Sandisk is one of the five largest suppliers of NAND flash memory semiconductors globally. Sandisk is vertically integrated, producing substantially all of its flash chips at manufacturing sites across Japan via a joint-venture framework with Kioxia.
It is a $228B technology company. Revenue grew 175.3% over the last year, it keeps 56¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 20.0× earnings.
- Website
- sandisk.com
- Location
- Milpitas, CA
- Employees
- 11 100
- Sector
- Technology
- Founded
- 1988
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong growth, profitability and quality; Valuation and Moat lag behind.
Valuation49
- P/E vs own history40th pct · 12/25
- FCF yield5.0% · 20/25
- P/S11.3x · 5/25
- EV/EBITDA17.9x · 12/25
Growth75
- Revenue CAGR20.0% · 25/25
- Net income CAGR81.1% · 25/25
- EPS CAGR ~5Yn/a · 0/25
- Fwd implied growth137.2% · 25/25
Profitability100
- ROIC102.3% · 25/25
- ROE93.1% · 25/25
- Net margin56.5% · 25/25
- Operating margin61.2% · 25/25
Health50
- Altman Zn/a · 0/25
- Current ratio2.29 · 25/25
- Interest coverage-35.1x · 0/25
- Net cash / debtNet cash · 25/25
Quality75
- Piotroski F7/9 · 22/25
- Beneish M-6.04 · 25/25
- FCF conversion99% · 22/25
- Margin stabilityσ 24.1% · 6/25
Moat18
- ROIC >12% years1/5 yrs · 0/25
- Median gross margin30.1% · 13/25
- FCF-positive years2/5 yrs · 5/25
- Worst-year net marginworst -35.2% · 0/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2026FinancialRevenue crossed $10B$20.2B for the year
- FY2026FinancialBecame debt-freecash now exceeds total debt
- FY2026FinancialBest year on record$11.4B net income
- 2026MilestoneIt was announced that the WD-branded "Blue" and "Black" SSDs products by Sandisk would be rebranded…
- 2024ProductSanDisk unveiled a new pixel-inspired logo, replacing a design used in various forms since 1995
- FY2022FinancialFirst recorded profitable year$1.06B net income
- FY2022FinancialRevenue already above $1B$9.75B in first reported year
- May 12, 2016AcquisitionThe acquisition was completed on May 12, 2016; the valuation was lowered to $16 billion after Chinese company…
- 2015AcquisitionWestern Digital announced its intent to acquire SanDisk for $19 billion
- 2014AcquisitionSanDisk acquired Fusion-io, a producer of flash memory for enterprise data centers, for $1.1 billion
- 2006MilestoneAs soon as 2006, they became the second largest maker of digital audio players in the United States behind Apple
- 2005MilestoneSanDisk entered the digital audio player market with the release of its first flash-based MP3 player, the…
- Nov 8, 1995IPOSunDisk changed its name to SanDisk to avoid confusion with Sun Microsystems
- 1992ProductSunDisk introduced FlashDisk, a series of memory cards made for the PCMCIA or PC Card form factor, so they…
- 1988FoundedFounded in 1988, it designs and manufactures flash memory products, including memory cards, USB flash drives
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (71.5%)
- Strongly profitable — 56.5% net margin
- Revenue growing 175.3% year over year
- Strong cash conversion — FCF is 56.8% of revenue
- Net cash position after subtracting debt from cash
Watch-outs
- Thin interest coverage (-35.1×)
- Loss-making in 3 of the recent years
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+175.3% YoY
- Profitable — makes more than it spends$11.4B TTM
- Profit growing — earnings are higher than last year+796.7% YoY
- Generates cash — cash left after running and investing$11.5B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$228B market cap
- Not printing shares — share count not ballooning — you keep your slice+6.9% shares over ~5y
- Proven track record — years of profitability behind it2/5 profitable years
- Financially stable — balance sheet not near distresshealth score 25/100
- Pays a dividend — returns cash to shareholdersno data
- Valuation not extreme — price not wildly above earningsP/E 20.0
Peer comparisonSandisk Corporation vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| SNDK this company | $228.4B | 20.0 | +175.3% | 56.5% | Strained |
| NVDA Nvidia Corp | $5.5T | 28.6 | +83.4% | 63.7% | Mixed |
| AAPL Apple Inc. | $4.9T | 38.1 | +14.2% | 27.6% | Strong |
| GOOGL Alphabet Inc. | $4.3T | 17.6 | +20.1% | 54.8% | Mixed |
| MSFT Microsoft Corp | $4.0T | 29.7 | +17.8% | 40.3% | Strong |
| SPCX Space Exploration Technologies Corp. | $2.1T | — | +33.2% | -34.0% | Strained |
| META Meta Platforms, Inc. | $1.8T | 26.9 | +27.7% | 29.8% | Mixed |
Head-to-head: SNDK vs NVDA · SNDK vs AAPL · SNDK vs GOOGL
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2022–FY2026. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/SNDK
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Deeper analysis of SNDK on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $1 580.31 · market cap $228B.