Sandisk Corp (SNDK)

Price$1,753.62Cached quoteAs of 2026-09-25 00:08 UTC

AI: Fair-priced

Price checkSandisk’s extraordinary profits make the shares look reasonable, but those profits depend on unusually strong memory pricing.

A recent August 20 quote placed Sandisk around $1,786 per share, implying a market value near $261 billion using roughly 146 million shares. Fiscal 2026 diluted earnings were $73.76 per share, putting the stock near 24 times reported earnings. Free cash flow—cash left after operations and capital spending—was about $11.5 billion, a roughly 4.4% yield. Those figures look attractive for current growth, but revenue rose 175% in one year largely because memory pricing and artificial-intelligence demand reached extraordinary levels.

Big pictureArtificial-intelligence storage demand has transformed Sandisk’s profits, but memory remains one of technology’s most cyclical markets.

Revenue exploded from $7.36 billion in fiscal 2025 to $20.25 billion in 2026, while a $1.64 billion loss became $11.43 billion of net income. Fourth-quarter revenue alone reached $8.97 billion, up 51% sequentially; management said roughly two-thirds of that increase came from higher pricing. Data-center revenue grew 437% for the year. That pricing power is remarkable, but NAND flash historically experiences supply shortages followed by oversupply. Investors should therefore avoid treating current margins as permanently guaranteed merely because today's demand is exceptional.

Business strengthDebt has disappeared and massive cash generation funds buybacks, though employee shares still create some dilution.

Sandisk ended fiscal 2026 with $4.76 billion of cash and no debt, versus $1.85 billion of debt one year earlier. Operating cash flow reached $11.67 billion while capital spending was only $177 million, giving management exceptional financial flexibility. The company spent $4.52 billion on share repurchases during the year and then expanded its authorization by another $14 billion, leaving $15.5 billion available. Stock compensation was $232 million, modest relative to current profits, although guided diluted shares of about 155 million for the next quarter imply some ongoing dilution.

What could change the storyLong-term customer contracts could tame the old memory cycle, while falling prices would quickly expose today’s expectations.

The bull case is that Sandisk has genuinely changed its business model. Agreements with eight customers represent about 50% of fiscal 2027 memory shipments and two-thirds by fiscal 2028, improving pricing and demand visibility. Management targets mid-to-high-teens revenue growth, roughly 80% adjusted gross margins and about 50% free-cash-flow margins from fiscal 2028 through 2030. The bear case is that those margins prove temporary as competitors expand supply. At today's price, investors need the new contracts to make NAND materially less cyclical than it has historically been.

AI: News

Record earnings disappoint investorsRecord profits and strong guidance still fell short of extreme expectations, triggering a sharp post-earnings decline.

On August 5, 2026, Sandisk reported $8.97 billion of quarterly revenue and $39.25 of adjusted earnings per share, with revenue up 51% sequentially. It guided the September quarter to $10.3-$10.8 billion of revenue and $44-$46 of adjusted earnings per share. Despite those enormous figures, Reuters reported the stock fell 13.3% the next session to $1,178. The decline reflected expectations that had risen even faster than fundamentals, plus concerns about eventual memory-price normalization.

Investor Day resets expectationsManagement promised durable high margins and rapid growth through 2030, sending the shares sharply higher.

On August 13, 2026, Sandisk projected mid-to-high-teens annual revenue growth from fiscal 2028 through 2030, roughly 80% adjusted gross margins, 75% operating margins and about 50% adjusted free-cash-flow margins. It also pledged to return 100% of excess cash after business investment. Reuters reported the shares rose more than 15%, while other market data showed a 13.7% closing gain. The key change was management's claim that long-term customer contracts can make earnings far less volatile than traditional memory cycles.

Memory rally reversesA sudden semiconductor selloff showed how quickly sentiment can turn even when artificial-intelligence demand remains strong.

On August 18, 2026, Sandisk fell about 9% as semiconductor and memory stocks sold off broadly; Micron dropped about 7% and the semiconductor exchange-traded fund fell more than 4%. The move followed Sandisk's 8.9% gain the previous session and a roughly 35% weekly rebound. Because peers declined simultaneously, the fall should not be attributed to new Sandisk-specific fundamentals. It instead illustrates the extreme valuation and sentiment volatility surrounding memory companies after their enormous artificial-intelligence-driven rally.

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Revenue

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2026	2025	2024	2023
Revenue	$20.25B	$7.36B	$6.66B	$6.09B
Gross profit	$14.47B	$2.21B	$1.07B	$430.0M
Gross margin	71.47%	30.07%	16.09%	7.07%
Research & development	$1.33B	$1.13B	$1.06B	$1.17B
Operating expenses	$2.08B	$3.59B	$1.54B	$2.46B
Operating income	$12.39B	−$1.38B	−$468.0M	−$2.04B
Operating margin	61.19%	−18.72%	−7.02%	−33.44%
EBITDA	$12.54B	−$1.21B	−$244.0M	−$1.59B
EBITDA margin	61.92%	−16.51%	−3.66%	−26.08%
Net income	$11.43B	−$1.64B	−$672.0M	−$2.14B
Net profit margin	56.46%	−22.31%	−10.09%	−35.21%
Basic EPSper basic share	$77.78	-$11.32	-$4.63	-$14.78
Diluted EPSper diluted share	$73.76	-$11.32	-$4.63	-$14.78

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of SNDK
Holder	Shares held
BlackRock, Inc.	10.3M
VANGUARD CAPITAL MANAGEMENT LLC	9.67M
FMR LLC	7.86M
WESTERN DIGITAL CORP	7.51M
STATE STREET CORP	5.93M
Invesco Ltd.	5.61M
JPMORGAN CHASE & CO	3.94M
GEODE CAPITAL MANAGEMENT, LLC	3.59M
VANGUARD PORTFOLIO MANAGEMENT LLC	3.52M
Clear Street Group Inc.	2.98M
Situational Awareness LP	2.5M
MORGAN STANLEY	2.4M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	2.17M
NORGES BANK	2.06M
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.74M
PRICE T ROWE ASSOCIATES INC /MD/	1.6M
GOLDMAN SACHS GROUP INC	1.45M
NORTHERN TRUST CORP	1.27M
Assenagon Asset Management S.A.	1.24M
SG Americas Securities, LLC	1.19M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)8$11.36M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 3, 2026Form 4 · 10b5-1	Shek BernardChief Legal Officer & Secty	SellCommon Stock	600	$1.7K	$1.04M	32.2K
Jun 1, 2026Form 4	Ilkbahar AlperEVP, Chief Technology Officer	SellCommon Stock	600	$1.8K	$1.06M	52.7K
Jun 1, 2026Form 4	Ilkbahar AlperEVP, Chief Technology Officer	SellCommon Stock	401	$1.8K	$704.6K	53.3K
Jun 1, 2026Form 4	Ilkbahar AlperEVP, Chief Technology Officer	SellCommon Stock	999	$1.8K	$1.75M	53.7K
May 12, 2026Form 4	Pokorny MichaelVP, Chief Accounting Officer	SellCommon Stock	2.4K	$1.4K	$3.49M	22.4K

Review ownership filings at SEC.gov ↗

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Sandisk Corp (SNDK)

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