Sandisk Corp (SNDK)
🔔 Watch stock
When Western Digital spun its memory division Sandisk off to the stock exchange in February 2025, hardly anyone wanted it: the market pushed the company below its book value, Sandisk had to write off $1.8 billion of goodwill in the spin-off quarter, and the former parent quickly passed its stake along. 14 months later the same company sits at about $400 billion of market value and shows up in our value scanner built on Joel Greenblatt's Magic Formula. We read the annual report (10-K) and the quarterly reports (10-Q): a 251 percent revenue jump that comes almost entirely from the price per gigabyte, a $41.6 billion order backlog — and a joint-venture corset with Kioxia that works against Sandisk in a downturn. Not investment advice — just a cross-examination of the inner know-it-all who claims all of this was foreseeable.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($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 |
- 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.
Assessment: Opportunities & Risks
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).
$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.
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.
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.
$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).
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.
- 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.
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.
| IPO Year | 2025 |
|---|---|
| Next Earnings | 13. Aug 2026 |
Chart
Data as of: July 2, 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.