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SANDISK CORPORATION

LISTEDNASDAQ

SYMBOLSNDK

INDICATED DIV.Nil

RECENT PRICE (9/30/26)1739.89

PRICE RANGE (52-WK)2354.39–112.00

YIELDNil

SPECULATIVE. A DEBT-FREE NAND PURE PLAY EARNING RECORD PROFITS IN AN ACUTE SHORTAGE, WITH ONLY A YEAR AND A HALF OF STANDALONE HISTORY.

Short public history: daily closes are shown instead of the usual monthly series; EPS and dividends by fiscal year are in the statistics table. Prices: Yahoo Finance, retrieved 4 Oct 2026.

CAPITALIZATION: (7/3/26)

	($ mill.)	(%)
Common Equity	15,736	100.0
Total	$15,736	100.0

Shs. ($0.01 par) – 146 mill.

No long-term or current debt outstanding at 7/3/26.

INTERIM EARNINGS: (per sh.)

Qu.	Sep/Oct	Dec/Jan	Mar/Apr	Jun/Jul
FY24			0.19	0.83
FY25	1.46	0.72	-13.33	-0.16
FY26	0.75	5.15	23.03	44.34

Diluted; Q4 derived. Quarters before the 2/21/25 spin-off use the shares distributed at separation.

DIVIDENDS:

Nil. No dividends since the spin-off.

Source: Yahoo Finance dividend history (none recorded).

BACKGROUND:

Sandisk makes NAND flash memory and the SSDs, memory cards and embedded storage built on it; its wafers come from manufacturing ventures controlled jointly with Kioxia. Western Digital spun it off on 2/21/25, so it has about a year and a half of history as a standalone public company; earlier figures are carve-out accounts of Western Digital's flash business. The history that exists is a full cycle in miniature: operating margin went from 12% in fiscal 2022 to −33% in fiscal 2023 and 61% in fiscal 2026.

RECENT DEVELOPMENTS:

In fiscal 2026 (the 53 weeks to 7/3/26) revenue rose 175% to $20.25 billion, GAAP operating margin was 61.2%, net income was $11.43 billion and diluted EPS $73.76, after a net loss in each of the three prior years. Free cash flow was $11.5 billion. About $91 billion of long-term customer commitments are in place ($59.8 billion of remaining obligations at year-end plus $31.3 billion signed since). Management guides first-quarter fiscal 2027 revenue to $10.3–10.8 billion.

PROSPECTS:

The stock rose about fifteen-fold in a year, from $112.20 on 9/30/25 to $1,739.89. It sells at 8.1× consensus fiscal 2027 EPS, but at 23.6× trailing earnings, 16.2× book value and about 158× its average profit over fiscal 2022–2026. In our view the standalone record is too short to show that the new contracts change the cycle: holding EPS at the fiscal 2028 consensus, our base case returns about 4.3% a year, below our 10% hurdle.

STATISTICS:

FISCAL YEAR	GROSS REVS. ($MILL.)	PROFIT MARGIN %	NET INCOME ($MILL.)	CAPITAL SPENDING ($MILL.)	ASSETS ($MILL.)	SHARES (MILL.)	BOOK VALUE PER SH.$	EARN. PER SH.$	DIV. PER SH.$	DIV. PAY. %	PRICE RANGE	P/E RATIO	AVG. YIELD %
23	6,086	-35.2	-2,143	219	n/a	n/a	n/a	-14.78	Nil	Nil	n/a	n/a	Nil
24	6,663	-10.1	-672	166	13,506	n/a	n/a	-4.63	Nil	Nil	n/a	n/a	Nil
25	7,355	-22.3	-1,641	204	12,985	146	63.12	-11.32	Nil	Nil	c58.36–27.89	NM	Nil
26	20,248	56.5	11,433	177	22,507	146	107.78	73.76	Nil	Nil	2,354–40.10	16.2	Nil

Fiscal years end on the Friday closest to June 30 (FY26: 53 weeks to 7/3/26). FY23–24 and FY25 before 2/21/25 are carve-out accounts of Western Digital's flash business; carve-out EPS uses the shares distributed at separation. Total assets and shares not tagged for FY23 and year-end shares for FY23–24 (n/a). c-Price range from 2/24/25 (first regular-way trade) to fiscal year-end; no public price before. P/E = mid-range price ÷ EPS.

INCORPORATED:

Delaware; separated from Western Digital Corp. on Feb. 21, 2025

PRINCIPAL OFFICE:

951 Sandisk Drive, Milpitas, CA 95035
Tel.: (408) 801-1000

ANNUAL MEETING:

2025 meeting held Nov. 18, 2025

NUMBER OF STOCKHOLDERS:

647 holders of record at 8/7/26

TRANSFER AGENT:

Equiniti Trust Company, LLC

REGISTRAR:

Not disclosed in the 10-K or proxy statement

SUPERINVESTOR HOLDINGS (DATAROMA):

No. of superinvestors: 2
Shares held: 768 (13F at 6/30/26)

OFFICERS:

Chief Exec. Off.David V. Goeckeler

Exec. V.P. & Chief Fin. Off.Luis F. Visoso

Exec. V.P. & Chief Tech. Off.Alper Ilkbahar

V.P. & Chief Acctg. Off.Michael R. Pokorny

Sources: SEC XBRL company facts (annual and quarterly figures) · 10-K FY2026 (capitalization, holders, officers, separation) · 2025 proxy (annual meeting, transfer agent) · Yahoo Finance (prices, consensus, retrieved 4 Oct 2026) · Dataroma (superinvestors) · Pathos note (contracts, margins and valuation detail). Ratios, book value, split adjustments and derived Q4 figures are Pathos calculations. The rating line and Prospects are Pathos opinion.