At a glance
Sandisk Corp. is worth $152.97B, about 15 times its fiscal 2026 earnings. Revenue grew 175.3% to $20.25B in fiscal 2026, with 56.5% kept as profit; over 3 years it has grown 49.3% a year. It pays no dividend; it spent $4.52B buying back its shares over FY2023–FY2026. The stock returned +439.3% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Sandisk makes NAND flash memory, the type of chip that keeps data even when the power is off, and the storage products built from it. It designs its own chips, owns the manufacturing process and turns the chips into finished goods: solid-state drives (SSDs, storage with no moving parts), storage built into phones and cars, memory cards, USB drives, and wafers and components. Sandisk was part of Western Digital until February 21, 2025, when it was spun off as a separate company listed on Nasdaq.
Revenue comes from three end markets. In fiscal 2026, which ended July 3, 2026, Sandisk brought in $20.2 billion. Edge, at 60.1% of revenue, is storage that device makers build into PCs, phones, game consoles, cars and industrial equipment. Datacenter, at 25.4%, is high-performance SSDs for cloud providers and large companies, including for AI workloads. Consumer, at 14.5%, is Sandisk-branded cards, USB drives and portable SSDs sold in stores.
Sandisk earns money on how much storage it ships and the price it gets, and memory prices can swing sharply. Most revenue comes from Asia: Hong Kong at 25.3%, the rest of Asia at 22.8% and China at 22.2%, against 18.3% for the United States. Rivals include Kioxia, Micron, Samsung, SK Hynix and Yangtze Memory Technologies.
Price history
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SNDK +439.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Edge | $12.16B | 60.1% |
| Datacenter | $5.15B | 25.4% |
| Consumer | $2.94B | 14.5% |
By geography
| Hong Kong | $5.13B | 25.3% |
| Rest of Asia | $4.61B | 22.8% |
| China | $4.50B | 22.2% |
| United States | $3.71B | 18.3% |
| Europe, Middle East and Africa | $1.73B | 8.6% |
| Other | $561.0M | 2.8% |
Latest results
- In Q1 FY2027 (ended Oct 2, 2026), revenue was $11.03B, up 377.9% from a year earlier, and net income was $8.10B (+7133.0%).
- For fiscal 2026, revenue was $20.25B (+175.3% year over year; +49.3% a year from FY2023 to FY2026) with a 56.5% net margin.
Financial health check
| Revenue growth a year (FY2023–FY2026) | +49.3% good |
|---|---|
| Operating margin | 61.2% good |
| Free cash flow margin | 56.8% good |
| Return on equity (FY2026) | 72.7% good |
| Return on assets (FY2026) | 50.8% good |
| Net cash (cash minus debt) | $5.14B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2023 | $6.09B | $-2.14B | $-932.0M |
| FY2024 | $6.66B | $-672.0M | $-475.0M |
| FY2025 | $7.36B | $-1.64B | $-120.0M |
| FY2026 | $20.25B | $11.43B | $11.49B |
Valuation snapshot
| Market value | $152.97B |
|---|---|
| P/E ratio | 14.6 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SNDK price data to Nov 2, 2026 | +352.9% | +439.3% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +352.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 68 sales ($122.4M), 68 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 14, 2026 | David Goeckeler Chairman & CEO, Director | sell (plan) | $21.9M |
| Sep 17, 2026 | David Goeckeler Chairman & CEO, Director | sell (plan) | $15.1M |
| Sep 17, 2026 | David Goeckeler Chairman & CEO, Director | sell (plan) | $7.2M |
| Sep 17, 2026 | David Goeckeler Chairman & CEO, Director | sell (plan) | $6.5M |
| Sep 14, 2026 | David Goeckeler Chairman & CEO, Director | sell (plan) | $6.2M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.7% | Sep 30, 2026 |
| Vanguard Capital Management | 7.17% | Mar 31, 2026 |
| DnB Asset Management AS | 5.8% | Jun 30, 2025 |
| FMR LLC | 5.3% | Jun 30, 2026 |
| JANE STREET GROUP, LLC | 5% | Jul 30, 2026 |
| Western Digital Corporation | 0.7% | Mar 31, 2026 |
| DNB Asset Management AS | 0.7% | Sep 30, 2025 |
ETFs with the most weight in SNDK
| CSD Invesco S&P Spin-Off ETF | 3.01% |
| PSCT Invesco S&P SmallCap Information Technology ETF | 2.98% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.83% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.72% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.69% |
| VIOO Vanguard S&P Small-Cap 600 ETF | 0.4% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF | 0.34% |
| QQQJ Invesco NASDAQ Next Gen 100 ETF | 0.29% |
What could go wrong
- Close ties to Kioxia and Flash Ventures. Sandisk relies heavily on partners, including Kioxia, a joint venture partner that is also a rival. It guarantees certain Flash Ventures obligations, which could strain its finances. Kioxia agreements may also deter a takeover.
