Sandisk
Sandisk is a leading global semiconductor memory company with more than 30 years of innovation in NAND flash technology.
10-K, Aug 17, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001628280-26-057406 · filed Aug 17, 2026
Business
How does Sandisk make money?
Client Devices is 59.8% of revenue.
Source and method
Revenue by revenue types, FY2023.
annual report FY2023 · 0002023554-25-000034 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($6.1B).
- Client Devices: $3.6B · 59.8%
- Consumer: $1.9B · 32.0%
- Cloud: $500M · 8.2%
What is left of every $100?
Of every $100 in revenue, $56 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $20.2B
- Gross profit: $14.5B
- Operating income: $12.4B
- Net income: $11.4B
- Free cash flow: $11.5B
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“We are a vertically integrated solutions provider with ownership of chip-level design and IP, front and back-end manufacturing, as well as systems engineering and design.”
“With a differentiated innovation engine driving advancements in storage and semiconductor technologies, our broad and ever-expanding portfolio delivers powerful flash storage solutions for artificial intelligence (“AI”) workloads in datacenters, edge devices, and consumer applications.”
“Our technologies enable everyone from students, gamers, and home offices to the largest enterprises and public clouds to produce, analyze, and store data.”
Item 1 · Business · 10-K · 0001628280-26-057406 · filed Aug 17, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Revenue +175%
“Net revenue increased 175%, or $12,893 million, in 2026 compared to 2025, due to a 437% increase in Datacenter revenue, a 195% increase in Edge revenue, and a 29% increase in Consumer revenue.”
Item 7 · MD&A · 10-K · 0001628280-26-057406 · filed Aug 17, 2026
Number check (revenue): stated $12.9B matches the stored change ($12.9B, ±10%)
Revenue: $20.2B FY2026 · +175.3% vs FY2025 · KPIs
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 1 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
Position (in the company’s words): no filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue grew 175% to $20.2B.
Revenue grew 372% YoY to $9.0B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 211.2%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
61.2% operating margin, up from −18.7%.
71.5% gross margin, up from 30.1%.
Operating income: $12.4B in FY2026.
Net income: $11.4B in FY2026.
R&D grew 17% to $1.3B.
SG&A grew 18% to $676M.
EPS diluted: $73.76 in FY2026.
78.5% operating margin, up from 0.9%.
84.6% gross margin, up from 26.2%.
Operating income grew 38,994% YoY to $7.0B.
Net income: $6.9B in FY2026 Q4.
R&D grew 22% YoY to $348M.
SG&A grew 22% YoY to $197M.
EPS diluted: $23.03 in FY2026 Q3.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $57 of every $100 as free cash.
Operating cash flow grew 13,794% to $11.7B.
Capex fell 13% to $177M.
Buybacks: $4.5B in FY2026.
Stock-based compensation grew 27% to $232M.
Free cash flow grew 14,355% YoY to $7.1B.
Operating cash flow grew 7481% YoY to $7.1B.
Capex fell 4.4% YoY to $43.0M.
Stock-based compensation grew 37% YoY to $67.0M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$4.8B cash vs $0 debt.
Total debt: $0 in FY2026.
Interest expense grew 16% to $73.0M.
Total assets grew 73% to $22.5B.
Equity grew 71% to $15.7B.
Cash grew 222% YoY to $4.8B.
Total debt: $0 in FY2026 Q4.
Interest expense fell 95% YoY to $2.0M.
Total assets grew 73% YoY to $22.5B.
Equity grew 71% YoY to $15.7B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 10% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Sandisk annual report)
10-K · 0001628280-26-057406 · filed Aug 17, 2026
Suppliers named by Sandisk
No supplier among the covered companies is named in the filings.
Sandisk holds stakes in
No stake in a covered company found in SEC filings.
Others name Sandisk
1 other mention (e.g. Western Digital) · 1 partner mention (e.g. Western Digital) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 36 risk factors, one per theme.
Supply chain and manufacturing
“We are dependent on a limited number of qualified suppliers who provide critical services, materials or components, and a disruption in our supply chain or other inability to source our supply requirements, or an increase in the costs of materials or components, could negatively affect our business.”
Item 1A · Risk Factors · 10-K · 0001628280-26-057406 · filed Aug 17, 2026
AI and new products
“We may be adversely affected by the risks, challenges, and evolving regulatory landscape associated with the use of AI in our operations, product development, and business practices.”
Item 1A · Risk Factors · 10-K · 0001628280-26-057406 · filed Aug 17, 2026
Security, defects and outages
“We are subject to risks related to product defects, which could result in product recalls or epidemic failures and could subject us to warranty claims in excess of our warranty provisions or which are greater than anticipated, litigation or indemnification claims.”
Item 1A · Risk Factors · 10-K · 0001628280-26-057406 · filed Aug 17, 2026
Key people
“Our success depends on our ability to attract, retain and develop highly skilled management and technical talent.”
Item 1A · Risk Factors · 10-K · 0001628280-26-057406 · filed Aug 17, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.17%.
Vanguard Capital Management LLC7.17%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
BlackRock, Inc.6%
13G/A · as of Dec 31, 2025 · filed Jan 21, 2026
Fmr LLC5.3%
13G/A · as of Jun 30, 2026 · filed Aug 6, 2026
Jane Street Group, LLC5%
13G · as of Jul 30, 2026 · filed Aug 5, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
3 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.9.3%
10.3M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC8.7%
9.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Fmr LLC7.1%
7.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.3%
5.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Invesco Ltd.5.1%
5.6M shares · 13F filed Aug 14, 2026 · share of 13F-reported
1,824 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 76 sales · $134M sold
Grants, gifts and tax withholding counted separately · window Oct 15, 2025 – Oct 15, 2026
All metrics
All metrics · 32 SEC metrics, FY2017–FY2026
Income statement 10
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| D&A | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Gross profit | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Income taxes | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Interest expense | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Net income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Operating income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Research and development | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Revenue | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| SG&A | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Balance sheet 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Current liabilities | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Equity | not reported | not reported | not reported | not reported | not reported | |||||
| Equity incl. NCI | not reported | not reported | not reported | not reported | not reported | |||||
| Long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Total assets | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Total debt calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Total liabilities & equity | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Cash flow 6
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Capex | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Free cash flow calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Interest paid | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Operating cash flow | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Stock-based compensation | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| EPS diluted | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Wtd. shares basic | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Wtd. shares diluted | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Other 3
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Pretax income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Total liabilities | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values