percent of revenue — but the product remains a commodity, and the consumer business shrank 39 percent year over year in the same quarter.

Earnings power & balance sheet

In the first quarter of fiscal 2027, $11.03 billion of revenue, an 85.0 percent gross margin, $8.10 billion of net income and $6.31 billion of free cash flow; $11.49 billion of free cash flow in fiscal 2026. As of October 2, 2026, zero financial debt, $5.14 billion of cash and $18.13 billion of equity.

Cyclicality & price dependence

Per the CFO, about 60 percent of the sequential gain in the first quarter of fiscal 2027 came from volume. Year over year, however, volume rose just under 10 percent per the quarterly report against a 378 percent revenue gain. Fiscal 2023 through 2025 brought a combined $4.5 billion of losses, and as a standalone company Sandisk has not yet been through a complete downturn.

Valuation & expectations

About $164 billion of market value (closing price $1,150.89 on October 30, 2026 × 142.3 million shares), 8.4 times the earnings and 5.7 times the revenue of the last four quarters. Such a low multiple can be read as doubt about how long the earnings will last; the day after the record quarter the stock fell 13.5 percent.

Contracts & dependencies

$88.9 billion of remaining performance obligations as of October 2, 2026, backed by $12.8 billion of bank-held collateral and $1.6 billion of deposits — a genuine first. Against it: the fixed-cost obligation toward Kioxia (maximum loss scenario $2.94 billion) and two customers with 12 percent of quarterly revenue each.

Worth Noting

Sandisk reports in an offset fiscal year (ending: the Friday closest to June 30). The results reported on 29.10.2026 cover the FIRST quarter of FY 2027 (04.07. through 02.10.2026), on the calendar essentially the third quarter of 2026. All periods are explicitly dated in the text.

8-for-1 stock split: split-adjusted trading from 20.11.2026. All prices, share counts and per-share values in this analysis are PRE-split; to compare with later prices, divide by eight (or multiply share counts by eight).

The source of the first-quarter FY 2027 figures is the quarterly report (10-Q as of 02.10.2026, filed 30.10.2026) and the earnings release (Exhibit 99.1 to the 8-K of 29.10.2026). The points left open in August (remaining performance obligations of $59.8 billion, refund liabilities) are documented in the annual report (10-K) for FY 2026 of 17.08.2026.

Figures on the sequential volume/price split (about 60/40), on the booking status of 2027/2028 supply volumes and on the credit quality of the counterparties come from the earnings call of 29.10.2026 (public transcript), not from a filed report — they are labeled as such in the text.

Price and valuation figures are dated October 30, 2026 (closing price $1,150.89, 142,289,365 shares per the 10-Q cover page as of 26.10.2026, about $164 billion of market value; the feed value passes the cross-check). An earlier version cited a feed market value of about $400 billion that failed the cross-check. Analyses are evergreen; daily prices are not a buy argument.

Stock Watch

This analysis is as of October 31, 2026. Stock Watch will tell you what's changed at SNDK since then.

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Price history

Chart

Interactive price chart (TradingView).

52-week range: 194.40 $ to 2,335.00 $ · Last price: 1,150.90 $ (As of: October 30, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 197.4$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 145m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 100.0%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. –

Performance

Perf. 1M ?Price performance over the last month. 24.90%
Perf. 3M ?Price performance over the last 3 months. 232.90%
Perf. 6M ?Price performance over the last 6 months. 719.90%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). 727.20%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -0.8%
Perf. 1Y ?Price performance over the last 12 months. 487.73%
Perf. 5Y ?Price performance over the last 5 years. 5,217.94%
Perf. Since Inception ?Price performance since the first available trading day (02/13/2025) — with a complete history, that is since the IPO. 3,096.92%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 1,557.00$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 1,557.90$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 1,259.20$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 32.7
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 73.8%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 111.7%

Calculated from the price history · as of 10/31/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. 39.4
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 5.9
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 12.4
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 6.8
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. 14.2
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. 11.4

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 71.5%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 70.0%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. 56.5%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 39.3%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). 43.9%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 80.7%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.02
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. 13.02
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 7 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 251.00%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). –
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 10.39%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 121.77%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. 179.70%

Dividend

This stock currently pays no dividend.

