Sandisk Corporation SNDK
NasdaqSemiconductorsFinancials to Jul 3, 2026 · Updated Oct 6, 2026
Moat ranks
Balance sheet
| $B | Jun '25 | Jul '26 |
|---|---|---|
| Cash | 1.5 | 4.8 |
| Securities | 0.0 | 0.0 |
| Restricted cash | 0.0 | 1.8 |
| Debt | 1.8 | 0.0 |
| Net cash | -0.4 | 4.8 |
| Equity | 9.2 | 15.7 |
- Debt / EBITDA
- 0.00×
- Debt / equity
- 0.00×
- Leases (7/3/26)
- $201M
- Diluted shares
- 155M
- Book value / share
- $101.52
- Price / book
- 15.5×
- Net cash / share
- $30.72
- Market cap
- $243.1B
- Enterprise value
- $238.4B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 371.6% | +363.6 pts | |
| Operating margin | 78.5% | +77.5 pts | |
| FCF margin | 79.0% | +76.4 pts | |
| Capex / revenue | 0.5% | -1.9 pts | |
| Datacenter revenue | $3.0B | – | |
| Edge revenue | $5.4B | – | |
| Consumer revenue | $556M | – | |
| Remaining performance obligations | $59.8B | – | |
| Top ten customer revenue share | 44.0% | +4.0 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About SNDK
Sandisk develops NAND flash, enterprise and client SSDs, embedded memory and consumer storage. It separated from Western Digital in February 2025.
- Capex Knowhow Scale
Sandisk combines jointly developed NAND process and memory-design know-how with a 49.9% interest in each Flash Ventures entity and an obligation to fund roughly half of their capital investment.
- Long Term Contracts
Long-term customer agreements created $59.8 billion of remaining performance obligations by July 3, 2026.
- Design In Qualification
Datacenter and embedded or device programs require potentially lengthy customer testing and qualification.
- Design In Qualification
Datacenter and embedded or device programs require potentially lengthy customer testing and qualification.
- Sep 9, 2026
Sandisk refinanced its $1.5 billion revolving facility through September 2031, extending liquidity access with borrowing costs linked to rates and credit quality.
- Aug 13, 2026
Sandisk outlined BiCS9 and BiCS10 development and agreements covering eight customers, with about half of FY2027 bits contracted. Volume coverage supports planning, while the new financial model remains a target.
- Aug 5, 2026
Sandisk reported ten customer agreement transactions and $59.8 billion of remaining performance obligations, widening contractual demand protection; falling Consumer volumes weaken its brand trajectory.
- Apr 8, 2026
Sandisk paid for the Nanya shares, starting a three-year transfer restriction that prevents the stake from serving as liquid cash.
- Mar 25, 2026
Sandisk agreed to a $970 million Nanya equity investment and multi-year DRAM sourcing, securing components for SSDs while committing funds to a volatile semiconductor stake.
Ownership
Go deeper on SNDK
- Compare stock research toolsFundamentals, valuation and screening platforms for SNDK.19 tools
- See SNDK's price chartNo price chart here yet. See price history and indicators.17 tools
- Read SNDK's earnings callsTranscripts and audio of results calls, with management's own words.15 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.81 deals
On this page
Financial record
| Fiscal year | 2023 | 2024 | 2025 | 2026 | Trend | Change 2023–26 |
|---|---|---|---|---|---|---|
| Per share ($) | ||||||
| Revenue | 41.97 | 45.95 | 50.72 | 130.63 | +46.0%/yr | |
| Cash flow | -4.92 | -2.13 | 0.58 | 75.30 | – | |
| Earnings | -14.78 | -4.63 | -11.32 | 73.76 | – | |
| Free cash flow | -6.43 | -3.28 | -0.83 | 74.15 | – | |
| Capex | 1.51 | 1.14 | 1.41 | 1.14 | -8.9%/yr | |
| Dividends | 0.00 | 0.00 | 0.00 | 0.00 | – | |
| Book value | 78.89 | 76.43 | 63.56 | 101.52 | +8.8%/yr | |
| Diluted shares (M) | 145 | 145 | 145 | 155 | +2.2%/yr | |
| Totals ($B) | ||||||
| Revenue | 6.1 | 6.7 | 7.4 | 20.2 | +49.3%/yr | |
| Operating income | -2.0 | -0.5 | -1.4 | 12.4 | – | |
| Net income | -2.1 | -0.7 | -1.6 | 11.4 | – | |
| Free cash flow | -0.9 | -0.5 | -0.1 | 11.5 | – | |
| Buybacks | 0.0 | 0.0 | 0.0 | 4.5 | – | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Net cash | -0.6 | -0.5 | -0.4 | 4.8 | +$5.4B | |
| Margins & returns (%) | ||||||
| Gross margin | 7.1 | 16.1 | 30.1 | 71.5 | +64.4 pts | |
| Operating margin | -33.4 | -7.0 | -18.7 | 61.2 | +94.6 pts | |
| Net margin | -35.2 | -10.1 | -22.3 | 56.5 | +91.7 pts | |
| FCF margin | -15.3 | -7.1 | -1.6 | 56.8 | +72.1 pts | |
| ROIC | -14.3 | -3.4 | -12.2 | 96.0 | +110.3 pts | |
| Return on equity | -18.7 | -6.1 | -17.8 | 72.7 | +91.4 pts | |
| R&D % of revenue | 19.2 | 15.9 | 15.4 | 6.6 | -12.6 pts | |
| Stock pay % of revenue | 2.7 | 2.2 | 2.5 | 1.1 | -1.6 pts | |
| Capex % of revenue | 3.6 | 2.5 | 2.8 | 0.9 | -2.7 pts | |
Change uses 2023 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2023 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- medium
- Trajectory
- stable
- Pricing power
- moderate
- Datacenter25.4%1 claim
- Edge60.1%1 claim
- Consumer14.5%1 claim
Moat claims
- Applies to
- All segments
- Confidence
- Durability
- medium
- Trajectory
- stableas of Jul 3, 2026
Sandisk combines jointly developed NAND process and memory-design know-how with a 49.9% interest in each Flash Ventures entity and an obligation to fund roughly half of their capital investment. The system supplies substantially all of Sandisk's flash wafers and creates a formidable entry barrier, but it is shared with Kioxia and does not differentiate Sandisk from the other scaled NAND leaders.
