Sandisk Corp
🔔 Watch stock
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.
Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.
Why this colour
Balance sheet, cash flow and backlog are real — but an entry at roughly 25 times book value, after a fifty-eight-fold rise from the 52-week low, is a bet that the most brutal commodity cycle of the digital economy has been permanently suspended. Whoever wants to take that bet should first see what remains of prices and margin when the shortage eases — for instance in the first quarters after a price normalization — and whether the $41.6 billion backlog then stands at its terms. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Sandisk is the proof that the same market can price the same company, within 14 months, once below book value and once at 25 times book value: first the spurned spin-off with a $1.8 billion goodwill write-off, now a debt-free record earner with a $41.6 billion backlog in the middle of the NAND shortage. The Greenblatt scanner did the math correctly — but it is calculating with a boom that sits almost entirely in the price per gigabyte, on flat volume, with three loss years in the recent history and a fixed-cost corset toward Kioxia that works against Sandisk in a downturn. Whether a 78 percent gross margin is a plateau or the top of the roller coaster will be decided by the memory cycle — not by the 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 — but the product is commodity ware without an HBM counterpart of its own, and the booming data-center market accounts for only a quarter of revenue so far (Q3 FY 2026: $1.47 of $5.95 billion).
Earnings power & balance sheet
$5.95 billion of revenue and $3.6 billion of net income in the quarter through April 3, 2026 (a 78.4 percent gross margin), $4.5 billion of operating cash flow in nine months; zero financial debt, $3.7 billion of cash, a $6 billion buyback program, an Altman Z around 13.
Cyclicality & price dependence
The boom is almost entirely a price boom (+248 percent per gigabyte on flat volume; consumer volume −40 percent). Fiscal years 2023 through 2025 brought three losses in a row (a combined −$4.5 billion), and the company's own risk chapter describes overcapacity phases with price crashes as a recurring industry pattern.
Valuation & expectations
About $400 billion of market value, P/S around 30, P/B around 25, up 727 percent since the start of the year, roughly 58 times the 52-week low (data as of July 8, 2026): the price treats the best margin in the company's history as a plateau — the same company traded below book value 14 months ago.
Contracts & dependencies
$41.6 billion of order backlog from long-term contracts plus $511 million of customer prepayments are a genuine first — but only about 15 percent of it becomes revenue within twelve months, the Kioxia corset obligates Sandisk to 50 percent of the fixed costs even without orders (plus $993 million of off-balance-sheet guarantees), and customer concentration is rising (top 10: 46 percent, for the first time a single customer above 10 percent).
Worth Noting
Sandisk reports in an offset fiscal year (ending: the Friday closest to June 30); "FY 2026" denotes the period from June 28, 2025 through July 3, 2026, and the nine-month figures end April 3, 2026. All periods are explicitly dated in the text.
The $4.5 billion of FY 2026 net income is a nine-month figure, not a full-year figure; the comparison with the prior full years in the net-result chart is labeled accordingly.
Price and valuation figures are dated July 8, 2026 (about $2,335 per share, about $400 billion of market value); analyses are evergreen, daily prices are not a buy argument.
The FY 2025 loss (−$1.6 billion) includes the goodwill write-off of $1.8 billion; even without it, only a slim pre-tax profit remained. The scanner membership (Greenblatt, third place) was verified live on July 14, 2026; as of the July 8 data cut-off Sandisk additionally led the EBIT-margin ranking.
Stock Watch
This analysis is as of August 26, 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: 94.00 $ to 2,335.00 $ · Last price: 1,614.40 $ (As of: September 17, 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
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Sandisk Corp SNDK | 276.8 | 55.8 | 17.7 | 71.5 | 70.0 | 10.4 | 1,618.0 |
| Dell Technologies Inc DELL | 365.2 | 44.0 | 20.2 | 19.9 | 8.9 | 18.8 | 357.2 |
| Arista Networks ANET | 270.3 | 67.4 | 51.4 | 63.0 | 42.7 | 28.6 | 39.7 |
| Seagate Technology PLC STX | 182.0 | 56.2 | 43.1 | 45.6 | 43.1 | 34.1 | 274.0 |
| Western Digital Corporation WDC | 159.6 | 22.4 | 15.4 | 48.9 | 37.0 | 50.7 | 320.7 |
| Everpure, Inc. P | 34.6 | 162.4 | 72.5 | 69.7 | -18.5 | 15.6 | 21.2 |
| HP Inc HPQ | 31.6 | 13.2 | 8.8 | 19.7 | 7.1 | 3.2 | 30.6 |
| Super Micro Computer Inc SMCI | 27.8 | 20.0 | 9.6 | 10.8 | 6.1 | 47.0 | -10.1 |
| IONQ Inc IONQ | 15.2 | 97.6 | -10.3 | 30.9 | -401.8 | 201.9 | -38.4 |
| Median of companies shown | 159.6 | 55.8 | 17.7 | 45.6 | 8.9 | 28.6 | 39.7 |
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 $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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.
