Sandisk Corp (SNDK)
Information Technology · Technology Hardware, Storage & Peripherals · US stock · S&P 500 component
$1,260.93
▼ -117.29 (8.51%)
Fair valueFair
$1,201 −4.8% to fair value
$600fair band $1,022–$1,456$1,801
Day's range
$1,244.60 – $1,355.00
52-week range
$144.82 – $2,354.39
Red flags⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution
About Sandisk Corp
Sandisk develops and sells flash memory storage products, including solid state drives for data centers, personal computers and mobile devices, as well as memory cards and USB drives for consumers. Revenue comes from selling these products to device makers, cloud operators, distributors and retailers. The business is cyclical, because prices for memory chips move with supply and demand across the electronics industry.
Sandisk Corp generated $20.2 billion in revenue during the last twelve months. The three-year revenue growth rate is 49.3% a year. Operating margin stands at 61.2%, showing profit left after running costs. Return on invested capital stands at 97%. Net debt to EBITDA is -0.4 times, which means the company holds more cash than debt. No dividend is paid to shareholders. The X-Ray Score is 73 out of 100.
SNDK news
All SNDK news →Price chart
52-wk range $144.82 – $2,354.39Volume 10,331,025Daily, split-adjusted
Vitals
Market cap$195.4B
52-week range$144.82 – $2,354.39
Volume (last day)10,331,025
P/E (TTM)17.0
EBIT / EV yield6.5%
Free-cash-flow yield5.9%
Dividend yieldNo dividend
Revenue (TTM)$20.2B
Net income (TTM)$11.4B
Operating margin61.2%
Return on capital97.4%
Debt incl. leases$201M
Cash & securities$4.8B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$1,201middle half of models $939 – $1,464
Fair
−4.8% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $1,261
Undervalued < $1,022Fair $1,022 – $1,456Overvalued > $1,456
P/E multiple
$1,261
P/B multiple
$766
P/S multiple
$819
EV/EBITDA multiple
$1,370
EV/EBIT multiple
$1,587
EV/revenue multiple
$939
10-year DCF, EBITDA exit
$1,484
5-year DCF, EBITDA exit
$1,544
10-year DCF, revenue exit
$1,464
5-year DCF, revenue exit
$1,439
10-year DCF, growth exit
$1,098
5-year DCF, growth exit
$1,040
Earnings power value
$801
Growth the price implies
10.7%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Strong business at a fair price
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
71/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield6.5%
Free-cash-flow yield5.9%
Fair value vs price1.0×
Growth
Strong
76/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)49.3%
Growth consistency83%
Profitability
Fair
64/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital97.4%
Operating margin61.2%
Gross profitability64.3%
Financial health
Strong
83/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA-0.4×
Interest coverNo interest cost
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
-0.6%
Mar '25
–
Jun '25
+22.6%
Oct '25
+61.2%
Jan '26
+251.0%
Apr '26
+371.6%
Jul '26
Revenue against the same quarter a year earlier. Latest quarter revenue $9.0B.
Compare with peers
SMCI Super Micro Computer,...58 STX Seagate Technology Hol...56 NTAP NetApp, Inc.54 DELL Dell Technologies Inc.53Other Technology Hardware, Storage & Peripherals companies by X-Ray Score.
SWOT analysis: Sandisk Corp
Strengthsinside the company
- Return on invested capital is 97.4%, against a median of 52.7% for industry peers.
- Operating margin of 61.2% is well above the 9.4% median of industry peers, a sign of pricing power or lower costs.
- Revenue has grown 49.3% a year over three years (median 6.4% for industry peers).
- Free cash flow equals 5.9% of the market value, which funds dividends, buybacks or debt paydown.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Revenue growth picked up to 175.3% last year from 49.3% a year over three years.
- Trades at 17.1x earnings, 41% below the 28.8x median of industry peers.
- Our Market Compass rates the backdrop for Information Technology as favourable.
Threatsvaluation and setting
- Our checks raised: Heavy dilution; Heavy dilution.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare SNDK with peers and sector
Medians of 9 Technology Hardware, Storage & Peripherals peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): AAPL 53, DELL 53, STX 56, WDC 52, HPE 45, NTAP 54.
