# Sandisk (SNDK.US)

Canonical: https://gigainvestors.com/s/SNDK

Analysis as of: 2026-10-16T07:32:00.034Z. Financial observations: FY2020–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $1,394.83 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 3

- Operating margin variation: 11.46×

Chart: Operating margin; fiscal year observations.

- FY2022: 0.12×

- FY2023: -0.33×

- FY2024: -0.07×

- FY2025: -0.19×

- FY2026: 0.61×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -8.2%

- ROIC, second-lowest year: -22.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: -5.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 18.1%

- FY2023: -32.4%

- FY2024: -8.2%

- FY2025: -22.8%

- FY2026: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $8.4B

- Net income, five-year total: $8.0B

- Working capital / revenue, annual change: 2.0 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.11×

- FY2023: 0.89×

- FY2024: 0.91×

- FY2025: 1.00×

- FY2026: 1.00×

### management: unclear

- buybacks unrelated to price (informational)

- Management verdict uses per-share economic progress: Yes

- Average buyback yield: 1.4%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, last three-year median: -8.2%

Chart: Earnings per share; fiscal year observations.

- FY2022: $7.39

- FY2023: -$14.78

- FY2024: -$4.63

- FY2025: -$11.32

- FY2026: $73.76

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -1.1%

- Receivables to sales index (DSRI): 1.52×

- Restructuring years, last five: 4

- Stock compensation / operating cash flow: 2.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.02×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.32×

Chart: Sloan accruals; fiscal year observations.

- FY2022: -0.6%

- FY2023: -10.3%

- FY2024: -2.7%

- FY2025: -13.3%

- FY2026: -1.1%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 39% since Jun 2026 · "Sandisk slumps as soft gross margin guide offsets Q4 beat, upbeat revenue outlook" (investing.com, Aug 2025) · sales +175.3%

Story as of 2026-10-16T09:59:36.314Z; price observation 2026-10-15.

- 2025-09-24: Sandisk likely to benefit as industry boosts NAND prices, Benchmark says ([seekingalpha.com](https://seekingalpha.com/news/4498506-sandisk-likely-to-benefit-as-industry-boosts-nand-prices-benchmark-says?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-01-30: Sandisk surges as robust AI demand powers blowout forecast ([finance.yahoo.com](https://finance.yahoo.com/news/sandisk-surges-robust-ai-demand-155458803.html))

- 2026-04-11: Why Sandisk (SNDK) Is Up 21.4% After Deepening Long-Term AI Memory Supply Partnerships ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/why-sandisk-sndk-21-4-030903111.html))

- 2026-05-01: Sandisk has thumping quarter on AI boom, secures long-term contracts and unveils big buyback ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sandisk-thumping-quarter-ai-boom-021040930.html))

- 2026-06-18: SanDisk and Micron surge as Apple confirms memory price pass-through ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sandisk-micron-surge-apple-confirms-144441476.html))

- 2026-07-30: Sandisk (SNDK) Stock Slides As Chinese Memory Competition Rattles NAND Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sandisk-sndk-stock-slides-chinese-170818650.html))

### Sales · FY2025–2026

sales +175.3%; source https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm; observed 2026-08-17.

- FY2020: $7.8B 

- FY2021: $8.7B 

- FY2022: $9.8B 

- FY2023: $6.1B 

- FY2024: $6.7B 

- FY2025: $7.4B 

- FY2026: $20B 

### Gross margin · FY2026

gross margin 71.5%; source https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm; observed 2026-08-17.

- FY2022: 33.3% 

- FY2023: 7.1% 

- FY2024: 16.1% 

- FY2025: 30.1% 

- FY2026: 71.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in computer hardware; annual sales are USD 20.2 billion.

- Source: https://eodhd.com/api/fundamentals/SNDK.US.json#2026-06-30 (filed 2026-08-17); FY2026: revenue 20248000000; grossProfit 14472000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SNDK.US: Sandisk Corporation develops, manufactures, and sells data storage devices and solutions using NAND flash technology in the Americas, Europe, the Middle East, Africa, Asia, and internationally. The company provides solid state drives for desktop and notebook PCs, gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs and other portable and wearable devices, automotive applications, Internet of Things, industrial, and connected home applications, as well as removable cards, universal serial bus drives, and wafers and components. It sells its products to computer manufacturers and original equipment manufacturers, datacenters, private cloud customers, cloud service providers, resellers, distributors, and retailers through its sales personnel, dealers, distributors, retailers, and subsidiaries. Sandisk Corporation was incorporated in 2024 and is based in Milpitas, California.

### Why customers stay

Margins ranged from 16.1% to 71.5% during 2024–26; it lost 8.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/SNDK.US.json#2024-06-30 (filed 2026-08-17); FY2024: grossProfit / revenue = 16.1%.

- Source: https://eodhd.com/api/fundamentals/SNDK.US.json#2025-06-30 (filed 2026-08-17); FY2025: grossProfit / revenue = 30.1%.

- Source: https://eodhd.com/api/fundamentals/SNDK.US.json#2026-06-30 (filed 2026-08-17); FY2026: grossProfit / revenue = 71.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-17); 7-year return on capital observations [[2022,0.18136440922333474],[2023,-0.32445005045408676],[2024,-0.08157987643424537],[2025,-0.2276747593135203],[2026,1.7074249884648547]]; median -0.08157987643424537. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.2% of cash earnings on expansion; paid no dividends in 5 years.

- Source: https://eodhd.com/api/fundamentals/SNDK.US.json#2022-06-30 (filed 2026-08-17); FY2022: growth capex 0; upkeep 410000000; owner earnings 1179000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SNDK.US.json#2026-06-30 (filed 2026-08-17); FY2026: growth capex 28000000; upkeep 149000000; owner earnings 11433000000. Growth capex / owner earnings = 0.002449050992740313.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-17); Dividend observations: [[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SNDK.US.json#2026-06-30 (filed 2026-08-17); FY2026: cash repurchases 4524000000 USD.

### Are managers owners

Insiders own 1.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SNDK.US SharesStats.PercentInsiders = 1.079 percentage points; cache date 2026-10-16.

### What could break it

"We rely substantially on strategic relationships with various partners" (SEC filing, Aug 2026)

- Source: https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm (filed 2026-08-17); We rely substantially on strategic relationships with various partners

### What the price says

The price is 10.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-17); Closing price 1394.83 USD; reporting-to-trading FX 1; FY2026 annual sales per share 130.63225806451612; price multiple 10.677531114184116. FY2026 cash earnings/share 73.76129032258065. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2025-02: $46.85 per share

- 2025-03: $47.61 per share

- 2025-04: $32.11 per share

- 2025-05: $37.69 per share

- 2025-06: $45.35 per share

- 2025-07: $42.92 per share

- 2025-08: $52.47 per share

- 2025-09: $112.20 per share

- 2025-10: $199.33 per share

- 2025-11: $223.28 per share

- 2025-12: $237.38 per share

- 2026-01: $576.25 per share

- 2026-02: $635.36 per share

- 2026-03: $635.34 per share

- 2026-04: $1,096.51 per share

- 2026-05: $1,694.98 per share

- 2026-06: $2,273.73 per share

- 2026-07: $1,214.83 per share

- 2026-08: $1,566.70 per share

- 2026-09: $1,739.89 per share

- 2026-10: $1,482.33 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm); period 2026-07-03, filed 2026-08-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.