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olivLaw · US equity research

Sandisk Corporation SNDK

Computer Storage Devices · SIC 3572 · Vertical: Computer Storage Devices (SIC 3572)

1,037.40USD−7.91% · 1 dayClose 04 Nov 2026

Sandisk is a global semiconductor memory company focused on NAND flash storage for datacenters, edge devices and consumer products. It became independent in February 2025, and in fiscal 2026 strong demand for AI-related storage lifted its revenue and margins to high levels in its recent history.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Sandisk Corporation (SNDK) stock was 1,037.40 USD (−7.91% on the day), with market capitalisation 147.6 bn USD, P/E 8.3 on diluted EPS of 124.45 USD over the last 12 months, beta 2.88, 52-week range 194.38–2,335.00 USD. Latest reported quarter (Q1 2027): revenue of 11.0 bn USD (+377.9% YoY), net income of 8.1 bn USD (+7,133.0% YoY), diluted EPS 52.60 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
147.6 bn USD
shares as of 26 Oct 2026
P/E (TTM)
8.3
Diluted EPS TTM 124.45 · TTM to 02 Oct 2026
E/P (TTM)
12.00%
TTM to 02 Oct 2026
Dividend yield
unavailable
Beta (2y)
2.88
Volatility (1y) 112%
52-week range
194.382,335.00

Price history

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Technical reading

RSI (14)
30.7
weak (30–45)
Bollinger (20, 2)
1,026.45 – 1,629.27
in the lower half of the band · %B 0.02 · band width 45.4%
SMA 50 / 200
1,531.29 / 1,268.98
mixed trend
MACD (12, 26, 9)
-126.31 / -101.63
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−39.1%−1.1%−38.0 pp—
3 months−23.2%−0.5%−22.7 pp—
6 months−26.4%+4.4%−30.8 pp—
Year to date+337.0%+12.3%+324.7 pp—
1 year+433.2%+13.5%+419.6 pp+98.3%
3 yearsunavailable+76.4%unavailable+235.5%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−56.5%
25 Jun 2026 → 29 Jul 2026
Max drawdown (5y)
−56.5%
25 Jun 2026 → 29 Jul 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q1 2027 · 02 Oct 2026

Revenue
11.0 bn USD
+377.9% YoY
Net income
8.1 bn USD
+7,133.0% YoY
Diluted EPS
52.60
+6,913.3% YoY
net / operating
73.4% / 79.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27
Revenue1.9 bn1.7 bn1.9 bn2.3 bn3.0 bn6.0 bn9.0 bn11.0 bn
Cost of revenue1.3 bn1.3 bn1.4 bn1.6 bn1.5 bn1.3 bn1.4 bn1.7 bn
Gross profit606.0 m382.0 m498.0 m687.0 m1.5 bn4.7 bn7.6 bn9.4 bn
Research & development279.0 m285.0 m285.0 m316.0 m327.0 m337.0 m348.0 m384.0 m
SG&A142.0 m139.0 m162.0 m179.0 m139.0 m161.0 m197.0 m214.0 m
Operating income195.0 m-1.9 bn18.0 m176.0 m1.1 bn4.1 bn7.0 bn8.8 bn
Depreciation & amortisation36.0 m ≈37.0 m ≈36.0 m36.0 m38.0 m ≈38.0 m ≈37.0 m43.0 m
Interest expense4.0 m16.0 m41.0 m40.0 m25.0 m6.0 m2.0 m2.0 m
Pre-tax income173.0 m-1.9 bn-1.5 bn124.0 m937.0 m4.1 bn7.8 bn9.3 bn
Income tax69.0 m32.0 m162.0 m12.0 m134.0 m492.0 m946.0 m1.2 bn
Net income104.0 m-1.9 bn-23.0 m112.0 m803.0 m3.6 bn6.9 bn8.1 bn
Diluted EPS0.72-13.33-0.16 ≈0.755.1523.0343.67 ≈52.60
Operating cash flow95.0 m ≈26.0 m ≈94.0 m488.0 m1.0 bn ≈3.0 bn ≈7.1 bn6.4 bn
Capex48.0 m ≈44.0 m ≈45.0 m50.0 m39.0 m ≈45.0 m ≈43.0 m54.0 m
Share repurchases———0———5.0 bn

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 3-quarter history (min 13.8, median 24.0, max 24.4; quarters with earnings only).

