NASDAQ: SNDK · Technology Hardware, Storage & Peripherals
Sandisk
Sandisk, based in Milpitas, California, makes NAND flash memory and storage products. It separated from Western Digital on February 21, 2025. FY2026 revenue jumped to $20,248M from $7,355M, net income reached $11,433M after three loss years, and data center revenue rose to $5,153M from $960M. Wafers come mainly from Flash Ventures, its joint ventures with Kioxia. In October 2026 the board approved an eight-for-one stock split.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 4, 2026 15:22 (SEC EDGAR) · Source 10-K filed: August 17, 2026
Built on10-K FY2026 · filed 2026-08-1710-Q (quarter ended 2026-10-02) · filed 2026-10-30Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 49.3%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 61.2%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +56.8 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -0.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.02x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 8.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 2.06
Higher than 98% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 98% of 311 non-financial companies
Latest fiscal year (FY2026)
Higher than 98% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 15% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 10% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-10-02
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$1,094.78close on 2026-11-04
Market cap$159.84B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 8.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 10.2x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 12.4x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 7.2%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2026 year-end: 23.7x
Earnings: trailing 12 months to 2026-10-02
At FY2026 year-end: 16.2x
Book value at FY2026 year-end
At FY2026 year-end: 19.9x
EBITDA for FY2026
At FY2026 year-end: 4.5%
Free cash flow for FY2026
Dividends per share for FY2026
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Oct 2, 2026.
- Revenue$2.31B → $11.03B (vs. a year earlier)↑ +377.9%$2.31B → $11.03B (vs. a year earlier)
- Operating margin7.6% → 79.6% (vs. a year earlier)↑ +72.0 pts7.6% → 79.6% (vs. a year earlier)
- Net income$112M → $8.1B (vs. a year earlier)↑ +7133.0%$112M → $8.1B (vs. a year earlier)
- Diluted EPS$0.75 → $52.60 (vs. a year earlier)↑ +6913.3%$0.75 → $52.60 (vs. a year earlier)
- Cash$4.76B → $5.14B (vs. previous quarter-end)↑ +7.9%$4.76B → $5.14B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 29, 2026.
Management outlook • Issued
Expects fiscal Q2 revenue of $12.2B–$12.6B. Source sentence
Expect second quarter 2027 revenue to be in the range of $12.2 billion to $12.6 billion, with expected Non-GAAP diluted net income per share on a pre-split basis in the range of $55.00 to $57.00 1 .
Key changes
Returned $5.0B through share repurchases. Source sentence
Returned $5.0 billion to stockholders through the repurchase of approximately 3.2 million shares during the quarter.
Eight-for-one stock split effective November 19, 2026. Source sentence
Announced today an eight-for-one forward stock split, effective November 19, 2026, to make stock more accessible, including to employees through its employee stock purchase plan.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Sandisk Corp
- Headquarters
- MILPITAS, CA
- Incorporated in
- Delaware
- Fiscal year end
- 06/28
- Exchange & ticker
- NASDAQ: SNDK
- Industry
- Technology Hardware, Storage & Peripherals
- CIK
- 2023554
- Website
- https://www.sandisk.com/ ↗
Workforce (as of FY2026 year-end)
Employees
11,100
Source: Form 10-K (FY2026) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q2 FY2027
Quarter end: January 2027. In past years, Q2 results were released 27 days after quarter end (Jan 29, 2026). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around June 28.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 27–48 days after quarter end over the last 8 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q1 FY2027 | Oct 2, 2026 | Oct 29, 2026 (+27 days) | Oct 30, 2026 10-Q (+28 days) |
| Q4 FY2026 | Jul 3, 2026 | Aug 5, 2026 (+33 days) | Aug 17, 2026 10-K (+45 days) |
| Q3 FY2026 | Apr 3, 2026 | Apr 30, 2026 (+27 days) | May 1, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jan 2, 2026 | Jan 29, 2026 (+27 days) | Jan 30, 2026 10-Q (+28 days) |
| Q1 FY2026 | Oct 3, 2025 | Nov 6, 2025 (+34 days) | Nov 7, 2025 10-Q (+35 days) |
| Q4 FY2025 | Jun 27, 2025 | Aug 14, 2025 (+48 days) | Aug 21, 2025 10-K (+55 days) |
| Q3 FY2025 | Mar 28, 2025 | May 7, 2025 (+40 days) | May 12, 2025 10-Q (+45 days) |
| Q2 FY2025 | Dec 27, 2024 | — | Mar 7, 2025 10-Q (+70 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Datacenter
Enterprise flash storage
Flash storage for data centers.
