Sandisk vs Western Digital
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KIRAβs take AI analyst
I put Sandisk and Western Digital side by side, using each oneβs latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Sandisk
SNDK
6/10
Revenue growthGross marginOperating marginFCF marginReturn on capitalNet debt / EBITDA
Western Digital
WDC
3/10
Net marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | SNDK FY26 | WDC FY26 |
|---|---|---|
| Size | ||
| Market cap | $194.6B | $136.8B |
| 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 | 13.8x |
| Piotroski F-score | 7 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.