SNDK Sandisk

XNGS Sideways Alert

Technology

· How we analyze

About the company

Sandisk was spun off from Western Digital in 2025 and is once again an independent company. It develops and sells flash storage, such as SSDs for data centers and PCs, memory cards and USB drives. It manufactures the memory chips together with Kioxia in Japan. As of Oct 12, 2026

Fact sheet (from the annual report) Data storage · Milpitas, USA

According to the company, Sandisk is a maker of NAND-based semiconductor storage and is vertically integrated from chip design and manufacturing to system technology. Until February 2025 the company was a subsidiary of Western Digital and has since been independent. Its offering includes solid-state drives, embedded storage, removable cards, flash drives as well as wafers and components. The business is divided into the end markets Datacenter, Edge and Consumer. The company obtains its flash memory from joint ventures with Kioxia at sites in Japan.

Automatically summarized from SEC annual report (10-K, filed Aug 17, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 15, 2026

Price performance at a glance

Last 30 trading days
  • Today +3.9%
  • 7 days −4.4%
  • 30 days −26.6%
  • 1 year +639.3%
Day range (last trading day)
−3.5%Price at 81% of the range+0.9%
52-week range
−87.4%Price at 52% of the range+80.4%
Distance from the all-time high
−44.6%

Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.

Fundamentals · Analysis method

Growth, margin and debt compared with the sector – in detail in the fundamental analysis further down. The chart shows the candles without a buy zone.

Growth: greenMargin: greenDebt: green

Fundamental analysis

Sandisk · Sector Technology · amounts in USD

Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Aug 17, 2026.

Quality checks

Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.

Fiscal year to Jul 3, 2026

Quality 6 of 7 met · 1 without data

  • met: Gross margin above 40% 71.5%
  • met: Operating margin above 15% 61.2%
  • met: Net margin above 10% 56.5%
  • met: Return on equity above 15% 72.7%
  • met: Free cash flow margin above 10% 56.8%
  • no data: Profit in each of the last 5 fiscal years fewer than 5 fiscal years reported
  • not met: Free cash flow positive in each of the last 3 fiscal years 1 of 3
  • met: Equity ratio above 30% 69.9%
Gross margin

71.5% Fiscal year 2026

Rank 83 of 100: higher than 83% of 153 peers (All). strong.

Rank 78 of 100: higher than 78% of 57 peers (Sector). strong.

Median Technology: 56.1%

Share of revenue left after the direct cost of the products sold.

Operating margin

61.2% Fiscal year 2026

Rank 98 of 100: higher than 98% of 192 peers (All). strong.

Rank 98 of 100: higher than 98% of 60 peers (Sector). strong.

Median Technology: 14.2%

Operating income divided by revenue: what the core business earns before interest and taxes.

Net margin

56.5% Fiscal year 2026

Rank 97 of 100: higher than 97% of 237 peers (All). strong.

Rank 96 of 100: higher than 96% of 63 peers (Sector). strong.

Median Technology: 12.5%

Profit after all costs, interest and taxes divided by revenue.

Return on equity

72.7% Fiscal year 2026

Rank 92 of 100: higher than 92% of 218 peers (All). strong.

Rank 88 of 100: higher than 88% of 61 peers (Sector). strong.

Median Technology: 13.5%

Net income divided by equity at fiscal year end.

Return on assets

50.8% Fiscal year 2026 (total assets at year end)

Rank 99 of 100: higher than 99% of 238 peers (All). strong.

Rank 96 of 100: higher than 96% of 63 peers (Sector). strong.

Median Technology: 5.9%

Net income divided by total assets at fiscal year end.

Equity ratio

69.9% Fiscal year 2026

Rank 88 of 100: higher than 88% of 239 peers (All). strong.

Rank 82 of 100: higher than 82% of 63 peers (Sector). strong.

Median Technology: 51.6%

Equity as a share of total assets. Usually low for banks.

Free cash flow margin

56.8% Fiscal year 2026

Rank 99 of 100: higher than 99% of 213 peers (All). strong.

Rank 99 of 100: higher than 99% of 62 peers (Sector). strong.

Median Technology: 19.0%

Free cash flow divided by revenue.

