SanDisk Corp (SNDK)
NASDAQ:SNDK
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SanDisk Corp
(NASDAQ:SNDK)
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Rating:78Outperform
Price Target:
$1,588.00
▲(72.42% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial performance (profitability and cash-flow surge with a zero-debt balance sheet) and a very bullish earnings update (powerful results, strong forward guidance, large contracted revenue visibility, and a $6B buyback). These positives are tempered by technical overbought signals (RSI/Stoch elevated) and the company’s recent history of volatility, even though valuation looks attractive on a low P/E.
Positive Factors
Free Cash Flow Strength
Sustained multi‑billion operating and free cash flow provides durable internal funding for R&D, node migration capex, and shareholder returns. Strong FCF cushions cyclical revenue swings, improves liquidity, and enables strategic investments without relying on external debt.
Negative Factors
Earnings and Cash‑flow Volatility
Historic swings from losses to large profits indicate pronounced exposure to NAND supply/demand cycles. This cyclicality means current margin and cash metrics may not persist across downturns, making long‑term forecasting and return durability vulnerable to macro and industry capacity shifts.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Strength
Sustained multi‑billion operating and free cash flow provides durable internal funding for R&D, node migration capex, and shareholder returns. Strong FCF cushions cyclical revenue swings, improves liquidity, and enables strategic investments without relying on external debt.
Read all positive factors
SanDisk Corp Key Performance Indicators (KPIs)
SanDisk Corp (SNDK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$243.11B
Dividend YieldN/A
Average Volume (3M)14.76M
Price to Earnings (P/E)55.7
Beta (1Y)2.57
Revenue Growth82.76%
EPS GrowthN/A
CountryUS
Employees12,000
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)30.49
Shares Outstanding148,089,750
10 Day Avg. Volume11,991,553
30 Day Avg. Volume14,759,270
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.74
Price to Sales (P/S)0.93
P/FCF Ratio-56.97
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue18.16
Enterprise Value/Gross Profit32.40
Enterprise Value/Ebitda43.44
Forecast
1Y Price Target
$1,676.25Price Target Upside82.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
EPS Forecast (FY)64.96
Revenue Forecast (FY)$19.67B
SanDisk Corp Business Overview & Revenue Model
Company Description
SanDisk Corp. engages in the development, manufacture, and provision of storage devices and solutions on NAND flash technology. Its products include solid state drives. embedded products, removable cards, universal series bus, and wafers and compo...
How the Company Makes Money
SanDisk made money primarily by selling NAND flash memory storage products and related solutions. Key revenue streams included: (1) retail/consumer storage products such as SD/microSD memory cards and USB flash drives sold through electronics reta...
SanDisk Corp Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial inflection: exceptional revenue and margin expansion, massive free cash flow, sizable multiyear contracts providing material revenue visibility, strategic supply investments, and a $6B buyback. Lowlights were primarily operational nuances—sequential bit shipment decline and inventory build, consumer seasonality, some contract pricing variability, and typical capacity/capex trade-offs—which are manageable relative to the company’s demonstrated earnings power and contract-backed demand.Positive Updates
Record Quarterly Revenue Growth
Revenue for fiscal Q3 was $5.95 billion, up 97% sequentially and up 251% year-over-year, materially beating guidance of $4.4B–$4.8B and driven by mix shift to higher-value customers and higher pricing.
Negative Updates
Sequential Bit Shipments Decline and Inventory Build
Bit shipments were flat year-over-year but declined high-teens sequentially as the company built higher inventory levels to support the BiCS 8 QLC Stargate ramp and to prepare for NBMs.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Quarterly Revenue Growth
Revenue for fiscal Q3 was $5.95 billion, up 97% sequentially and up 251% year-over-year, materially beating guidance of $4.4B–$4.8B and driven by mix shift to higher-value customers and higher pricing.
