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Sandisk Corporation
S&P 500 Nasdaq 100
$287.1B
Market Cap
P/E
PEG
-13.9%
ROCE
-16.2%
ROE
0.20
D/E
-18.7%
OPM
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🌏 Global Investor Returns
Currency-adjusted total returns for SNDK including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Sandisk Corporation develops, manufactures, and sells data storage devices and solutions using NAND flash technology in the United States, Europe, the Middle East, Africa, Asia, and internationally.

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⭐ Superinvestors Holding SNDK
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 799.6K $508.0M 0.79% Mar 2026
Steve Cohen Point72 Asset Management 376.6K $239.3M 0.31% Mar 2026
David Tepper Appaloosa LP 281.3K $178.7M 3.01% Mar 2026
Stan Druckenmiller Duquesne Family Office 38.2K $24.2M 0.72% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q3 2026
Revenue
$5.95B
+251% YoY
Operating Income (non-GAAP)
$4.22B
+NM% YoY
Operating Margin (non-GAAP)
70.9%
+33.4pp QoQ
Net Income (non-GAAP)
$3.68B
+280% QoQ
What Went Right
  • Revenue of $5.95B significantly exceeded guidance range of $4.4B-$4.8B.
  • Data center revenue grew 233% sequentially to $1.47B.
  • Signed five multi-year partnerships with over $11B in financial guarantees.
What to Watch
  • Consumer revenue declined 10% sequentially to $820M due to seasonality.
  • Guidance implies slowing price momentum in FQ4 as management remains conservative.
  • New business models still in early stages; ability to fully de-risk cyclicality is unproven.
Management Guidance
  • FQ4 2026 revenue: $7.75B to $8.25B.
  • Non-GAAP gross margin: 79% to 81%.
  • Non-GAAP EPS: $30.00 to $33.00.
  • Non-GAAP operating expenses: $480M to $500M.
Investor Lens
The thesis is stronger after this call. SanDisk delivered a massive beat on revenue and margins, underpinned by a structural shift to multi-year customer agreements and accelerating data center demand. The new business models provide visibility and pricing protection, while the balance sheet is now net cash with a $6B buyback authorized. However, the slower consumer segment and conservative FQ4 guidance remind that the transition is still evolving.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Blowout quarter with 251% revenue growth, record margins.
Revenue
Revenue was $5.95B, up 251% year-over-year and 97% sequentially, far above the $4.4B-$4.8B guidance. Data center drove the surge, growing 233% sequentially to $1.47B. Edge revenue rose 118% to $3.66B, while consumer fell 10% to $820M.
Profitability
Non-GAAP net income of $3.68B yielded diluted EPS of $23.41, compared to guidance of $12-$14 and a loss a year ago. GAAP net income was $3.62B with EPS of $23.03.
Margins
Non-GAAP gross margin hit 78.4%, up from 51.1% last quarter and guidance of 65%-67%. Non-GAAP operating margin reached 70.9% versus 37.5% in Q2. Management guided FQ4 gross margin of 79%-81%.
Balance Sheet
Cash and equivalents were $3.735B with zero debt after repaying the TOB. Adjusted free cash flow was $2.955B, a 49.7% margin. CapEx was $240M (4% of revenue). A $6B share buyback program was authorized.
Key Risks
1. Consumer segment declining seasonally could persist. 2. New business models (NBMs) are still being negotiated; pricing and commitment risks remain. 3. The rapid price acceleration seen in Q3 may moderate, as reflected in conservative Q4 guidance.
Outlook
For Q4, SanDisk guided revenue of $7.75B-$8.25B, non-GAAP gross margin of 79%-81%, and EPS of $30-$33. The company sees continued data center strength and expects to start shipping QLC Stargate solutions for revenue.
Generated by AI · Q3 2026 results · Not investment advice
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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