The balance sheet strengthened significantly, with total assets rising to $22.5B and debt-to-equity falling to 0.02, while cash tripled to $4.8B, but goodwill of $5.0B (22% of assets) poses impairment risk.
Sandisk Corporation (SNDK) balance sheet — 6-year assets, liabilities & shareholders' equity history
| Metric | Jul'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jul'22 |
|---|
| Total Current Assets | 12.78B | 5.09B | 3.55B | 3.4B | 4.49B | 4.49B |
| Cash & Short-Term Investments | 4.76B | 1.48B | 328M | 292M | 335M | 335M |
| Cash Only | 4.76B | 1.48B | 328M | 292M | 335M | 335M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 4.73B | 1.13B | 935M | 539M | 1.29B | 1.29B |
| Days Sales Outstanding | 85.27 | 56.28 | 51.22 | 32.33 | 48.24 | 48.24 |
| Inventory | 2.7B | 2.08B | 1.96B | 2.27B | 1.99B | 1.99B |
| Days Inventory Outstanding | 170.49 | 147.55 | 127.63 | 146.43 | 111.69 | 111.69 |
| Other Current Assets | 590M | 392M | 330M | 300M | 873M | 873M |
| Total Non-Current Assets | 9.73B | 7.9B | 9.96B | 10.42B | 11.27B | 11.27B |
| Property, Plant & Equipment | 674M | 619M | 970M | 1.03B | 1.04B | 1.04B |
| Fixed Asset Turnover | 30.04x | 11.88x | 6.87x | 5.93x | 9.39x | 9.39x |
| Goodwill | 4.99B | 5B | 7.21B | 7.21B | 7.89B | 7.89B |
| Intangible Assets | 0 | 0 | 0 | 0 | 133M | 133M |
| Long-Term Investments | 1.78B | 734M | 510M | 617M | 615M | 615M |
| Other Non-Current Assets | 2.22B | 1.49B | 1.27B | 1.56B | 1.6B | 1.6B |
| Total Assets | 22.51B | 12.98B | 13.51B | 13.82B | 15.76B | 15.76B |
| Asset Turnover | 0.90x | 0.57x | 0.49x | 0.44x | 0.62x | 0.62x |
| Asset Growth % | 73.33% | -3.86% | -2.27% | -12.32% | - | 0% |
| Total Current Liabilities | 5.58B | 1.43B | 2.12B | 2.17B | 2.51B | 2.51B |
| Accounts Payable | 516M | 366M | 357M | 626M | 788M | 788M |
| Days Payables Outstanding | 32.61 | 25.98 | 23.31 | 40.4 | 44.18 | 44.18 |
| Short-Term Debt | 0 | 20M | 814M | 919M | 950M | 950M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.35B | 0 | 0 | 71M | 55M | 55M |
| Current Ratio | 2.29x | 3.56x | 1.67x | 1.56x | 1.79x | 1.79x |
| Quick Ratio | 1.81x | 2.11x | 0.75x | 0.52x | 0.99x | 0.99x |
| Cash Conversion Cycle | 223.15 | 177.85 | 155.54 | 138.35 | 115.74 | 115.74 |
| Total Non-Current Liabilities | 1.19B | 2.34B | 301M | 207M | 271M | 271M |
| Long-Term Debt | 393M | 1.83B | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 193M | 171M | 88M | 0 | 0 |
| Deferred Tax Liabilities | 161M | 17M | 15M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 636M | 303M | 115M | 119M | 271M | 271M |
| Total Liabilities | 6.77B | 3.77B | 2.42B | 2.38B | 2.78B | 2.78B |
| Total Debt | 393M | 2.04B | 985M | 1.02B | 950M | 950M |
| Net Debt | -4.37B | 561M | 657M | 728M | 615M | 615M |
| Debt / Equity | 0.02x | 0.22x | 0.09x | 0.09x | 0.07x | 0.07x |
| Debt / EBITDA | 0.03x | - | - | - | 0.55x | 0.55x |
| Net Debt / EBITDA | -0.33x | - | - | - | 0.36x | 0.36x |
| Interest Coverage | 179.32x | -22.48x | -11.58x | -63.58x | 135.11x | 135.11x |
| Total Equity | 15.74B | 9.22B | 11.08B | 11.44B | 12.98B | 12.98B |
| Equity Growth % | 70.75% | -16.84% | -3.12% | -11.85% | - | 0% |
| Book Value per Share | 101.52 | 63.56 | 76.96 | 79.44 | 90.12 | 90.12 |
| Total Shareholders' Equity | 15.74B | 9.22B | 11.08B | 11.44B | 12.98B | 12.98B |
| Common Stock | 1M | 1M | 11.53B | 11.78B | 13.38B | 13.38B |
| Retained Earnings | 9.65B | -1.78B | 0 | 0 | 0 | 0 |
| Treasury Stock | -4.54B | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -256M | -249M | -452M | -343M | -407M | -407M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SNDK stock.