Read all positive updates
Company Guidance
For fiscal Q4 the company guided revenue of $7.75–$8.25 billion, non‑GAAP gross margin of 79–81%, non‑GAAP operating expenses of $480–$500 million, non‑GAAP interest & other income of $10–$30 million, non‑GAAP tax expense of $775–$875 million, and non‑GAAP EPS of $30–$33 assuming 158 million fully diluted shares. That guidance follows a strong Q3: revenue $5.95 billion (up 97% sequentially, 251% YoY), non‑GAAP gross margin 78.4%, non‑GAAP operating expenses $448 million (7.5% of revenue), non‑GAAP EPS $23.41, adjusted free cash flow $2.955 billion (49.7% margin), cash & equivalents $3.735 billion, and gross CapEx $240 million (4% of revenue). Management also announced a $6 billion share‑repurchase authorization, reported three Q3 contracts with minimum contractual revenue of ~$42 billion (with two more signed early in Q4), financial guarantees in excess of $11 billion and $400 million of prepayments on the balance sheet, and reiterated a mid‑ to high‑teens bit growth/capacity plan with CapEx discussed on a dollar basis.SanDisk Corp Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
79
Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jul 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.18B | 7.36B | 6.66B | 6.09B | 9.75B | 9.75B |
| Gross Profit | 7.39B | 2.21B | 1.07B | 430.00M | 3.24B | 3.24B |
| EBITDA | 5.51B | -1.25B | -239.00M | -1.52B | 1.74B | 1.74B |
| Net Income | 4.51B | -1.64B | -672.00M | -2.14B | 1.06B | 1.06B |
Balance Sheet | ||||||
| Total Assets | 17.07B | 12.98B | 13.51B | 13.82B | 15.76B | 15.76B |
| Cash, Cash Equivalents and Short-Term Investments | 3.73B | 1.48B | 328.00M | 292.00M | 335.00M | 335.00M |
| Total Debt | 0.00 | 2.04B | 985.00M | 1.02B | 950.00M | 950.00M |
| Total Liabilities | 3.30B | 3.77B | 2.42B | 2.38B | 2.78B | 2.78B |
| Stockholders Equity | 13.78B | 9.22B | 11.08B | 11.44B | 12.98B | 12.98B |
Cash Flow | ||||||
| Free Cash Flow | 4.46B | -120.00M | -475.00M | -932.00M | 741.00M | 741.00M |
| Operating Cash Flow | 4.64B | 84.00M | -309.00M | -713.00M | 1.15B | 1.15B |
| Investing Cash Flow | -280.00M | 556.00M | 210.00M | -189.00M | -472.00M | -472.00M |
| Financing Cash Flow | -2.13B | 518.00M | 136.00M | 860.00M | -650.00M | -650.00M |
SanDisk Corp Technical Analysis
Positive
920.99
Price Trends
173.74
Positive
113.20
Positive
Market Momentum
13.02
Positive
53.49
Neutral
36.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNDK, the sentiment is Positive. The current price of 920.99 is above the 20-day moving average (MA) of 231.19, above the 50-day MA of 173.74, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of 13.02 indicates Positive momentum. The RSI at 53.49 is Neutral, neither overbought nor oversold. The STOCH value of 36.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SNDK.
SanDisk Corp Risk Analysis
SanDisk Corp disclosed 58 risk factors in its most recent earnings report. SanDisk Corp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SanDisk Corp Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $243.11B | 55.66 | 42.33% | ― | 82.76% | ― | |
75 Outperform | $73.75B | 119.84 | 5.26% | ― | 18.00% | ― | |
75 Outperform | $61.39B | 21.52 | 22.71% | 1.21% | 16.66% | 114.94% | |
73 Outperform | $53.07B | 64.08 | 17.26% | ― | 8.14% | 10.64% | |
69 Neutral | $38.37B | 47.99 | 58.99% | 0.14% | 19.00% | 78.70% | |
63 Neutral | $18.04B | 33.21 | 7.39% | 0.43% | -23.36% | -26.77% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
SNDK
SanDisk Corp
1,694.98
1,657.65
4440.53%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.