Sandisk
SNDK Nasdaq Technology Hardware, Storage & Peripherals Financials FY2023–FY2026
Sandisk's revenue rose 175.3% to $20.2 billion in fiscal 2026. Its operating margin was 61.2%, up from −18.7% a year earlier. Free cash flow was $11.5 billion. It paid out $4.5 billion in dividends and buybacks, 39% of free cash flow. The diluted share count rose 6.9%.
What Sandisk does
Sandisk makes flash memory, the kind of chip that keeps data stored when the power is off. It designs the chips and the products built from them, and it makes them itself. Its products include solid-state drives (SSDs), memory built into devices, removable memory cards, USB flash drives, and wafers and components. It has more than 30 years of experience with NAND flash, the most common type. Until February 21, 2025 it was wholly owned by Western Digital, and it has been a separate public company since then.
Sandisk sells into three end markets. Datacenter covers products for cloud providers, private clouds and business servers, including drives for artificial intelligence work. Edge covers products it sells to computer, phone, gaming and car makers and through channel partners, who build them into devices. Consumer covers retail products such as portable drives, memory cards and USB drives sold under its own brand. For a limited time, some products are also sold under the Western Digital and WD names under a license.
The company says its industry is highly competitive, with falling average selling prices, volatile demand and rapid technology change. It relies on partners, including Kioxia, and holds about 8,000 granted patents and about 3,000 pending patent applications worldwide.
- Legal name
- Sandisk Corporation
- Fiscal year ends
- July 3, 2026
- Latest annual report
- 10-K · Aug 17, 2026
- Accession · CIK
- 0001628280-26-057406
0002023554
Revenue and margins
Sandisk had $20.2B of revenue in fiscal 2026, up 175.3% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $11.5B in fiscal 2026, 56.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Sandisk returned $4.5B to shareholders in fiscal 2026, 39% of free cash flow. The diluted share count rose 6.9%.
Value Sandisk yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $4.8B and divides by 155.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 16.8x · peers 21.3x · sector 33.5x.
Balance sheet
Cash, debt and the ratios that show how comfortably Sandisk can carry it.
| Fiscal year end | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash and short-term investments | $292M | $328M | $1.5B | $4.8B |
| Debt incl. finance leases | — | $0.0M | $1.8B | $0.0M |
| Net debt / EBITDA | — | — | — | −0.4x |
| Debt / equity | — | 0.0x | 0.2x | 0.0x |
| Interest coverage | −65.7x | −11.7x | −21.9x | 169.7x |
| Current ratio | — | 1.7x | 3.6x | 2.3x |
| Quick ratio | — | 0.8x | 2.1x | 1.8x |
| Total assets | — | $13.5B | $13.0B | $22.5B |
| Total liabilities | — | $2.4B | $3.8B | $6.8B |
| Shareholders' equity | $11.4B | $11.1B | $9.2B | $15.7B |
| Net debt (− = net cash) | — | −$328M | $368M | −$4.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$127M
4 insiders
Of sales under plans
97%
$123M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | Bernard ShekChief Legal Officer and Secty | Sold plan | 600 | $1,734.94 | $1.0M | Form 4 |
| Sep 17, 2026 | David GoeckelerChairman & CEO, Director | Sold plan | 33,841 | $1,574.21 | $53.3M | Form 4 |
| Sep 15, 2026 | Luis Felipe VisosoEVP & CFO | Sold plan | 1,000 | $1,568.83 | $1.6M | Form 4 |
| Sep 14, 2026 | David GoeckelerChairman & CEO, Director | Sold plan | 33,838 | $1,527.87 | $51.7M | Form 4 |
| Sep 8, 2026 | Bernard ShekChief Legal Officer & Secty | Sold plan | 2,308 | $1,767.33 | $4.1M | Form 4 |
| Sep 3, 2026 | Alper IlkbaharEVP & Chief Technology Officer | Sold plan | 4,712 | $1,540.57 | $7.3M | Form 4 |
| Sep 3, 2026 | Alper IlkbaharEVP & Chief Technology Officer | Sold plan | 400 | $1,563.89 | $0.6M | Form 4 |
| Sep 1, 2026 | Bernard ShekChief Legal Officer & Secty | Sold plan | 600 | $1,525.60 | $0.9M | Form 4 |