As of 2026, Sandisk Corporation (SNDK) had total assets of $22.51B including $12.78B in current assets.
Sandisk Corporation (SNDK) carries total debt of $393.0M, offset by $4.76B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sandisk Corporation (SNDK) has total shareholders' equity (book value) of $15.74B ($101.52 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sandisk Corporation (SNDK) reported a current ratio of 2.29x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Goodwill impairment risk
Metrics are mathematically derived from official filings.
Balance Sheet Expansion Accelerates
Total assets surged from $13.5B to $22.5B in eight quarters, with equity more than doubling to $15.7B, according to reported quarterly data, signaling rapid balance sheet strengthening.
The balance sheet has expanded dramatically, driven by a $4.8B cash build and a $9.6B retained earnings swing from negative to positive. This trajectory suggests the company is converting hypergrowth into durable financial strength, though the pace of asset growth may outpace operational fundamentals.
Minimal Leverage Masks Strategic Shift
Total debt fell from $2.1B to $393M, with D/E dropping to 0.02, as per the latest balance sheet, indicating a deliberate deleveraging despite prior debt levels.
The dramatic reduction in debt, from $2.1B in 2025Q3 to $393M in 2026Q4, appears strategic, likely funded by strong cash generation. This low leverage provides ample financial flexibility, but investors should monitor whether the company will re-lever for growth initiatives.
Asset Mix Shifts to Cash and Intangibles
Cash now represents 21% of total assets, while goodwill remains at $5.0B, per reported figures, highlighting a shift toward liquidity and intangible-heavy assets.
The asset base is increasingly dominated by cash and goodwill, with PPE relatively flat at $674M. This suggests a capital-light model, but the $5.0B goodwill, unchanged from prior quarters, warrants monitoring for potential impairment if growth normalizes.
Retained Earnings Swing Drives Equity Surge
Equity jumped from $9.2B to $15.7B, with retained earnings swinging from -$1.8B to $9.6B, based on the balance sheet, reflecting a massive profitability inflection.
The equity expansion is almost entirely attributable to retained earnings, which turned positive in 2026Q2 and surged to $9.6B by 2026Q4. This indicates strong earnings retention, though the $4.5B buyback in 2026Q4 suggests management is returning capital, potentially limiting future equity growth.
Liquidity Buffer Strengthens Significantly
Current ratio improved to 2.29 from 1.67, while cash tripled to $4.8B, as per the latest balance sheet, providing a robust buffer against operational shocks.
The liquidity position has strengthened considerably, with cash and current ratio both improving. This buffer appears more than adequate for near-term obligations, but the working capital swings noted in cash flow analysis suggest liquidity could be volatile.
Goodwill Impairment Risk Looms
Goodwill of $5.0B represents 22% of total assets, unchanged despite a prior $1.9B loss, per reported figures, suggesting potential overvaluation if growth decelerates.
The static goodwill balance, coupled with a prior impairment loss, raises questions about the sustainability of the acquired asset values. If the hypergrowth phase normalizes, goodwill impairment could significantly impact equity, making headline asset figures potentially misleading.