Free cash flow

11.5B USD Fiscal year 2026

Operating cash flow minus capital expenditure on property and equipment.

Growth 2 of 2 met · 5 without data

  • met: Over 3 years, revenue grew by more than 5% per year +49.3%
  • no data: Over 5 years, revenue grew by more than 5% per year no comparable figures over 5 years
  • no data: Over 10 years, revenue grew by more than 5% per year no comparable figures over 10 years
  • no data: Over 3 years, EPS grew by more than 5% per year not computable (loss in the first or last year, or figures missing)
  • no data: Over 5 years, EPS grew by more than 5% per year not computable (loss in the first or last year, or figures missing)
  • no data: Revenue rose in at least 4 of the last 5 fiscal years fewer than 6 fiscal years reported
  • met: Revenue rose in the last fiscal year +175.3%
Revenue growth 3 years

+49.3% per year

Rank 92 of 100: higher than 92% of 230 peers (All). strong.

Rank 81 of 100: higher than 81% of 59 peers (Sector). strong.

Median Technology: +14.3%

Average growth per year over 3 fiscal years.

Dividend 0 of 1 met · 6 without data

  • not met: Pays a dividend no dividend per share reported for the last fiscal year
  • no data: Payout ratio at most 60% of earnings pays no dividend
  • no data: Dividend paid in each of the last 5 fiscal years pays no dividend
  • no data: Dividend per share never lowered in the last 5 fiscal years pays no dividend
  • no data: Dividend per share higher than 5 years ago pays no dividend
  • no data: Free cash flow per share covers the dividend pays no dividend
  • no data: Dividends paid over the last 5 years covered by free cash flow pays no dividend

Financial strength 5 of 5 met · 1 without data

  • met: Piotroski F-Score at least 7 of 9 7 of 9
  • met: Long-term debt no higher than equity 0.00
  • met: Current assets cover current liabilities 2.29
  • met: Positive equity 15.7B USD
  • no data: In 5 years, share count up by at most 5% no comparable share count 5 years ago
  • met: Free cash flow positive in the last fiscal year 11.5B USD
Piotroski F-Score

7 of 9 Fiscal year 2026

Rank 72 of 100: higher than 72% of 134 peers (All). strong.

Rank 70 of 100: higher than 70% of 44 peers (Sector). strong.

Median Technology: 6.0 of 9

Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.

Debt / equity

0.00 at fiscal year end

Rank 98 of 100: lower than 98% of 199 peers (All). strong.

Rank 98 of 100: lower than 98% of 54 peers (Sector). strong.

Median Technology: 0.41

Long-term financial debt divided by equity.

Liquidity (current ratio)

2.29 at fiscal year end

Rank 74 of 100: higher than 74% of 215 peers (All). strong.

Rank 55 of 100: higher than 55% of 63 peers (Sector). medium.

Median Technology: 2.02

Current assets divided by current liabilities.

Change in share count

+6.9% in 3 years

No rank: too few peers or not computed yet.

Change in diluted share count. Negative = share buybacks, positive = new shares.

The 9 criteria of the Piotroski F-Score
  • met: Profit in the last fiscal year (positive return on assets)
  • met: Positive operating cash flow
  • met: Return on assets higher than the prior year
  • met: Operating cash flow higher than net income
  • met: Long-term debt relative to total assets fell
  • not met: Liquidity (current assets / current liabilities) rose
  • not met: No additional shares (diluted share count did not rise)
  • met: Gross margin higher than the prior year
  • met: Revenue relative to total assets higher than the prior year

Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.

Price-based criteria (P/E, dividend yield) are shown to signed-in users.

Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.

In short

  • Light green: Revenue grew over 3 years (+49.3% per year), at least as fast as the sector median.
  • Light green: Net margin 56.5%, above the sector median (12.5%).
  • Light green: Debt not higher than usual in the sector.
  • Light red: Profit in 1 of 4 fiscal years.

Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.