Edge
Client and embedded flash
Flash storage for devices and embedded uses.
Consumer
Sandisk consumer storage
Branded consumer storage sold to end users.
From the Form 10-K, FY2026, year ended 2026-07-03.
U.S. and worldwide share of flagship products/services
No market share figure is stated in the 10-K.
Reviewed: Form 10-K (FY2026, year ended 2026-07-03) · Form 10-Q (quarter ended 2026-10-02)
07
Recent strategic focusSite analysis
Recent developments.
Q1 FY2027 results
Revenue $11,031M (vs $2,308M a year earlier); net income $8,101M (vs $112M).
Source: Form 10-Q (quarter ended 2026-10-02)
Stock split
Eight-for-one split: holders of record on November 9, 2026 get seven more shares; post-split trading expected November 20, 2026. Per-share figures here are pre-split.
Source: Form 8-K (2026-10-29) — Item 8.01 eight-for-one stock split
Nanya
March 2026 equity investment in Nanya Technology with a multi-year DRAM supply arrangement.
Source: Form 8-K (2026-03-25) — Item 1.01 Nanya investment
Capex ÷ D&A (FY2026)
1.19x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$177M ÷ $149M = 1.19x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2026)
6.6%
formularesearch & development expense ÷ revenue × 100
e.g.$1,328M ÷ $20,248M × 100 = 6.6%
Where the money goes, over time
Unit: $M. Capex went from $219M in FY2023 to $177M in FY2026
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-17
08
Key figures at a glanceFrom SEC data
FY2023–FY2026, 4 years.
Revenue (FY2026)
$20.25B
As reported in the 10-K
Revenue CAGR (3 years)
+49.3%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($20,248M ÷ $6,086M) ^ (1÷3) − 1 = 49.3%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
61.2%▲favorable
+94.6pt vs. 3 years ago
formulaoperating income ÷ revenue × 100
e.g.$12,389M ÷ $20,248M × 100 = 61.2%
ROE (FY2026)
91.6%▲favorable
4-year average: 12.7%
As reported in the 10-K
P/B (FY2026 end)
16.19x
formulafiscal year-end closing price ÷ book value per share
e.g.$1745.00 ÷ $107.78 = 16.19x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
19.9x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($254,770M + $0M − $4,762M) ÷ ($12,389M + $149M) = 19.9x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +49.3% a year over 3 years (strong growth)
From $6.09B in FY2023 to $20.25B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -33.4% → 61.2%
How much operating profit is left per $100 of revenue. It moved +94.6 points over 3 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 69.9% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 1 of 4 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 12.7% over 4 years (latest: 91.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Kioxia
- Nanya Technology
07 · what it does
Key activities
- Flash technology development with Kioxia
- Wafer production through Flash Ventures
- Packaging, testing and product sales
06 · what it draws on
Key resources
- About 11,100 employees in 33 countries
- Flash Ventures wafer joint ventures with Kioxia
- Owned manufacturing in Malaysia; related-party operations in China and Japan
02 · why customers buy
Value propositions
- A leading flash portfolio, premium consumer brand, differentiated semiconductor innovation and cost leadership, as Sandisk describes its position.
04 · how it keeps them
Customer relationships
- Top ten customers accounted for 44% of FY2026 revenue; long-term agreements (New Business Models) with some customers.
03 · how it reaches them
Channels
- Sales to computer manufacturers and other customers in datacenter, edge and consumer markets; consumer products through retail and online channels.
01 · who it serves
Customer segments
- Datacenter customers
- Edge customers
- Consumers through retail and online channels
09 · where money goes
Cost structure
FY2026, share of revenue ($20.25B)
- Cost of revenue28.5%
- Research & development6.6%
- Selling, general & administrative3.3%
Operating profit left: 61.2% of revenue. Depreciation & amortization (inside the costs above): $149M. Capital spending: $177M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Revenue $20,248M (FY2026)
- Edge $12,160M; Datacenter $5,153M; Consumer $2,935M
- Top ten customers 44% of revenue
Value propositions, channels and customer relationships: Form 10-K (FY2026, year ended 2026-07-03)
Develops flash technology, makes wafers through joint ventures with Kioxia, and sells storage products to data center, edge and consumer customers.
