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SNDKSandisk

Technology · Computer Storage · Nasdaq

Prior to February 21, 2025, we were wholly owned by Western Digital Corporation (“WDC”). 10-K, Item 1

SNDK quote by TradingView
Headquarters
Milpitas, CA
CEO
David Goeckeler
Next results
around Jan 28, 2027
Compare with peers → Embed
FY2026 at a glance

Sales up 175.3%, free cash flow up to $11.5B

XBRL, from each 10-K
RevenueStatements ↓
$20.2B
from $7.4B in FY2025
FY2023FY2026
Net incomeStatements ↓
$11.4B
from -$1.6B in FY2025
FY2023FY2026
Free cash flowStatements ↓
$11.5B
from -$120.0M in FY2025
FY2023FY2026
EPS (diluted)Statements ↓
$73.76
from $-11.32 in FY2025
FY2023FY2026
Operating marginStatements ↓
61.2%
from -18.7% in FY2025
FY2023FY2026
Total debtStatements ↓
$0
from $1.8B in FY2025
FY2023FY2026
Price and key numbers

The latest figures

All key numbers (36, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)125.61Sales (ttm)29.0BNet income (ttm)19.4BSales growth+175%EPS growth-Sales Q/Q+378%
Free cash flow17.4BGross margin80.0%Oper. margin72.5%Net margin67.0%FCF margin59.9%ROE107.1%
ROA75.3%R&D / sales6.6%Dividend-Debt/Eq0.00Curr. ratio2.58Cash5.1B
Op. cash flow (ttm)17.5BEBITDA12.5BEBITDA margin61.9%Net debt-5.1BQuick ratio2.13Interest cover169.71
ROIC60.0%Tax rate12.2%Stock pay / sales1.1%Shares out.142.3MShares Y/Y+6.9%Book / share127.44
Cash / share36.10Sales / share203.61Asset turnover1.12Inventory turns2.14Days sales out.85Sales 3Y CAGR+49.1%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025
  • Debt fell 100%$1.8B → $0 · Short-term + long-term debt at year end
  • Free cash flow turned positive−$120.0M → $11.5B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +175.3%+10.4% → +175.3% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗
  • Operating margin widened to 61.2%-18.7% → 61.2% · Operating income / revenue · 10-K ↗
  • Net income turned to a profit−$1.6B → $11.4B · Net income attributable to the company · 10-K ↗
What management wrote about it → · Every company →

SNDK against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
SNDKPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+175%2nd of 75 · median +14.1%
Net margin
67.0%2nd of 75 · median 19.1%
Return on equity
107.1%4th of 69 · median 23.9%
Free cash flow margin
59.9%1st of 71 · median 22.3%
Debt / equity (less is better)
0.002nd of 61 · median 0.46
SNDK and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
SNDK Sandisk$29.0B +175%80.0%67.0%107.1%59.9%0.00
APH Amphenol$33.0B +51.7%38.8%18.0%34.6%15.5%1.04
FLEX Flex Ltd.$31.0B +8.1%9.5%3.4%17.9%2.5%0.90
AMAT Applied Materials$30.8B +4.4%49.4%30.1%36.2%18.2%0.30
LRCX Lam Research$26.1B +26.0%51.1%32.3%60.8%25.0%0.27
ADBE Adobe Inc.$26.0B +10.5%89.3%28.0%61.9%40.8%0.54
Where each dollar goes

From $20.2B of sales to $11.4B of profit

FY2026, from the 10-K income statement and revenue by product
Edge to Revenue: $12.2BDatacenter to Revenue: $5.2BConsumer to Revenue: $2.9BRevenue to Gross profit: $14.5BRevenue to Cost of revenue: $5.8BGross profit to Operating profit: $12.4BGross profit to Operating expenses: $2.1BOperating profit to Net profit: $10.8BOperating profit to Tax: $1.6BOther income to Net profit: $628.0MOperating expenses to R&D: $1.3BOperating expenses to Sales, admin & other: $755.0M Edge: $12.2B · 60% Edge$12.2B60% Datacenter: $5.2B · 25% Datacenter$5.2B25% Consumer: $2.9B · 14% Consumer$2.9B14% Revenue: $20.2B Revenue$20.2B +175% Y/Y Gross profit: $14.5B · 71% margin Gross profit$14.5B71% margin +554% Y/Y Cost of revenue: $5.8B · 29% of revenue Cost of revenue$5.8B29% of revenue Operating profit: $12.4B · 61% margin Operating profit$12.4B61% margin Other income: $628.0M · 3% of revenue Other income$628.0M3% of revenue Operating expenses: $2.1B · 10% of revenue Operating expenses$2.1B10% of revenue Net profit: $11.4B · 56% margin Net profit$11.4B56% margin Tax: $1.6B · 8% of revenue Tax$1.6B8% of revenue R&D: $1.3B · 7% of revenue R&D$1.3B7% of revenue Sales, admin & other: $755.0M · 4% of revenue Sales, admin & other$755.0M4% of revenue

Swipe sideways for the whole flow →

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median67.0% vs 19.1%
  • ✓
    Gross margin up over 3 years7.1% → 71.5%
  • ✓
    Return on equity above 15%107.1%
  • !
    A profit in 1 of 4 years
Net margin, FY2023 to FY2026: -35.2% → 56.5%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is over 100× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.00 on the latest balance sheet (peer median 0.46)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.58
  • ✓
    More cash than debtNet cash $5.1B
Debt / equity at each year end, FY2023 to FY2026: 0.00 → 0.00
What the debt is made of ↓

