Sandisk (SNDK)
Forward P/E 6.07x against a peer median of 13.54x gives a ratio of 0.45x and PEG 0.15, which mechanically screens deeply undervalued — but this is the classic low-P/E trap on peak-cycle earnings, so the label is capped at FAIRLY PRICED. Latest-quarter revenue grew +371.6% YoY (PRIMARY/EDGAR): the forward earnings denominator is a surging NAND-cycle figure, and the market is pricing those earnings as temporary, which is why trailing P/E is a much higher 17.69x and P/S is 9.44x — expensive for a memory maker if mid-cycle sales are far below today's. Delivered demand check: the Technology hardware & storage group's median latest-quarter revenue growth was 48.5% year over year (SEC filings) — demand rising sharply, and SanDisk's print is a cyclical spike within that rise, not a steady-state growth rate. A ~6x multiple on peak earnings can be fair or even expensive once earnings normalise; the brief contains no through-cycle earnings series that would clear the higher bar for UNDERVALUED.
What would change this label: Moves to UNDERVALUED only if earnings prove durable through a NAND down-leg — for example revenue growth still positive and forward estimates holding after a quarter of falling flash prices, with the forward P/E still under ~8x; moves to OVERVALUED if NAND pricing rolls over and forward estimates are cut so the forward P/E rises above ~14x at an unchanged price, or revenue growth turns negative while P/S stays near 9x.
SanDisk makes memory chips, and chip prices are booming right now, so its profits have exploded — sales rose about 372% last quarter. The shares look absurdly cheap at 6 times expected profits, but that is the trap with memory companies: today's profits are peak profits, and they usually fall hard when chip prices cool. Counting on that cycle, the price looks roughly fair rather than a bargain.
Both lines start at 100 on 2025-02-13. Over the full window Sandisk returned +3524.56% and the S&P 500 +26.23% (price returns; dividends not reinvested). Worst peak-to-trough fall for Sandisk: -56.5% (2026-06-25 to 2026-07-29). Source: Nasdaq official daily history.
What the label rests on
Forward P/E 6.07x against a peer median of 13.54x gives a ratio of 0.45x and PEG 0.15, which mechanically screens deeply undervalued — but this is the classic low-P/E trap on peak-cycle earnings, so the label is capped at FAIRLY PRICED. Latest-quarter revenue grew +371.6% YoY (PRIMARY/EDGAR): the forward earnings denominator is a surging NAND-cycle figure, and the market is pricing those earnings as temporary, which is why trailing P/E is a much higher 17.69x and P/S is 9.44x — expensive for a memory maker if mid-cycle sales are far below today's. Delivered demand check: the Technology hardware & storage group's median latest-quarter revenue growth was 48.5% year over year (SEC filings) — demand rising sharply, and SanDisk's print is a cyclical spike within that rise, not a steady-state growth rate. A ~6x multiple on peak earnings can be fair or even expensive once earnings normalise; the brief contains no through-cycle earnings series that would clear the higher bar for UNDERVALUED. The company’s forward P/E is 6.1× against a peer median of 13.5×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Technology hardware & storage group's median latest-quarter revenue growth was 48.5% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +371.6% versus a year earlier (SEC filings).
| Company | Price (Oct 27, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Sandisk (SNDK) | $1,304.84 | 6.1× | 17.7× |
| STX | $629.00 | 13.5× | 33.0× |
| WDC | $380.88 | 13.2× | 14.8× |
| HPE | $60.47 | 13.1× | 30.8× |
| DELL | $488.68 | 17.4× | 28.5× |
| P | $138.14 | 42.9× | 191.3× |
| Peer median | 13.5× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jul 2026 2026-07-03 | $9.0B | 84.6% | $6.9B | — | $7.1B |
| Q/E Apr 2026 2026-04-03 | $6.0B | 78.3% | $3.6B | 23.03 | $3.0B |
| Q/E Jan 2026 2026-01-02 | $3.0B | 50.9% | $803M | 5.15 | $980M |
| Q/E Oct 2025 2025-10-03 | $2.3B | 29.8% | $112M | 0.75 | $438M |
| Q/E Jun 2025 2025-06-27 | $1.9B | 26.2% | $-23M | — | $49M |
| Q/E Mar 2025 2025-03-28 | $1.7B | 22.5% | $-1.9B | -13.33 | $-18M |
| Q/E Dec 2024 2024-12-27 | $1.9B | 32.3% | $104M | 0.72 | $47M |
| Q/E Sep 2024 2024-09-27 | $1.9B | 38.6% | $211M | 1.46 | $-198M |
| Q/E Jun 2024 2024-06-28 | $1.8B | 36.1% | $120M | — | $-168M |
| Q/E Mar 2024 2024-03-29 | $1.7B | 27.2% | $27M | 0.19 | $-41M |
| Q/E Dec 2023 2023-12-29 | $1.7B | 9.7% | $-301M | — | — |
The last twelve reported quarters. Full 11-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | Sandisk Corp |
| Chief executive | David V. Goeckeler (source: https://kalkinemedia.com/us/news/announcements/sandisk-announces-executive-pay-adjustments-effective-october-2026) |
| Sector | Technology — Technology Hardware, Storage & Peripherals — NAND flash memory, SSDs and removable storage products |
| Share price (Oct 27, 2026) | $1,304.84 |
| Market value (market cap) | $191.1B — share price times shares outstanding of 146,419,001 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $20.2B |
| Net income, last twelve months | $11.4B |
| Free cash flow, last twelve months | $11.5B |
| Latest reported quarter | Q/E Jul 2026 (of 11 quarters in the data pack) |
| Six-year price return vs S&P 500 | +3524.56% vs +26.23% |
| Worst peak-to-trough fall | -56.5% (2026-06-25 to 2026-07-29) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Free cash flow is absent for one or more quarters: either the filer does not separately tag PP&E purchases in its EDGAR cash-flow facts (common for banks), or — for a successor registrant's newest quarter — the cash-flow lines are year-to-date without the prior-quarter rung needed to difference them. Affected quarters are null in the data, never estimated.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- SanDisk listed only in Feb 2025 as a spin-off, so its price and filing history (11 quarters in the brief) is shorter than the six-year window used for the rest of the batch; through-cycle earnings evidence is correspondingly thin.
- Multiples provenance: the brief's fetch notes record that the direct statistics-page fetch failed with a 429 rate limit and the multiples were taken from the stockanalysis.com statistics result as printed in a search snippet — same source, indirect capture.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0002023554.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0002023554.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/SNDK/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.