Hewlett Packard Enterprise vs Sandisk
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The short version
- Hewlett Packard Enterprise is the larger business, with $34.3B of revenue in fiscal 2025 against $20.2B for Sandisk, about 1.7 times as much.
- Sandisk grew revenue faster (175.3%, against 13.8%).
- Sandisk kept more of each dollar of sales as operating profit (61.2% operating margin, against β1.3%).
- Sandisk turned more of its sales into free cash flow (56.8% FCF margin, against 1.8%).
- Sandisk earned a higher return on the capital invested in it (105.9%, against β0.9%).
| Latest fiscal year | HPE Β· FY25 | SNDK Β· FY26 |
|---|---|---|
| Size | ||
| Market cap | $82.1B | $191.9B |
| Revenue | $34.3B | $20.2B |
| Free cash flow | $627M | $11.5B |
| Net income | $57.0M | $11.4B |
| Growth | ||
| Revenue growth | 13.8% | 175.3% |
| 5-year growth | 4.9% | β |
| Share count change | β1.0% | 6.9% |
| Profitability | ||
| Gross margin | β | 71.5% |
| Operating margin | β1.3% | 61.2% |
| Net margin | 0.2% | 56.5% |
| FCF margin | 1.8% | 56.8% |
| Return on capital | β0.9% | 105.9% |
| Return on equity | 0.2% | 91.6% |
| Balance sheet | ||
| Net debt | $20.6B | β$4.8B |
| Net debt / EBITDA | 9.0x | β0.4x |
| Dividends and buybacks | $886M | $4.5B |
| Valuation & quality | ||
| P/E | 29.4x | β |
| Piotroski F-score | 4 | 7 |
Revenue
FY17
HPE $28.9B
SNDK β
FY18
HPE $30.9B
SNDK β
FY19
HPE $29.1B
SNDK β
FY20
HPE $27.0B
SNDK β
FY21
HPE $27.8B
SNDK β
FY22
HPE $28.5B
SNDK β
FY23
HPE $29.1B
SNDK $6.1B
FY24
HPE $30.1B
SNDK $6.7B
FY25
HPE $34.3B
SNDK $7.4B
FY26
HPE β
SNDK $20.2B
HPE
SNDK
Operating margin
FY17
HPE 2.0%
SNDK β
FY18
HPE 5.6%
SNDK β
FY19
HPE 4.4%
SNDK β
FY20
HPE β1.2%
SNDK β
FY21
HPE 4.1%
SNDK β
FY22
HPE 2.7%
SNDK β
FY23
HPE 7.2%
SNDK β33.4%
FY24
HPE 7.3%
SNDK β7.0%
FY25
HPE β1.3%
SNDK β18.7%
FY26
HPE β
SNDK 61.2%
HPE
SNDK
Free cash flow
FY17
HPE β$1.8B
SNDK β
FY18
HPE $8.0M
SNDK β
FY19
HPE $1.1B
SNDK β
FY20
HPE β$143M
SNDK β
FY21
HPE $3.4B
SNDK β
FY22
HPE $1.5B
SNDK β
FY23
HPE $1.6B
SNDK β$932M
FY24
HPE $2.0B
SNDK β$475M
FY25
HPE $627M
SNDK β$120M
FY26
HPE β
SNDK $11.5B
HPE
SNDK
Return on capital
FY17
HPE 1.9%
SNDK β
FY18
HPE 6.3%
SNDK β
FY19
HPE 3.0%
SNDK β
FY20
HPE β0.9%
SNDK β
FY21
HPE 3.5%
SNDK β
FY22
HPE 2.4%
SNDK β
FY23
HPE 5.8%
SNDK β
FY24
HPE 5.8%
SNDK β
FY25
HPE β0.9%
SNDK β10.7%
FY26
HPE β
SNDK 105.9%
HPE
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.