01 what it draws on
Inputs & resources
- About 11,100 employees in 33 countries
- Flash Ventures wafer joint ventures with Kioxia
- Owned manufacturing in Malaysia; related-party operations in China and Japan
02 what it does
Activities
- Flash technology development with Kioxia
- Wafer production through Flash Ventures
- Packaging, testing and product sales
03 who it serves
Customers
- Datacenter customers
- Edge customers
- Consumers through retail and online channels
04 how money comes in
How it earns
- Revenue $20,248M (FY2026)
- Edge $12,160M; Datacenter $5,153M; Consumer $2,935M
- Top ten customers 44% of revenue
How the business makes money
- No customer above 10% of revenue in FY2024–FY2026.
- Debt fell to zero after the term loan was repaid on March 4, 2026.
- Asia was $14,241M of FY2026 revenue.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Sandisk’s global sales and supply chain are exposed to trade rules.
Trade & export rules
Export controls and tariffs
Lists export controls, bans, sanctions, license requirements and tariffs, and notes pending U.S. investigations.
Constrains the businessTouches: Inputs & resources · Customers
Revenue by segment (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Edge
12,160 (60%)Datacenter
5,153 (25%)Consumer
2,935 (14%)
Source: Form 10-K (FY2026, year ended 2026-07-03) Revenue by end market; the company does not report these as segments with profit figures here.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2026)
Hong Kong — 25% of revenue
Revenue by country / region (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Hong Kong
5,126 (25%)Rest of Asia
4,612 (23%)China
4,503 (22%)United States
3,714 (18%)Europe, Middle East and Africa
1,732 (9%)Other
561 (3%)
Source: Form 10-K (FY2026, year ended 2026-07-03) By ship-to location of the customer.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Joint venture
Kioxia
Flash Ventures joint ventures, jointly controlled; extended in January 2026 under an extension agreement.
Capital tie / equity stake
Nanya Technology
March 2026 equity investment and multi-year DRAM supply arrangement.
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Data center, edge and consumer customers; top ten customers were 44% of FY2026 revenue.
Named by the company
What the filings disclose
Suppliers
Kioxia provides wafer manufacturing services to Flash Ventures at cost; Nanya supplies DRAM under a multi-year arrangement.
Named by the company
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K names vertically integrated flash suppliers and smaller companies that assemble flash into products.
Competitors named in the 10-K
Flash memory
- Kioxiasite ↗
- Micron Technologysite ↗
- Samsung Electronicssite ↗
- SK hynixsite ↗
Peer group the company chose
Peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Compensation peer group from the 2026 proxy statement.
- Amkor Technologysite ↗
- Coherentsite ↗
- Intelsite ↗
- KLA Corporationsite ↗
- Lam Researchsite ↗
- Logitechsite ↗
- Marvell Technologysite ↗
- Microchip Technologysite ↗
- Micron Technologysite ↗
- NetAppsite ↗
- NXP Semiconductorssite ↗
- Qorvosite ↗
- Skyworks Solutionssite ↗
- Teledynesite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-17
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-17
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-17
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-17
| Line item | FY2023In next year’s 10-K | FY2024In next year’s 10-K | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|
| Income statement ($M) | ||||
| Revenue | 6,086 | 6,663 | 7,355 | 20,248 |
| Operating income | -2,035 | -468 | -1,377 | 12,389 |
| Pretax income | -2,002 | -503 | -1,479 | 13,017 |
| Net income (attributable) | -2,143 | -672 | -1,641 | 11,433 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 9.5% | 10.4% | 175.3% |
| Operating margincalcoperating income ÷ revenue × 100 | -33.4% | -7.0% | -18.7% | 61.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -35.2% | -10.1% | -22.3% | 56.5% |
| Balance sheet ($M) | ||||
| Total assets | — | 13,506 | 12,985 | 22,507 |
| Total equity | 11,439 | 11,082 | 9,216 | 15,736 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | — | 0 | 1,849 | 0 |
| Equity ratio | — | 82.1% | 71.0% | 69.9% |
| ROE | -18.7% | -6.0% | -16.2% | 91.6% |
| Cash flow ($M) | ||||
| Operating CF | -713 | -309 | 84 | 11,671 |
| Investing CF | -189 | 210 | 556 | -1,386 |
| Financing CF | 860 | 136 | 518 | -7,001 |
