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Sandisk (SNDK) stock

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NASDAQ: SNDK Nasdaq Technology Hardware, Storage & Peripherals Next results ~January 28, 2027

A Fundamentals grade

Sandisk is a US-listed company in the technology hardware, storage & peripherals industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$3000

Cash-flow model

Base case. Range ~$2300–$3900 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 180% above it.

Price used: $1075.08, November 2, 2026

Sandisk valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Sandisk files

10-Q filed October 30: Sandisk

Rating: Hold to Buy Model value +66.4%

Revenue for the twelve months to October 2026 was $29.0bn, up 272.4% on a year earlier, faster than the 175.3% growth a quarter earlier. That growth ranks 3 of 22 among the technology hardware, storage & peripherals companies we cover. Free-cash-flow margin rose to 59.9% from 6.6% a year earlier. Operating margin widened to 72.5% from -19.2%. The diluted share count is up 7.0% on a year earlier, which dilutes existing holders. Its fundamentals grade moves from B+ to A. Our model value rises from $1,691 to $2,815 a share, against a share price of $1,151. The rating changes from Hold to Buy.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Sandisk stands after its latest 10-K

Revenue for the twelve months to July 2026 was $20.2bn, up 175.3% on a year earlier, faster than 82.8% a quarter earlier. That growth ranks 1 of 9 among the technology hardware, storage & peripherals companies we cover. Free-cash-flow margin rose to 56.8% from -1.6% a year earlier. Operating margin widened to 61.2% from -18.7%. The diluted share count is up 6.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 6 of our 6 financial-health checks. Our cash-flow model value is $898 a share, against a share price of $1,383.

10-K on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Sandisk's trailing-twelve-month revenue grew 272.4% year on year, with a free-cash-flow margin of 59.9%. Where it stands out: operating margin of 72.5% ranks 1 of 26 technology hardware, storage & peripherals companies we cover. Where it lags: days sales outstanding of 83 days ranks 20 of 23 technology hardware, storage & peripherals companies we cover.

Our discounted-cash-flow model values the business at ~$3000 per share in the base case (~$2300–$3900 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 272.4% (+97.1pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $1,075.08 is 180% below our value per share of $3,000.
  • Fast growth. Revenue grew 272.4% over the last 12 months, against a median of 11.3% for technology hardware, storage & peripherals companies we cover.
  • Growth speeding up. The growth rate is 97.1 points higher than a quarter earlier.
  • High operating margin. 72.5% of revenue is left as operating profit, against a median of 5.3% for technology hardware, storage & peripherals companies we cover.
  • Margins widening. Operating margin is up 91.6 points on a year ago.

Things to watch

  • Share dilution. Diluted shares rose 7.0% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 113% and a beta of 4.1 against the S&P 500.
  • Insiders selling. 7 insiders sold $134M of stock over the past 365 days and none bought (92% under pre-set trading plans).
  • Below peers: days sales outstanding. Days sales outstanding of 83 days ranks 20 of 23 technology hardware, storage & peripherals companies we cover (median 54 days).

Latest results: FY2027 Q1

Filed October 30, 2026
Earnings per share
$49.51 against an average estimate of $46.41: beat by 6.7%
Revenue
$11.03bn, up 377.9% on a year earlier
Share reaction
-18.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $10.3bn to $10.8bn (first quarter 2027); non-GAAP diluted net income per share $44 to $46 (first quarter 2027)
Next report
October 29, 2026; average EPS estimate $53.35

Sandisk's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-6.6%
  • 1 week-14.4%
  • 1 month-37.5%
  • This year+352.9%
  • 1 year+439.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$29B
Operating margin
72.5%
Net margin
67.0%
EPS (TTM, diluted)
$124.30

Growth

Revenue growth
+272.4%
Change in growth rate
+97.1 pts
Share count change
+7.0%

Cash

Free cash flow (TTM)
$17.4B
FCF margin
59.9%
Stock pay % of revenue
0.9%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Insider trade
  4. Insider trade
  5. Leadership
  6. Insider trade
  7. Insider trade
  8. Agreement
  9. Results
  10. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Sandisk valuation models and calculator