Fiscal years

Fiscal year2023202420252026
Revenue6.1 bn6.7 bn7.4 bn20.2 bn
Revenue YoYunavailable+9.5%+10.4%+175.3%
Net income-2.1 bn-672.0 m-1.6 bn11.4 bn
Net income YoYunavailableunavailableunavailableunavailable
Diluted EPS-14.78-4.63-11.3273.76
Diluted EPS YoYunavailableunavailableunavailableunavailable
net %-35.2%-10.1%-22.3%56.5%
Free cash flow-932.0 m-475.0 m-120.0 m11.5 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 03 Jul 2026

Cash
4.8 bn USD
Financial debt
0 USD
Net debt
-4.8 bn USD
Equity
15.7 bn USD
Total assets
22.5 bn USD
Debt / equity
0.00x
Current ratio
2.29x
ROE
91.6%
ROA
64.4%
FCF margin
56.8%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
6.7 bn
2025
7.4 bn
2026
20.2 bn

SEC (XBRL)· 17 Aug 2026verified

Cost of revenue
2024
5.6 bn
2025
5.1 bn
2026
5.8 bn

SEC (XBRL)· 17 Aug 2026verified

Gross profit
2024
1.1 bn
2025
2.2 bn
2026
14.5 bn

SEC (XBRL)· 17 Aug 2026verified

Research & development
2024
1.1 bn
2025
1.1 bn
2026
1.3 bn

SEC (XBRL)· 17 Aug 2026verified

SG&A
2024
455.0 m
2025
573.0 m
2026
676.0 m

SEC (XBRL)· 17 Aug 2026verified

Operating income
2024
-468.0 m
2025
-1.4 bn
2026
12.4 bn

SEC (XBRL)· 17 Aug 2026verified

Depreciation & amortisation
2024
224.0 m
2025
163.0 m
2026
149.0 m

SEC (XBRL)· 17 Aug 2026verified

EBITDA
2024
-244.0 m ≈
2025
-1.2 bn ≈
2026
12.5 bn ≈

SEC (XBRL)· 17 Aug 2026derived

Interest expense
2024
40.0 m
2025
63.0 m
2026
73.0 m

SEC (XBRL)· 17 Aug 2026verified

Pre-tax income
2024
-503.0 m
2025
-1.5 bn
2026
13.0 bn

SEC (XBRL)· 17 Aug 2026verified

Income tax
2024
169.0 m
2025
162.0 m
2026
1.6 bn

SEC (XBRL)· 17 Aug 2026verified

Net income
2024
-672.0 m
2025
-1.6 bn
2026
11.4 bn

SEC (XBRL)· 17 Aug 2026verified

Diluted EPS
2024
-4.63
2025
-11.32
2026
73.76

SEC (XBRL)· 17 Aug 2026verified

Weighted average diluted shares
2024
145.0 m
2025
145.0 m
2026
155.0 m

SEC (XBRL)· 17 Aug 2026verified

Balance sheet · USD

Cash
2024
328.0 m
2025
1.5 bn
2026
4.8 bn

SEC (XBRL)· 17 Aug 2026verified

Receivables
2024
935.0 m
2025
1.1 bn
2026
4.7 bn

SEC (XBRL)· 17 Aug 2026verified

Inventories
2024
2.0 bn
2025
2.1 bn
2026
2.7 bn

SEC (XBRL)· 17 Aug 2026verified

Current assets
2024
3.5 bn
2025
5.1 bn
2026
12.8 bn

SEC (XBRL)· 17 Aug 2026verified

Property, plant & equipment, net
2024
791.0 m
2025
619.0 m
2026
674.0 m

SEC (XBRL)· 17 Aug 2026verified

Goodwill
2024
7.2 bn
2025
5.0 bn
2026
5.0 bn

SEC (XBRL)· 17 Aug 2026verified

Total assets
2024
13.5 bn
2025
13.0 bn
2026
22.5 bn

SEC (XBRL)· 17 Aug 2026verified

Short-term debt
2024
0
2025
20.0 m
2026
0

SEC (XBRL)· 17 Aug 2026verified

Long-term debt
2024
0
2025
1.8 bn
2026
0

SEC (XBRL)· 17 Aug 2026verified

Current liabilities
2024
2.1 bn
2025
1.4 bn
2026
5.6 bn

SEC (XBRL)· 17 Aug 2026verified

Total liabilities
2024
2.4 bn
2025
3.8 bn
2026
6.8 bn

SEC (XBRL)· 17 Aug 2026verified

Equity
2024
11.1 bn †
2025
9.2 bn †
2026
15.7 bn †

SEC (XBRL)· 17 Aug 2026verified

Cash flow · USD

Operating cash flow
2024
-309.0 m
2025
84.0 m
2026
11.7 bn

SEC (XBRL)· 17 Aug 2026verified

Capex
2024
166.0 m
2025
204.0 m
2026
177.0 m

SEC (XBRL)· 17 Aug 2026verified

Free cash flow
2024
-475.0 m ≈
2025
-120.0 m ≈
2026
11.5 bn ≈

SEC (XBRL)· 17 Aug 2026derived

Investing cash flow