| Free cash flowcalccash flow from operations − capital expenditures | -932 | -475 | -120 | 11,494 |
| Cash and equivalents | 292 | 328 | 1,481 | 4,762 |
| Per share & other | ||||
| EPS ($) | -14.78 | -4.63 | -11.32 | 73.76 |
| BVPS ($) | — | — | 63.12 | 107.78 |
| P/E (x) | — | — | — | 23.7 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | — | — | 19.9 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | — | — | 0.75 | 16.19 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Periods below 1x are shown in red. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-10-02 | $11.03B+377.9% | $8.78B+4888.6% | $8.1B+7133.0% | $52.60 |
| 2026-07-03 † | $8.97B+371.6% | $7.04B+38994.4% | $6.9B | — |
| 2026-04-03 | $5.95B+251.0% | $4.11B | $3.62B | $23.03 |
| 2026-01-02 | $3.03B+61.2% | $1.07B+446.2% | $803M+672.1% | $5.15 |
| 2025-10-03 | $2.31B | $176M | $112M | $0.75 |
| 2025-06-27 † | $1.9B | $18M | −$23M | — |
| 2025-03-28 | $1.7B | −$1.88B | −$1.93B | $-13.33 |
| 2024-12-27 | $1.88B | $195M | $104M | $0.72 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2026)
73.0%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$12,389M × (1 − 21%) ÷ $13,401M × 100 = 73.0%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
16.28%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $254.77B ÷ ($254.77B + $0) = 100.0%
e.g.Debt weight: $0 ÷ ($254.77B + $0) = 0.0%
e.g.WACC: 16.3% × 100.0% + 5.0% × (1 − 21%) × 0.0% = 16.28%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 13.3%–19.6% and ROIC − WACC runs +53.4 to +59.7 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 16.28% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 2.06 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 16.28%
- Cost of debt
- 4.95% (no debt on record, using the risk-free rate)
- Tax rate
- 21% (U.S. federal statutory rate (not enough data for an effective rate))
- Capital structure (equity : debt)
- 100% : 0%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 16.28%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 2.06 (price-derived adjusted beta. Raw β 2.57, R² 0.14, 90 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 2.574 + 0.33 = 2.055
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 2.06 × 5.5% = 16.3%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
8.9%
Perpetual FCF growth: g = r − FCF ÷ EV = 16.3% − 7.4%
Past FCF growth (FY2023–FY2026)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2023–FY2026)
+49.3%
Compound annual rate, 3 years
Inputs (FY2026): free cash flow $11.49B (operating CF − capex); enterprise value $155.08B = market cap $159.84B (latest close, 2026-11-04) + debt $0 − cash and short-term investments $4.76B; r = WACC of 16.3% using this page’s default assumptions (β 2.06, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$155.32B
FCF $11.49B ÷ (16.3% − 8.9%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 14.3% | 15.3% | 16.3% | 17.3% | 18.3% |
|---|---|---|---|---|---|
| 0% | 0.52x | 0.48x | 0.45x | 0.43x | 0.41x |
| 2% | 0.60x | 0.56x | 0.52x | 0.48x | 0.45x |
| 4% | 0.72x | 0.66x | 0.60x | 0.56x | 0.52x |
| 6% | 0.89x | 0.80x | 0.72x | 0.66x | 0.60x |
| 8% | 1.18x | 1.02x | 0.89x | 0.80x | 0.72x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.02x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -1.3%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 95%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-17
Profit bridge (FY2026)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-17
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$11,671M ÷ $11,433M = 1.02x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$12,389M ÷ $13,017M × 100 = 95%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,068M + $4,708M) ÷ 2 ÷ $20,248M × 365 = 52 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($2,079M + $2,698M) ÷ 2 ÷ $5,776M × 365 = 151 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 75.6%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 24.4%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 347 of 416
- Beta (adjusted)
- 2.06
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 83% of covered companies have more
above 1 = swings more than the market
- 110.7M shares reported by 1,820 13F filers ÷ 146.4M shares outstanding on 2026-08-07. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-10-06 (beneficial ownership table) · Form 10-K cover page (shares outstanding as of 2026-08-07)
20
Strengths & weaknessesSite analysis
Strengths
1. Profit swing
Net income of $11,433M in FY2026 after a $1,641M loss in FY2025.