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. 2
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. Top 10% 99
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. Top 10% 96
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. A (91 out of 100)

Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Computer Hardware

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Sandisk Corp SNDK 197.4 39.4 14.2 71.5 70.0 10.4 487.7
Dell Technologies Inc DELL 263.3 30.1 18.1 19.9 8.9 18.8 166.3
Arista Networks ANET 228.9 56.1 47.2 63.0 42.7 28.6 6.6
Seagate Technology PLC STX 146.1 45.1 27.4 45.6 43.1 34.1 141.6
Western Digital Corporation WDC 137.8 18.6 13.3 52.6 37.0 50.7 165.5
Everpure, Inc. P 42.2 191.7 103.1 69.7 -18.5 15.6 30.9
HP Inc HPQ 26.2 11.0 8.7 19.7 7.1 3.2 10.0
Super Micro Computer Inc SMCI 22.7 14.9 8.8 10.8 6.1 47.0 -34.6
IONQ Inc IONQ 11.3 70.4 -10.3 30.9 -401.8 201.9 -50.1
Median of companies shown 137.8 39.4 14.2 45.6 8.9 28.6 30.9

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Fiscal years

Annual Figures

Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.

Revenue, operating income and net income per fiscal year $M

Revenue Operating income Net income

2022 · Revenue: 9,754 $M 2022 · Operating income: 1,200 $M 2022 · Net income: 1,064 $M 2023 · Revenue: 6,086 $M 2023 · Operating income: -2,035 $M 2023 · Net income: -2,143 $M 2024 · Revenue: 6,663 $M 2024 · Operating income: -468 $M 2024 · Net income: -672 $M 2025 · Revenue: 7,355 $M 2025 · Operating income: -1,377 $M 2025 · Net income: -1,641 $M 2026 · Revenue: 20,248 $M 2026 · Operating income: 12,389 $M 2026 · Net income: 11,433 $M
20222023202420252026
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2022 9,754 1,200 1,064 7.39 1,151 12,977 15,761
2023 6,086 -2,035 -2,143 -14.88 -713 11,439 13,820
2024 6,663 -468 -672 -4.67 -309 11,082 13,506
2025 7,355 -1,377 -1,641 -11.32 84 9,216 12,985
2026 20,248 12,389 11,433 73.76 11,671 15,736 22,507

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q4 · 1,876.0 $M Q4 2025: Q1 · 1,695.0 $M Q1 2025: Q2 · 1,901.0 $M Q2 2025: Q3 · 2,308.0 $M Q3 2025: Q4 · 3,025.0 $M Q4 2026: Q1 · 5,950.0 $M Q1 2026: Q2 · 8,965.0 $M Q2 2026: Q3 · 11,031.0 $M Q3

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q4 0.72 – 1,876 12.70 5.50 95 47
2025: Q1 -13.33 -7,259.30 1,695 -0.60 -114.00 26 -18
2025: Q2 -0.16 -110.90 1,901 1.00 -1.20 94 49
2025: Q3 0.75 -48.70 2,308 22.60 4.90 488 438
2025: Q4 5.15 612.70 3,025 61.20 26.50 1,019 980
2026: Q1 23.03 – 5,950 251.00 60.80 3,038 2,993
2026: Q2 44.34 27,812.50 8,965 371.60 77.00 7,126 7,083
2026: Q3 52.60 6,913.30 11,031 377.90 73.40 6,363 6,309

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 8 of our scanner strategies — each hit links to the scanner.

Backtested Scanners

Growth

Quality & Balance Sheet

Research

Risk & Weakness

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings 25
Price Target (average) 2,105.29$
Distance to price 82.9% The price target sits 82.9% above the current price.

Distribution of Recommendations

Strong Buy 17
Buy 4
Hold 3
Sell 1
Strong Sell 0

Estimates by Fiscal Year

Estimates by Fiscal Year
Fiscal Year EPS Estimate ($) EPS Range ($) Revenue Estimate ($M) Expected Growth Analysts
06/30/2027 226.28 207.00 – 241.23 49,643 219.2% 14
06/30/2028 277.03 183.95 – 356.85 59,461 22.4% 20

Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.

Valuation

What is priced in?

Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.

Today’s market value implies roughly -0.1% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).

What is priced in?
Free cash flow (last twelve months) $17.37B
Market cap $197.36B
Free cash flow in year ten $17.26B
Terminal value as a share of market value 46.1%

It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.

A simplified model calculation — not a forecast and not a recommendation.