RevenueNet income Net margin (below) in USD
  1. Fiscal year 2023 (Jul 2, 2022 – Jun 30, 2023): Revenue 6.1B USD · Net income −2.1B USD · Net margin −35.2%
  2. Fiscal year 2024 (Jul 1, 2023 – Jun 28, 2024): Revenue 6.7B USD · Net income −672.0M USD · Net margin −10.1%
  3. Fiscal year 2025 (Jun 29, 2024 – Jun 27, 2025): Revenue 7.4B USD · Net income −1.6B USD · Net margin −22.3%
  4. Fiscal year 2026 (Jun 28, 2025 – Jul 3, 2026): Revenue 20.2B USD · Net income 11.4B USD · Net margin 56.5%

Fiscal year 2026 (Jun 28, 2025 – Jul 3, 2026): Revenue 20.2B USD · Net income 11.4B USD · Net margin 56.5%

Figures over time

Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.

Money flow in fiscal year 2026

Of 100 USD of revenue, 71.5 USD gross profit, 61.2 USD operating income and 56.5 USD net income remained.

Money flow as a table
Fiscal year 2026, amounts in USD, share of revenue
ItemAmountof revenue
Revenue20.2B USD100.0%
Gross profit14.5B USD71.5%
Cost of revenue5.8B USD28.5%
Operating income12.4B USD61.2%
Research & development1.3B USD6.6%
Other operating expenses755.0M USD3.7%
Net income11.4B USD56.5%
Interest expense73.0M USD0.4%
Taxes & other (net)883.0M USD4.4%

Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.

Margins

The operating margin rose in 3 years from −33.4% to 61.2%.

Gross marginOperating marginNet margin
  1. Fiscal year 2023: Gross margin 7.1% · Operating margin −33.4% · Net margin −35.2%
  2. Fiscal year 2024: Gross margin 16.1% · Operating margin −7.0% · Net margin −10.1%
  3. Fiscal year 2025: Gross margin 30.1% · Operating margin −18.7% · Net margin −22.3%
  4. Fiscal year 2026: Gross margin 71.5% · Operating margin 61.2% · Net margin 56.5%

Returns

Return on equity rose in 3 years from −18.7% to 72.7%.

Return on equityReturn on assets
  1. Fiscal year 2023: Return on equity −18.7% · Return on assets not available
  2. Fiscal year 2024: Return on equity −6.1% · Return on assets −5.0%
  3. Fiscal year 2025: Return on equity −17.8% · Return on assets −12.6%
  4. Fiscal year 2026: Return on equity 72.7% · Return on assets 50.8%

Equity and long-term debt

The equity ratio fell in 2 years from 82.1% to 69.9%.

EquityLong-term debt in USD Long-term debt, depending on the filing, includes the current portion or leases.
  1. Fiscal year 2023: Equity 11.4B USD · Long-term debt not available
  2. Fiscal year 2024: Equity 11.1B USD · Long-term debt 0.0 USD
  3. Fiscal year 2025: Equity 9.2B USD · Long-term debt 1.8B USD
  4. Fiscal year 2026: Equity 15.7B USD · Long-term debt 0.0 USD

Liquidity (current ratio)

The current ratio rose in 2 years from 1.67 to 2.29.

Current ratio
  1. Fiscal year 2023: Current ratio not available
  2. Fiscal year 2024: Current ratio 1.67
  3. Fiscal year 2025: Current ratio 3.56
  4. Fiscal year 2026: Current ratio 2.29

Cash flow

Free cash flow rose in 3 years from −932.0M USD to 11.5B USD.

Operating cash flowCapital expenditureFree cash flow in USD
  1. Fiscal year 2023: Operating cash flow −713.0M USD · Capital expenditure 219.0M USD · Free cash flow −932.0M USD
  2. Fiscal year 2024: Operating cash flow −309.0M USD · Capital expenditure 166.0M USD · Free cash flow −475.0M USD
  3. Fiscal year 2025: Operating cash flow 84.0M USD · Capital expenditure 204.0M USD · Free cash flow −120.0M USD
  4. Fiscal year 2026: Operating cash flow 11.7B USD · Capital expenditure 177.0M USD · Free cash flow 11.5B USD

Share count

The share count rose in 3 years by 6.9% – more new shares were issued than repurchased (dilution).

Diluted share count
  1. Fiscal year 2023: Diluted share count 145.0M
  2. Fiscal year 2024: Diluted share count 145.0M
  3. Fiscal year 2025: Diluted share count 145.0M
  4. Fiscal year 2026: Diluted share count 155.0M

From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.

