A Business at a Glance
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Sandisk Corp
SNDK
$208.3B
Mkt Cap
$1,436.56
-10.79%
Sandisk Corp (SNDK) has a 5-year average return on invested capital (ROIC) of -12.8%. This is below average and may indicate limited pricing power.
Sandisk Corp (SNDK) has a market capitalization of $212.6B. It is classified as a mega-cap stock.
Sandisk Corp (SNDK) does not currently pay a regular dividend.
Sandisk Corp (SNDK) operates in the Computer Storage Devices industry, within the Technology sector.
Sandisk Corp (SNDK) reported annual revenue of $7.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Sandisk Corp (SNDK) has a net profit margin of -22.3%. The company is currently unprofitable.
Sandisk Corp (SNDK) generated $-120 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
SanDisk is a leading developer, manufacturer and provider of data storage devices and solutions based on NAND flash technology, having separated from Western Digital Corporation on February 21, 2025 to become a standalone publicly traded company. The company operates across three primary end markets—Cloud, Client, and Consumer—offering a broad portfolio including solid-state drives, embedded products, removable cards, USB drives, and wafers and components. Cloud comprises products for datacenters and cloud service providers; Client serves original equipment manufacturers with solutions for personal computers, mobile devices, gaming, automotive, and industrial applications; Consumer leverages strong brand recognition and global retail distribution for removable flash products and portable SSDs. SanDisk's business model is built on NAND flash technology innovation, with substantially all flash memory obtained from joint ventures with Kioxia, while controllers are designed in-house and manufactured by third-party foundries, and assembly and test operations combine in-house facilities with contract manufacturers. The company's competitive moat rests on approximately 7,900 granted patents and 3,200 pending patent applications, deep customer relationships with industry leaders, premium consumer brand awareness, efficient manufacturing capabilities, and a rich heritage of innovation in successive generations of 2D and 3D flash technology. Unit economics benefit from high-volume production, cost leadership through process improvements and automation, and increasingly from multi-year contractual agreements with major customers that provide demand certainty and pricing stability.
【Data center-led growth acceleration】 Management expects data center to become the largest NAND market in 2026, driven by substantial cloud infrastructure investments and AI workload deployment across hyperscalers, edge, and enterprise customers. The company has signed five multi-year business model agreements with major customers that account for over one-third of fiscal 2027 bit growth, with durations extending up to five years, providing demand visibility and pricing that reflect the value of its technology investments. Management anticipates demand to exceed supply through calendar year 2026 and beyond, supporting continued pricing strength and margin expansion, while the company plans to grow supply in line with market demand through nodal transitions and capacity optimization rather than greenfield fab construction. The company is launching QLC-based Stargate solutions for revenue in the fourth quarter and expects high-bandwidth flash technology to be available by the second half of calendar 2026, with product samples including controllers in the first half of 2027, positioning the portfolio to capture emerging AI inference storage opportunities.
| Metric | Target | Period |
|---|---|---|
| Revenue | $7,750 million–$8,250 million | Q4 FY2026 |
| Non-GAAP Gross Margin | 79%–81% | Q4 FY2026 |
| Non-GAAP Interest and Other Income | $10 million–$30 million | Q4 FY2026 |
| Non-GAAP Tax Expenses | $775 million–$875 million | Q4 FY2026 |
| Non-GAAP EPS | $30–$33 | Q4 FY2026 |
Revenue (Q4 FY2026): “For the fourth quarter, we forecast revenue between $7,750 million-$8,250 million from both bits growth and higher pricing.”
Non-GAAP Gross Margin (Q4 FY2026): “Our forecast for non-GAAP gross margin is between 79% and 81%.”
Non-GAAP Interest and Other Income (Q4 FY2026): “We expect non-GAAP interest and other income between $10 million and $30 million”
Non-GAAP Tax Expenses (Q4 FY2026): “non-GAAP tax expenses between $775 million and $875 million”
Non-GAAP EPS (Q4 FY2026): “We forecast non-GAAP EPS between $30 and $33, assuming 158 million fully diluted shares.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue | 13.2B | 7.4B | 6.7B | 6.1B |
| Net Income | 4.5B | -1.6B | -672M | -2.1B |
| EPS | $30.46 | $-11.32 | $-4.63 | $-14.78 |
| Free Cash Flow | 4.5B | -120M | -475M | -932M |
| ROIC | 46.8% | -14.8% | -6.0% | -17.5% |
| Gross Margin | 56.0% | 30.1% | 16.1% | 7.1% |
| Debt/Equity | 0.00 | 0.20 | 0.00 | 0.00 |
