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ValueScreener company report

Sandisk Corporation (SNDK)

NASDAQ / Technology / Hardware, Equipment & Parts

Share price

1403.34 USD Market dataClose of Oct 14, 2026

Market capitalisation

207.80B USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2026, filed Aug 17, 2026
Ratios computed
Oct 14, 2026
Filed years
4, FY2023 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

97.4% Computed

From the FY2026 filing

Read quality

Valuation

Price to earnings

18.04x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

5.3% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2022 Revenue: 9.75B USDFY2022 Net income: 1.06B USDFY2023 Revenue: 6.09B USDFY2023 Net income: -2.14B USDFY2024 Revenue: 6.66B USDFY2024 Net income: -672.0M USDFY2025 Revenue: 7.36B USDFY2025 Net income: -1.64B USDFY2026 Revenue: 20.25B USDFY2026 Net income: 11.43B USD
Revenue Net income5 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
6 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 18.04x at the close of 2026-10-14 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Hardware, Equipment & Parts industry (47 companies), 18.04x sits at the 9th percentile; the middle half of that group runs from 27.88x to 73.81x.

Is it good

Return on invested capital was 97.4% in FY2026, in the band labelled "Exceptional" (20.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on the capital in the business well above the usual cost of that capital.

Today, against the Technology sector (197 companies), 97.4% sits at the 100th percentile; the middle half of that group runs from 1.2% to 17.1%.

Is it safe

Interest coverage was 169.71x in FY2026, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Sandisk Corporation's return on equity stayed above the median of the Hardware, Equipment & Parts industry, year by year. (FY2023 to FY2025, 3 fiscal years of Sandisk Corporation with a comparable figure)
The direction
Which way Sandisk Corporation's debt to equity has moved, and how steadily. (FY2012 to FY2026, 10 filed years of Sandisk Corporation)
What could explain it
What in Sandisk Corporation's filed statements could explain the movements. (9 readings drawn from the statement lines Sandisk Corporation filed)
What to check next
What to check next on Sandisk Corporation, and where in its filings. (6 questions for Sandisk Corporation)
In one paragraph
One paragraph on Sandisk Corporation's returns, cash, balance sheet and price. (14 of sixteen figures read for Sandisk Corporation)

These are SNDK’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research SNDKPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Aug 17, 2026, accession 0001628280-26-057406.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Sandisk Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax97.4% ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Return on equity72.7% ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Return on capital employed, pre-tax73.2% ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Return on assets50.8% ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Gross margin71.5% ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Operating margin61.2% ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Net margin56.5% ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
SNDK 56.5%
MRVL 32.6%KLAC 35.6%ANET 39.0%LRCX 31.3%TXN 28.3%
28.3%56.5%
Net margin: SNDK against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Sandisk Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.01 ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Current ratio2.29 ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Quick ratio1.81 ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Interest coverage169.71x ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Altman Z-score22.98 ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Net debt-4.56B ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Total assets 22.51BTotal liabilities 6.77BShareholders' equity 15.74BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Sandisk Corporation owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Aug 17, 2026, 0001628280-26-057406).

Sandisk Corporation: balance sheet position
Total assets22.51B FiledFY2026 10-K, filed Aug 17, 2026
Total liabilities6.77B FiledFY2026 10-K, filed Aug 17, 2026
Shareholders' equity15.74B FiledFY2026 10-K, filed Aug 17, 2026
Cash4.76B FiledFY2026 10-K, filed Aug 17, 2026
Total debt201.0M FiledFY2026 10-K, filed Aug 17, 2026
Net debt-4.56B
Current ratio2.29
Debt to equity0.01

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Sandisk Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings18.04x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
P/E on trailing twelve months20.16x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book13.82x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Price to sales10.74x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Enterprise value to EBIT17.19x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Enterprise value to EBITDA16.98x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Price to earnings over growth0.30 ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Diluted earnings per share73.76 USD FiledFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Graham number421.51 USD ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406