What the price is pricing in

The share price implies about 2.2% a year of cash-flow growth for five years.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in2.2%
  • Last 12 months272.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($1152.04, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$3000
Price used
$1152.04close November 3, 2026
Implied change
▲ +161%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Sandisk's free cash flow after stock-based pay with after-tax interest added back ($9.6B, FY2027 Q1 TTM), growing 58.3% and 15% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$2300–~$3900 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Sandisk's free cash flow after stock-based pay ( $9.6B, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Sandisk as an operating company, with every model that fits that kind of business. Cost of equity 11.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.36 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$3000 ~$2300–$3900 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1800 ~$1200–$2300 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3100 ~$2300–$4300 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$470 ~$420–$540 Left out: far from the other models (more than 3x away from their median)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2700 ~$1800–$3100 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Sandisk with Technology Hardware, Storage & Peripherals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $994$1336$1790$2388$3168$4176
8.5% $769$1017$1344$1772$2328$3044
10% $633$825$1077$1405$1828$2371

Valuation multiples over time Market data may be delayed

At fiscal year end 20252026Now
Share price$47.15$1745.00$1075.08
Market value$6.8bn$270.5bn$168.0bn
+ Net debt (− = net cash)$419m−$4.8bn−$5.1bn
Enterprise value$7.3bn$265.7bn$162.8bn
Multiples
Price / sales 0.9x13.4x5.8x
Price / earnings —23.7x8.6x
Price / free cash flow —23.5x9.7x
EV / EBITDA —21.2x7.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $215.42 +204% $49.3bn +143%
Next $266.30 +24% $58.4bn +19%

Next year's EPS estimate has moved +4.2% in 90 days, across 21 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.2% on 90 days ago. In the last 30 days, 1 analyst raised Sandisk's forecast and 0 cut it.

Consensus EPS forecast Sandisk, last 90 days
$200.00 $220.00 $240.00 $260.00 $280.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $212.95 Current fiscal year, 60 days ago: $214.10 Current fiscal year, 30 days ago: $213.90 Current fiscal year, 7 days ago: $214.82 Current fiscal year, Now: $215.42 $215.42 Next fiscal year, 90 days ago: $255.63 Next fiscal year, 60 days ago: $264.72 Next fiscal year, 30 days ago: $263.49 Next fiscal year, 7 days ago: $266.30 Next fiscal year, Now: $266.30 $266.30

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $212.95$255.63
60 days ago $214.10$264.72
30 days ago $213.90$263.49
7 days ago $214.82$266.30
Now $215.42$266.30

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $46.41 $49.51 +6.7%
Jun 2026 $34.52 $39.25 +13.7%
Mar 2026 $14.66 $23.41 +59.7%
Dec 2025 $3.54 $6.20 +75.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Revenue first quarter 2027 $10.3bn to $10.8bn
    “Expect first quarter 2027 revenue to be in the range of $10.30 billion to $10.80 billion, with expected Non-GAAP diluted net income per share to be in the range of $44.00 to $46.00.” source
  • Non-GAAP diluted net income per share first quarter 2027 $44.00 to $46.00 Non-GAAP
    “Expect first quarter 2027 revenue to be in the range of $10.30 billion to $10.80 billion, with expected Non-GAAP diluted net income per share to be in the range of $44.00 to $46.00.” source
  • Gross Margin Fiscal First Quarter of 2027 83% to 84.9% GAAP
    “Gross Margin 83.0% - 84.9% 83.0% - 85.0%” source
  • Gross Margin Fiscal First Quarter of 2027 83% to 85% Non-GAAP
    “Gross Margin 83.0% - 84.9% 83.0% - 85.0%” source
  • Operating Expenses Fiscal First Quarter of 2027 $574m to $614m GAAP
    “Operating Expenses $574 - $614 $520 - $540” source
  • Operating Expenses Fiscal First Quarter of 2027 $520m to $540m Non-GAAP
    “Operating Expenses $574 - $614 $520 - $540” source
Show 2 more items
  • Tax Expense Fiscal First Quarter of 2027 about 15% Non-GAAP
    “Tax Expense (2) N/A 15.0%” source
  • Diluted Shares Outstanding Fiscal First Quarter of 2027 about 155m
    “Diluted Shares Outstanding ~ 155 ~ 155” source

How earlier guidance turned out

  • Gross Margin, Fiscal First Quarter of 2027 guided 83% to 84.9% Above range: 85.014958%
  • Revenue, first quarter 2027 guided $10.3bn to $10.8bn Above range: $11.031bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Sandisk's revenue by +58.3% next year and +15.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+78.0%, weight 70%) and the company's own record (+13.0%, weight 30%) . How the weights are set.

