SanDisk Corp
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SanDisk Corp AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 5.0B is 53% of equity and 114% of tangible book value - material impairment risk if memory market deteriorates further[Goodwill]
- Net loss of -1.74B TTM yet FCF positive at 516M - non-cash charges masking operational cash generation[Free Cash Flow TTM]
- R&D at 1.17B (15% of revenue) vs industry median 45M - heavy innovation spend despite losses[Research and Development TTM]
Watch Triggers
- Gross Margin TTM: Rises above 35% — Memory pricing recovery signal; current 28% is cyclical trough level
- Free Cash Flow TTM: Turns negative — Would signal operational deterioration beyond accounting losses
- Goodwill: Impairment charge announced — 5B goodwill vs 9.4B equity - writedown would crater book value
Bull Case
FCF of 516M TTM despite deep losses shows operational resilience; 1.44B cash provides runway through cycle trough
P/S of 4.5x vs industry median 3.0x modest premium for scale player; tangible book of 4.4B provides downside floor
Bear Case
EPS declined 46% YoY with negative EBITDA (-1.38B) - losses accelerating not stabilizing
Gross profit down 5.4% YoY while carrying 5B goodwill - impairment could wipe 53% of equity
Bull vs Bear Balance
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Forward Thesis
Memory cycle recovery could drive margin expansion from 5% operating margin to double digits
- Gross margin 28% TTM has room to expand with pricing recovery
- R&D leverage as revenue scales on fixed cost base
- Debt paydown (-500M TTM) reducing interest burden
Valuation Context
Caveats
Public Strategies Rankings
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SNDK Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$93.28B | — | ||
$92.53B | — | ||
3,010 | — | ||
$8.93B | +23.6% | — | |
$0.20 | -94.2% | — | |
14.3% | — | ||
-11.7% | — | ||
$1.45B | — | ||
-0.09 | — | ||
Beta 5Y (Monthly) | unknown | — |
SNDK Dividend History
SNDK Stock Splits
SNDK SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
01/30/26 | 01/02/26 | 10-Q | |
11/07/25 | 10/03/25 | 10-Q | |
08/21/25 | 06/27/25 | 10-K | |
05/12/25 | 03/28/25 | 10-Q | |
03/07/25 | 12/27/24 | 10-Q | |
11/07/25 | 09/27/24 | 10-Q | |
08/21/25 | 06/28/24 | 10-K | |
05/12/25 | 03/29/24 | 10-Q | |
03/07/25 | 12/29/23 | 10-Q | |
05/02/16 | 04/03/16 | 10-Q | |
02/12/16 | 01/03/16 | 10-K | |
10/30/15 | 09/27/15 | 10-Q | |
07/31/15 | 06/28/15 | 10-Q | |
04/30/15 | 03/29/15 | 10-Q | |
02/10/15 | 12/28/14 | 10-K | |
11/03/14 | 09/28/14 | 10-Q | |
07/31/14 | 06/29/14 | 10-Q | |
05/01/14 | 03/30/14 | 10-Q | |
02/21/14 | 12/29/13 | 10-K | |
10/22/13 | 09/29/13 | 10-Q | |
07/30/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
02/19/13 | 12/30/12 | 10-K | |
11/05/12 | 09/30/12 | 10-Q | |
08/06/12 | 07/01/12 | 10-Q | |
05/08/12 | 04/01/12 | 10-Q | |
02/23/12 | 01/01/12 | 10-K | |
11/09/11 | 10/02/11 | 10-Q | |
08/10/11 | 07/03/11 | 10-Q | |
05/11/11 | 04/03/11 | 10-Q | |
02/23/11 | 01/02/11 | 10-K | |
11/12/10 | 10/03/10 | 10-Q | |
08/12/10 | 07/04/10 | 10-Q | |
05/12/10 | 04/04/10 | 10-Q | |
02/25/10 | 01/03/10 | 10-K | |
11/06/09 | 09/27/09 | 10-Q | |
08/06/09 | 06/28/09 | 10-Q | |
05/07/09 | 03/29/09 | 10-Q | |
02/25/09 | 12/31/08 | Unknown | -- |
11/07/08 | 09/30/08 | Unknown | -- |
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05/17/00 | 03/30/00 | Unknown | -- |