Sandisk Corp (SNDK)

Price$806.43Cached quoteAs of 2026-11-05 22:52 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.

Loading local price history

Revenue

2023

2024

2025

2026

Net income

2023

2024

2025

2026

Free cash flow

2023

2024

2025

2026

Total cash / debt

CashTotal debt

2023

2024

2025

2026

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

≈7.05%of listed shares

BlackRock, Inc.10.3M shares · Jun 30, 2026

View holders

Top 20 reported holders of SNDK
Holder	% owned
BlackRock, Inc.	≈7.05%10.3M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈6.62%9.67M shares
FMR LLC	≈5.38%7.86M shares
WESTERN DIGITAL CORP	≈5.15%7.51M shares
STATE STREET CORP	≈4.06%5.93M shares
Invesco Ltd.	≈3.84%5.61M shares
JPMORGAN CHASE & CO	≈2.70%3.94M shares
GEODE CAPITAL MANAGEMENT, LLC	≈2.46%3.59M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈2.41%3.52M shares
Clear Street Group Inc.	≈2.04%2.98M shares
Situational Awareness LP	≈1.71%2.5M shares
MORGAN STANLEY	≈1.64%2.4M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	≈1.49%2.17M shares
NORGES BANK	≈1.41%2.06M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	≈1.19%1.74M shares
PRICE T ROWE ASSOCIATES INC /MD/	≈1.10%1.6M shares
GOLDMAN SACHS GROUP INC	≈0.99%1.45M shares
NORTHERN TRUST CORP	≈0.87%1.27M shares
Assenagon Asset Management S.A.	≈0.85%1.24M shares
SG Americas Securities, LLC	≈0.81%1.19M shares

Percentages use 146M shares of this listed class outstanding on Jul 3, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

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

Insider buys & sells

Oct 1, 2024–Sep 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)75$132.73M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Sep 17, 2026Form 4 · 10b5-1	Goeckeler DavidChairman & CEO	SellCommon Stock	165	$1.6K	$261.9K	382.9K
Sep 17, 2026Form 4 · 10b5-1	Goeckeler DavidChairman & CEO	SellCommon Stock	1.5K	$1.6K	$2.41M	383.0K
Sep 17, 2026Form 4 · 10b5-1	Goeckeler DavidChairman & CEO	SellCommon Stock	1.1K	$1.6K	$1.71M	384.6K
Sep 17, 2026Form 4 · 10b5-1	Goeckeler DavidChairman & CEO	SellCommon Stock	1.5K	$1.6K	$2.34M	385.6K
Sep 17, 2026Form 4 · 10b5-1	Goeckeler DavidChairman & CEO	SellCommon Stock	640	$1.6K	$1.01M	387.1K

Review ownership filings at SEC.gov ↗

Community posts

View community

@tickerstat6 days ago
Sandisk posts another revenue jump and announces an eight-for-one stock split
Sandisk ($SNDK) generated fiscal first-quarter 2027 revenue of $11.0 billion, up 23% from the preceding quarter. GAAP net income was $8.1 billion, or $52.60 per diluted share, while adjusted EPS reached $49.51. The company attributed its pe ...
0
0

Sandisk Corp (SNDK)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

Sandisk posts another revenue jump and announces an eight-for-one stock split