AI classification

AI Rating

Sells AI

Fortschreibung 31.10.2026: Sandisk verkauft Flash-Speicher, den die eigenen Berichte ausdrücklich als Lösung für KI-Arbeitslasten beschreiben, und führt das Umsatzwachstum im Geschäftsbericht (10-K) für das Geschäftsjahr 2026 und im Quartalsbericht (10-Q) zum 2. Oktober 2026 direkt auf den Ausbau der KI-Infrastruktur zurück; das Datacenter-Segment wuchs im ersten Quartal des Geschäftsjahres 2027 um 61 Prozent zum Vorquartal auf 4,80 Milliarden US-Dollar. Damit ist KI nachweislich Umsatzquelle — bisher „Nutzt KI“ (Stand 14.07.2026, als die Berichte KI vor allem als externen Nachfrage-Treiber und für den eigenen Betrieb nannten), jetzt „Verkauft KI“, wie bei anderen Zulieferern der KI-Rechenzentren im Bestand.

View the full file — quotes, sources, reviewed filings
„In the first quarter, we continued to observe that the rapid growth of AI infrastructure is driving demand for high-performance storage products, and AI adoption is driving the need for NAND storage to support these workloads, leading to increased revenues when compared to prior periods."

Im ersten Quartal beobachteten wir weiterhin, dass das rasche Wachstum der KI-Infrastruktur die Nachfrage nach Hochleistungs-Speicherprodukten antreibt und die Verbreitung von KI den Bedarf an NAND-Speicher für diese Arbeitslasten erhöht, was zu höheren Umsätzen als in früheren Perioden führte.

10-Q · 2026-10-30 · View SEC filing

„We expect AI-driven demand to persist through calendar year 2027 and beyond."

Wir erwarten, dass die KI-getriebene Nachfrage bis ins Kalenderjahr 2027 und darüber hinaus anhält.

10-Q · 2026-10-30 · View SEC filing

„In 2026, we continued to observe that the rapid growth of AI infrastructure is driving demand for high-performance storage products, and AI adoption is driving the need for NAND storage to support these workloads, leading to increased revenues when compared to prior periods."

Im Jahr 2026 beobachteten wir weiterhin, dass das rasche Wachstum der KI-Infrastruktur die Nachfrage nach Hochleistungs-Speicherprodukten antreibt und die Verbreitung von KI den Bedarf an NAND-Speicher für diese Arbeitslasten erhöht, was zu höheren Umsätzen als in früheren Perioden führte.

10-K · 2026-08-17 · View SEC filing

„In particular, demand for our products depends increasingly on the use of NAND flash memory in AI infrastructure, and new or alternative technologies could emerge that perform these functions more efficiently or reduce the storage required per unit of AI compute."

Insbesondere hängt die Nachfrage nach unseren Produkten zunehmend vom Einsatz von NAND-Flash-Speicher in der KI-Infrastruktur ab, und es könnten neue oder alternative Technologien entstehen, die diese Funktionen effizienter erfüllen oder den Speicherbedarf je Einheit KI-Rechenleistung verringern.

10-K · 2026-08-17 · View SEC filing

Filings Reviewed: 10-Q 2026-10-30 · 10-K 2026-08-17 · 10-Q 2026-05-01 · 10-Q 2026-01-30 · 10-Q 2025-11-07 · 10-K 2025-08-21

Rated on October 31, 2026 · How the Rating Is Built

Earnings calls

What the Earnings Calls Reveal

Across the three reviewed fiscal quarters 2026-Q1 through 2026-Q3, Sandisk beat every one of its own revenue, margin and earnings forecasts by a wide margin and delivered its key commitments — multiyear supply agreements, a net cash position, capital returns — on schedule. The shift toward multiyear contracts, announced only vaguely in 2026-Q1, was backed up by 2026-Q3 with five signed agreements, roughly 42 billion dollars in minimum contractual revenue and more than 11 billion dollars in financial guarantees. Management language stayed consistent across all calls. Minor blemishes remain: the bit-volume forecast for 2026-Q3 was missed, and a long-term margin target was deferred twice.

