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SanDisk Corp
(NASDAQ:SNDK)
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Rating:73Outperform
Price Target:
$1,403.00
▼(-2.34% Downside)
Action:Reiterated
Date:08/07/26
SNDK scores well overall on the back of a powerful 2026 financial turnaround (profitability, cash flow, and low leverage) and a highly bullish earnings call with strong FY2027 guidance, long-duration NBMs, and significant capital returns. These strengths are tempered by weak technical positioning (below key moving averages with negative MACD) and a high P/E multiple that increases downside risk if peak-cycle margins and demand do not persist.
Positive Factors
Strong cash generation & low leverage
Robust 2026 cash conversion and a near-net-cash balance sheet materially strengthen financial flexibility. Large operating and free cash flow provide durable funding for capex, R&D, buybacks and guarantees, reducing refinancing risk and supporting strategic investments over multiple years.
Negative Factors
Marked historical cyclicality
The company’s sharp 2026 rebound follows several years of losses and negative free cash flow, highlighting earnings volatility tied to NAND cycles. If end-market pricing or bit demand normalizes, margins and cash generation could compress meaningfully versus peak-year metrics.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & low leverage
Robust 2026 cash conversion and a near-net-cash balance sheet materially strengthen financial flexibility. Large operating and free cash flow provide durable funding for capex, R&D, buybacks and guarantees, reducing refinancing risk and supporting strategic investments over multiple years.
Read all positive factors
SanDisk Corp Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down sales across regions (Americas, EMEA, Asia-Pacific), showing where SanDisk generates most demand and where it’s exposed to growth or risk. Regional splits reveal sensitivity to local mobile and PC markets, currency swings, and trade or supply-chain disruptions; heavy concentration in one geography can drive upside when that market expands or amplify downside if it slows.
Breaks down sales across regions (Americas, EMEA, Asia-Pacific), showing where SanDisk generates most demand and where it’s exposed to growth or risk. Regional splits reveal sensitivity to local mobile and PC markets, currency swings, and trade or supply-chain disruptions; heavy concentration in one geography can drive upside when that market expands or amplify downside if it slows.
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The Fly
The FlySanDisk Corp (SNDK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$179.90B
Dividend YieldN/A
Average Volume (3M)12.37M
Price to Earnings (P/E)39.8
Beta (1Y)2.67
Revenue Growth82.76%
EPS GrowthN/A
CountryUS
Employees11,000
SectorGeneral
Sector StrengthN/A
IndustryComputer Hardware
Share Statistics
EPS (TTM)77.78
Shares Outstanding148,089,750
10 Day Avg. Volume14,362,414
30 Day Avg. Volume12,371,702
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)16.30
Price to Sales (P/S)12.67
P/FCF Ratio22.32
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$2,220.00Price Target Upside54.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
EPS Forecast (FY)206.5
Revenue Forecast (FY)$48.73B
SanDisk Corp Business Overview & Revenue Model
Company Description
SanDisk Corporation specializes in designing, manufacturing, and supplying storage solutions and devices leveraging advanced NAND flash technology. Its diverse product line features solid-state drives (SSDs), embedded memory solutions, removable m...
How the Company Makes Money
SanDisk makes money primarily by selling NAND flash memory and NAND-based storage products through two main channels: (1) branded finished goods sold via retail and distribution (e.g., SanDisk-branded removable cards and USB drives), and (2) OEM/e...
SanDisk Corp Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call highlighted a transformational quarter with record revenue, margin and EPS, strong free cash flow and large multi-year NBMs that materially increase visibility and strategic ties to Datacenter and Edge customers. Technology leadership (BiCS 8/10 and high-bandwidth flash), rapid Datacenter growth (now 38% of portfolio) and an active $15.5B buyback authorization reinforced confidence. Key challenges noted include a sharp QoQ decline in consumer revenue, ongoing supply allocation (demand outpacing supply), higher inventory to support NBMs which tempers near-term bit growth, and customer concentration risk tied to long-term deals. Overall, the positives — strong financials, durable NBMs and cash return program — materially outweigh the challenges.Positive Updates
Record Quarterly and Annual Financial Performance
Q4 revenue $8,965M (up 51% sequentially, up 372% YoY); FY2026 revenue $20,248M (up 175% YoY). Q4 non-GAAP EPS $39.25 (vs $23.41 prior quarter and $0.29 prior year), beating prior guidance. Q4 non-GAAP gross margin 84.6% (vs 78.4% prior quarter, 26.4% prior year) and non-GAAP operating margin 79.2% (vs 70.9% prior quarter).
