HP vs Sandisk
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The short version
- HP is the larger business, with $55.3B of revenue in fiscal 2025 against $20.2B for Sandisk, about 2.7 times as much.
- Sandisk grew revenue faster (175.3%, against 3.2%).
- Sandisk kept more of each dollar of sales as operating profit (61.2% operating margin, against 5.7%).
- Sandisk turned more of its sales into free cash flow (56.8% FCF margin, against 5.1%).
- Sandisk earned a higher return on the capital invested in it (105.9%, against 55.3%).
| Latest fiscal year | HPQ Β· FY25 | SNDK Β· FY26 |
|---|---|---|
| Size | ||
| Market cap | $31.2B | $191.9B |
| Revenue | $55.3B | $20.2B |
| Free cash flow | $2.8B | $11.5B |
| Net income | $2.5B | $11.4B |
| Growth | ||
| Revenue growth | 3.2% | 175.3% |
| 5-year growth | β0.5% | β |
| Share count change | β3.6% | 6.9% |
| Profitability | ||
| Gross margin | 20.6% | 71.5% |
| Operating margin | 5.7% | 61.2% |
| Net margin | 4.6% | 56.5% |
| FCF margin | 5.1% | 56.8% |
| Return on capital | 55.3% | 105.9% |
| Return on equity | β | 91.6% |
| Balance sheet | ||
| Net debt | $6.0B | β$4.8B |
| Net debt / EBITDA | 1.5x | β0.4x |
| Dividends and buybacks | $1.9B | $4.5B |
| Valuation & quality | ||
| P/E | 12.9x | β |
| Piotroski F-score | 6 | 7 |
Revenue
FY17
HPQ $52.1B
SNDK β
FY18
HPQ $58.5B
SNDK β
FY19
HPQ $58.8B
SNDK β
FY20
HPQ $56.6B
SNDK β
FY21
HPQ $63.5B
SNDK β
FY22
HPQ $62.9B
SNDK β
FY23
HPQ $53.7B
SNDK $6.1B
FY24
HPQ $53.6B
SNDK $6.7B
FY25
HPQ $55.3B
SNDK $7.4B
FY26
HPQ β
SNDK $20.2B
HPQ
SNDK
Operating margin
FY17
HPQ 6.5%
SNDK β
FY18
HPQ 6.6%
SNDK β
FY19
HPQ 6.6%
SNDK β
FY20
HPQ 6.1%
SNDK β
FY21
HPQ 8.4%
SNDK β
FY22
HPQ 7.3%
SNDK β
FY23
HPQ 6.4%
SNDK β33.4%
FY24
HPQ 7.1%
SNDK β7.0%
FY25
HPQ 5.7%
SNDK β18.7%
FY26
HPQ β
SNDK 61.2%
HPQ
SNDK
Free cash flow
FY17
HPQ $3.3B
SNDK β
FY18
HPQ $4.0B
SNDK β
FY19
HPQ $4.0B
SNDK β
FY20
HPQ $3.7B
SNDK β
FY21
HPQ $5.8B
SNDK β
FY22
HPQ $3.7B
SNDK β
FY23
HPQ $3.0B
SNDK β$932M
FY24
HPQ $3.2B
SNDK β$475M
FY25
HPQ $2.8B
SNDK β$120M
FY26
HPQ β
SNDK $11.5B
HPQ
SNDK
Return on capital
FY17
HPQ β
SNDK β
FY18
HPQ β
SNDK β
FY19
HPQ β
SNDK β
FY20
HPQ β
SNDK β
FY21
HPQ β
SNDK β
FY22
HPQ β
SNDK β
FY23
HPQ 66.1%
SNDK β
FY24
HPQ 60.8%
SNDK β
FY25
HPQ 55.3%
SNDK β10.7%
FY26
HPQ β
SNDK 105.9%
HPQ
SNDK
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.