Cash and shareholders

1 of 3
  • !
    Free cash flow positive in 1 of 4 years$11.5B last year
  • !
    Share count up over 3 years+6.9%
  • ✓
    Cash from operations above net income$11.7B vs $11.4B
Free cash flow, FY2023 to FY2026: -932.0M → 11.5B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$1.9B of principal due, schedule of Jun 27, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2023 to FY2026

Revenue 20.2B Net income 11.4B
FY2023 revenue 6.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0002023554-25-000034 FY2023 net income -2.1B · NetIncomeLoss, 0002023554-25-000034 6.1B FY2023 FY2024 revenue 6.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-057406 FY2024 net income -672.0M · NetIncomeLoss, 0001628280-26-057406 6.7B FY2024 FY2025 revenue 7.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-057406 FY2025 net income -1.6B · NetIncomeLoss, 0001628280-26-057406 7.4B FY2025 FY2026 revenue 20.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-057406 FY2026 net income 11.4B · NetIncomeLoss, 0001628280-26-057406 20.2B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

SNDK's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue20.2B
FY2023: 6.1BFY2024: 6.7BFY2025: 7.4BFY2026: 20.2B FY2023FY2024FY2025FY2026
Net income11.4B
FY2023: -2.1BFY2024: -672.0MFY2025: -1.6BFY2026: 11.4B FY2023FY2024FY2025FY2026
Free cash flow11.5B
FY2023: -932.0MFY2024: -475.0MFY2025: -120.0MFY2026: 11.5B FY2023FY2024FY2025FY2026
EPS (diluted)73.76
FY2023: -14.78FY2024: -4.63FY2025: -11.32FY2026: 73.76 FY2023FY2024FY2025FY2026
Diluted shares155.0M
FY2023: 145.0MFY2024: 145.0MFY2025: 145.0MFY2026: 155.0M FY2023FY2024FY2025FY2026

Revenue by product or service

year to Jul 3, 2026
RevenueSharevs year before
Edge 12.2B60.1% +195%
Datacenter 5.2B25.4% +437%
Consumer 2.9B14.5% +29.4%

10-K 0001628280-26-057406, segment and revenue notes (XBRL).

Revenue by region

year to Jul 3, 2026
RevenueSharevs year before
Hong Kong 5.1B25.3% +294%
Rest of Asia 4.6B22.8% +313%
China 4.5B22.2% +121%
United States 3.7B18.3% +157%
Europe, Middle East and Africa 1.7B8.6% +35.3%
Other 561.0M2.8% +228%

10-K 0001628280-26-057406, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2023FY2024FY2025FY2026
Revenue6.1B6.7B7.4B20.2B
Cost of revenue5.7B5.6B5.1B5.8B
Gross profit430.0M1.1B2.2B14.5B
R&D1.2B1.1B1.1B1.3B
SG&A558.0M455.0M573.0M676.0M
Operating income-2.0B-468.0M-1.4B12.4B
Interest expense31.0M40.0M63.0M73.0M
Pretax income-2.0B-503.0M-1.5B13.0B
Income tax141.0M169.0M162.0M1.6B
Net income-2.1B-672.0M-1.6B11.4B
EPS (diluted)-14.78-4.63-11.3273.76
Diluted shares145.0M145.0M145.0M155.0M
Depreciation & amortization448.0M224.0M163.0M149.0M
EBITDA-1.6B-244.0M-1.2B12.5B
Gross margin7.1%16.1%30.1%71.5%
Operating margin-33.4%-7.0%-18.7%61.2%
Net margin-35.2%-10.1%-22.3%56.5%
Revenue growth-+9.5%+10.4%+175%

Balance sheet

From EDGAR
FY2023FY2024FY2025FY2026
Cash292.0M328.0M1.5B4.8B
Receivables-935.0M1.1B4.7B
Inventory-2.0B2.1B2.7B
Current assets-3.5B5.1B12.8B
Property & equipment-791.0M619.0M674.0M
Goodwill-7.2B5.0B5.0B
Total assets-13.5B13.0B22.5B
Current liabilities-2.1B1.4B5.6B
Total debt-01.8B0
Total liabilities-2.4B3.8B6.8B
Shareholders' equity11.4B11.1B9.2B15.7B
Retained earnings-0-1.8B9.6B

Cash flow

From EDGAR
FY2023FY2024FY2025FY2026
Operating cash flow-713.0M-309.0M84.0M11.7B
Capital spending219.0M166.0M204.0M177.0M
Free cash flow-932.0M-475.0M-120.0M11.5B
Stock-based pay (added back)165.0M149.0M182.0M232.0M
Buybacks-004.5B
Debt raised002.0B0
Debt repaid00100.0M1.9B
Investing cash flow-189.0M210.0M556.0M-1.4B
Financing cash flow860.0M136.0M518.0M-7.0B

Stock-based pay and leases

From EDGAR
FY2023FY2024FY2025FY2026
Stock-based pay (expense)165.0M149.0M182.0M232.0M
Stock-based pay / revenue2.7%2.2%2.5%1.1%
Operating lease cost21.0M29.0M38.0M46.0M
Operating lease cash paid14.0M30.0M33.0M41.0M
Right-of-use assets-179.0M214.0M193.0M
Operating lease liabilities-182.0M219.0M201.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on SNDK in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/SNDK/export.csv") into a cell.