Dividends and share repurchases

How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.

Dividend per share
none pays no dividend
To shareholders (3 years)
4.5B USD 100% through repurchases

What goes back to shareholders

Over 3 years, 4.5B USD went back to shareholders, 100% of it through share repurchases. That is 42% of the free cash flow of those years.

Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in USD
  1. Fiscal year 2023: Dividends paid not available · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow −932.0M USD
  2. Fiscal year 2024: Dividends paid not available · Share repurchases 0.0 USD · New shares issued (including employee plans) not available · Free cash flow −475.0M USD
  3. Fiscal year 2025: Dividends paid not available · Share repurchases 0.0 USD · New shares issued (including employee plans) not available · Free cash flow −120.0M USD
  4. Fiscal year 2026: Dividends paid not available · Share repurchases 4.5B USD · New shares issued (including employee plans) not available · Free cash flow 11.5B USD

Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.

Valuation over time

Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users.

Sector comparison

Sandisk next to 8 stocks of the sector Technology we cover that are closest in revenue. Click a column header to sort the table.

Sector comparison SNDK, sector Technology; last row: sector median
Symbol Revenue (FY) Growth 5 yrsGross marginOp. marginNet marginROEEquity ratioFCF marginPiotroski
AMAT Applied Materials 28.4B USD +10.5%48.7%29.2%24.7%34.3%56.2%20.1%6/9
ADBE Adobe Inc. 23.8B USD +13.1%89.3%36.6%30.0%61.3%39.4%41.4%7/9
LRCX Lam Research 23.2B USD +9.7%50.5%35.3%31.3%58.3%53.0%21.1%8/9
APH Amphenol 23.1B USD +21.8%36.9%25.4%18.5%31.8%37.0%19.0%7/9
INTU Intuit 21.4B USD +17.4%–27.4%21.3%24.0%51.6%40.4%–
SNDK Sandisk this stock 20.2B USD –71.5%61.2%56.5%72.7%69.9%56.8%7/9
TXN Texas Instruments 17.7B USD +4.1%57.0%34.1%28.3%30.7%47.1%14.7%6/9
GLW Corning Inc. 15.6B USD +6.7%36.0%14.6%10.2%13.5%38.1%9.0%7/9
KLAC KLA Corporation 13.6B USD +14.4%61.3%–35.6%76.1%35.4%27.7%8/9
Median of the sector 63 symbols 11.0B USD +14.5%56.1%14.2%12.5%13.5%51.6%19.0%6/9

Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).

Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.

Key figures with traffic lights

Each light follows a simple, disclosed rule. The comparison is with the sector median of all 97 symbols in the Technology sector on our list (current members of the S&P 500 and other lists).

Revenue growth

Light green: above sector

+49.3% per year, last 3 years

Sector Technology: median +10.0% (93 symbols)

What does this mean? Revenue: over 3 years it grew by 49.3% per year on average – at least as fast as the median company in the sector (+10.0%).

Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.

Net income (total)

Light gray: not computable

– per year, last 3 years

Sector Technology: median +6.6% (63 symbols)

per share: not computable (loss in the first or last year)

What does this mean? There was a loss in the first or last year. An annual growth rate cannot be calculated meaningfully then.

Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.

Net margin

Light green: above sector

56.5% last fiscal year

Sector Technology: median 12.5% (97 symbols)

What does this mean? Of every 100 USD in revenue, 56.46 USD remained as profit – at least as much as the median company in the sector (12.5%).

Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.

Debt / equity

Light green: lower than sector

0.00 latest balance sheet

Sector Technology: median 0.45 (79 symbols)

What does this mean? No financial debt reported – no more than the median company in the sector (0.45). More debt amplifies good and bad years alike.

Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.

Payout ratio

Light gray: none found

– Dividend / earnings per share

Sector Technology: median 30% (36 symbols)

What does this mean? The loaded SEC filings of the last two fiscal years contain no dividend per share. Either the company pays none, or it reports it under a different tag.

Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.

Profitable years

Light red: 3 loss years

1 of 4 fiscal years with a profit

What does this mean? In 1 of the last 4 fiscal years the bottom line showed a profit. 3 years ended with a loss.

Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).