Flash Ventures terms now run to December 2034 and K2 output began in FY2026. These sustain supply access, but Kioxia shares the technology and other large NAND makers retain comparable scale.
- Flash Ventures wafer and loan payments$3.6B+6%
- Kioxia relationship changes, disputes or manufacturing interruptions
- Sandisk or Kioxia missing a major NAND technology transition
- Fixed-cost and binding wafer commitments during an oversupply cycle
- Samsung, SK hynix, Micron or YMTC achieving lower cost or better yield
- Applies to
- Datacenter, Edge
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Aug 13, 2026
Long-term customer agreements created $59.8 billion of remaining performance obligations by July 3, 2026. In August, Sandisk disclosed committed volumes, minimum financial guarantees and structured pricing across eight customers. These improve demand visibility, but renewal economics remain untested. The disclosed commitments cover the company, without an end-market split; their attribution to Datacenter and Edge is an analytical inference.
Remaining performance obligations reached $59.8 billion in July. By August, agreements covered eight customers and about half of projected FY2027 bits, adding contractual demand visibility beyond a single price cycle.
- Top ten customer revenue share44.0%+4.0 pts
- Customers renegotiating, reducing or not renewing commitments after shortages ease
- Contract pricing lagging spot-market economics in either direction
- Failure to deliver qualified supply under committed volumes
- Customer concentration increasing bargaining and credit risk
- FilingSandisk Corporation Form 10-K (FY ended July 3, 2026) - Revenue commitmentsAug 17, 2026
- SourceSandisk fiscal fourth quarter 2026 resultsAug 5, 2026
- SourceSandisk August 13, 2026 Investor Day: contracted volumes and technology roadmapAug 13, 2026
- Applies to
- Datacenter
- Confidence
- Durability
- medium
- Trajectory
- stableas of Jul 3, 2026
Datacenter and embedded or device programs require potentially lengthy customer testing and qualification. Once approved, reliability requirements and redesign risk create practical incumbency, but customers deliberately qualify alternatives and retain considerable bargaining power.
Datacenter sales reached $5.153 billion in FY2026 and volume rose almost 120%, while Edge volume grew only high single digits. Qualification supports program continuity, but stronger pricing alone does not prove new switching costs.
- Datacenter revenue$3.0B
- Datacenter exabytes sold growth+160%
- Datacenter average selling price per gigabyte growth+186%
- Top ten customer revenue share44.0%+4.0 pts
- Customers qualifying multiple NAND and SSD vendors
- Technology transitions forcing products through new qualification cycles
- Hyperscalers or device OEMs developing storage solutions internally
- Quality, firmware or reliability failures causing design losses
- FilingSandisk Corporation Form 10-K (FY ended July 3, 2026) - CompetitionAug 17, 2026
- Applies to
- Edge
- Confidence
- Durability
- medium
- Trajectory
- stableas of Jul 3, 2026
Datacenter and embedded or device programs require potentially lengthy customer testing and qualification. Once approved, reliability requirements and redesign risk create practical incumbency, but customers deliberately qualify alternatives and retain considerable bargaining power.
Datacenter sales reached $5.153 billion in FY2026 and volume rose almost 120%, while Edge volume grew only high single digits. Qualification supports program continuity, but stronger pricing alone does not prove new switching costs.
- Edge revenue$5.4B
- Edge exabytes sold growth-10%
- Edge average selling price per gigabyte growth+343%
- Top ten customer revenue share44.0%+4.0 pts
- Customers qualifying multiple NAND and SSD vendors
- Technology transitions forcing products through new qualification cycles
- Hyperscalers or device OEMs developing storage solutions internally
- Quality, firmware or reliability failures causing design losses
- FilingSandisk Corporation Form 10-K (FY ended July 3, 2026) - CompetitionAug 17, 2026
- Applies to
- Consumer
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Jul 3, 2026
Sandisk's long-established consumer storage brand and global retail presence can reduce perceived quality risk in memory cards, portable SSDs and USB drives. The rating remains moderate because products are price-transparent, easy to switch and sold beside capable alternatives.
