# Sandisk Corporation (SNDK)

> Source: Nexqual · https://nexqual.com/SNDK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Sandisk Corporation (SNDK), nexqual.com/SNDK" · informational, not investment advice.

**Price:** USD 1,260.93 (-8.51% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1,378.22 · day 1,244.6–1,355 · 52w 146–2,354.39 · market cap $182B · NMS

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $20.2B, net income $11.4B (56.5% margin), free cash flow $11.5B (SEC filings).
- Valuation: P/E 15.9x (avg 16.5x at the last 1 fiscal year-ends), EV/EBITDA 14.2x, net cash $4.76B.
- 2 of 80 tracked superinvestors hold SNDK (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.08 on a 1–5 scale) (25 analysts), mean target USD 2,173 (range 1,000–3,600).
- Total return with dividends: 1Y +654.8% vs S&P 500 +14.9%; 5Y +3340.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 46.27, revenue estimate $10.7B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|
| Revenue | $6.09B | $6.66B | $7.36B | $20.2B | $20.2B |
| Gross profit | $430M | $1.07B | $2.21B | $14.5B | — |
| Operating income | -$2.04B | -$468M | -$1.38B | $12.4B | $12.4B |
| Net income | -$2.14B | -$672M | -$1.64B | $11.4B | $11.4B |
| EPS (diluted) | -$14.78 | -$4.63 | -$11.32 | $73.76 | — |
| Free cash flow | -$932M | -$475M | -$120M | $11.5B | $11.5B |
| Gross margin | 7.1% | 16.1% | 30.1% | 71.5% | — |
| Operating margin | -33.4% | -7.0% | -18.7% | 61.2% | 61.2% |
| Net margin | -35.2% | -10.1% | -22.3% | 56.5% | 56.5% |
| Revenue growth | — | +9.5% | +10.4% | +175.3% | — |
| Cash + short-term investments | $292M | $328M | $1.48B | $4.76B | — |
| Total debt | — | $0K | $1.85B | $0K | — |
Fiscal years end Jul. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/E 15.9x · P/S 9.0x · EV/EBITDA 14.2x · EV/Sales 8.8x · P/FCF 15.9x · P/B 11.6x · FCF yield 6.31% · Earnings yield 6.27% · Net cash $4.76B · EV $177B
P/E at fiscal year-ends: Jul 2026 16.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold SNDK. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 0.01% | $1.3M | New position |
| Polen Capital | Polen Capital Management | <0.01% | $439K | Reduced -57.4% |

## Analysts
Consensus Buy (mean 2.08 on a 1–5 scale), 25 analysts; mean target USD 2,173 (low 1,000, high 3,600).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-06 | Mizuho | Target raised | Outperform | $1875 → $2050 |
| 2026-09-22 | Rosenblatt | Initiated | Buy | $2400 |
| 2026-08-25 | Mizuho | Target lowered | Outperform | $1900 → $1875 |
| 2026-08-14 | RBC Capital | Target raised | Sector Perform | $1300 → $1600 |
| 2026-08-14 | Wells Fargo | Target raised | Equal-Weight | $1400 → $1550 |
| 2026-08-14 | Wedbush | Reiterated | Outperform | $2000 |
| 2026-08-14 | Cantor Fitzgerald | Reiterated | Overweight | $2900 |
| 2026-08-10 | Argus Research | Upgrade | Hold → Buy |  |
| 2026-08-06 | RBC Capital | Target raised | Sector Perform | $1000 → $1300 |
| 2026-08-06 | Wells Fargo | Target lowered | Equal-Weight | $1620 → $1400 |
| 2026-08-06 | Citigroup | Target lowered | Buy | $2500 → $2100 |
| 2026-08-06 | Evercore ISI Group | Target lowered | Outperform | $3100 → $2800 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2025-02-10) |
|---|---|---|
| Total return | +654.8% | +3340.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +660.1% | +705.0% |
| Volatility (annualized) | 112.0% | 101.7% |
| Max drawdown | -56.5% (Jun 2026→Jul 2026) | -45.1% (Mar 2025→Mar 2025) |