Evidence: Form 10-K (FY2026, year ended 2026-07-03)
2. Data center growth
Datacenter revenue rose from $325M (FY2024) to $5,153M (FY2026).
Evidence: Form 10-K (FY2026, year ended 2026-07-03)
3. No debt
Long-term debt fell from $1,829M to zero in FY2026, with cash of $4,762M.
Evidence: Form 10-K (FY2026, year ended 2026-07-03)
Weaknesses
1. Volatile earnings
Operating losses in FY2023–FY2025 before the FY2026 profit.
Evidence: Form 10-K (FY2026, year ended 2026-07-03)
2. Short public history
Standalone only since February 2025; earlier figures are carve-out financials.
Evidence: Form 10-K (FY2026, year ended 2026-07-03)
3. Dependence on Kioxia
Wafer manufacturing depends on the Flash Ventures joint ventures.
Evidence: Form 10-K (FY2026, year ended 2026-07-03)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2026)
23.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
4.5%
(Operating CF − capex) ÷ market cap
1. Data center demand
Datacenter revenue was $5,153M in FY2026.
- What has to hold
- Demand holds.
- The other side
- Memory markets are cyclical.
Evidence: Form 10-K (FY2026, year ended 2026-07-03)
2. Capital returns
Board authorized $6B and $14B repurchase programs in 2026.
- What has to hold
- Cash flow stays strong.
- The other side
- Programs do not oblige purchases.
Evidence: Form 8-K (2026-08-05) — Item 8.01 share repurchase
Pays no dividend.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2026)
Cash & short-term investments ÷ debt due within a year
No debt due
$4.76B vs. $0
Interest coverage (operating income ÷ interest expense)
169.7x
$12.39B vs. $73M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
Covers only the 4 fiscal years on record (FY2023–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Spin-off and loss years
Net losses of $2,143M (FY2023), $672M (FY2024) and $1,641M (FY2025) before the FY2026 profit.
Source: Form 10-K (FY2026, year ended 2026-07-03)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Sandisk says other matters are not expected to be material individually or in aggregate; it recognized $93M related to legal settlements in FY2026.
0 open matters · 1 settled or closed
Legal settlements
SettledLawsuitSandisk
Recognized $93 million related to legal settlements in other income/(expense), net, during FY2026.
- Amounts
- $93M
Company statement:
Based on Form 10-Q (quarter ended 2026-10-02) — Legal Proceedings, reviewed 2026-11-05. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Memory price and demand cycle
- Company disclosure (summarized from the 10-K)
- Results fluctuate with demand, industry cycles and customer deployments.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Customer/supplier concentration
Kioxia dependence
- Company disclosure (summarized from the 10-K)
- Kioxia owns the facilities and provides wafer manufacturing services to Flash Ventures.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 3Competition & technology shift
Flash competition
- Company disclosure (summarized from the 10-K)
- Competes with Kioxia, Micron, Samsung, SK Hynix and Yangtze Memory.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Geopolitics & supply chain
Trade barriers
- Company disclosure (summarized from the 10-K)
- Exposed to export controls, sanctions, tariffs and pending U.S. trade investigations.
- Company’s stated mitigation
- We generally retain multiple suppliers for our component requirements, but for business or technology reasons we source some of our components from a limited number of sole or single source providers.
- This site’s assessment
- Impact High / Likelihood High
- 5Law & regulation
Spin-off controls
- Company disclosure (summarized from the 10-K)
- Lists Sarbanes-Oxley Section 404 compliance among risks related to the spin-off.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
• Our operating results may fluctuate due to changes in demand, industry cycles and the timing of customer deployments, including AI-related data center investments, and our ability to accurately forecast demand as a result of these changing market conditions.
• Our guarantees of certain obligations of Flash Ventures may negatively impact our financial position, and terms and conditions of our revolving credit facility may restrict our operations and ability to respond to future business opportunities.