2024
210.0 m
2025
556.0 m
2026
-1.4 bn

SEC (XBRL)· 17 Aug 2026verified

Financing cash flow
2024
136.0 m
2025
518.0 m
2026
-7.0 bn

SEC (XBRL)· 17 Aug 2026verified

Share repurchases
2024
0
2025
0
2026
4.5 bn

SEC (XBRL)· 17 Aug 2026verified

Computed indicators

Growth

Revenue growth (YoY)
175.3%
computed by olivLawFY 2026
Revenue CAGR 3Y
49.3%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
80.0%
computed by olivLawTTM to 02 Oct 2026
EBITDA margin
73.0%
computed by olivLawTTM to 02 Oct 2026
EBIT margin
72.5%
computed by olivLawTTM to 02 Oct 2026
Net margin
67.0%
computed by olivLawTTM to 02 Oct 2026
FCF margin
59.9%
computed by olivLawTTM to 02 Oct 2026

Returns

ROE
141.2%
computed by olivLawTTM to 02 Oct 2026 · balance sheet at 02 Oct 2026
ROA
100.8%
computed by olivLawTTM to 02 Oct 2026 · balance sheet at 02 Oct 2026
ROIC
unavailable
input data missing
ROCE
105.8%
computed by olivLawTTM to 02 Oct 2026 · balance sheet at 02 Oct 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
599.8x
computed by olivLawTTM to 02 Oct 2026

Liquidity

Current ratio
2.6x
computed by olivLawbalance sheet at 02 Oct 2026
Cash ratio
0.9x
computed by olivLawbalance sheet at 02 Oct 2026

Cash

Operating cash flow
17.5 bn USD
computed by olivLawTTM to 02 Oct 2026
Capital expenditure
181.0 m USD
computed by olivLawTTM to 02 Oct 2026
Free cash flow
17.4 bn USD
computed by olivLawTTM to 02 Oct 2026
FCF conversion
89.4%
computed by olivLawTTM to 02 Oct 2026
Cash conversion
83.0%
computed by olivLawTTM to 02 Oct 2026

Efficiency

Days sales outstanding
49 days
computed by olivLawTTM to 02 Oct 2026 · balance sheet at 02 Oct 2026
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
147.6 bn USD
computed by olivLawbalance sheet at 02 Oct 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
7.6x
computed by olivLawTTM to 02 Oct 2026
P/E (TTM)
8.3x
computed by olivLawTTM to 02 Oct 2026
Earnings yield
12.0%
computed by olivLawTTM to 02 Oct 2026
P/B
8.1x
computed by olivLawbalance sheet at 02 Oct 2026
P/S
5.1x
computed by olivLawTTM to 02 Oct 2026 · balance sheet at 02 Oct 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
8.5x
computed by olivLawTTM to 02 Oct 2026 · balance sheet at 02 Oct 2026
FCF yield
11.8%
computed by olivLawTTM to 02 Oct 2026 · balance sheet at 02 Oct 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
6.5%
computed by olivLawTTM to 02 Oct 2026 · balance sheet at 02 Oct 2026

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1,037.40 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 147.6 bn USD

Key indicators

Market capitalisation
147.6 bn USD
computed by olivLawbalance sheet at 02 Oct 2026
P/E (TTM)
8.3x
computed by olivLawTTM to 02 Oct 2026
P/B
8.1x
computed by olivLawbalance sheet at 02 Oct 2026
EV/EBITDA
unavailable
input data missing
ROE
141.2%
computed by olivLawTTM to 02 Oct 2026 · balance sheet at 02 Oct 2026
Net margin
67.0%
computed by olivLawTTM to 02 Oct 2026
Revenue growth (YoY)
175.3%
computed by olivLawFY 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 02 Oct 2026
Latest balance sheet date: 02 Oct 2026
Share count (cover of the latest filing), as of: 26 Oct 2026
Source: SEC (XBRL)published 30 Oct 2026
verified 454derived 41