## Peers (Computer Hardware)
ANET (Arista Networks, Inc.) USD 171.07 -7.19% · STX (Seagate Technology Holdings PLC) USD 642.14 -7.86% · WDC (Western Digital Corporation) USD 354.19 -6.43% · DELL (Dell Technologies Inc.) USD 452.95 -6.78% · P (Everpure, Inc.) USD 121.2 -7.43% · HPQ (HP Inc.) USD 33.76 +7.79%

## More
Full page: https://nexqual.com/SNDK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SNDK's own 10-K filed 2026-08-17 (https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Kioxia | "All of our flash-based memory is obtained from our joint ventures with Kioxia, which provide us with leading-edge, high-quality flash memory wafers." |
| Supplier | JCET Management | "Our assembly and test operations comprise in-house assembly and test facilities located in Penang, Malaysia, facilities operated by other contract manufacturers, and the assembly and test facility owned and operated by S…" |
| Related party | Western Digital (WDC) | "Additional information regarding our outstanding notes due to (from) Western Digital Corporation is included in Part II, Item 8., Note 10, Related Parties and Related Commitments and Contingencies of the Notes to Consoli…" |
| Competitor | Micron Technology (MU) | "We compete with vertically-integrated suppliers such as Kioxia, Micron Technology, Inc., Samsung Electronics Co., Ltd., SK Hynix, Inc., Yangtze Memory Technologies Co., Ltd. and numerous smaller companies that assemble f…" |
| Competitor | Samsung Electronics | "We compete with vertically-integrated suppliers such as Kioxia, Micron Technology, Inc., Samsung Electronics Co., Ltd., SK Hynix, Inc., Yangtze Memory Technologies Co., Ltd. and numerous smaller companies that assemble f…" |
| Competitor | SK hynix | "We compete with vertically-integrated suppliers such as Kioxia, Micron Technology, Inc., Samsung Electronics Co., Ltd., SK Hynix, Inc., Yangtze Memory Technologies Co., Ltd. and numerous smaller companies that assemble f…" |

Other companies that name SNDK in their own reports (relationship from SNDK's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Silicon Motion Technology CORP (SIMO) | 20-F 2026-04-30 | "Our controllers are also designed to support the majority of the latest and next generations of NAND flash components manufactured by vendors such as Kioxia, Micron, Samsung, SK Hynix (and Hynix's sub…" |
| supplier | Adeia Inc. (ADEA) | 10-K 2026-02-26 | "These agreements are typically for specified periods of time, and our customers include Kioxia, Micron, Samsung, SanDisk, SK Hynix, Sony, ST Microelectronics, and UMC." |

## Revenue by product line (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Edge | $5.43B | 60.6% | +392.5% |
| Datacenter | $2.98B | 33.2% | +1297.7% |
| Consumer | $556.0M | 6.2% | -5.0% |
| Total revenue | $8.96B | 100% | — |

## Customer concentration

Period ended 2026-07-03: 10% of revenue from unnamed direct customers (10-K, filed 2026-08-17).

## Company outlook (8-K filed 2026-08-05)

- "The Company's Non-GAAP operating expenses guidance excludes stock-based compensation expense, totaling approximately $54 million to $74 million."
- "Non-GAAP diluted net income per share guidance excludes these items totaling $59 million to $81 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $46.27 | $43.80 | +5.6% | $10.68B | 18 |
| Next quarter (ends 2026-12-31) | $52.94 | $52.46 | +0.9% | $12.21B | 18 |
| Current fiscal year (ends 2027-06-30) | $214.82 | $212.60 | +1.0% | $49.14B | 22 |
| Next fiscal year (ends 2028-06-30) | $266.30 | $248.42 | +7.2% | $58.44B | 21 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±12.3%; last 6 reports averaged ±9.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 101.9% | ±12.3% |
| 2026-11-06 | 14 | 89.1% | ±14.7% |
| 2026-11-13 | 21 | 82.9% | ±16.6% |
| 2026-11-20 | 28 | 79.9% | ±18.3% |
| 2026-11-27 | 35 | 76.0% | ±19.3% |
| 2026-12-04 | 42 | 72.9% | ±21.1% |
| 2026-12-18 | 56 | 72.1% | ±23.0% |
| 2027-01-15 | 84 | 69.8% | ±27.1% |