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US maker of NAND flash memory and storage products (SSDs, memory cards, USB drives), split off from Western Digital.
US maker of NAND flash memory and storage products (SSDs, memory cards, USB drives), split off from Western Digital.
Sells flash storage whose prices are set by industry-wide supply and demand, so results swing with the cycle. Its chips are made in joint-venture plants in Japan shared with Kioxia, so it takes a share of output rather than running the factories alone. It has been a separate company since February 2025, when Western Digital spun it off.
Moat: narrow (scale, brand, IP / patents). Long-standing NAND joint-venture manufacturing scale with Kioxia and a well-known consumer storage brand, in a cyclical commodity market.
Headquarters: Milpitas, California, US · Founded: 1988 · Employees: 11,100
Size Sandisk (SNDK) is a United States Information Technology company (Computer Peripherals) with a market value of $119B, the 109th largest of 3,117 United States companies the cockpit tracks. Shares closed at $835.06 on 6 Nov 2026.
Performance Over six months the shares fell 46.5%, against +8.5% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 7 in its peer set.
Growth Revenue grew 272.4% over the last twelve months (peer median +26.3%); the operating margin is 72.7% (peer median 33.3%).
Valuation It trades at 3.4× forward earnings against a peer median of 13.8× (cheapest of 7).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +49%, so the hurdle is -46 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 106.9 points above its cost of capital (19.8% WACC).
Backlog Backlog (remaining performance obligations) was $88.9B at 2 Oct 2026 — 3.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 3.3% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $29.0B | $20.2B | $7.36B | $6.66B | $6.09B |
| Revenue growth | — | +175% | +10% | +9% | — |
| Gross profit | $23.2B | $14.5B | $2.21B | $1.07B | $430M |
| EBITDA | $21.2B | $12.6B | $670M | -$220M | -$847M |
| Net income | $19.4B | $11.4B | -$1.64B | -$672M | -$2.14B |
| Free cash flow | $17.4B | $11.5B | $56.0M | -$475M | -$932M |
| Capital expenditure | $181M | $177M | $204M | $166M | $219M |
| Total debt | $201M | $201M | $2.07B | $996M | n/a |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sandisk SNDK | $119B | -47% | +272% | 73% | 3.4× | 3.5% |
| Kioxia 285A.T | $88.9B | +139% | +265% | 70% | 2.5× | -3.0% |
| SamsungElec 005930.KS | $886B | -14% | +88% | 46% | 4.0× | -7.2% |
| SK hynix 000660.KS | $608B | -12% | +220% | 74% | 3.1× | -3.1% |
| Micron Technology MU | $781B | -8% | +256% | 75% | 3.9× | 7.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SNDK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -48.1% | -29.9% | lowest of 7 |
| 6-month return | -46.5% | +8.5% | lowest of 7 |
| Distance from 52-week high | -64.5% | -34.2% | 2nd lowest of 7 |
| Revenue growth (TTM) | +272.4% | +26.3% | highest of 7 |
| Operating margin | 72.7% | 33.3% | highest of 7 |
| Forward P/E | 3.4× | 13.8× | cheapest of 7 |
| Growth the price implies (Req g, 7 yrs) | 3.5% | 22.1% | least demanding of 6 |
| Growth delivered (Del g) | +49.3% | +3.8% | highest of 6 |
| Hurdle (Req g minus delivered) | -45.8 pp | +19.4 pp | least demanding of 6 |
| ROIC minus cost of capital | +106.9 pp | +35.9 pp | 2nd highest of 6 |
| EV / EBITDA | 5.4× | 18.3× | cheapest of 6 |
| Net debt / EBITDA | -0.2× | -0.5× | 3rd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sandisk SNDK | United States | $119B | -47% | +272% | 73% | 3.4× | 3.5% | +49.3% |
| Seagate Technology STX | United States | $106B | -41% | +44% | 40% | 9.8× | 22.1% | +2.7% |
| Western Digital WDC | United States | $98.7B | -45% | +21% | 41% | 9.2× | 20.7% | -5.3% |
| Hon Hai Precision Industry 2317.TW | Taiwan | $95.6B | -3% | +25% | 4% | 10.5× | n/a | n/a |
| Arista Networks ANET | United States | $215B | +20% | +41% | 44% | 30.4× | 29.8% | +31.2% |
| NetApp NTAP | United States | $33.2B | +43% | +12% | 26% | 17.0× | 15.2% | +3.8% |
| Everpure P | United States | $32.2B | +24% | +27% | 5% | 29.6× | 58.7% | +16.8% |
Sandisk reported $88.9B of remaining performance obligations at 2 Oct 2026 and up 49% from the previous quarter. That is 3.1 years of trailing revenue already under contract. Book-to-bill last quarter: 3.64.