Consumer revenue rose 29% in FY2026 because of pricing while exabytes sold fell by a mid-teens percentage. The volume loss and easy brand substitution weaken the evidence for a consumer premium.
- Consumer revenue$556M
- Consumer exabytes sold growth-40%
- Consumer average selling price per gigabyte growth+139%
- Counterfeit or failed products damaging quality perception
- Retailers favoring private-label or lower-priced competitors
- Cloud storage and integrated device capacity reducing removable-storage demand
- Consumer product commoditization and online price comparison
Profile change log
- Oct 6, 2026 · business change
Sandisk refinanced its $1.5 billion revolving facility through September 2031, extending liquidity access with borrowing costs linked to rates and credit quality.
- Oct 6, 2026 · business change
Sandisk outlined BiCS9 and BiCS10 development and agreements covering eight customers, with about half of FY2027 bits contracted. Volume coverage supports planning, while the new financial model remains a target.
- Oct 6, 2026 · business change
Sandisk reported ten customer agreement transactions and $59.8 billion of remaining performance obligations, widening contractual demand protection; falling Consumer volumes weaken its brand trajectory.
- Oct 6, 2026 · business change
Sandisk paid for the Nanya shares, starting a three-year transfer restriction that prevents the stake from serving as liquid cash.
- Oct 6, 2026 · business change
Sandisk agreed to a $970 million Nanya equity investment and multi-year DRAM sourcing, securing components for SSDs while committing funds to a volatile semiconductor stake.
- Oct 6, 2026 · business change
Sandisk repaid its remaining term loan, reducing rate exposure and recording a $46 million debt-extinguishment charge in operating expenses.
- Oct 6, 2026 · business change
Sandisk and Kioxia extended all three Flash Ventures to December 2034; $1.2 billion of service and supply payments support manufacturing continuity but add fixed commitments.
- Oct 6, 2026 · business change
Sandisk separated from Western Digital, gaining its own capital allocation while assuming new borrowing and standalone costs.
- Oct 6, 2026 · business change
Sandisk sold 80% of its Shanghai assembly and test operation to JCET, reducing direct factory investment while adding contract manufacturing dependence.
- Oct 6, 2026 · analyst revision
Reverified manufacturing, qualification, contract and brand claims; added dated trajectories, investment debate, management and separate end markets. Moved the shared qualification claim into the two covered segments so each has explicit evidence. Claim ratings, sector, industry and profile timestamps stay on their existing basis.
Industry & peers
Peer map
Peers appear on the map as their numbers are collected.
Client and embedded flash storage
NAND-based client SSDs, embedded flash and NAND wafers or components for PCs, phones, gaming, automotive and industrial edge devices. Excludes datacenter SSDs, retail removable storage, DRAM and hard disks; no verified revenue size matches this combined scope.
- Samsung Electronics
- SK hynix
- Kioxia
- Micron Technology
- Sandisk
- Yangtze Memory Technologies
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| SNDK | 75 | 71.5% | 61.2% | |
| Industry median | 13 | 75 | 54.2% | 23.2% |
| Sector median | 77 | 75 | 64.9% | 23.6% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Strong sensitivity to PC and smartphone replacement cycles: device shipments and storage per device drive NAND demand.
- Automotive, connected devices and industrial systems add storage demand and longer product qualification periods.
- AI allocation can tighten client supply even when consumer orders weaken, supporting prices but limiting device affordability.
- Medium currency sensitivity: yen-linked Japanese manufacturing costs and other Asian costs can move against dollar-priced revenue.
- OEM inventories and smaller drive capacities can reduce bit purchases; higher revenue from prices does not prove stronger end demand.
- A capacity or yield improvement at large producers can reverse NAND prices quickly.
- Export rules, tariffs and supply concentration in East Asia can restrict sales, raise costs or interrupt component delivery.
- Higher rates and weaker household spending can delay device purchases; direct debt exposure differs by supplier.
- Supplier commitments and fixed factory costs remain when customers cut orders.
Bulls & bears
Will customer commitments preserve profit and cash generation after NAND supply catches up with demand?
Arguments
What to watch
- 1Remaining performance obligations and contracted bit coverage
- 2Datacenter and Edge exabytes versus selling prices
- 3Consumer volume and pricing
- 4Gross profit through the NAND cycle
- 5Cash flow after venture funding, refundable deposits and taxes
Next check: October 29, 2026 FY2027 Q1 results: check contract conversion, volumes, pricing and manufacturing funding against the July statements.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 6, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 75/100 by <a href="https://www.findmymoat.com/stocks/XNAS:SNDK">Find My Moat</a> (as of September 2026)Request update
Spot something outdated? Send a quick note and source so we can refresh this profile.
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.