· Total · per year
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.
Source: fundamental data
| 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 |
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.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Best Hits
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 214.10 | 186.97 – 238.36 | 48,960 | 202.1% | 20 |
| 06/30/2028 | 264.72 | 173.37 – 361.20 | 57,787 | 23.6% | 19 |
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 10.2% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $11.49B |
|---|---|
| Market cap | $276.84B |
| Free cash flow in year ten | $30.46B |
| Terminal value as a share of market value | 58.0% |
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
Sandisk erzielt keine KI-Umsätze — NAND-Flash ist generischer Massenspeicher, und KI erscheint in Geschäfts- und Quartalsberichten (10-K/10-Q) durchgängig als externer Nachfrage-Treiber („flash storage solutions for AI workloads“) —, aber der Geschäftsbericht (10-K) 2025 belegt den eigenen operativen Einsatz von KI-Technologien einschließlich generativer KI in den Betriebsabläufen (samt zugehöriger Cyber- und Regulierungsrisiken), daher „Nutzt KI“.
View the full file — quotes, sources, reviewed filings
„We are increasingly leveraging AI technologies, including generative AI applications and tools, to support and enhance our various operational processes."
Wir setzen zunehmend KI-Technologien ein, einschließlich generativer KI-Anwendungen und -Werkzeuge, um unsere verschiedenen operativen Prozesse zu unterstützen und zu verbessern.
10-K · 2025-08-21 · View SEC filing
„Our increasing use of AI, including generative AI technologies, may also elevate the risk of cyber incidents."
Unser zunehmender Einsatz von KI, einschließlich generativer KI-Technologien, kann zudem das Risiko von Cyber-Vorfällen erhöhen.
10-K · 2025-08-21 · View SEC filing
„With a differentiated innovation engine driving advancements in storage and semiconductor technologies, Sandisk’s broad and ever-expanding portfolio delivers powerful flash storage solutions for artificial intelligence (“AI”) workloads in datacenters, edge devices, and consumer applications."
Mit einer differenzierten Innovations-Engine, die Fortschritte in Speicher- und Halbleitertechnologien vorantreibt, liefert Sandisks breites und stetig wachsendes Portfolio leistungsstarke Flash-Speicherlösungen für KI-Workloads in Rechenzentren, Edge-Geräten und Consumer-Anwendungen.
10-Q · 2026-05-01 · View SEC filing
Filings Reviewed: 10-Q 2026-05-01 · 10-Q 2026-01-30 · 10-Q 2025-11-07 · 10-Q 2025-05-12 · 10-K 2025-08-21
Rated on July 14, 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.
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.
- 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
8/10The 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% 68.9%
- EBIT growth 10Y > 5% 79.3%
- Exp. EBIT growth 3Y > 5% 89.4%
- 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% 97.3%
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.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Visoso Luis Felipe | EVP & CFO | Sell | 1,000 | 1,568.83 | 1,568,830 |
| Sep 14, 2026 | Goeckeler David | Chairman & CEO | Sell | 360 | 1,541.88 | 555,077 |
| Sep 14, 2026 | Goeckeler David | Chairman & CEO | Sell | 864 | 1,540.78 | 1,331,234 |
| Sep 14, 2026 | Goeckeler David | Chairman & CEO | Sell | 1,480 | 1,539.19 | 2,278,001 |
| Sep 14, 2026 | Goeckeler David | Chairman & CEO | Sell | 3,200 | 1,537.68 | 4,920,568 |
| Sep 14, 2026 | Goeckeler David | Chairman & CEO | Sell | 1,695 | 1,535.96 | 2,603,457 |
| Sep 14, 2026 | Goeckeler David | Chairman & CEO | Sell | 700 | 1,535.12 | 1,074,582 |
| Sep 14, 2026 | Goeckeler David | Chairman & CEO | Sell | 1,200 | 1,532.17 | 1,838,604 |
| Sep 14, 2026 | Goeckeler David | Chairman & CEO | Sell | 359 | 1,529.36 | 549,040 |
| Sep 14, 2026 | Goeckeler David | Chairman & CEO | Sell | 4,080 | 1,528.45 | 6,236,061 |
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
- Website
- sandisk.com
- IPO Date
- 02/24/2025
- ISIN
- US80004C2008
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 | Chief Consumer Officer | – |
| Khurram Ismail | Senior 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).
- 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: September 17, 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.