Positive Delivers and beats 3 calls reviewed, 2026-Q1 through 2026-Q3 · As of August 2, 2026

Guidance beaten decisively three times

In all three quarters, results came in clearly above management's own guidance. 2026-Q1 delivered 2.31 billion dollars in revenue versus a guided 2.1 to 2.2 billion, with earnings per share of 1.22 dollars beating the 0.70 to 0.90 range. 2026-Q2 brought 3.03 billion in revenue (guidance: 2.55 to 2.65 billion) and 6.20 dollars per share (guidance: 3.00 to 3.40), and 2026-Q3 reached 5.95 billion in revenue (guidance: 4.4 to 4.8 billion) with a 78.4 percent gross margin (guidance: 65 to 67 percent). The pattern points to deliberately conservative guidance in an upcycle — pleasant for investors, but to be read with a buffer when used for planning.

Multiyear contracts: promised and overdelivered

In 2026-Q1, management openly admitted it had virtually no volume or price commitments beyond a single quarter, but announced talks on multiyear agreements and promised ongoing updates. By 2026-Q2 the first contract was signed; by 2026-Q3 there were five — with roughly 42 billion dollars in minimum contractual revenue from the first three deals, over 11 billion dollars in financial guarantees and more than a third of fiscal year 2027 bits under firm commitments. The update promise was also institutionalized through a new recurring disclosure (remaining performance obligations, RPO) in the quarterly report. This is the rare case of an announcement that materialized faster and bigger than promised.

Bit forecast missed and reframed in 2026-Q3

The only hard delivery miss: on the January call, management guided bits down mid-single digits for 2026-Q3, but shipped bits actually fell by a high-teens percentage sequentially. The stated reason was a deliberate inventory build for the Stargate product launch and the new contracts; notably, management reframed the number to a fiscal-year-to-date view (up 18 percent) rather than plainly acknowledging the deviation. The irony: in 2026-Q2 management said it was unable to fulfill customer demand — yet in 2026-Q3 bits went into inventory instead of to customers. Revenue and margin still came in far above plan, so this remains a blemish, not a breach.

Long-term margin target deferred twice

Management declined to give a long-term margin target twice in a row: in 2026-Q2, analysts were told only that 35 percent was not the ambition but no new number existed yet; in 2026-Q3, again, that it was too early and a new financial model would follow. Similarly on enterprise SSD share: a concrete target was declined in 2026-Q1 and 2026-Q2, and only in 2026-Q3 did a number arrive with 25 percent of the portfolio. Each deferral was explained and partially resolved later — it only becomes a warning sign if the promised new model keeps failing to appear.

Own market forecast multiplies

Management's own forecast for data center exabyte growth (calendar year 2026) was raised sharply on every call: from mid-20s to mid-40s percent (2026-Q1), to high-60s (2026-Q2) and most recently to mid-70s percent (2026-Q3). Each revision was disclosed openly, so this is not silent redefinition. But roughly tripling within nine months shows how short even the manufacturer's own visibility is in this market. Anyone holding the stock should know: the same dynamic can run in reverse just as quickly in a downturn.

Management promises

  • 2026-Q1 — Pursue talks on multiyear supply agreements and keep investors updated on progress. Overdelivered: first contract in 2026-Q2, five contracts by 2026-Q3 with roughly 42 billion dollars in minimum revenue and over 11 billion dollars in guarantees; updates came on every call, plus the new RPO disclosure. kept
  • 2026-Q1 — Sequential data center revenue growth throughout fiscal year 2026. Clearly delivered: up 64 percent sequentially in 2026-Q2 and up 233 percent in 2026-Q3 to 1.47 billion dollars. kept
  • 2026-Q1 — Start-up costs of about 30 million dollars in 2026-Q2, then essentially zero. 2026-Q2 came in at 24 million dollars; from 2026-Q3 no start-up or underutilization charges were reported. kept
  • 2026-Q2 — Provide a mix breakdown with the next report so investors need not fixate on raw NAND price trends. Largely delivered in 2026-Q3: enterprise SSD share (25 percent of the portfolio), TLC/QLC split (roughly two thirds to one third) and the new RPO metric — though partly only when asked in the Q&A. kept
  • 2026-Q1 — Capital allocation in fixed order: invest, reach a net cash position, then return capital to shareholders. Debt of 2 billion dollars fully repaid (final payment in 2026-Q3), net cash achieved, and a 6 billion dollar share buyback announced in 2026-Q3. kept
  • 2026-Q2 — Stargate (QLC storage product) to begin revenue shipments within the next few quarters. In 2026-Q3 the revenue start was confirmed for fiscal Q4 2026; the actual start lies beyond the reviewed period. open
  • 2026-Q1 — High-bandwidth flash: NAND component late calendar 2026, controller system early to mid 2027. Timeline explicitly reaffirmed in 2026-Q3; delivery is naturally still pending. open

Based on public earnings call transcripts. Reviewed: 3 transcripts 2026-Q1 through 2026-Q3.

