Rankings Semiconductors Sandisk
Sandisk
67
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history and peers−17
- Quality of growth−9
- Price increases are fading−5
Strengths
- Buybacks+2
- Net cash+1
- Earnings beat+1
How the score is built
From 100 to 67, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1,075 USD
- Median analyst target
- 2,000 USD
- Upside to median
- +86.0%
- Analysts
- 25
- Target range
- 870.00 – 3,000 USD
- 52-week change
- +439%
- P/E (trailing)
- 8.7
- Forward P/E
- 4.4
- PEG
- 0.11
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−11 of −30
- −9Quality of growthRevenue rose from $7.4bn to $20.2bn in FY26, and gross margin was 84.6% in Q4 versus net losses in FY23-25. According to the company, about two thirds of Q4's 51% sequential growth came from higher prices. NAND is a commodity with five or six large suppliers (Samsung, SK hynix, Kioxia, Micron, YMTC), and peak prices are not a new normal.
- −2Delivery and capital tie-upSandisk is wholly dependent on the joint ventures with Kioxia for its flash wafers and must fund 49.9-50% of the JVs' capex when their own cash flow falls short. In addition, Sandisk pays USD 1.165bn in 2026-2029 for the extension of the Yokkaichi agreement.
Price
Today's multiples against the company's own history and its peers. · 1 finding−17 of −35
- −17Multiples vs own history and peersP/B 15.0 versus 0.74 at the end of FY25 and P/S 11.4 versus 0.93; P/B is almost double Micron's 8.4. EV/EBITDA is 17.9 and P/FCF 20 (FCF yield about 5%) on earnings at the top of the cycle. Forward P/E 7.4 looks cheap, but memory stocks always trade at a low P/E on peak earnings. The share price is +1,099% in a year.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−14 of −35
- −5Price increases are fadingGuidance for Q1 FY27 (10.3–10.8bn $) implies 18% sequential growth versus 51% in Q4, and the stock fell after the report on 'mixed' guidance. According to TrendForce, the increases in NAND contract prices are slowing from 70–75% to 10–15% in the quarter because PC and mobile customers are squeezed by record prices – and the Edge segment (PC/mobile) is 60% of revenue.
- −4New capacityKioxia and Sandisk announced in August investments of over 31bn $ in new Japanese NAND fabs through 2032 (Kitakami Fab3 from FY2029), and competitors are also increasing capex. That is the classic sign that supply is catching up with demand from 2027–28.
- −3Insider tradingCEO David Goeckeler sold 33,838 shares on 14/9-2026 - his first sale ever and the company's largest insider sale - and approx. 53m $ on 17/9 via a 10b5-1 plan. Insider sales of over 100m $ in six months; no insider purchases found.
- −2SentimentThe share price has fallen from $1,745 at fiscal year-end to $1,582 during the September sell-off in memory stocks, and price targets range from $1,000 (-37%) to $3,600.
Plus
Only documented strengths. · 3 findings+4 of +15
- +2BuybacksBuybacks of USD 5.15bn in FY26 versus FCF of USD 11.49bn, and the board has approved a further USD 14bn (USD 15.5bn remaining in total).
- +1Net cashNet cash of $6.3bn (about 2.7% of market cap) after debt was reduced from $2.1bn to $0.2bn.
- +1Earnings beatQ4 revenue of $8.97bn and non-GAAP EPS of $39.25 beat consensus of about $8.42bn and $34.45; the Data Center segment has grown from $0.96bn to $5.15bn in a year.
Caveats
What the score does not capture, or where the data is weak.
Listed 24/2-2025 via spin-off from Western Digital, so the only own multiple history is FY2025 (cycle trough); T2 is therefore assessed primarily against Micron and absolute level, as the addendum prescribes for newly listed companies. Forward P/E 7.4 is calculated on peak earnings (FY27 EPS approx. 215 $) - cycle trap; P/B and P/S are the better measures. The reason for the rise in share count (+6.9%) despite buybacks has not been clarified. Sandisk's share of JV capex in the Japanese programme of over 31bn $ is not disclosed. Customer concentration in the Data Center segment is not quantified. Fiscal year ends in early July.
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