Market cap
$195B
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. Q1 FY27 revenue rose 378% to $11.0B at an 85% gross margin, with data-center sales up 61% in a quarter. An 8-for-1 split takes effect Nov 20. The stock is up more than 6× in a year, but NAND is cyclical and the shares swing hard: beta is above 5.
Last close · Oct 29, 2026
$1,330.05
−74.72 (−5.32%)
YTD +460.3% · 1Y +550.8%
52-week range
$183–2,354
intraday low / high
P/E
~6×
FY27 consensus EPS ~$225 · trailing ~11×
Revenue TTM
$29.0B
+272% YoY
Analysts
Buy
21 buy · 3 hold · 1 sell · target $2,144
Next earnings
Late Jan
Q2 FY27, date not yet announced
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 recovered to $1,330 by the Oct 29 report, about 43% below the peak.
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. Q2 FY27 is company guidance at the midpoint. Q1 FY27 ended Oct 2, 2026. Sandisk's fiscal year ends around July 1.
DatacenterEdgeConsumerGuidance
Q1 FY27
$11.03B
+378% YoY · beat $10.7B est.
Datacenter
$4.80B
+61% QoQ · $269M a year ago
Edge
$5.83B
+7% QoQ · +320% YoY
Consumer
$0.40B
−29% QoQ · −39% YoY
Gross margin
85.1%
non-GAAP · 29.9% a year ago
Op. margin
79.6%
GAAP, $8.78B
Q2 FY27 guide
$12.4B
±$200M · +310% YoY
Guide EPS
$56
±$1 pre-split ($7.00 post) · margin 84.5–85.5%
| Quarter | Datacenter | Edge | Consumer | Total | Total YoY | Gross margin | Non-GAAP EPS |
|---|
Fiscal-year financials
Revenue in US$ 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 rose 61% in a quarter to $4.80B, 44% of sales, up from $269M a year earlier. Management says the long-term-deal pipeline exceeds its supply through the end of the decade.
Tailwind
Pricing power
Q1 growth was about 60% volume and 40% price, a healthier mix than Q4. Q2 FY27 is guided to another record, $12.2–12.6B at 84.5–85.5% gross margin, with modest price increases.
Watch
Cash returns
No debt and $5.1B of cash. Sandisk bought back $5.0B of stock (3.2M shares) in Q1, leaving about $10.5B of the $15.5B authorization. The 8-for-1 split (record date Nov 9) does not change the company's value.
Watch
Customer prepayments
Eight NBM customers have committed to $93.9B of minimum revenue, backed by $16.5B of deposits and guarantees, covering about half of FY27 bits and two-thirds of FY28. Q1 free cash flow was $6.3B reported and $5.7B 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 fell 29% last quarter and 39% from a year earlier.
Risk
Volatility
Beta is above 5. The stock fell 56% in five weeks after the June peak and dropped 5.3% on report day itself; after hours it swung between about −3% and +3%.
Calendar
Nov 9 / Nov 20, 2026
8-for-1 stock split
Holders of record on Nov 9 get seven extra shares after the close on Nov 19; split-adjusted trading starts Nov 20.
Late Jan 2027
Q2 FY27 earnings
Date not yet announced; Q2 FY26 was reported on Jan 29. Guide: $12.2–12.6B revenue, EPS $55–57 pre-split ($6.88–7.13 post-split).
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
- Q1 FY27 results, Q2 FY27 guidance and 8-for-1 split (Oct 29, 2026)
- Q1 FY27 earnings call transcript
- Q1 FY27 slides: NBM commitments, guarantees
- 8-K: stock split record and distribution dates
- Q4 FY26 results (Aug 5, 2026)
- Analyst ratings and price targets (MarketBeat)
- SEC EDGAR filings (CIK 2023554)
- Price history and technicals: Yahoo Finance daily closes; beta: Financial Modeling Prep; analyst ratings and targets: Yahoo Finance; FY27 consensus EPS: Investing.com. As of Oct 30, 2026 (Oct 29 close)