As part of our compensation program, we grant equity incentives to our senior leaders to align their interests with stockholder interests and incentivize these leaders to further deliver stockholder value. Read more
The unvested value of these awards has appreciated materially as a result of our stock price performance in fiscal 2026. These awards generally vest either in February 2028 or September 2028. If the value of these awards at such time remains materially appreciated above their grant date values, we could experience attrition among these leaders when the awards vest. While our Board of Directors (the “Board”) and management are focused on continued incentives for, and retention of, this group, if we were to lose one or more of our senior leaders following the vest date of these awards, we could experience difficulties in finding qualified successors, competing effectively, executing our…
Our operating results may fluctuate due to changes in demand, industry cycles and the timing of customer deployments, including AI-related data center investments, and our ability to accurately forecast demand as a result of these changing market conditions.
In March 2026, we made an equity investment in Nanya Technology Corporation (“Nanya”).The value of our investment could be impaired by adverse changes in Nanya’s financial performance, operating results, or market conditions, which could result in losses or impairment charges that adversely affect our results of operations. Similarly, increases in the value of our investment could influence our financial results in accordance with GAAP accounting in a manner that is not representative of our core business, and regulatory restrictions on cross-border semiconductor investments, including potential outbound investment screening requirements, could constrain our ability to realize the full value of this investment.
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.
We have entered into long-term agreements with certain customers, which we also refer to as New Business Models or “NBMs”, that commit us to deliver, and our customers to purchase, a stated volume of products, mostly over multi-year periods. Read more
Our ability to fulfill our obligations under these agreements depends on a number of factors, including our manufacturing capacity, production yields, supply chain performance, and the availability of raw materials and other critical inputs. If we are unable to deliver products in the quantities, at the times, or meeting the specifications required under these agreements, we may face contractual damages, other financial penalties, or early termination. There can be no assurance that we will be able to perform these contractual obligations throughout the contract terms without disruption or shortfall. Any failure to perform could harm our customer…
If a customer were to breach its purchase obligations, or if we were to breach our obligations and a customer were to terminate or reduce its volume commitments, we may need to find alternative customers for any affected product volumes. Read more
Depending on market conditions at the time, we may be unable to resell those products at comparable prices, or at all, which could result in reduced revenue, lower margins, excess inventory, or manufacturing underutilization or asset impairment charges. Additionally, a customer’s failure to satisfy its contractual purchase commitments may require us to enforce our contractual rights or pursue other remedies, and any resulting disputes, litigation, arbitration, or other proceedings could be costly, time-consuming, and could adversely affect our business or customer relationships. Any such disputes, lost sales, reduced pricing, or operational…
No longer in the text (4)
• WDC may fail to perform under various transaction agreements that were executed as part of the spin-off, or we may fail to have necessary systems and services in place when WDC is no longer obligated to provide services under the various agreements.
Public health crises have had, and could in the future have, a negative effect on our business.
Public health crises may negatively impact our workforce and operations, as well as those of our strategic partners, customers, suppliers and logistics providers. Read more
Impacts of public health crises may include, without limitation, closures of our manufacturing facilities; under-absorbed overhead; increased logistics, component and other costs; decreased demand for our products; and manufacturing challenges. Employee infections or government restrictions to contain the spread of infectious disease, like travel restrictions, quarantines, business shutdowns, or trade controls, could harm employees’ productivity and hinder operations in Flash Ventures’ factories or our other worksites and our business and results of operations as a whole. Further, global pandemics and other public health crises may cause financial market instability, credit issues, and increased cybersecurity and data privacy…
These challenges are further compounded by uncertainty surrounding our post-separation performance and evolving organizational structure, which may impact employee confidence and lead to increased attrition or operational inefficiencies. Read more
While we have implemented retention arrangements for key employees to mitigate this risk, we may still experience further attrition following the payment of these incentives. Additionally, compensation is closely tied to the performance of our business and given the inherent cyclicality of the memory and storage markets, we may face periods where our ability to offer competitive compensation is constrained, placing us at a disadvantage in attracting or retaining top talent during downturns in our operating results. Constraints on global talent mobility and hiring may also affect our ability to attract and retain the specialized skills needed to support…
52 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Aug 17, 2026 ↗ with the 10-K filed Aug 21, 2025 ↗.
26
What to watch going forwardSite analysis
- Trading on a post-split basis from November 20, 2026.
- Datacenter revenue growth.
- Use of the $20B repurchase authorizations.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 4, 2026 15:22 (SEC EDGAR) · Source 10-K filed: August 17, 2026
Built on10-K FY2026 · filed 2026-08-17Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Sandisk’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.