| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 60 | 17.7x | 17.3x | Around median | |
Growth | 99 | 175.3% | 7.1% | Top tier | |
Quality | 94 | 78.3% | 4.4% | Top tier | |
Safety | 94 | — | 2.6x | Top tier | |
Capital Return | 58 | 0.00% | 0.06% | Around median | |
Momentum | 68 | 964.2% | -1.7% | Top tier | |
Sentiment | 45 | 11 | 3 | Around median |
The floor: what the company is worth if growth stopped today
56% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 5.00% as of 2026-10-23. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Sandisk Corporation develops NAND memory and storage products based on it, generating revenue from data centers, the Edge segment, which includes phones, computers, and peripheral devices, and consumer products. It manages a chain spanning memory chip design and front-end manufacturing with its joint-venture partner, followed by controllers, assembly, and testing. The commercial shift centers on long-term NBMs agreements with 8 data center and Edge customers, with a weighted average duration exceeding 4 years, instead of relying entirely on quarterly price and volume negotiations.
In quarter 4 of fiscal year 2026, ended 2026-07-03, revenue according to EL7 data was approximately $9.0 billion, net income was $6.9 billion, and diluted earnings per share were $48.85. Gross margin was 84.6%, operating margin according to EL7 calculations was 78.5%, and operating cash flow according to EL7 data was approximately $7.1 billion. Data center revenue for that quarter was $2,977 million, compared with $5,432 million for Edge and $556 million for consumer products; Edge therefore remains the largest revenue source despite the growing importance of data centers.
Revenue according to EL7 data in fiscal year 2026, ended 2026-07-03, was approximately $20.2 billion, net income was $11.4 billion, and gross margin was 71.5%. Free cash flow according to EL7 calculations (operating cash flow minus capital expenditures) for the trailing 12 months through 2026-07-03 was approximately $11.3 billion, with $4.5 billion in share repurchases over the same period. This makes the sustainability of cash generation and margins across the NAND cycle central to assessing Sandisk's ability to sustain its profitability transformation.
Q4 FY2026
Last 12 months to 2026-07-03
When: 2026-10-29
Revenue for quarter 1 of fiscal year 2027 within a range of $10.3 billion to $10.8 billion
Adjusted gross margin for quarter 1 of fiscal year 2027 within a range of 83% to 85%
When: Fiscal year 2027
NBMs agreements' share exceeding 50% of bits
The indicative value based on the industry multiple is $2210, within a range of $1233 to $3945, pricing earnings for the trailing 12 months through 2026-07-03 at a median multiple of 28.4 across 15 companies, with low confidence. The median target of 6 analysts in the 2026-10-19 snapshot is approximately $2125, within a range of $1200 to $3050, reflecting growth expectations, while the discounted cash flow model values expected cash flows at $2071, within a range of $1794 to $2435 and at a discount rate of 14.1%. The no-growth value is $564 when current after-tax operating profit is held constant forever at the same discount rate, illustrating what remains when growth stops. The industry-multiple, analyst-target, and cash-flow values are close to one another, while the no-growth value stands far apart because continued expansion is a fundamental element of the first three methods; analyst targets are inherently optimistic, and the cash-flow model is inherently conservative.
Figures in the text are as of 2026-10-20; the live price is shown at the top of the page.
Sandisk provides NAND-based enterprise storage to store and retrieve data for inference workloads. In quarter 4 of fiscal year 2026, ended 2026-07-03, data center revenue reached $2,977 million, and the QLC Stargate platform began revenue-generating shipments to complement TLC products. Data centers accounted for 38% of bits at the end of fiscal year 2026, compared with approximately 12% a year earlier, demonstrating that demand is translating into actual sales. The HBF project with SK Hynix, discussed in the 2026-10-19 news report, is separate from the NVIDIA memory manufacturing arrangements mentioned in the same report.
Management explained on 2026-08-05 that NBMs agreements cover 8 customers and extend up to 5 years, with a weighted average duration exceeding 4 years. Their minimum expected revenue is $93.9 billion over the contract terms when price floors are taken into account, with financial guarantees of $16.5 billion to protect the company if commitments are not fulfilled. Management expects these agreements to account for more than 50% of bits in fiscal year 2027 and approximately two-thirds in fiscal year 2028. Sales outside them remain exposed to changes in market prices, and the consumer products business is not covered by these agreements.
Automated analysis for informational purposes only — not investment advice.
Operating cash flow according to EL7 data was approximately $11.7 billion for the trailing 12 months through 2026-07-03, compared with net income of $11.4 billion, a conversion rate of 102%. Free cash flow according to EL7 calculations (operating cash flow minus capital expenditures) for the trailing 12 months was approximately $11.3 billion. In quarter 4 of fiscal year 2026, ended 2026-07-03, cash and short-term investments were $4.8 billion against debt of $393.0 million according to EL7 data. These figures support financial flexibility, while the adjusted free cash flow target of 50% of revenue for fiscal years 2028–2030 tests its sustainability.
The Edge segment generated revenue of $5,432 million in quarter 4 of fiscal year 2026, ended 2026-07-03, exceeding data center revenue of $2,977 million. Sandisk's performance therefore depends on more than data centers alone; it is also affected by demand for phones and computers and their storage content. On the 2026-08-05 call, management expected phone and computer unit shipments to decline by percentages in the mid-teens during calendar year 2026, with average capacity increasing for phones and remaining stable for computers. It expected storage volume growth to return in both markets during calendar year 2027, a forecast tied to a recovery in unit shipments and increased capacity.
Sandisk executed $4.5 billion in share repurchases over the trailing 12 months through 2026-07-03. Nevertheless, the diluted share count was 155.0 million shares in quarter 4 of fiscal year 2026, ended 2026-07-03, compared with 145.0 million shares in quarter 4 of fiscal year 2025, an increase of 6.9% from the same quarter of the previous fiscal year. Management announced on 2026-08-05 that the remaining repurchase authorization had reached $15.5 billion after adding $14 billion. The authorization permits purchases but does not by itself determine the actual reduction in the share count, which depends on execution and offsetting issuance.