Sandisk has undergone a dramatic transformation, with revenue surging from $1.8B in 2024Q4 to $9.0B in 2026Q4 and gross margins expanding to 84.6%, driven by a capital-light model and robust demand. The company's balance sheet is strong, with debt-to-equity at...
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue accelerated from $1.8B in 2024Q4 to $9.0B in 2026Q4, with gross margin expanding from 36.1% to 84.6%, though growth decelerated to 3.7% in 2026Q4.
The ongoing artificial intelligence boom is significantly increasing demand for high-performance NAND flash and enterprise SSDs used in AI data centers.
SanDisk has secured at least $42 billion in contractual revenue from multi-year supply partnerships, enhancing revenue visibility and reducing cyclicality risks.
SanDisk has reported earnings that significantly beat Wall Street expectations, with gross margins occasionally surpassing those of NVIDIA.
SanDisk's stock has gained over 300% year-to-date and 3,300% over the past year, leading some analysts to believe it may be overvalued.
The historically cyclical nature of the NAND market poses a risk of a memory cycle reset, which could negatively impact earnings.
A recent sell-off following strong earnings reports may indicate profit-booking by investors after a substantial rally.
Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q3 2026Latest Aug 5, 2026 | $39.25+12.3% vs $34.96 | $9.0B+5.7% vs $8.5B |
Q2 2026 Apr 30, 2026 | $23.41+60.1% vs $14.62 | $6.0B+26.1% vs $4.7B |
Q1 2026 Jan 29, 2026 | $6.20+71.3% vs $3.62 | $3.0B+12.6% vs $2.7B |
Q4 2025 Nov 6, 2025 | $1.22+38.2% vs $0.88 | $2.3B+7.2% vs $2.2B |
Sandisk Corporation remains a Strong Buy as its NBM contracts provide greater earnings visibility and structural margin improvements. SNDK's shift toward data center and AI-driven demand is raising the value of each bit sold and enhancing business quality. Management targets non-GAAP gross margins of 80% and operating margins of 75% through FY2028–FY2030, supporting a higher normalized earnings outlook.
Micron and Sandisk look like two memory stocks to buy, given the current market dynamics.
Wall Street's AI panic trade is already facing its first test. Nvidia, AMD and SanDisk stocks are trying to recover after Monday's sharp sell-off, when calls from industry leaders to slow frontier-model development triggered a rush out of AI-linked hardware.
Over the past few weeks, the market has been extremely choppy, frustrating, and has lacked liquidity. The good news is that Wednesday's FOMC meeting should bring volatility back in a big way and finally give the market some direction.
Benchmark SNDK against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Sandisk Corporation (SNDK)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $1887.04 | $279.45B | 25.58 | 175.3% | 56.46% | 91.64% | — | |
| $1096.16 | $1.24T | 144.42 | 48.85% | 55.91% | 70.55% | — | |
| $464.60 | $160.14B | 18.73 | 35.7% | 72.95% | 118.65% | — | |
| $919.84 | $206.25B | 66.18 | 34.06% | 26.11% | 348.17% | — | |
| $96.08 | $2.37B | 20.57 | -3.65% | 6.6% | 9.1% | — | |
| $283.26 | $2.41B | 19.40 | 10.21% | 22.06% | 32.04% | — |
Sandisk Corporation (SNDK) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Sandisk Corporation (SNDK) SEC filings — annual & quarterly reports (10-K, 10-Q)
Aug 5, 2026·SEC
May 15, 2026·SEC
Apr 30, 2026·SEC
Aug 21, 2025·SEC
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Sandisk Corporation (SNDK) stock FAQ — growth, dividends, profitability & financials explained
Sandisk Corporation (SNDK) reported $20.25B in revenue for fiscal year 2026. This represents a 108% increase from $9.75B in 2021.
Sandisk Corporation (SNDK) grew revenue by 175.3% over the past year. This is strong growth.
Yes, Sandisk Corporation (SNDK) is profitable, generating $11.43B in net income for fiscal year 2026 (56.5% net margin).
Sandisk Corporation (SNDK) has a return on equity (ROE) of 91.6%. This is excellent, indicating efficient use of shareholder capital.
Sandisk Corporation (SNDK) generated $11.49B in free cash flow for fiscal year 2026. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
