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Sandisk
S&P 500 Nasdaq 100
🏹 Trader: | BRS 60 Forming View all →
$583.9B
Market Cap
20.0
P/E
0.46
PEG
53.7%
ROCE
130.9%
ROE
0.13
D/E
35.8%
OPM
-33.5%
% from 52W High
99
α RS
🔍 SNDK is showing a high-conviction setup because it matches 21 of 39 tracked screener presets, Sector RRG has Technology in the Leading quadrant with the trail still rolling over, and RS Rating is 99 (top decile vs market). Net: Broad signal stack, not a recommendation. ? Conviction RRG RS Rating
Sources
Conviction 21/39 · Technology in Leading quadrant · RS Rating 99
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📈 Price History
Ratio Health
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About

Sandisk Corporation develops, manufactures, and sells data storage devices and solutions using NAND flash technology in the Americas, Europe, the Middle East, Africa, Asia, and internationally. The company provides solid state drives for desktop and notebook PCs, gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs and other portable and wearable devices, automotive applications, Internet of Things, industrial, and connected home applications, as well as removable cards, universal serial bus drives, and wafers and components. It sells its products to computer manufacturers and original equipment manufacturers, datacenters, private cloud customers, cloud service providers, resellers, distributors, and retailers through its sales personnel, dealers, distributors, retailers, and subsidiaries. Sandisk Corporation was incorporated in 2024 and is based in Milpitas, California.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding SNDK
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 799.6K $508.0M 0.79% Mar 2026
Steve Cohen Point72 Asset Management 376.6K $239.3M 0.31% Mar 2026
David Tepper Appaloosa LP 281.3K $178.7M 3.01% Mar 2026
Stan Druckenmiller Duquesne Family Office 38.2K $24.2M 0.72% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q4 2026
Revenue
$8.97B
+372% YoY
Operating Income (non-GAAP)
$7.10B
+68% QoQ
Operating Margin (non-GAAP)
79.2%
+8.3pp QoQ
Net Income (non-GAAP)
$6.16B
+68% QoQ
What Went Right
  • Record Q4: revenue of $8.97B and non-GAAP EPS of $39.25 both came in above the high end of guidance.
  • Datacenter momentum continues: datacenter revenue rose 103% QoQ to $2.98B and now represents 38% of bits versus 12% a year ago.
  • NBM strategy is scaling: five additional agreements signed, bringing total customers to eight, with $93.9B minimum expected revenue and $16.5B in financial guarantees.
  • Capital returns accelerated: $4.5B repurchased in Q4 and a new $14B authorization leaves $15.5B of remaining buyback capacity.
What to Watch
  • Consumer revenue dropped 32% QoQ to $556M as pricing and demand adjust; PC and smartphone units are expected to decline mid-teens in CY2026 before recovering in CY2027.
  • Q1 FY2027 gross margin guidance was set at 83%-85%, slightly below Q4's 84.6%, with management citing mix and prudent assumptions on component costs.
  • FY2027 sellable bit growth is expected to be mid-teens, below the long-term mid-to-high teens, due to higher inventory days; CapEx dollar spend also increases for BiCS8 and BiCS10 ramps.
Management Guidance
  • Q1 FY2027 revenue guidance: $10.3B-$10.8B, with sequential growth driven by both bit growth and higher pricing.
  • Q1 FY2027 non-GAAP gross margin: 83%-85%; non-GAAP operating expenses: $520M-$540M; non-GAAP EPS: $44-$46 on ~155M diluted shares.
  • Full-year FY2027 CapEx is expected to be ~6% of revenue; bits growth should be mid-teens; NAND market revenue is expected to exceed $300B in CY2026 and approach $500B in CY2027.
Investor Lens
The thesis is stronger after this call. Sandisk delivered record revenue, gross margin and EPS, and converted NBM momentum into multi-year visibility with eight customers, a $59.8B RPO and $16.5B of financial guarantees. The $4.5B buyback plus a new $14B authorization underscores confidence in free cash flow durability. The offsets are consumer weakness and a deliberate slowdown in sellable bit growth as inventory builds for NBM commitments. If AI/inference demand sustains, the forward revenue and earnings trajectory looks much more durable than prior cycles.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong beat: Q4 revenue $8.97B, EPS $39.25, margins at record.
Revenue
Q4 revenue was $8.97B, up 51% sequentially and 372% YoY, above guidance of $7.75B-$8.25B. Growth came roughly one-third from volume and two-thirds from pricing; datacenter revenue rose 103% QoQ to $2.98B, edge grew 48% QoQ to $5.43B, and consumer fell 32% QoQ to $556M.
Profitability
Non-GAAP net income was $6.16B, with diluted EPS of $39.25, above guidance of $30-$33 and up from $0.29 a year ago. GAAP net income was $6.90B, up 91% QoQ.
Margins
Non-GAAP gross margin was 84.6%, above the 79%-81% guidance and up from 78.4% in Q3. Non-GAAP operating margin was 79.2%, up from 70.9% sequentially, with operating expenses at 5.4% of revenue.
Balance Sheet
Cash and equivalents were $4.76B at quarter end. Q4 cash flow from operations was $7.13B, and adjusted free cash flow was $5.04B (56% margin) after excluding $1.94B of NBM prepayments and deposits. Gross CapEx was $562M, or 6.3% of revenue.
Key Risks
Consumer revenue declined sharply as pricing adjusts, and PC/smartphone units are expected to be down mid-teens in CY2026. Management flagged higher inventory days and lower sellable bit growth for FY2027, plus higher CapEx for BiCS8/BiCS10. NBM pricing is protected by floors, but actual upside depends on market prices.
Outlook
Q1 FY2027 revenue is guided to $10.3B-$10.8B with non-GAAP EPS of $44-$46. Management sees the NAND market exceeding $300B in CY2026 and approaching $500B in CY2027, with bits on allocation beyond CY2027.
Generated by AI · Q4 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q4 2026 Q4 2026 2026-08-05
Record Q4 and FY26 results driven by strong data center and edge growth, margin expansion, and new multi-year customer agreements. Over 50% of FY27 bits are committed under NBMs, providing multi-year visibility and robust financial guarantees. Shareholder returns accelerated with a $14B buyback authorization.
Q3 2026 Q3 2026 2026-04-30
Q3 revenue surged 251% year-over-year to $5.95B, driven by strong data center and edge demand, with five multi-year supply agreements securing over a third of FY27 bits and $42B in minimum revenue. Gross margin reached 78.4%, and a $6B share buyback was announced.
Q2 2026 Q2 2026 2026-01-29
Revenue surged 61% YoY to $3.03B, with non-GAAP EPS at $6.20, driven by AI-fueled demand and higher pricing. Data center revenue jumped 64% sequentially, and Q3 guidance points to further growth and margin expansion.
Q1 2026 Q1 2026 2025-11-06
Revenue and margins surged on robust NAND demand, with Q1 revenue up 21% sequentially and strong growth across data center, edge, and consumer segments. Supply remains tight, pricing is rising, and guidance points to continued margin expansion and positive free cash flow.
Q4 2025 Q4 2025 2025-08-14
Q4 revenue and EPS exceeded guidance, driven by strong data center, client, and consumer growth. BiCS 8 node transition and product innovation are expected to expand margins and cash flow in FY26, with the market remaining undersupplied and pricing power intact.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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