- Boom-and-bust memory prices. Flash memory is prone to falling prices, volatile demand and industry cycles. Sandisk lost money in fiscal 2023, 2024 and 2025 before earning $11.4 billion in fiscal 2026, which ended July 3, 2026.
- Reliance on AI data center spending. Sandisk warns results can swing with the timing of customer deployments, including AI-related data center investments, and that demand is hard to forecast. Datacenter products made up 25.4% of fiscal 2026 revenue.
- Big customers and long-term contracts. Losing a key customer, or consolidation among customers, could hurt results. Sandisk's long-term customer agreements, which it calls New Business Models, aim for steadier revenue but carry execution, financial and market risks.
- A young company after the spin-off. Sandisk has been independent only since February 2025. Its pre-split financials may not reflect standalone results, and tax problems or its promises to cover certain Western Digital liabilities could prove costly.
- Strong rivals and fast technology change. Sandisk competes with Samsung, SK Hynix, Micron, Kioxia and Yangtze Memory. Each new chip generation must arrive on time and pass lengthy customer approval; a misstep in a technology transition could hurt its competitiveness.
Recent events
- Quarterly results released; Other company announcement
- Executive or board change
- Major agreement signed
- Quarterly results released; Other company announcement
- Other company announcement
- Quarterly results released; Other company announcement
- Major agreement signed; Other company announcement
- Quarterly results released
- Executive or board change
- Shareholder vote results
For income and retirement investors
Sandisk does not pay a dividend and paid none from fiscal 2023 through fiscal 2026, so it provides no income stream. Any return comes from the share price, and investors needing income would have to cash in shares. Sandisk spent $4.5 billion repurchasing its own stock in fiscal 2026, after none in fiscal 2024 or 2025, yet the share count still rose 1.1% between February 27, 2025 and August 7, 2026.
Sandisk has traded on its own only since February 2025, so there is no record of how it held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. As of October 28, 2026, the stock was up 700.3% over one year, yet it fell as much as 56.5% from a peak during that time and moved roughly four times as much as the overall market (a beta of 3.95). Single stocks carry more risk than diversified funds.
Questions investors ask
Does Sandisk pay a dividend?
No. Sandisk paid no dividends from fiscal 2023 through fiscal 2026, the year that ended July 3, 2026. Instead, it returned cash by repurchasing its own shares, spending $4.5 billion in fiscal 2026 after none in the two prior years. Even so, the share count rose 1.1% between February 27, 2025 and August 7, 2026. For income investors, any return depends entirely on the share price.
How does Sandisk make money?
Sandisk makes money by designing and manufacturing NAND flash memory, which stores data without power, and turning it into storage products. In fiscal 2026, which ended July 3, 2026, revenue was $20.2 billion. Edge products, such as storage built into PCs, phones and cars, brought in 60.1%. Datacenter solid-state drives (SSDs) for cloud providers and large companies, including AI uses, made up 25.4%. Sandisk-branded memory cards, USB drives and portable SSDs for consumers made up 14.5%.
Is Sandisk still part of Western Digital?
No. Sandisk was wholly owned by Western Digital until February 21, 2025, when it was spun off as a standalone company, with shares distributed to Western Digital stockholders. It trades on Nasdaq as SNDK. Some products may carry Western Digital and WD brands for a limited transition period under a license. Western Digital held 0.7% of Sandisk's shares as of March 31, 2026, according to an ownership filing. Sandisk's pre-split financial history may not show how it would have performed on its own.
How much has Sandisk stock gone up?
A great deal, with big swings. As of October 28, 2026, the shares were up 700.3% over one year and 491.8% from the start of 2026. Results turned around sharply: fiscal 2026 revenue jumped 175.3% to $20.2 billion, and net income reached $11.4 billion after a $1.6 billion loss a year earlier. The shares traded at a price-to-earnings (P/E) ratio of about 19. They also fell as much as 56.5% from a peak over that year and dropped 18% in the month to October 28.
Does Sandisk have debt?
No. Sandisk reported no debt as of July 3, 2026, the end of its fiscal year, and held $4.8 billion in cash and investments. Shareholders' equity was $15.7 billion. There are still obligations to keep in mind: Sandisk guarantees certain obligations of Flash Ventures, which could weigh on its finances, and its revolving credit facility, a standby line of credit, has covenants (rules set by lenders) that may limit how it operates.