Sandisk vs Seagate Technology
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The short version
- Sandisk is the larger business, with $20.2B of revenue in fiscal 2026 against $12.2B for Seagate Technology, about 1.7 times as much.
- Sandisk grew revenue faster (175.3%, against 34.1%).
- Sandisk kept more of each dollar of sales as operating profit (61.2% operating margin, against 33.6%).
- Sandisk turned more of its sales into free cash flow (56.8% FCF margin, against 25.5%).
- Sandisk earned a higher return on the capital invested in it (105.9%, against 92.0%).
| Latest fiscal year | SNDK · FY26 | STX · FY26 |
|---|---|---|
| Size | ||
| Market cap | $191.9B | $144.4B |
| Revenue | $20.2B | $12.2B |
| Free cash flow | $11.5B | $3.1B |
| Net income | $11.4B | $3.2B |
| Growth | ||
| Revenue growth | 175.3% | 34.1% |
| 5-year growth | — | 2.7% |
| Share count change | 6.9% | 5.5% |
| Profitability | ||
| Gross margin | 71.5% | 45.6% |
| Operating margin | 61.2% | 33.6% |
| Net margin | 56.5% | 26.1% |
| FCF margin | 56.8% | 25.5% |
| Return on capital | 105.9% | 92.0% |
| Return on equity | 91.6% | 371.5% |
| Balance sheet | ||
| Net debt | −$4.8B | $1.9B |
| Net debt / EBITDA | −0.4x | 0.4x |
| Dividends and buybacks | $4.5B | $810M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 7 | 8 |
Revenue
FY17
SNDK —
STX $10.8B
FY18
SNDK —
STX $11.2B
FY19
SNDK —
STX $10.4B
FY20
SNDK —
STX $10.5B
FY21
SNDK —
STX $10.7B
FY22
SNDK —
STX $11.7B
FY23
SNDK $6.1B
STX $7.4B
FY24
SNDK $6.7B
STX $6.6B
FY25
SNDK $7.4B
STX $9.1B
FY26
SNDK $20.2B
STX $12.2B
SNDK
STX
Operating margin
FY17
SNDK —
STX 9.8%
FY18
SNDK —
STX 14.6%
FY19
SNDK —
STX 14.3%
FY20
SNDK —
STX 12.4%
FY21
SNDK —
STX 14.0%
FY22
SNDK —
STX 16.8%
FY23
SNDK −33.4%
STX −4.6%
FY24
SNDK −7.0%
STX 6.9%
FY25
SNDK −18.7%
STX 20.8%
FY26
SNDK 61.2%
STX 33.6%
SNDK
STX
Free cash flow
FY17
SNDK —
STX $1.5B
FY18
SNDK —
STX $1.7B
FY19
SNDK —
STX $1.2B
FY20
SNDK —
STX $1.1B
FY21
SNDK —
STX $1.1B
FY22
SNDK —
STX $1.3B
FY23
SNDK −$932M
STX $626M
FY24
SNDK −$475M
STX $664M
FY25
SNDK −$120M
STX $818M
FY26
SNDK $11.5B
STX $3.1B
SNDK
STX
Return on capital
FY17
SNDK —
STX 23.8%
FY18
SNDK —
STX 32.1%
FY19
SNDK —
STX 33.7%
FY20
SNDK —
STX 30.0%
FY21
SNDK —
STX 33.1%
FY22
SNDK —
STX 76.5%
FY23
SNDK —
STX −13.8%
FY24
SNDK —
STX 10.8%
FY25
SNDK −10.7%
STX 56.7%
FY26
SNDK 105.9%
STX 92.0%
SNDK
STX
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.