Market cap
$238B
at current price
Sandisk Corporation · Common stock · Milpitas, California
A memory cycle at full boil.
Sandisk makes NAND flash for data centers, phones, PCs and cards. AI storage demand and tight supply pushed quarterly revenue up 372% and gross margin to 85%. The stock is up about 12× in a year, but it is cyclical and swings hard: beta is above 5.
Last close · Oct 8, 2026
$1,609.46
−82.96 (−4.90%)
YTD +578.0% · 1Y +1141.1%
52-week range
$116–2,354
intraday low / high
P/E
~9×
Q1 guide EPS $45 × 4 · trailing ~23×
Revenue FY26
$20.2B
+175% YoY
Analysts
Buy
24 buy · 4 hold · 0 sell · target $2,121
Next earnings
Oct 29
Q1 FY27, after close
Price, last 12 months
Daily closes with the 50-day average. The stock went from about $117 last October to a $2,335 close in late June, fell 56% by late July, and has since won back about 45% of that drop.
1Y closing high
$2,335.00
Jun 25, 2026
1Y closing low
$116.91
Oct 10, 2025
SMA 50
$1,576
price above
SMA 200
$1,175
price above
RSI 14
45.5
neutral
ATR 16
$95.7
~6% daily range
Beta
5.22
vs. S&P 500
From peak
−31%
vs. Jun 25 close
Revenue by end market, by quarter
Datacenter is enterprise and cloud SSDs. Edge is flash for phones, PCs and cars. Consumer is retail cards, USB drives and portable SSDs. Q1 FY27 is company guidance at the midpoint. Sandisk's fiscal year ends around July 1.
DatacenterEdgeConsumerGuidance
Q4 FY26
$8.97B
+372% YoY, record quarter
Datacenter
$2.98B
+103% QoQ · $213M a year ago
Edge
$5.43B
+48% QoQ · +392% YoY
Consumer
$0.56B
−32% QoQ · −5% YoY
Gross margin
84.6%
26.2% a year ago
Op. margin
78.5%
GAAP, $7.04B
Q1 FY27 guide
$10.55B
±$250M · +357% YoY
Guide EPS
$45
±$1 · margin 83–85%
| Quarter | Datacenter | Edge | Consumer | Total | Total YoY | Gross margin | Non-GAAP EPS |
|---|
Fiscal-year financials
Revenue in US$ millions. FY26 ended July 3, 2026. Revenue rose 175% to $20.2B and GAAP net income swung to $11.4B from a $1.6B loss in FY25, when results carried large non-cash charges after the spin-off from Western Digital.
| FY26 | US$M | % rev |
|---|---|---|
| Revenue | 20,248 | 100% |
| Gross profit (GAAP) | ≈14,477 | 71.5% |
| Operating expenses | 2,083 | 10.3% |
| Operating income (GAAP) | 12,389 | 61.2% |
| Net income (GAAP) | 11,433 | 56.5% |
| Free cash flow | 11,494 | 56.8% |
| EPS, GAAP / non-GAAP | $73.76 / $70.88 | — |
Watch list
What moves the thesis, sorted by direction.
Tailwind
Datacenter as a growth pillar
Datacenter revenue doubled quarter on quarter to $2.98B, a third of sales, up from $213M a year earlier. FY26 datacenter revenue rose 437%.
Tailwind
Pricing power
About two-thirds of Q4's sequential growth came from higher prices. Q1 FY27 is guided to another record, $10.3–10.8B at 83–85% gross margin.
Watch
Cash returns
Debt is fully repaid and cash is $4.8B. Sandisk bought back $4.5B of stock in Q4 and has $15.5B of authorization left after a new $14B approval.
Watch
Customer prepayments
Ten prepaid supply (NBM) agreements have been signed since April. They lift reported free cash flow: FY26 was $11.5B reported versus $8.7B adjusted.
Risk
NAND is cyclical
Margins went from 26% to 85% in a year on price. When supply catches up, prices and margins can fall just as fast. Consumer revenue already fell 32% last quarter.
Risk
Volatility
Beta is above 5 and the average daily range is about $96, roughly 6%. The stock fell 56% in five weeks after the June peak, so position sizing matters.
Calendar
Oct 29, 2026
Q1 FY27 earnings
After US close; call 1:30pm PT (Oct 30, 4:30am SGT). Guide: $10.3–10.8B revenue, EPS $44–46.
Late Jan 2027
Q2 FY27 earnings
Date not yet announced; Q2 FY26 was reported on Jan 29.
Late Apr 2027
Q3 FY27 earnings
Date not yet announced; Q3 FY26 was reported on Apr 30.
Sources
- Sandisk Investor Relations — quarterly releases, slides, webcasts
- Q4 FY26 results and Q1 FY27 guidance (Aug 5, 2026)
- Q3 FY26 results (Apr 30, 2026)
- Q2 FY26 results (Jan 29, 2026)
- Q4 FY26 earnings call transcript
- Q1 FY27 earnings date
- Analyst ratings and price targets (MarketBeat)
- SEC EDGAR filings (CIK 2023554)
- Price history and technicals: Yahoo Finance daily closes; market cap and beta: Financial Modeling Prep. As of Oct 9, 2026