Information Technology · Technology Hardware, Storage & Peripherals · US stock · price as of 22 Oct 2026
Key indicators
Price
$1,260.93
52-week range
$144.82 – $2,354.39
Market cap
$195.4B
P/E (trailing)
17.0×
EV / EBITDA
15.2×
Free-cash-flow yield
5.9%
Dividend yield
–
Revenue (last 12 months)
$20.2B
Revenue growth (3y a year)
49.3%
Operating margin
61.2%
Return on invested capital
97.4%
Net debt / EBITDA
-0.4×
Fair value
Fair value (average of valid models)$1,200.95 middle half of models $939 – $1,464
Versus priceFair−5% to fair value
P/E multiple
$1,260.93
P/B multiple
$766.35
P/S multiple
$819.11
EV/EBITDA multiple
$1,369.72
EV/EBIT multiple
$1,587.24
EV/revenue multiple
$938.63
10-year DCF, EBITDA exit
$1,484.34
5-year DCF, EBITDA exit
$1,543.90
10-year DCF, revenue exit
$1,463.99
5-year DCF, revenue exit
$1,439.13
10-year DCF, growth exit
$1,097.93
5-year DCF, growth exit
$1,039.64
Earnings power value
$801.47
Model uncertainty
Medium
X-Ray Score
73/ 100 · Medium confidence · ahead of 96% of sector peers
Valuation71
Growth76
Profitability64
Financial health83
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives Sandisk Corp an X-Ray Score of 73 out of 100 (medium confidence), ahead of 96% of the S&P 500 stocks in its sector. Its strongest lens is financial health (83) and its weakest is profitability (64).
Our fair value (the average of the valid models) is $1,200.95 (range $938.63 to $1,463.99). At $1,260.93 the stock trades 5% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Sandisk Corp (SNDK)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2023
FY2024
FY2025
FY2026
Now
Price
–
–
$47.15
$1,745.00
$1,260.93
Market cap
–
–
$6.8B
$270.5B
$195.4B
P/E
–
–
–
23.7×
17.0×
EV / revenue
–
–
1.0×
13.1×
9.4×
EV / EBITDA
–
–
–
21.2×
15.2×
Price / free cash flow
–
–
–
23.5×
17.0×
Free-cash-flow yield
–
–
−1.8%
4.2%
5.9%
Price / book
–
–
0.7×
17.2×
12.4×
Dividend yield
–
–
–
–
–
Fundamentals checklist ● 11 Good · ● 2 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.1%Bad
Free-cash-flow yield5.9%Good
Risk models
Altman Z score9.6×Good
Piotroski F-Score7 of 9Good
Growth
Revenue growth (3y)49.3%Good
Growth consistency83%Average
Balance sheet
Current ratio2.3×Good
Net debt / EBITDA-0.4×Good
Interest coverno interest costGood
Valuation
Fair value vs price1.0×Average
EBIT / EV yield6.5%Good
Profitability
Return on invested capital97.4%Good
Operating margin61.2%Good
Gross profitability64.3%Good
Red flags
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Sandisk Corp (SNDK)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY23
FY24
FY25
FY26
LTM
Revenue
6,086
6,663
7,355
20,248
20,248
Gross profit
430
1,072
2,212
14,472
14,472
Operating income
-2,035
-468
-1,377
12,389
12,389
Net income
-2,143
-672
-1,641
11,433
11,433
Diluted EPS ($)
-14.78
-4.63
-11.32
73.76
74.12
Free cash flow
-932
-475
-120
11,494
11,494
Gross margin
7.1%
16.1%
30.1%
71.5%
71.5%
Operating margin
−33.4%
−7.0%
−18.7%
61.2%
61.2%
Net margin
−35.2%
−10.1%
−22.3%
56.5%
56.5%
Balance sheet
FY23
FY24
FY25
FY26
LTM
Total assets
–
13,506
12,985
22,507
22,507
Cash
292
328
1,481
4,762
4,762
Total debt
–
0
1,849
0
0
Equity
11,439
11,082
9,216
15,736
15,736
Dividend per share ($)
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Oct 2025
Jan 2026
Apr 2026
Jul 2026
Revenue ($M)
1,695
1,901
2,308
3,025
5,950
8,965
Growth vs a year earlier
−0.6%
–
+22.6%
+61.2%
+251.0%
+371.6%
Net income ($M)
-1,933
-23
112
803
3,615
6,903
Diluted EPS ($)
-13.33
–
0.75
5.15
23.03
–
XStocksXray
Sandisk Corp (SNDK)
Peers in Technology Hardware, Storage & Peripherals
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