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

9 of 10 Growth gem
  • Revenue grows by more than 15% a year over three years 49.3%
  • More than 10% revenue growth is expected for the coming year 121.8%
  • Share count grows by less than 3% a year 2.5%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 232.1%
  • Gross margin at 40% or higher and without meaningful erosion 71.5%
  • Goodwill from acquisitions does not grow faster than revenue 22.2%
  • Net debt below twice EBITDA 4,369 m net cash
  • Operating cash flow covers the profits of the last three years 2,326 m
  • Return on capital at 15% or higher, or up versus two years ago 73.2%
  • Insiders hold at least 10% or are net buyers 1.1%

A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail

Quality check

AAQS

8/10

The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).

  • Sales growth 10Y > 5% 20.0%
  • Exp. sales growth 3Y > 5% 71.4%
  • EBIT growth 10Y > 5% 79.3%
  • Exp. EBIT growth 3Y > 5% 93.8%
  • Net debt < 4x EBIT -0.4x
  • EBIT positive, 10Y straight 2
  • Max. EBIT decline < 50% 100.0%
  • Return on equity > 15% 106.4%
  • ROCE > 15% 73.2%
  • Expected return > 10% 105.1%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Oct 20, 2026 Shek Bernard Chief Legal Officer and Secty Other 322 1,365.38 439,652
Oct 1, 2026 Shek Bernard Chief Legal Officer and Secty Sell 600 1,734.94 1,040,964
Sep 20, 2026 Shek Bernard Chief Legal Officer and Secty Other 118 1,791.82 211,435
Sep 17, 2026 Pokorny Michael VP, Chief Accounting Officer Other 458 0.00 –
Sep 17, 2026 Visoso Luis Felipe EVP & CFO Other 1,635 0.00 –
Sep 17, 2026 Goeckeler David Chairman & CEO Sell 165 1,587.00 261,855
Sep 17, 2026 Goeckeler David Chairman & CEO Sell 1,520 1,585.85 2,410,490
Sep 17, 2026 Goeckeler David Chairman & CEO Sell 1,080 1,583.80 1,710,503
Sep 17, 2026 Goeckeler David Chairman & CEO Sell 1,480 1,580.25 2,338,765
Sep 17, 2026 Goeckeler David Chairman & CEO Sell 640 1,579.41 1,010,819

View all insider transactions →

The company

About the Company

Sandisk Corporation entwickelt, fertigt und verkauft Datenspeichergeräte und -lösungen auf Basis von NAND-Flash-Technologie in den USA, Europa, dem Nahen Osten, Afrika, Asien und international. Das Unternehmen bietet Solid-State-Drives für Desktop- und Notebook-PCs, Spielkonsolen und Set-Top-Boxen an.

Employees
11,100
Headquarters
Milpitas, CA
Address
951 Sandisk Drive, 95035 Milpitas, United States
Phone
408 801 1000
IPO Date
02/24/2025
ISIN
US80004C2008

Management

Management
Name Title Birth Year
David V. Goeckeler Chairman & CEO 1962
Luis Felipe Visoso Executive VP & CFO 1969
Alper Ilkbahar Executive VP & CTO 1968
Bernard Shek Senior VP, Chief Legal Officer & Secretary 1973
V. Don Angspatt Executive VP & COO –
Michael R. Pokorny VP & Chief Accounting Officer –
Ivan Donaldson Vice President of Investor Relations –
Christine Bastian Executive VP & Chief People Officer –
Janet Allgaier Executive VP and Chief Consumer Officer –
Khurram Ismail Executive VP & Chief Product Officer –

Executives per the latest required filings; titles kept in their original language. Source: fundamental data.

Filings

Company Filings (8-K)

An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).

  • 10/29/2026 Sandisk Corp (SNDK): Results of Operations and Financial Condition; Other Events; Financial Statements and Exhibits SEC ↗
  • 09/16/2026 Sandisk Corp (SNDK): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
  • 09/11/2026 Sandisk Corp (SNDK): Entry into a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
  • 08/05/2026 Sandisk Corp (SNDK): Results of Operations and Financial Condition; Other Events; Financial Statements and Exhibits SEC ↗

Data as of: October 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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