SanDisk Corporation SNDK

Information TechnologyComputers, Phones & Household ElectronicsUnited States of America

Last close 1,075.08 USD on Nov 2, 2026, +352.9% year to date

Quant rating

Quant rating A Rank 2 of 389 in Information Technology

Growth C 241 of 389
Valuation A 1 of 389
Quality A 4 of 389
Revisions A 20 of 389
Momentum B 131 of 389

Wall Street consensus Buy (1.83)Average target 2,024.00 USD +88.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 153.0B
Enterprise value: 147.8B
52-week range: 183.19 – 2,353.00
3-year range: 29.62 – 2,353.00
Dividend yield: –
Beta (5 years): –
Shares outstanding: 142M
Next earnings: Jan 27, 2027

About the company

SanDisk Corporation is a developer, manufacturer and provider of data storage devices and solutions based on NAND flash technology and has consumer brands and franchises globally. The Company's solutions include a range of solid state drives (SSDs) embedded products, removable cards, universal serial bus (USB) drives, and wafers and components. Its broad portfolio of technology and products addresses multiple end markets of Datacenter, Edge and Consumer. Its Datacenter end market is composed primarily of products for public or private cloud environments and enterprise customers. The Company, through the Edge end market, provides original equipment manufacturer and channel customers a broad array of high-performance flash solutions across personal computer, mobile, gaming, automotive, virtual reality headsets, at-home entertainment, and industrial spaces. The Company serves the Consumer end market with a broad range of retail and other end-user products.

Growth and profitability

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	20,248	7,355	6,663	6,086	9,754	–
Revenue growth	175.3%	10.4%	9.5%	−37.6%	–	–
EPS (basic, normalized)	70.88	2.99	–	–	–	–
EPS growth	2,270.6%	–	–	–	–	–
Gross margin	71.5%	30.1%	16.1%	7.1%	33.3%	31.6%
Net margin	56.4%	−22.3%	−10.1%	−35.2%	10.9%	−0.1%
ROE	91.6%	−16.2%	−6.0%	–	–	23.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	5,136
Current ratio	2.58x
Long-term debt (mil)	0
Net debt (mil)	−5,136
Total equity (mil)	18,134
Net debt / equity	−0.28x
Net debt / EBITDA	−0.40x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	20,248	+175.3%	7.3x	12,849	+1,445.5%	11.5x	70.88	+2,270.6%	15.2x
2027	49,652	+145.2%	3.0x	40,179	+212.7%	3.7x	228.57	+222.5%	4.7x
2028	61,976	+24.8%	2.4x	49,915	+24.2%	3.0x	277.40	+21.4%	3.9x
2029	59,984	−3.2%	2.5x	46,759	−6.3%	3.2x	249.39	−10.1%	4.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	49,652	+1.6%	+7.2%	+26.7%	228.57	+5.8%	+16.1%	+43.9%
2028	61,976	+4.9%	+20.5%	+47.7%	277.40	+11.1%	+24.9%	+61.7%
2029	59,984	+12.0%	+117.8%	+172.9%	249.39	+10.4%	+155.8%	+288.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	1,695	1,901	2,308	3,025	5,950	8,965
Sales mean (mil)	–	–	–	–	1,623	1,813	2,155	2,659	4,703	8,394
Surprise	–	–	–	–	+4.4%	+4.9%	+7.1%	+13.8%	+26.5%	+6.8%
EPS reported	–	–	–	–	−0.30	0.29	1.22	6.20	23.41	39.25
EPS mean	–	–	–	–	−0.39	0.04	0.94	3.45	14.54	34.45
Surprise	–	–	–	–	+22.2%	+611.3%	+30.4%	+79.8%	+61.0%	+13.9%

Peer comparison Computers, Phones & Household Electronics

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SNDK SanDisk Corporation	153.0B	−0.40x	56.4%	8.54x	4.7x	3.9x	3.7x	3.0x
005930 Samsung Electronics Co Ltd	1.11T	−1.57x	13.3%	2.66x	4.8x	3.0x	3.1x	2.0x
AAPL Apple Inc.	4.94T	0.14x	26.8%	45.97x	35.3x	31.6x	27.6x	25.1x
DELL Dell Technologies Inc	249.7B	1.83x	5.2%	−176.16x	15.2x	13.0x	11.0x	10.0x
STX Seagate Technology Holdings PLC	136.3B	0.23x	26.1%	39.50x	14.8x	9.0x	11.7x	7.0x
WDC Western Digital Corp	126.7B	−0.10x	71.9%	13.55x	13.5x	8.2x	10.6x	6.7x
Mean		0.02x	33.3%	−10.99x	14.7x	11.5x	11.3x	8.9x
Median		0.02x	26.5%	11.04x	14.2x	8.6x	10.8x	6.8x