| Metric | SNDK | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 73 | 53 | 50 |
| Valuation | 71 | 38 | 50 |
| Growth | 76 | 59 | 54 |
| Profitability | 64 | 52 | 49 |
| Financial health | 83 | 51 | 49 |
| Dividends | – | 46 | 50 |
Sector leaders: highest X-Ray Score in Information Technology
SNDK ranks #3 of 75 in Information Technology and #1 of 10 in Technology Hardware, Storage & Peripherals by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for SNDK
Each factor is rated by where SNDK stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 15 Good · 2 Average · 4 Bad of 21
Growth: 2 · 0 · 0
Profitability: 5 · 0 · 0
Financial strength: 4 · 0 · 0
Valuation: 3 · 2 · 0
Cash flow: 1 · 0 · 2
Efficiency: 0 · 0 · 2
| Factor | SNDK | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +49.3% | Good beats 95% | +9.7% | – | – |
| Revenue growth, last year | +175.3% | Good beats 98% | +13.7% | +10.4% | ▲ Better |
| Profitability | |||||
| Gross margin | 71.5% | Good beats 76% | 57.8% | 23.1% | ▲ Better |
| Operating margin | 61.2% | Good beats 95% | 20.3% | -12.9% | ▲ Better |
| Net margin | 56.5% | Good beats 95% | 17.8% | -16.2% | ▲ Better |
| Return on invested capital | 97.4% | Good beats 94% | 19.4% | – | – |
| Return on equity | 72.7% | Good beats 86% | 21.0% | -11.9% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | -0.4x | Good beats 90% | 0.8x | – | – |
| Interest cover | 169.7x | Good beats 95% | 23.0x | -16.8x | ▲ Better |
| Current ratio | 2.29 | Good beats 73% | 1.57 | 2.29 | ≈ In line |
| Piotroski F-score | 7 / 9 | Good beats 68% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 17.1x | Good beats 87% | 33.6x | – | – |
| Price / book | 12.4x | Average beats 36% | 8.3x | – | – |
| Price / sales | 9.7x | Average beats 35% | 6.9x | – | – |
| EV / EBITDA | 15.2x | Good beats 79% | 24.7x | – | – |
| Free cash flow yield | 5.9% | Good beats 84% | 3.4% | – | – |
| Cash flow | |||||
| Free cash flow margin | 56.8% | Good beats 98% | 22.3% | -4.4% | ▲ Better |
| Cash from operations / net income | 1.02 | Bad beats 17% | 1.39 | – | – |
| Accruals (lower is better) | −1.1% | Bad beats 22% | −4.4% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.1x | Bad beats 13% | 3.9x | 2.5x | ≈ In line |
| Days sales outstanding | 85 days | Bad beats 20% | 63 days | 53 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 11 Good · ● 2 Average · ● 1 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldGood
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
Revenue growth (3y)Good
Growth consistencyAverage
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 74/100.
Financials
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Revenue | $6.1B | $6.7B | $7.4B | $20.2B |
| Operating income | −$2.0B | −$468M | −$1.4B | $12.4B |
| Net income | −$2.1B | −$672M | −$1.6B | $11.4B |
| Operating cash flow | −$713M | −$309M | $84M | $11.7B |
| Operating margin | -33.4% | -7.0% | -18.7% | 61.2% |
| Free cash flow | −$932M | −$475M | −$120M | $11.5B |
| Diluted EPS | $-14.78 | $-4.63 | $-11.32 | $73.76 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
5 bullish · 1 neutral · 10 bearish
Weekly
Neutral
3 bullish · 1 neutral · 4 bearish
Monthly
Bullish
3 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 1,402.5 | Bearish |
| EMA 10 | 1,408.0 | Bearish |
| SMA 20 | 1,558.0 | Bearish |
| EMA 20 | 1,494.5 | Bearish |
| SMA 50 | 1,599.3 | Bearish |
| EMA 50 | 1,554.5 | Bearish |
| SMA 100 | 1,631.2 | Bearish |
| EMA 100 | 1,496.7 | Bearish |
| SMA 200 | 1,231.9 | Bullish |
| EMA 200 | 1,249.8 | Bullish |
Oscillators (daily)
| RSI (14) | 31.34 | Neutral |
| MACD (12, 26) | -89.88 | Bearish |
| Momentum (12) | -24.06 | Bearish |
| Stochastic %K (14) | 3.27 | Bullish |
| Williams %R (14) | -96.73 | Bullish |
| CCI (20) | -114.9 | Bullish |
Pivot points (classic, last session)
S3 1,108.3 | S2 1,176.4 | S1 1,218.7 | Pivot 1,286.8 | R1 1,329.1 | R2 1,397.2 | R3 1,439.5 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold SNDK
| ETF | Share of the fund |
|---|---|
| RPG Invesco S&P 500 Pure Growth | 6.34% |
| SCHA Schwab U.S. Small-Cap | 5.28% |
| SCHM Schwab U.S. Mid-Cap | 4.64% |
| FEPI REX FANG & Innovation Equity Premium I... | 4.09% |
| WTAI WisdomTree Artificial Intelligence and... | 4.01% |
| ESML iShares ESG Aware MSCI USA Small-Cap | 3.60% |
| COWG Pacer US Large Cap Cash Cows Growth Le... | 3.32% |
| JTEK JPMorgan U.S. Tech Leaders | 3.25% |
The eight funds with the largest weight in SNDK among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
SNDK SEC filings
DEF 14ASEC EDGAR
Proxy statement
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Entered a material agreement
10-KSEC EDGAR
Annual report
8-KSEC EDGAR
Results of operations; Other events
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.