Analyst recommendations

25 analysts, Oct 2026
Buy2184%
Hold312%
Sell14%

Monthly trend

  1. Oct 2026417325
  2. Sep 2026417325
  3. Aug 2026416324
  4. Jul 2026315423

Counts of recommendations published by analysts covering Sandisk, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.3%
of tradable shares
Days to cover
0.55
at average volume
Short interest, 1 month
−16%
to October 15, 2026
Held by institutions
83%
of shares
Held by insiders
1.1%
of shares
Employees
11,100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +439.3%

$199.33 on October 31, 2025 to $1075.08

ThenNowEffect
Revenue (last 12 months) $7.4bn $20.2bn +175.3%
P/S multiple 3.9x 8.2x +109.4%
Share count 145m 155m −6.5%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 2026 to date
Return
SNDK+353%
Industry peers (median)+4%
S&P 500+11%
Months that ended higher
SNDK64%
S&P 50046%
Largest fall from a high during the year
SNDK−57%
S&P 500−9%

Worst fall since February 13, 2025: 57% from June 25, 2026 to July 29, 2026. Getting back needed a 130% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$194.38 – $2335.00
From 52-week high
−54.0%
vs 50-day average
−30.5%
vs 200-day average
−14.8%
Volatility (1 year)
113%
Beta vs S&P 500
4.14

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 3 down
typical move ±10.7%
After a week
4 up, 2 down
typical move ±13.4%
After a month
6 up, 0 down
typical move ±33.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −18.1% −2.1% — —
August 5, 2026 −11.8% −0.4% −5.8% +8.9%
April 30, 2026 +11.5% +1.3% +25.9% +65.5%
January 29, 2026 +9.2% −0.5% +9.2% +17.3%
November 6, 2025 +10.6% −1.0% +12.5% +4.1%
August 14, 2025 −5.3% −0.2% −3.2% +91.6%
May 7, 2025 +8.4% +1.1% +23.9% +15.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Sandisk’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.98× the last 60 days’ realised volatility , richer than 18% of the 229 stocks we screen today.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: model/market divergence under review.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Sandisk in five measures