Technical analysis

1M−37.5%
3M−11.5%
1Y+439.3%
3Y+2,886.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, SanDisk Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	20,248	7,355	6,663	6,086	9,754	–
Cost of revenue	5,776	5,143	5,591	5,656	6,510	–
Gross profit	14,472	2,212	1,072	430	3,244	–
Selling, general & administrative expenses	676	573	455	558	666	–
Research & development	1,328	1,132	1,061	1,167	1,362	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	172	1,884	24.0	740	16.0	–
Other operating expenses	0	0	0	0	0	–
Operating income	12,296	−1,377	−468	−2,035	1,200	–
Net interest income (expense)	805	−41.0	−28.0	−10.0	−9.0	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−84.0	−61.0	−7.0	43.0	43.0	–
Net income before taxes	13,017	−1,479	−503	−2,002	1,234	–
Provision for taxes	1,594	162	169	141	170	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	11,423	−1,641	−672	−2,143	1,064	–
Extraordinary items	10.0	–	–	–	–	–
Net income	11,433	−1,641	−672	−2,143	1,064	–
EBIT, normalized	12,468	507	−480	−1,295	1,416	–
EBITDA, normalized	12,617	670	−256	−847	1,941	–
Basic EPS, normalized	70.88	2.99	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, SanDisk Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	4,762	1,481	328	292	–	–
Receivables	4,767	1,171	1,044	605	–	–
Total inventory	2,698	2,079	1,955	2,269	–	–
Prepaid expenses	133	131	–	–	–	–
Other current assets	420	224	221	234	–	–
Total current assets	12,780	5,086	3,548	3,400	–	–
Property, plant & equipment	867	833	970	1,026	–	–
Goodwill	4,994	4,999	7,207	7,212	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	1,777	–	–	–	–	–
Note receivable	949	865	1,012	1,420	–	–
Other long-term assets	1,140	1,202	769	762	–	–
Total assets	22,507	12,985	13,506	13,820	–	–
Liabilities
Accounts payable	976	766	670	626	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	970	598	619	581	–	–
Short-term debt	0	0	814	919	–	–
Current portion of long-term debt	0	20.0	–	–	–	–
Other current liabilities	3,635	43.0	20.0	48.0	–	–
Total current liabilities	5,581	1,427	2,123	2,174	–	–
Long-term debt	0	1,829	0	0	–	–
Minority interest	–	–	–	–	–	–
Other liabilities	1,190	513	301	207	–	–
Total liabilities	6,771	3,769	2,424	2,381	–	–
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.0	1.0	–	–	–	–
Additional paid-in capital	10,879	11,248	–	–	–	–
Retained earnings (accumulated deficit)	9,649	−1,784	11,534	11,782	–	–
Treasury stock	−4,537	–	–	–	–	–
Other equity	−256	−249	−452	−343	–	–
Total equity	15,736	9,216	11,082	11,439	–	–
Total liabilities & shareholders' equity	22,507	12,985	13,506	13,820	–	–

Cash flow statement in millions of USD, fiscal years

Cash flow statement, SanDisk Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	11,433	−1,641	−672	−2,143	1,064	–
Depreciation, depletion & amortization	149	163	224	448	525	–
Deferred taxes	120	−12.0	−16.0	−81.0	−68.0	–
Non-cash items	−243	1,954	241	866	230	–
Changes in working capital	212	−380	−86.0	197	−600	–
Cash from operations	11,671	84.0	−309	−713	1,151	–
Investing activities
Capital expenditures	−177	−204	−166	−219	−410	–
Other investing cash flows	−1,209	760	376	30.0	−62.0	–
Cash from investing	−1,386	556	210	−189	−472	–
Financing activities
Financing cash flow items	−630	−1,932	394	676	−933	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−6,371	2,450	−258	184	283	–
Cash from financing	−7,001	518	136	860	−650	–
Foreign exchange effects	−3.0	−5.0	−1.0	−1.0	−2.0	–
Net change in cash	3,281	1,153	36.0	−43.0	27.0	–
Free cash flow	11,494	−120	−475	−932	741	–

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.