Score by group

77% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Computer Storage Devices (SIC 3572)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality80.0%100 (on a fixed band)14%
EBIT margin · Quality72.5%100 (vs peers)11%
FCF margin · Quality59.9%100 (on a fixed band)11%
Revenue CAGR 3Y · Growth49.3%100 (on a fixed band)22%
Revenue growth (YoY) · Growth175.3%100 (vs peers)11%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.6x100 (on a fixed band)8%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation11.8%100 (on a fixed band)17%
Shareholder yield (distributions) · Returns6.5%100 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth100/100 · 2/2 factors with a value
  • Quality100/100 · 3/3 factors with a value
  • Returns100/100 · 1/1 factors with a value
  • Valuation· partial100/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Sandisk Corporation (SNDK). Latest full fiscal year: 2026; data up to 2026-10-02.

Figures computed from the financial statements: revenue 20.2 bn USD in 2026; YoY growth 175.3%; net margin 67.0%; ROE 141.2%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Gross margin: 80.0%
  • EBIT margin: 72.5%
  • FCF margin: 59.9%
  • Revenue CAGR 3Y: 49.3%
  • Revenue growth (YoY): 175.3%
  • Current ratio: 2.6x
  • FCF yield: 11.8%
  • Shareholder yield (distributions): 6.5%

What contradicts it

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.

Versus the vertical median

Computer Storage Devices (SIC 3572) · same industry (4-digit SIC) · compared with 5 companies

The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.

Multiples and returns vs the median

P/E
8.3x
vertical median 27.8x
below median (−70.1%)
EV/EBITDA
—
vertical median 19.8x
P/S
5.1x
vertical median 8.4x
below median (−39.1%)
P/B
8.1x
vertical median 24.4x
below median (−66.7%)
ROE
141.2%
vertical median 123.2%
above median (+14.6%)
Net margin
67.0%
vertical median 21.8%
above median (+207.2%)
EBIT margin
72.5%
vertical median 28.5%
above median (+154.6%)
Revenue YoY
175.3%
vertical median 15.6%
above median (+1,022.7%)
Net debt/EBITDA
—
vertical median 0.2x
Dividend yield
—
vertical median 0.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SNDKSandisk Corporation147.6 bn8.3141.2%67.0%+175.3%+433% / unavailable
STXSeagate Technology Holdings plc127.9 bn29.3259.4%31.9%+34.1%+101% / +604%
WDCWestern Digital Corporation121.2 bn12.6131.5%69.2%+35.7%+98% / +787%
PEverpure, Inc.37.2 bn153.717.7%5.9%+15.6%+26% / +236%
NTAPNetApp, Inc.36.9 bn26.4114.8%21.8%+5.6%+68% / +105%
QMCOQuantum Corp660.9 m——-80.8%+2.0%+114% / +180%

1- and 3-year price returns: for SNDK from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
743.53
Total return -28% · Per year -28%
1,308.51
Total return 26% · Per year 26%
1,962.76
Total return 89% · Per year 89%
3 years
881.95
Total return -15% · Per year -5%
1,730.50
Total return 67% · Per year 19%
2,826.37
Total return 172% · Per year 40%
5 years
1,046.13
Total return 1% · Per year 0%
2,288.58
Total return 121% · Per year 17%
4,069.98
Total return 292% · Per year 31%
What moves the 3-year price the most
  • Exit P/E± 432.62
  • Net margin± 302.84
  • Annual revenue growth± 225.86
  • Annual dilution± 25.45

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 17 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).

In brief

Sandisk is a global semiconductor memory company focused on NAND flash storage for datacenters, edge devices and consumer products. It became independent in February 2025, and in fiscal 2026 strong demand for AI-related storage lifted its revenue and margins to high levels in its recent history 12.

SWOT

Strengths

  • The company has a broad flash product portfolio, a recognized consumer brand and vertical integration from design through manufacturing.
  • Its patent base is large, and its NAND innovation capability is supported by decades of research.
  • Long-term contracts and relationships with datacenter customers provide better visibility into demand.

Weaknesses

  • The company relies on Kioxia for flash wafer manufacturing, and joint venture restrictions limit flexibility.
  • Critical components such as DRAM come from a limited number of suppliers and have been in short supply for extended periods.

