Sandisk key statistics and ratios

In fiscal 2026, Sandisk had return on equity of 91.6%, an operating margin of 61.2%, debt equal to 0.0% of equity and a current ratio of 2.29. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Sandisk: financial ratios, annual
Fiscal year	2023Jun 2023	2024Jun 2024	2025Jun 2025	2026Jul 2026	LTMOct 2026
Gross margin	7.1%	16.1%	30.1%	71.5%	80.0%
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%
Return on equity	−18.7%	−6.0%	−16.2%	91.6%	114.7%
Return on assets	—	−5.0%	−12.4%	64.4%	80.4%
Asset turnover	—	0.49	0.56	1.14	1.20
Current ratio	—	1.67	3.56	2.29	2.58
Debt to equity	0.0%	0.0%	20.6%	0.0%	0.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	169.7x	—
Effective tax rate	—	—	—	12.2%	12.6%
R&D as % of revenue	19.2%	15.9%	15.4%	6.6%	4.8%
SG&A as % of revenue	9.2%	6.8%	7.8%	3.3%	2.5%
Capital spending as % of revenue	3.6%	2.5%	2.8%	0.9%	0.6%
Free cash flow ÷ net income	—	—	—	100.5%	89.4%
Dividends and buybacks ÷ free cash flow	—	—	—	39.4%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Sandisk: financial ratios, quarterly
Quarter	2025 Q2Dec 2024	2025 Q3Mar 2025	2025 Q4Jun 2025	2026 Q1Oct 2025	2026 Q2Jan 2026	2026 Q3Apr 2026	2026 Q4Jul 2026	2027 Q1Oct 2026
Gross margin	32.3%	22.5%	26.2%	29.8%	50.9%	78.4%	84.6%	85.0%
Operating margin	10.4%	−111.0%	0.9%	7.6%	35.2%	69.1%	78.5%	79.6%
Net margin	5.5%	−114.0%	−1.2%	4.9%	26.5%	60.8%	77.0%	73.4%
Free-cash-flow margin	2.5%	−1.1%	2.6%	19.0%	32.4%	50.3%	79.0%	57.2%
Current ratio	2.38	3.70	3.56	3.29	3.11	4.78	2.29	2.58
Debt to equity	—	21.3%	20.1%	14.4%	5.9%	0.0%	0.0%	—
R&D as % of revenue	14.9%	16.8%	15.0%	13.7%	10.8%	5.7%	3.9%	3.5%
SG&A as % of revenue	7.6%	8.2%	8.5%	7.8%	4.6%	2.7%	2.2%	1.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Sandisk's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Sandisk.