Last fiscal year and 13F

Information, not a trading signal · Source: SEC EDGAR
Revenue (FY)
20.2B USD
Revenue vs. prior year
+175.3%
Net income (FY)
11.4B USD
Net income vs. prior year
–
EPS (FY)
73.76 USD
13F funds with a position
3 of 9
Funds vs. prior quarter
−1
Shares held vs. prior quarter
−78.3%
Fiscal year to Jul 3, 2026 · 10-K filed Aug 17, 2026 · Balance sheet Jul 3, 2026 (filed Aug 17, 2026) · Price-based figures (P/E, P/S, dividend yield, market cap) only when logged in. · Values as first reported; debt = reported financial debt (US GAAP: long-term). 13F: reporting date Jun 30, 2026, 9 tracked funds have filed (latest Aug 14, 2026), filed with up to 45 days of delay. Stock positions only; comparison with Mar 31, 2026 only across funds that filed for both quarters.
All figures as a table
Fiscal years (amounts in USD, per share in USD)
YearEndRevenueNet income MarginEarnings per shareDividend per sharePayout
2026Jul 3, 2026 20.2B11.4B 56.5% 73.76 – –
2025Jun 27, 2025 7.4B−1.6B −22.3% −11.32 – –
2024Jun 28, 2024 6.7B−672.0M −10.1% −4.63 – –
2023Jun 30, 2023 6.1B−2.1B −35.2% −14.78 – –
Quarters (amounts in USD, per share in USD)
QuarterEndRevenueNet income MarginEarnings per shareDividend per sharePayout
Q2/26*Jul 3, 2026 9.0B6.9B 77.0% – – –
Q1/26Apr 3, 2026 6.0B3.6B 60.8% 23.03 – –
Q4/25Jan 2, 2026 3.0B803.0M 26.5% 5.15 – –
Q3/25Oct 3, 2025 2.3B112.0M 4.9% 0.75 – –
Q2/25*Jun 27, 2025 1.9B−23.0M −1.2% – – –
Q1/25Mar 28, 2025 1.7B−1.9B −114.0% −13.33 – –
Q4/24Dec 27, 2024 1.9B104.0M 5.5% 0.72 – –
Q3/24Sep 27, 2024 1.9B211.0M 11.2% 1.46 – –
Q2/24*Jun 28, 2024 1.8B120.0M 6.8% – – –
Q1/24Mar 29, 2024 1.7B27.0M 1.6% 0.19 – –
Q4/23Dec 29, 2023 1.7B−301.0M −18.1% – – –
Q3/23Sep 29, 2023 –−518.0M – – – –

* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.

How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.

Insiders

All insider transactions
Insider purchases and sales on the market over 3, 6 and 12 months
PeriodPurchasesSalesNet
3 months $00 people $121.2M4 people −$121.2M
6 months $00 people $131.3M6 people −$131.3M
12 months $00 people $133.8M7 people −$133.8M

Latest transactions

  • Oct 1, 2026 Shek Bernard Officer Open-market sale · 10b5-1 plan 600 shares · $1.0M · SEC
  • Sep 17, 2026 Goeckeler David Chief executive (CEO), Director Open-market sale · 10b5-1 plan 165 shares · $261.9K · SEC
  • Sep 17, 2026 Goeckeler David Chief executive (CEO), Director Open-market sale · 10b5-1 plan 1,520 shares · $2.4M · SEC
  • Sep 17, 2026 Goeckeler David Chief executive (CEO), Director Open-market sale · 10b5-1 plan 1,080 shares · $1.7M · SEC
  • Sep 17, 2026 Goeckeler David Chief executive (CEO), Director Open-market sale · 10b5-1 plan 1,480 shares · $2.3M · SEC
  • Sep 17, 2026 Goeckeler David Chief executive (CEO), Director Open-market sale · 10b5-1 plan 640 shares · $1.0M · SEC

Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.

Trend score +10

Price vs. EMA 50-15
Price vs. EMA 200+15
EMA 50 vs. EMA 200+20
ADX (trend strength)-15
Highs and lows-10
Relative strength+15

Volatility and trend strength

ADX 14 (trend strength)25.7
Rel. strength 60 d+0.3%

ATR and moving averages as price values only when logged in.

More stocks from Technology

All symbols in this sector

News

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