Fundamentals grade A
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Sandisk
$0 $10B $20B $30B FY25 Q1 FY25 Q3 FY26 Q1 FY26 Q3 FY27 Q1 Revenue (TTM), FY25 Q1: $7B Revenue (TTM), FY25 Q2: $7.2B Revenue (TTM), FY25 Q3: $7.2B Revenue (TTM), FY25 Q4: $7.4B Revenue (TTM), FY26 Q1: $7.8B Revenue (TTM), FY26 Q2: $8.9B Revenue (TTM), FY26 Q3: $13.2B Revenue (TTM), FY26 Q4: $20.2B Revenue (TTM), FY27 Q1: $29B $29B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY25 Q1 $7B
FY25 Q2 $7.2B
FY25 Q3 $7.2B
FY25 Q4 $7.4B
FY26 Q1 $7.8B
FY26 Q2 $8.9B
FY26 Q3 $13.2B
FY26 Q4 $20.2B
FY27 Q1 $29B
Revenue growth, TTM YoY Sandisk
0% 100% 200% 300% FY26 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY27 Q1 Revenue growth, TTM YoY, FY26 Q1: 10.9% Revenue growth, TTM YoY, FY26 Q2: 23.6% Revenue growth, TTM YoY, FY26 Q3: 82.8% Revenue growth, TTM YoY, FY26 Q4: 175.3% Revenue growth, TTM YoY, FY27 Q1: 272.4% 272.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY26 Q1 10.9%
FY26 Q2 23.6%
FY26 Q3 82.8%
FY26 Q4 175.3%
FY27 Q1 272.4%
Operating margin (TTM) Sandisk
-50% 0% 50% 100% FY25 Q1 FY25 Q3 FY26 Q1 FY26 Q3 FY27 Q1 Operating margin (TTM), FY25 Q1: 4.4% Operating margin (TTM), FY25 Q2: 10.4% Operating margin (TTM), FY25 Q3: -16.6% Operating margin (TTM), FY25 Q4: -18.7% Operating margin (TTM), FY26 Q1: -19.2% Operating margin (TTM), FY26 Q2: -7.0% Operating margin (TTM), FY26 Q3: 40.7% Operating margin (TTM), FY26 Q4: 61.2% Operating margin (TTM), FY27 Q1: 72.5% 72.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY25 Q1 4.4%
FY25 Q2 10.4%
FY25 Q3 -16.6%
FY25 Q4 -18.7%
FY26 Q1 -19.2%
FY26 Q2 -7.0%
FY26 Q3 40.7%
FY26 Q4 61.2%
FY27 Q1 72.5%
FCF margin (TTM) Sandisk
-20% 0% 20% 40% 60% FY25 Q2 FY25 Q4 FY26 Q2 FY27 Q1 FCF margin (TTM), FY25 Q2: -5.0% FCF margin (TTM), FY25 Q3: -4.7% FCF margin (TTM), FY25 Q4: -1.6% FCF margin (TTM), FY26 Q1: 6.6% FCF margin (TTM), FY26 Q2: 16.2% FCF margin (TTM), FY26 Q3: 33.8% FCF margin (TTM), FY26 Q4: 56.8% FCF margin (TTM), FY27 Q1: 59.9% 59.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY25 Q2 -5.0%
FY25 Q3 -4.7%
FY25 Q4 -1.6%
FY26 Q1 6.6%
FY26 Q2 16.2%
FY26 Q3 33.8%
FY26 Q4 56.8%
FY27 Q1 59.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Sandisk took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $20.2B
  2. Other income $628M · 3.1%
  3. Cost of revenue $5.8B · 28.5%
  4. Gross profit $14.5B · 71.5%
  5. Research and development $1.3B · 6.6%
  6. Selling, general and admin $676M · 3.3%
  7. Operating income $12.4B · 61.2%
  8. Income tax $1.6B · 7.8%
  9. Net income $11.4B · 56.5%

Shares of revenue. Source: Sandisk's 10-K for FY2026, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2023 Jun 2023 2024 Jun 2024 2025 Jun 2025 2026 Jul 2026 LTM Oct 2026
Income
Revenue 6.1 6.7 7.4 20.2 29.0
Gross profit 0.4 1.1 2.2 14.5 23.2
EBITDA −1.6 −0.2 −1.2 12.5 21.1
Operating income −2.0 −0.5 −1.4 12.4 21.0
Net income −2.1 −0.7 −1.6 11.4 19.4
Diluted EPS −$14.78 −$4.63 −$11.32 $73.76 $124.30
Growth (year on year)
Revenue — +9.5% +10.4% +175.3% +272.4%
Margins
Gross margin 7.1% 16.1% 30.1% 71.5% 80.0%
EBITDA margin −26.1% −3.7% −16.5% 61.9% 73.0%
Operating margin −33.4% −7.0% −18.7% 61.2% 72.5%
Net margin −35.2% −10.1% −22.3% 56.5% 67.0%
Free-cash-flow margin −15.3% −7.1% −1.6% 56.8% 59.9%
Cash flow
Cash from operations −0.7 −0.3 0.1 11.7 17.5
Capital spending 0.2 0.2 0.2 0.2 0.2
Free cash flow −0.9 −0.5 −0.1 11.5 17.4
Stock-based pay 0.2 0.1 0.2 0.2 0.3
Free cash flow after stock pay −1.1 −0.6 −0.3 11.3 17.1
Balance sheet
Cash 0.3 0.3 1.5 4.8 5.1
Total debt 0.0 0.0 1.9 0.0 0.0
Net debt (negative = net cash) −0.3 −0.3 0.4 −4.8 −5.1
Diluted shares 145m 145m 145m 155m 156m
Returned to shareholders
Buybacks — 0.0 0.0 4.5 —
Total returned — 0.0 0.0 4.5 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · October 2, 2026
What it owns · $25.8bn
Short-term assets $15.4bnLonger-term assets $10.4bn
What it owes, and who funded it · $25.8bn
Short-term liabilities $6.0bnLonger-term liabilities $1.7bnShareholders' equity $18.1bn
  • Short-term assets cover short-term liabilities $15.4bn of assets due within a year against $6.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $15.4bn short-term assets against $1.7bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $21.0bn against $35m of interest.