We publish no fair value or price target of our own. Value SNDK on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Sandisk Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Sandisk Corporation: valuation
Share price1403.34 USD
Market capitalisation207.80B USD
Enterprise value to EBITDA16.98x
Graham number421.51 USD
Diluted earnings per share, FY202673.76 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Nov 7, 2025: low 20.08x, median 86.85x, high 149.68x, latest 20.16x. 113 trading days with a meaningful ratio, 119 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Sandisk Corporation

  1. Marvell Technology, Inc. (MRVL)Market cap 214.80B USD
  2. KLA Corporation (KLAC)Market cap 233.60B USD
  3. Arista Networks, Inc. (ANET)Market cap 246.10B USD
  4. Lam Research Corporation (LRCX)Market cap 358.80B USD
  5. Texas Instruments Incorporated (TXN)Market cap 256.30B USD

Same sector (Technology) and size band (Mega, 200B and over), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Sandisk Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield5.3% ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Free cash flow11.49B USD ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Free cash flow margin56.8% ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
FY2022 Free cash flow: 741.0M USDFY2022 Net income: 1.06B USDFY2023 Free cash flow: -932.0M USDFY2023 Net income: -2.14B USDFY2024 Free cash flow: -475.0M USDFY2024 Net income: -672.0M USDFY2025 Free cash flow: -120.0M USDFY2025 Net income: -1.64B USDFY2026 Free cash flow: 11.49B USDFY2026 Net income: 11.43B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Sandisk Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
18.04xFY2026Oct 14, 2026
13.82xFY2026Oct 14, 2026
17.19xFY2026Oct 14, 2026
5.3%FY2026Oct 14, 2026
97.4%FY2026Aug 17, 2026
n/aFY2026Oct 14, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.01FY2026Aug 17, 2026
2.29FY2026Aug 17, 2026
10.74xFY2026Oct 14, 2026
0.30FY2026Oct 14, 2026
22.98FY2026Oct 14, 2026
-0.64FY2026Aug 17, 2026
7/9FY2026Aug 17, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 4 filed fiscal years on record, FY2023 to FY2026, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

5 fiscal years, FY2022 to FY2026. 4 read from the annual reports Sandisk Corporation filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Sandisk Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202620.25B12.39B11.43B73.7611.49B61.2%72.7%10-K, Aug 17, 20260001628280-26-057406
FY20257.36B-1.38B-1.64B-11.32-120.0M-18.7%-17.8%10-K, Aug 21, 20250002023554-25-000034
FY20246.66B-468.0M-672.0M-4.63-475.0M-7.0%-6.1%10-K, Aug 21, 20250002023554-25-000034
FY20236.09B-2.04B-2.14B-14.78-932.0M-33.4%-18.7%10-K, Aug 21, 20250002023554-25-000034
FY20229.75B1.20B1.06B7.39741.0M12.3%n/aMarket data, supplied Mar 8, 2026accession n/a
  • Revenue, compound annual growth FY2022 to FY2026: 20.0%
  • Earnings, compound annual growth FY2022 to FY2026: 81.1%
  • Earnings per share, compound annual growth FY2022 to FY2026: 77.7%
  • Free cash flow, compound annual growth FY2022 to FY2026: 98.5%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Sandisk Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-0.64 ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Piotroski F-score7/9 ComputedFY2026 10-K, filed Aug 17, 2026, 0001628280-26-057406
Named tests met6 of 30 Computed
Beta
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 6 met, 19 not met, 5 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Gross margin, turnover (Robert Novy-Marx); ROIC at or above WACC; Z-score and coverage (Edward Altman); High return on tangibles; Cash-flow yield and ROIC; Clean books, high ROIC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; EV/EBITDA and coverage; Dividends and buybacks; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Low PEG, low debt (Peter Lynch); High returns and growth; High yield, low payout; Low beta, profitable; Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(7)
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Beta: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 7 figures could not be read on this company, among them Eps Growth 5Y, Rev Growth 5Y, Dividend Yield. Each blank in the table above names the rest, with its reason. 5 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 4 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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