Sandisk vs Western Digital
Add, change or remove companies; up to four.
The short version
- Sandisk is the larger business, with $20.2B of revenue in fiscal 2026 against $12.9B for Western Digital, about 1.6 times as much.
- Sandisk grew revenue faster (175.3%, against 35.7%).
- Sandisk kept more of each dollar of sales as operating profit (61.2% operating margin, against 34.5%).
- Sandisk turned more of its sales into free cash flow (56.8% FCF margin, against 27.2%).
- Sandisk earned a higher return on the capital invested in it (105.9%, against 52.2%).
| Latest fiscal year | SNDK Β· FY26 | WDC Β· FY26 |
|---|---|---|
| Size | ||
| Market cap | $191.9B | $132.0B |
| Revenue | $20.2B | $12.9B |
| Free cash flow | $11.5B | $3.5B |
| Net income | $11.4B | $9.4B |
| Growth | ||
| Revenue growth | 175.3% | 35.7% |
| 5-year growth | β | β5.3% |
| Share count change | 6.9% | 6.7% |
| Profitability | ||
| Gross margin | 71.5% | 48.9% |
| Operating margin | 61.2% | 34.5% |
| Net margin | 56.5% | 73.0% |
| FCF margin | 56.8% | 27.2% |
| Return on capital | 105.9% | 52.2% |
| Return on equity | 91.6% | 133.0% |
| Balance sheet | ||
| Net debt | β$4.8B | β$527M |
| Net debt / EBITDA | β0.4x | β0.1x |
| Dividends and buybacks | $4.5B | $2.8B |
| Valuation & quality | ||
| P/E | β | 13.3x |
| Piotroski F-score | 7 | 7 |
Revenue
FY17
SNDK β
WDC $19.1B
FY18
SNDK β
WDC $20.6B
FY19
SNDK β
WDC $16.6B
FY20
SNDK β
WDC $16.7B
FY21
SNDK β
WDC $16.9B
FY22
SNDK β
WDC $18.8B
FY23
SNDK $6.1B
WDC $6.3B
FY24
SNDK $6.7B
WDC $6.3B
FY25
SNDK $7.4B
WDC $9.5B
FY26
SNDK $20.2B
WDC $12.9B
SNDK
WDC
Operating margin
FY17
SNDK β
WDC 10.2%
FY18
SNDK β
WDC 17.5%
FY19
SNDK β
WDC 0.5%
FY20
SNDK β
WDC 2.0%
FY21
SNDK β
WDC 7.2%
FY22
SNDK β
WDC 12.7%
FY23
SNDK β33.4%
WDC β8.8%
FY24
SNDK β7.0%
WDC β6.4%
FY25
SNDK β18.7%
WDC 24.5%
FY26
SNDK 61.2%
WDC 34.5%
SNDK
WDC
Free cash flow
FY17
SNDK β
WDC $2.9B
FY18
SNDK β
WDC $3.4B
FY19
SNDK β
WDC $671M
FY20
SNDK β
WDC $177M
FY21
SNDK β
WDC $752M
FY22
SNDK β
WDC $758M
FY23
SNDK β$932M
WDC β$1.2B
FY24
SNDK β$475M
WDC β$781M
FY25
SNDK β$120M
WDC $1.3B
FY26
SNDK $11.5B
WDC $3.5B
SNDK
WDC
Return on capital
FY17
SNDK β
WDC β
FY18
SNDK β
WDC 10.1%
FY19
SNDK β
WDC 0.4%
FY20
SNDK β
WDC 1.6%
FY21
SNDK β
WDC 6.7%
FY22
SNDK β
WDC 10.3%
FY23
SNDK β
WDC β2.6%
FY24
SNDK β
WDC β2.0%
FY25
SNDK β10.7%
WDC 19.0%
FY26
SNDK 105.9%
WDC 52.2%
SNDK
WDC
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.