From Sandisk's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$4.5B
Diluted share count
+7.0%
year over year
R&D spending
4.8%
of revenue
Sales & admin spending
2.5%
of revenue
Days sales outstanding
83 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in technology hardware, storage & peripherals
Last 12 months unless stated SNDK SMCI HPE WDC HPQ STX Median
Revenue, last 12 months $29.0bn $39.1bn $41.9bn $14.5bn $59.2bn $13.8bn $3.9bn
Revenue growth, last 12 months 272.4% 77.8% 26.6% 43.0% 8.1% 44.4% 11.3%
Revenue growth, 3-year average — 76.3% 12.2% 57.4% 2.7% 26.6% 2.7%
Revenue growth, latest quarter 377.9% 93.2% 33.7% 55.5% 12.5% 61.0% 22.0%
Gross margin 80.0% 10.8% 31.4% 52.6% 19.9% 50.4% 34.7%
Operating margin 72.5% 7.1% 6.2% 39.4% 5.4% 39.6% 4.1%
Operating margin, 3-year average 19.2% 7.0% 4.6% 22.9% 6.2% 25.3% 4.2%
Net margin 67.0% 5.7% 6.7% 69.2% 4.1% 31.9% 2.0%
Cash from operations / revenue 60.6% −17.4% 16.0% 33.6% 7.9% 35.0% 6.3%
Free-cash-flow margin 59.9% −17.8% 9.9% 29.6% 6.6% 30.1% 3.0%
Free-cash-flow margin, 3-year average — −9.4% 6.7% 15.8% 6.1% 17.2% 4.7%
Stock pay / revenue 0.9% 1.1% 1.9% 1.6% 0.8% 1.6% 1.9%
Change in share count 7.0% 11.0% −2.6% 5.8% −2.9% 5.0% 1.4%

Median of all 27 companies we cover in technology hardware, storage & peripherals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

27 technology hardware, storage & peripherals companies
Measure Company Peer median Rank
Revenue growth Growth 272.4% 11.3% 3 of 27
Change in growth rate Growth +97.1pp +5.0pp 2 of 27
Gross margin Profitability 80.0% 41.2% 2 of 22
Operating margin Profitability 72.5% 5.3% 1 of 26
Net margin Profitability 67.0% 2.0% 2 of 27
Free-cash-flow margin Cash generation 59.9% 3.6% 1 of 26
Stock pay as % of revenue Cash generation 0.9% 1.9% 8 of 27
Long-term debt as % of assets Balance sheet 0.0% 18.6% 1 of 16
Change in share count Balance sheet 7.0% 1.4% 21 of 27
Days sales outstanding Balance sheet 83 days 54 days 20 of 23

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to July 3, 2026
Products and services
Line of business Revenue Share YoY
Edge $12.2B 60.1% ▲ 194.6%
Datacenter $5.2B 25.4% ▲ 436.8%
Consumer $2.9B 14.5% ▲ 29.4%
Geography
Region Revenue Share YoY
Hong Kong $5.1B 25.3% ▲ 294.0%
Rest of Asia $4.6B 22.8% ▲ 313.3%
China $4.5B 22.2% ▲ 120.7%
United States $3.7B 18.3% ▲ 156.7%
EMEA $1.7B 8.6% ▲ 35.3%
Other Geographical $561M 2.8% ▲ 228.1%

From Sandisk's 10-K filed August 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$249B
Institutions reporting
1,810
Shares held vs prior quarter
▼ 2.5%
Positions opened / closed
717 / 90

