SNDK·Semiconductors — NAND flash memory & SSDs (memory, a deeply cyclical commodity sub-segment)

SanDisk

ConvictionModerate

Vertically-integrated memory IDM-lite: designs 3D NAND (BiCS) and SSD/flash products, manufactures bits via a 50/50 wafer JV with Kioxia (Yokkaichi + Kitakami fabs, Japan), and sells across Data Center, Edge/Client and Consumer channels. Earnings are commodity-price-driven (contract $/bit × bits shipped − fixed-cost-heavy wafer cost).

Revenue

$5.95BQ3 FY26, qtr ended ~3 Apr 2026); FY25 full-year $7.4B — fact

Rev growth

+251% YoY / +97% QoQQ3 FY26) — fact

Gross margin

78.4% non-GAAPQ3 FY26), up from 51.1% in Q2 FY26 and ~30% FY25 — fact

Op margin

~71% segment op marginin Data Center; non-GAAP opex only 7.5% of revenue (Q3 FY26) → company op margin ~70%+ — fact/estimate

Capex intensity

Moderate and falling as % of revenueSanDisk's share of JV capex (Kioxia/SanDisk JV plan ~$4.5B, +41% YoY) against a ~$24–32B annualized revenue run-rate ⇒ low-to-mid teens % blended — estimate

Market cap

~$370B implied≈158M fully-diluted shares × ~$2,335; some trackers still cite stale '>$200B' intra-rally) — estimate

Price · 1-year trend

real · weekly

$2335+4852% 1yUSD

52-week range

$41 – $2335

52w lowas of 2026-06-25 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityWeak

AI Compute Value-Chain

Full context

position · avoidModerate

AI Compute Value-Chain

Full context

opportunityModerate

Memory super-cycle monitor

Full context

position · longWeak

Memory super-cycle monitor

Full context

book · long

Memory super-cycle monitor

Full context

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for SanDisk

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence