SNDKSandisk Corp
Computer Storage Devices
- Revenue
- $20.2B
- 175% YoY
- Operating margin
- 61.2%
- 427% YoY
- EBITDA
- $12.5B
- 1133% YoY
- Market cap
- $165.7B
- Employees
- 11,100
- $2M revenue each
- Net debt / EBITDA
- -0.4×
- −$5.1B net debt
- AI in 10-K
- 6.9
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 2 years3+ of last 5 years
- High CEO pay despite TSRNo$17M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo102% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo39% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo19% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$2M · 92nd pctBottom quartile of its SIC industry
- Quiet on AINo6.9 per 10K words · 88th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.4× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedNo$165.7B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$134M netNet sales over $10M in 12 months
Financials
| Metric | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|
| Revenue | $6.1B | $6.7B | $7.4B | $20.2B | 175% |
| Operating income | −$2.0B | −$468M | −$1.4B | $12.4B | 1000% |
| Net income | −$2.1B | −$672M | −$1.6B | $11.4B | 797% |
| Operating cash flow | −$713M | −$309M | $84M | $11.7B | 13794% |
| Capex | $219M | $166M | $204M | $177M | 13% |
| Stock-based comp | $165M | $149M | $182M | $232M | 27% |
| Buybacks | — | $0 | $0 | $4.5B |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $134M · 76
- Net
- −$134M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $10M | $2.7B | 3464 | 249 |
| FY2025 | $23M | $41M | 94 | 108 |