Top buyers and sellers, Q2 2026: 1,237 institutions bought and 551 sold ; the biggest buyer was Invesco Ltd (+4.4M shares) and the biggest seller FMR LLC (−5.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $23.4B 10.3M 9.4% ▼ 1.0%
Vanguard Capital Management LLC $22B 9.7M 8.8% ▲ 1.5%
FMR LLC $17.9B 7.9M 7.2% ▼ 41.3%
State Street Corp $13.5B 5.9M 5.4% ▲ 6.3%
Invesco Ltd. $12.8B 5.6M 5.1% ▲ 381.5%
Geode Capital Management, LLC $8.2B 3.6M 3.3% ▼ 14.7%
Jpmorgan Chase & Co $8.1B 3.9M 3.2% ▲ 175.8%
Vanguard Portfolio Management LLC $8B 3.5M 3.2% ▼ 1.7%
Clear Street Group Inc. $6.8B 3.0M 2.7% ▲ 143.6%
Situational Awareness LP $5.7B 2.5M 2.3% ▲ 118.9%
Morgan Stanley $5.5B 2.4M 2.2% ▼ 15.4%
Arrowstreet Capital, Limited Partnership $4.9B 2.2M 2.0% ▼ 23.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Sandisk's complete shareholder register. Values are as reported by the filers ; 13 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $134M 76 trades by 7 insiders · 92% under pre-set plans
Net ▼ $134M net selling
Insider Date Trade Shares Price Value
Shek Bernard Chief Legal Officer and Secty October 1, 2026 Sell pre-set plan 600 $1734.94 $1M
Goeckeler David Chairman & CEO September 17, 2026 Sell pre-set plan 165 $1587.00 $261,855
Goeckeler David Chairman & CEO September 17, 2026 Sell pre-set plan 1,520 $1585.85 $2.4M
Goeckeler David Chairman & CEO September 17, 2026 Sell pre-set plan 1,080 $1583.80 $1.7M
Goeckeler David Chairman & CEO September 17, 2026 Sell pre-set plan 1,480 $1580.25 $2.3M
Goeckeler David Chairman & CEO September 17, 2026 Sell pre-set plan 640 $1579.40 $1M
Goeckeler David Chairman & CEO September 17, 2026 Sell pre-set plan 2,876 $1578.34 $4.5M
Goeckeler David Chairman & CEO September 17, 2026 Sell pre-set plan 4,139 $1576.82 $6.5M
Goeckeler David Chairman & CEO September 17, 2026 Sell pre-set plan 2,778 $1575.58 $4.4M
Goeckeler David Chairman & CEO September 17, 2026 Sell pre-set plan 2,588 $1574.57 $4.1M
Goeckeler David Chairman & CEO September 17, 2026 Sell pre-set plan 306 $1573.15 $481,385
Goeckeler David Chairman & CEO September 17, 2026 Sell pre-set plan 1,157 $1572.60 $1.8M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 25 trades and filings

In the last 12 months, 2 members of Congress disclosed 3 purchases and 0 sales of Sandisk shares.

  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded May 7, 2026, filed June 3, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 13, 2026, filed April 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 5, 2026
  • April 30, 2026
  • January 29, 2026
  • November 6, 2025
  • August 14, 2025

Recent SEC filings

Data status

When each part of this page on Sandisk was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Sandisk in brief

What does Sandisk do?
Sandisk is a US-listed company in the technology hardware, storage & peripherals industry. Its financial year ends in June.
What is Sandisk's stock ticker?
Sandisk trades under the ticker SNDK on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Sandisk's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Sandisk reported revenue of $29B, 272.4% higher than a year earlier, according to its SEC filings.
What is Sandisk's free cash flow?
Sandisk's free-cash-flow margin is 59.9% of revenue over the trailing twelve months, ranking 1 of the 26 technology hardware, storage & peripherals companies we cover.
What is Sandisk's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Sandisk's free cash flow after stock-based pay gives ~$3000 per share in the base case, and ~$2300–$3900 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Sandisk's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Sandisk's market cap?
On November 2, 2026, Sandisk's market capitalisation was about $168B, with a price-to-earnings ratio of 8.6 and net debt of -$5.1B. Market figures come from third-party market data and may be delayed.
Who are Sandisk's competitors?
In our Technology Hardware, Storage & Peripherals peer group, the companies closest to Sandisk are Supermicro, Hewlett Packard Enterprise, Western Digital, HP Inc. and Seagate Technology. The side-by-side comparison below sets their revenue, margins and growth against Sandisk's.
Are insiders buying or selling Sandisk stock?
Over the last 12 months, Sandisk's directors and officers reported 0 open-market purchases and 76 sales on Form 4. The insider trading page charts every trade.
When is Sandisk's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Sandisk announces its own schedule.