Opportunities

  • Demand for AI-related storage could keep growing in datacenters and edge applications.
  • Extending New Business Models to more customers could strengthen revenue and cash flow predictability.
  • The expanded share repurchase program could support shareholder value if executed effectively.

Threats

  • Tariffs and export restrictions in the US and other countries could raise costs and reduce demand for products.
  • Competitors with large production capacity could intensify pressure on prices and margins.
  • If demand for AI infrastructure weakens, customer investment in datacenters could be delayed, affecting revenue.

Risks

  • Pricing dependencehigh

    A significant part of recent growth came from higher prices. If prices fall, revenue and margins could drop quickly.

  • Supplier dependencehigh

    Critical components come from a small number of suppliers, some with limited contracts. Disruptions could affect production and deliveries.

  • Tariffs and trade policymedium

    Changes in US and other tariff regimes could raise the cost of goods sold and could reduce demand.

  • Kioxia dependencemedium

    Joint ventures with Kioxia limit the company's ability to manufacture independently and diversify its production sources.

  • Western Digital share salesmedium

    Western Digital has said it expects to monetize its remaining Sandisk shares by the end of 2026, which could create pressure on the share price.

Investment thesis

What would need to be true (bull case)

  • If demand for AI-related storage holds, the company's technology leadership and growth in the Datacenter segment could support revenue over the longer term.
  • Long-term contracts could turn a cyclical business into a more predictable one, with a positive effect on cash flow.
  • If the repurchase program is executed effectively, the company could increase shareholder value given its cash generation capacity.

What would break the thesis

  • Recent revenue growth was driven largely by higher prices, and a reversal in pricing could quickly reduce results.
  • Dependence on limited suppliers and on the Kioxia joint venture could limit flexibility if demand or costs shift.
  • Tariffs and trade restrictions could compress margins on US sales, and competitive pressure could weigh further on profitability.

What to watch

  • Delivery of revenue guidance between 10.30 and 10.80 billion dollarsQ1 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 17 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).

The business

The company is expanding long-term contracts called New Business Models with Datacenter and Edge customers, covering stated volumes mostly over multi-year periods with fixed and variable pricing 1. Management says these agreements could make revenue more predictable, though they do not remove demand risk 1.

Segments

Datacenter

The Datacenter segment covers products for public and private cloud and enterprise customers, mainly high-performance SSDs for AI workloads. Revenue grew 437% in fiscal 2026 to 5.15 billion dollars 2.

Market context

The storage market is tied to growing digital content and the expansion of AI infrastructure, which requires faster and larger memory 1. Sandisk reports that AI-driven demand has produced favorable pricing shifts, and management expects AI-driven demand to persist through calendar 2027 and beyond 1.

Quarterly revenue reached 8.97 billion dollars in fiscal Q4 2026, up 51% sequentially, with about two-thirds of that sequential growth coming from higher pricing 2. Guidance for fiscal Q1 2027 points to revenue between 10.30 and 10.80 billion dollars 2.

Trends

  • AI storage demandtailwind

    Buildout of AI infrastructure in datacenters has raised demand for high-performance SSDs, and management expects that demand to continue. If datacenter investment slows, Datacenter revenue could be affected.

  • Higher memory pricingmixed

    Higher prices have contributed substantially to revenue and margin growth in recent quarters. If prices normalize, pressure on revenue could emerge.

  • Long-term customer contractstailwind

    The shift toward New Business Models with multi-year volumes could bring more predictable revenue and cash flow, reducing part of the industry's cyclicality.

Competitive position

The flash memory industry is highly competitive, and Sandisk faces rivals from vertically integrated suppliers and numerous smaller companies that assemble flash into products 1. The company considers itself well positioned through its portfolio, consumer brand and semiconductor innovation capability 1.

Competitive pressure can lead to lower average selling prices, volatile demand and delays in product qualification, factors that can weigh on margins if they coincide 1. The company says its focus on cost efficiency and long-term contracts can support its position 1.

  • Kioxia

    Joint venture partner and direct flash memory competitor with manufacturing operations in Japan.

  • Micron TechnologyMU

    US memory maker competing in storage for datacenters and PCs.

  • Samsung Electronics

    Vertically integrated flash memory producer with a strong position in SSDs and chips.

  • SK Hynix

    Memory supplier competing in NAND and DRAM segments serving data infrastructure.

News & filings

In the press

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2026-07-03 · SEC / Sandisk Corporation · 17 Aug 2026
  2. [2] Form 8-K, results release (exhibit 99.1) · SEC / Sandisk Corporation · 05 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.