Negative Updates
Consumer Revenue Weakness in Quarter
Q4 consumer revenue $556M, down 32% quarter-over-quarter (though full-year consumer revenue was $2,935M, up 29% YoY). Management noted consumer markets (PCs and smartphones) are adjusting and expect recovery in calendar 2027.
Read all updates
Q4-2026 Updates
Positive
Negative
Record Quarterly and Annual Financial Performance
Q4 revenue $8,965M (up 51% sequentially, up 372% YoY); FY2026 revenue $20,248M (up 175% YoY). Q4 non-GAAP EPS $39.25 (vs $23.41 prior quarter and $0.29 prior year), beating prior guidance. Q4 non-GAAP gross margin 84.6% (vs 78.4% prior quarter, 26.4% prior year) and non-GAAP operating margin 79.2% (vs 70.9% prior quarter).
Read all positive updates
Company Guidance
Sandisk guided first‑quarter fiscal 2027 revenue of $10.3–$10.8 billion, non‑GAAP gross margin of 83–85%, non‑GAAP operating expenses of $520–$540 million and non‑GAAP EPS of $44–$46 assuming 155 million fully diluted shares; it expects mid‑ to high‑teens bit growth long‑term, sellable bits in the mid‑teens for FY27 due to higher inventory days, CapEx to increase year‑over‑year as BiCS‑8/10 ramps while CapEx/revenue falls to ~6% for the full year, and bits to remain on allocation beyond CY2027. Management said NBMs will be >50% of bits in FY27 and ~2/3 in FY28, with minimum NBM revenue of $93.9 billion at floor pricing, RPO of $59.8 billion ($91.1 billion including two post‑quarter NBMs) and $16.5 billion of financial guarantees; quarterly results included $4.762 billion cash, $7.126 billion cash from operations, $562 million gross CapEx ($153 million net), $5.035 billion adjusted free cash flow (56% margin, excluding $1.938 billion in NBM prepayments), and a $4.5 billion share repurchase (2.836 million shares) with $15.5 billion remaining authorization. They also forecast the NAND market to exceed $300 billion in CY2026 and approach $500 billion in CY2027, with Datacenter share rising from ~30% in CY2025 to ~50% in CY2026.SanDisk Corp Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
82
Very Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 20.25B | 7.36B | 6.66B | 6.09B | 9.75B |
| Gross Profit | 14.47B | 2.21B | 1.07B | 430.00M | 3.24B |
| EBITDA | 13.09B | -1.25B | -239.00M | -1.52B | 1.74B |
| Net Income | 11.43B | -1.64B | -672.00M | -2.14B | 1.06B |
Balance Sheet | |||||
| Total Assets | 22.51B | 12.98B | 13.51B | 13.82B | 15.76B |
| Cash, Cash Equivalents and Short-Term Investments | 4.76B | 1.48B | 328.00M | 292.00M | 335.00M |
| Total Debt | 393.00M | 2.04B | 985.00M | 1.02B | 950.00M |
| Total Liabilities | 6.77B | 3.77B | 2.42B | 2.38B | 2.78B |
| Stockholders Equity | 15.74B | 9.22B | 11.08B | 11.44B | 12.98B |
Cash Flow | |||||
| Free Cash Flow | 11.49B | -120.00M | -475.00M | -932.00M | 741.00M |
| Operating Cash Flow | 11.67B | 84.00M | -309.00M | -713.00M | 1.15B |
| Investing Cash Flow | -1.39B | 556.00M | 210.00M | -189.00M | -472.00M |
| Financing Cash Flow | -7.00B | 518.00M | 136.00M | 860.00M | -650.00M |
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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $35.03B | 27.76 | 114.18% | 1.22% | 5.29% | 10.66% | |
74 Outperform | $187.80B | 29.15 | 118.65% | 0.10% | -18.43% | 242.76% | |
73 Outperform | $179.90B | 39.84 | 93.13% | ― | 82.76% | ― | |
72 Outperform | $191.97B | 58.88 | 348.17% | 0.35% | 34.06% | 108.45% | |
71 Outperform | $262.79B | 31.66 | -363.24% | 0.53% | 38.87% | 99.71% | |
70 Outperform | $63.43B | 43.93 | 6.12% | 1.17% | 23.33% | 2.87% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SNDK
SanDisk Corp
1,212.21
1,167.87
2633.90%
NTAP
NetApp
189.52
85.14
81.56%
STX
Seagate Tech
812.76
663.54
444.68%
WDC
Western Digital
434.30
359.53
480.87%
HPE
Hewlett Packard Enterprise
53.22
32.83
161.06%
DELL
Dell Technologies
453.77
317.89
233.95%
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.