Sandisk Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jun 2026, Edge was 60% and Datacenter was 25% of revenue; Datacenter rose from 5% in the fiscal year to Jun 2024.

In the fiscal year to Jun 2026, Hong Kong was 25% and Rest of Asia was 23% of revenue; China fell from 38% in the fiscal year to Jun 2024.

Quarters: Sandisk Corporation's SEC filings, named by the month they end. Fiscal years: Sandisk Corporation's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $56.5 ends up as net income. Net margin rose from −35.2% to 56.5% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Sandisk Corporation's annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

In its latest annual report Sandisk buys from Kioxia Holdings, Flash Ventures, SDSS and 1 more.

Their suppliers

Silicon Motion Technology SIMOto Kioxia Holdings

Show 1

Suppliers

Kioxia Holdings KXIAY

F

Flash Ventures

N

Nanya Technology 2408.TW

S

SDSS

 

SNDKSandisk

Sandisk's 10-Q for the quarter to Sep 2026 gives two customers' shares of its revenue: Customer One (12%) and Customer Two (12%).

From Sandisk Corporation's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up.

Partners

NNanya Technology 2408.TWSandisk invested in it · Equity investment supporting strategic DRAM sourcingApproximately 3.9% fully diluted ownership; $970 million purchase price

Kioxia Holdings KXIAYJointly develops and manufactures flash memory wafers50.1% ownership in each Flash Ventures entity

FFlash PartnersFlash memory wafer development and manufacturing venture49.9% ownership interest held by Sandisk

FFlash AllianceFlash memory wafer development and manufacturing venture49.9% ownership interest held by Sandisk

FFlash ForwardFlash memory wafer development and manufacturing venture49.9% ownership interest held by Sandisk

SSDSSSemiconductor assembly and testing venture20% ownership held by Sandisk; 80% by JCET

JJCETCo-owns semiconductor assembly and testing venture80% ownership of SDSS

UUnis VentureSells products and develops Chinese storage systems48% ownership held by Sandisk

UUnisplendourPartner in Chinese product sales venture

UUnisPartner in Chinese product sales venture

WDC WDCIntellectual property cross-licensing

Changes since the previous annual report (10-K filed Aug 21, 2025)

NNanya TechnologyNamed for the first time, as a supplier and a partner

FFlash AllianceNo longer a supplier, still a partner

FFlash ForwardNo longer a supplier, still a partner

FFlash PartnersNo longer a supplier, still a partner

Kioxia Holdings KXIAYNow also a supplier

UUnis VentureNo longer a customer, still a partner

Named in other companies’ filings

WDC WDClicensing deal with it · Cross-licenses intellectual property

Only the companies Sandisk names in its 10-K filed Aug 17, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Sandisk. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 7.5x, below the peer median of 21.5x, with earnings still growing.

Priced 65% below the peer median of 21.5x.

What analysts expect

The average analyst price target is $2,047, 118% above the current price; 84% of 25 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 21 analysts (84%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $209.46 to $2,170.77 (+936%), while SNDK went from $243.57 to $937.46 (+285%). In the past three months targets were raised 3 times and cut 6 times. 2 upgrades and 1 downgrade over the year; the latest: Fox Advisors moved it to Equal-Weight from Overweight on Nov 2, 2026.

The day after each of these reports the stock moved +9.2% (Dec 2025, beat); +11.5% (Mar 2026, beat); −11.8% (Jun 2026, beat); −18.1% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $57.12 a share, and revenue of $12.5B, up 313% on a year earlier. For the fiscal year ending Jun 2027, they expect adjusted earnings of $227.48 a share, and revenue of $49.6B, up 145% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $17.4B in free cash flow over the year, of which $5.0B went back to shareholders (dividends plus buybacks), leaving $12.4B in the company.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 2.3, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

5 portfolios Hunch tracks hold SNDK: 5 funds. It is 28.9% of Whale Rock Capital Management's portfolio (10.9% as filed).

• FundWhale Rock Capital ManagementTech-stock hedge fundSNDK is 29% of this portfolio11% as filed+34.9%2-year backtest
• FundBlue Whale CapitalUK growth fundSNDK is 22% of this portfolio7% as filed+78.0%2-year backtest
• FundRK Capital ManagementAsset managerSNDK is 15% of this portfolio13% as filed+12.6%1-year backtest
• FundUNICOM SystemsUNICOM Systems' own stock investmentsSNDK is 13% of this portfolio8% as filed-7.3%1-year backtest
• FundStony Point CapitalHedge fundSNDK is 10% of this portfolio6% as filed+49.4%2-year backtest

SNDK's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 21 held SNDK at the end of their latest quarter (for most, Q2 2026). Over that quarter 10 added shares, 8 cut, 3 bought new and 2 sold all. The largest of them is Situational Awareness, 2.50M shares worth $5.7B at Jun 30, 2026, 118.9% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of SNDK at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $132M of SNDK on the open market in the 12 months to Nov 12, 2026; none bought. 94% of the sales were made under 10b5-1 plans, set up in advance. The largest was David Goeckeler (Chairman & CEO; director), who sold $105M in 28 sales.

From the Form 4s filed with the SEC about Sandisk Corporation (70 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 75 other transactions (grants, option exercises, shares withheld for tax, shares sold to pay tax and gifts).