# Sandisk Corporation (SNDK)

> Sandisk makes flash-memory storage products for data centers, computers, phones, and consumer devices.

- Exchange: Nasdaq Global Select Market · Sector: Technology · Industry: Semiconductors
- Headquarters: Milpitas, California
- Founded: 1988
- Employees: approximately 11,100 (July 2026)
- SEC CIK: 0002023554 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002023554))
- Full page: https://inspectstocks.com/stocks/sndk
- Data as of: price 2026-09-28; newest filing used 2026-08-17; latest fiscal period ended 2026-07-03

## Grade

**A+** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $20.2B | $6.1B |
| Revenue growing recently | passed | $20.2B | $7.4B |
| Free cash flow positive | passed | $11.5B |  |
| Free cash flow growing overall | passed | $11.5B | -$932M |
| Free cash flow growing recently | passed | $11.5B | -$120M |

Business quality (the + / − mark): 6 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 56.5% |  |
| Healthy profit margin | passed | 56.5% |  |
| Strong operating margin | passed | 61.2% |  |
| Good return on equity | passed | 72.7% |  |
| Debt under control | passed | 0.01 |  |
| Turns sales into cash | passed | 56.8% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $20.2B |
| Net income, trailing twelve months | $11.4B |
| Free cash flow, trailing twelve months | $11.5B |
| Net margin | 56.5% |
| Operating margin | 61.2% |
| Return on equity | 72.7% |
| Debt to equity | 0.01 |
| Diluted EPS, trailing twelve months | $73.27 |
| Share price | $1,712.36 |
| Market value | $250.7B |
| Price / earnings | 23.4x |
| Price / sales | 12.4x |

## What the business does

Sandisk makes NAND (not-AND) flash memory, which stores data without needing power to keep it. It sells solid-state drives (SSDs), embedded memory, memory cards, and universal serial bus (USB) drives, as well as wafers and components. Its customers include data-center operators, device makers, and retailers that sell storage products to consumers.

### How it makes money

- **Edge products, including storage for computers, phones, gaming, cars, and industrial devices** (60.1% (FY2026 ended 2026-07-03)) — Revenue comes from selling storage products to device makers and original equipment manufacturers, and through sales channels.
- **Datacenter products, including enterprise solid-state drives** (25.4% (FY2026 ended 2026-07-03)) — Revenue comes from selling high-capacity, high-performance drives to data-center operators and other enterprise customers.
- **Consumer products, including portable drives, memory cards, and USB drives** (14.5% (FY2026 ended 2026-07-03)) — Revenue comes from selling branded storage products through retailers, distributors, resellers, and other sales channels.

### Products

- **Enterprise solid-state drives** — Flash-storage drives used in servers and data centers for business applications, data analysis, and online services.
- **Computer and gaming solid-state drives** — Drives that store programs and files in desktop and notebook computers, gaming consoles, and set-top boxes.
- **Embedded flash memory** — Flash storage built into phones, tablets, wearable devices, cars, and industrial or connected-home products.
- **Portable solid-state drives** — External drives for consumers and other users who need portable storage.
- **Memory cards and universal serial bus flash drives** — Removable storage used in cameras, phones, gaming devices, computers, and other consumer products.
- **Flash wafers and components** — Memory wafers and related components used in Sandisk storage products and supplied through its manufacturing arrangements.

### Customers

- Data-center and cloud-service operators buy enterprise drives, directly or through supply agreements.
- Computer, phone, gaming, automotive, and other device manufacturers buy drives or embedded memory for products they make; these buyers include original equipment manufacturers.
- Distributors, resellers, and retailers buy Sandisk-branded drives, memory cards, and USB drives for sale to consumers and businesses.
- Enterprise customers buy storage products for private data centers and business systems.

### Competitors

- Kioxia Corporation (KYOCY) — Flash-memory chips and storage products; it is also Sandisk's manufacturing joint-venture partner.
- Micron Technology, Inc. (MU) — Flash-memory chips and storage products for data centers, computers, mobile devices, and consumers.
- Samsung Electronics Co., Ltd. (SSNLF) — Flash-memory chips and storage products across data-center, device-maker, and consumer markets.
- SK hynix Inc. (HXSCL) — Flash-memory chips and storage products for data centers, device makers, and consumers.
- Yangtze Memory Technologies Co., Ltd. — Flash-memory chips and storage products.

### What it depends on

- Sandisk says all of its flash-memory wafers currently come from Flash Ventures, its manufacturing joint ventures with Kioxia. The companies jointly develop and make memory, and Sandisk's supply depends on those arrangements continuing.
- Some controllers come from third-party suppliers or foundries, and some components have only a limited number of qualified suppliers.
- Sandisk uses outside companies for some assembly and testing, alongside its own facilities.

### What could go wrong

- A disruption or disagreement affecting Kioxia or Flash Ventures could interrupt Sandisk's access to flash wafers. The joint-venture arrangements also limit Sandisk's ability to arrange other flash manufacturing while they remain in effect.
- Flash-memory prices and demand can change sharply with industry cycles, customer deployments, and supply levels. Long-term customer agreements bring their own execution and financial obligations, while sales outside those agreements remain exposed to market pricing.
- Sandisk must keep developing and introducing new memory technologies and products as competitors do the same. Delays, unsuccessful technology transitions, or products that fail customer qualification could affect sales.

## More on this company

- [Overview](https://inspectstocks.com/stocks/sndk)
- [Financial statements](https://inspectstocks.com/stocks/sndk/financials)
- [Competitors](https://inspectstocks.com/stocks/sndk/peers)
- [Earnings](https://inspectstocks.com/stocks/sndk/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.