| Aug 3, 2026 | Bernard ShekChief Legal Officer & Secty | Sold plan | 600 | $1,162.16 | $0.7M | Form 4 |
| Jul 1, 2026 | Bernard ShekChief Legal Officer & Secty | Sold plan | 600 | $2,088.00 | $1.3M | Form 4 |
| Jun 3, 2026 | Bernard ShekChief Legal Officer & Secty | Sold plan | 600 | $1,736.00 | $1.0M | Form 4 |
| Jun 1, 2026 | Alper IlkbaharEVP, Chief Technology Officer | Sold | 2,000 | $1,756.58 | $3.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | — | ✕ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ |
| Current ratio rose | — | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✓ |
| F-score | — / 9 | — / 9 | 7 / 9 |
| Accruals ratio | — | −13.0% | −1.3% |
| Altman Z'' | 5.26 | 3.26 | 9.64 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Sandisk SNDK | $191.9B | 175.3% | 61.2% | 56.8% | 105.9% | 16.8x | 7 | |
| Western Digital WDC | $132.0B | 35.7% | 34.5% | 27.2% | 52.2% | 13.3x | 7 | Compare → |
| Seagate Technology STX | $144.4B | 34.1% | 33.6% | 25.5% | 92.0% | 45.4x | 8 | Compare → |
| Hewlett Packard Enterprise HPE | $82.1B | 13.8% | −1.3% | 1.8% | −0.9% | 29.4x | 4 | Compare → |
| Supermicro SMCI | $23.0B | 77.8% | 7.1% | −17.9% | — | 10.1x | — | Compare → |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $6.1B | $6.7B | $7.4B | $20.2B |
| Gross profit | $430M | $1.1B | $2.2B | $14.5B |
| Research and development | $1.2B | $1.1B | $1.1B | $1.3B |
| Operating income | −$2.0B | −$468M | −$1.4B | $12.4B |
| Interest expense | $31.0M | $40.0M | $63.0M | $73.0M |
| Pretax income | −$2.0B | −$503M | −$1.5B | $13.0B |
| Income tax | $141M | $169M | $162M | $1.6B |
| Net income | −$2.1B | −$672M | −$1.6B | $11.4B |
| Diluted EPS | −$14.78 | −$4.63 | −$11.32 | $73.76 |
| Diluted shares | 0.15B | 0.15B | 0.15B | 0.16B |
| Cash flow | ||||
| Cash from operations | −$713M | −$309M | $84.0M | $11.7B |
| Capital expenditure | $219M | $166M | $204M | $177M |
| Free cash flow | −$932M | −$475M | −$120M | $11.5B |
| Depreciation and amortization | $448M | $224M | $163M | $149M |
| Stock-based compensation | $165M | $149M | $182M | $232M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $4.5B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $4.5B |
| Balance sheet | ||||
| Cash and short-term investments | $292M | $328M | $1.5B | $4.8B |
| Total debt | — | $0.0M | $1.8B | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $3.5B | $5.1B | $12.8B |
| Current liabilities | — | $2.1B | $1.4B | $5.6B |
| Inventory | $0.0M | $2.0B | $2.1B | $2.7B |
| Property and equipment, net | — | $791M | $619M | $674M |
| Total assets | — | $13.5B | $13.0B | $22.5B |
| Total liabilities | — | $2.4B | $3.8B | $6.8B |
| Shareholders' equity | $11.4B | $11.1B | $9.2B | $15.7B |
| Margins | ||||
| Gross margin | 7.1% | 16.1% | 30.1% | 71.5% |
| Operating margin | −33.4% | −7.0% | −18.7% | 61.2% |
| EBITDA margin | −26.1% | −3.7% | −16.5% | 61.9% |
| Net margin | −35.2% | −10.1% | −22.3% | 56.5% |
| FCF margin | −15.3% | −7.1% | −1.6% | 56.8% |
| Returns | ||||
| Return on capital | — | — | −10.7% | 105.9% |
| Return on capital employed | — | — | −12.0% | 87.0% |
| Return on equity | — | — | −16.2% | 91.6% |
| Return on assets | — | — | −12.4% | 64.4% |
| Growth | ||||
| Revenue growth | — | 9.5% | 10.4% | 175.3% |
| Share count change | — | 0.0% | 0.0% | 6.9% |
| Financial health | ||||
| Net debt / EBITDA | — | — | — | −0.4x |
| Debt / equity | — | 0.0x | 0.2x | 0.0x |
| Interest coverage | −65.7x | −11.7x | −21.9x | 169.7x |
| Current ratio | — | 1.7x | 3.6x | 2.3x |
| Quick ratio | — | 0.8x | 2.1x | 1.8x |
| Capital allocation | ||||
| Capex / revenue | 3.6% | 2.5% | 2.8% | 0.9% |
| Stock comp / revenue | 2.7% | 2.2% | 2.5% | 1.2% |
| Payouts / FCF | — | — | — | 39.4% |
| Quality scores | ||||
| Piotroski F-score | — | — | — | 7.0 |
| Altman Z'' | — | 5.3 | 3.3 | 9.6 |
| Accruals ratio | — | — | −13.0% | −1.3% |
Source: SEC EDGAR XBRL filings (CIK 0002023554). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.