| Dividends/Share | $0.00 | - | - | - |
| Operating Income | 5.4B | -1.4B | -468M | -2.0B |
| Operating Margin | 40.7% | -18.7% | -7.0% | -33.4% |
| ROE | 32.7% | -16.2% | -6.0% | -17.6% |
| Shares Outstanding | 148M | 145M | 145M | 145M |
| Metric | ||||
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | 6.1B | 6.7B | 7.4B | 13.2B |
| Gross Margin | 7.1% | 16.1% | 30.1% | 56.0% |
| R&D | 1.2B | 1.1B | 1.1B | 1.3B |
| SG&A | 558M | 455M | 573M | 641M |
| EBIT | -2.0B | -468M | -1.4B | 5.4B |
| Op. Margin | -33.4% | -7.0% | -18.7% | 40.7% |
| Net Income | -2.1B | -672M | -1.6B | 4.5B |
| Net Margin | -35.2% | -10.1% | -22.3% | 34.2% |
| Non-Recurring | 740M | 40M | 1.9B | 14M |
| Returns on Capital | ||||
| ROIC | -17.5% | -6.0% | -14.8% | 46.8% |
| ROE | -17.6% | -6.0% | -16.2% | 32.7% |
| ROA | N/A | -5.0% | -12.4% | 26.4% |
| Cash Flow | ||||
| Op. Cash Flow | -713M | -309M | 84M | 4.6B |
| Free Cash Flow | -932M | -475M | -120M | 4.5B |
| Owner Earnings | -1.3B | -682M | -261M | 2.9B |
| CapEx | 219M | 166M | 204M | 179M |
| Maint. CapEx | 448M | 224M | 163M | 1.5B |
| Growth CapEx | 0 | 0 | 41M | 0 |
| D&A | 448M | 224M | 163M | 1.5B |
| CapEx/OCF | N/A | N/A | 242.9% | 3.9% |
| Capital Allocation | ||||
| Dividends Paid | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | 0.0% |
| Stock-Based Comp | 165M | 149M | 182M | 214M |
| Debt Repayment | 0 | 0 | 100M | 100M |
| Balance Sheet | ||||
| Net Debt | -238M | -328M | 368M | -3.7B |
| Cash & Equiv. | 292M | 328M | 1.5B | 3.7B |
| Long-Term Debt | 54M | 0 | 1.8B | N/A |
| Debt/Equity | 0.00 | 0.00 | 0.20 | 0.00 |
| Interest Coverage | -65.6 | -11.7 | -21.9 | 47.9 |
| Equity | 11.4B | 11.1B | 9.2B | 13.8B |
| Total Assets | 0 | 13.5B | 13.0B | 17.1B |
| Total Liabilities | -104M | 2.4B | 3.8B | 3.3B |
| Intangibles | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | 0 | -1.8B | 2.7B |
| Working Capital | N/A | 1.4B | 3.7B | 7.3B |
| Current Assets | N/A | 3.5B | 5.1B | 9.2B |
| Current Liabilities | N/A | 2.1B | 1.4B | 1.9B |
| Per Share Data | ||||
| EPS | -14.78 | -4.63 | -11.32 | 30.46 |
| Owner EPS | -9.15 | -4.70 | -1.80 | 19.53 |
| Book Value | 78.89 | 76.35 | 63.57 | 93.09 |
| Cash Flow/Share | -4.92 | -2.13 | 0.58 | 40.82 |
| Dividends/Share | N/A | N/A | N/A | 0.00 |
| Shares Out. | 145.0M | 145.1M | 145.0M | 148.0M |
| Valuation | ||||
| P/E Ratio | N/A | N/A | N/A | 47.2 |
| P/FCF | N/A | N/A | N/A | 47.7 |
| EV/EBIT | N/A | N/A | N/A | 38.9 |
| Price/Book | N/A | N/A | 0.7 | 15.4 |
| Price/Sales | N/A | N/A | 0.8 | 16.1 |
| FCF Yield | N/A | N/A | -1.8% | 2.1% |
| Market Cap | 0 | N/A | 6.8B | 212.6B |
| Avg. Price | 0.00 | N/A | 42.10 | 1,436.56 |
| Year-End Price | 0.00 | N/A | 47.15 | 1,436.56 |
Sandisk Corp passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 17.7%.
Sandisk Corp (SNDK) has a debt-to-equity ratio of 0.20. This indicates a conservatively financed balance sheet.
Sandisk Corp (SNDK) reported earnings per share (EPS) of $-11.32 in its most recent fiscal year.
Sandisk Corp (SNDK) has a return on equity (ROE) of -16.2%. A negative ROE may indicate losses or negative equity.
Sandisk Corp (SNDK) has a 5-year average gross margin of 17.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 3 years of financial data for Sandisk Corp (SNDK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Sandisk Corp (SNDK) has a book value per share of $63.57, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects data center to become the largest NAND market in 2026, driven by substantial cloud infrastructure investments and AI workload deployment across hyperscalers, edge, and enterprise customers. The company has signed five multi-year business model agreements with major customers that account for over one-third of fiscal 2027 bit growth, with durations extending up to five years, providing demand visibility and pricing that reflect the value of its technology investments. Management anticipates demand to exceed supply through calendar year 2026 and beyond, supporting continued pricing strength and margin expansion, while the company plans to grow supply in line with market demand through nodal transitions and capacity optimization rather than greenfield fab construction. The company is launching QLC-based Stargate solutions for revenue in the fourth quarter and expects high-bandwidth flash technology to be available by the second half of calendar 2026, with product samples including controllers in the first half of 2027, positioning the portfolio to capture emerging AI inference storage opportunities.
Based on recent SEC filings and earnings calls, Sandisk Corp (SNDK) has provided the following forward guidance: Revenue: $7,750 million–$8,250 million (Q4 FY2026); Non-GAAP Gross Margin: 79%–81% (Q4 FY2026); Non-GAAP Interest and Other Income: $10 million–$30 million (Q4 FY2026); Non-GAAP Tax Expenses: $775 million–$875 million (Q4 FY2026); Non-GAAP EPS: $30–$33 (Q4 FY2026).