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SNDK

Sandisk Corporation

NASDAQ · Technology · Hardware, Equipment & Parts · US

$1,740.00
+11.90%
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Research · Sep 3, 2026

[WDC] Western Digital Thesis 2026: Pure-Play HDD Pivot Captures Cloud Dominance

Western Digital FY25 (Jun 27, 2025 FYE) at $9.52B revenue (+51% from $6.32B FY24). Net income $1.86B (vs -$798M FY24, -$1.68B FY23). Diluted EPS $5.12. Pure-play HDD post-SanDisk spinoff (early 2025). Q2 FY26 revenue $3.0B (+25% YoY); Cloud $2.7B (89%, +28%); Client $176M (+26%); Consumer $168M (-3%). Q2 GM 46.1% (+770bp YoY); op margin 33.8%; FCF $653M. HAMR qualification with hyperscalers H1 2026. 32TB UltraSMR ePMR drives 3.5M+ units shipped through Q2 FY26. Q1 FY26: 25% dividend raise + $2B buyback program. Top 7 customers POs through 2026 (5 covering all of 2026, 1 through 2027). 12 analysts: 10 Buy / 2 Hold; consensus $354.09, range $250-$420. Cantor $325→$420 (Street-high); Citi $280→$405 (+$125); Barclays $240→$405 (+$165).

Research · Sep 3, 2026

[SNDK] SanDisk Thesis 2026: Post-Spin NAND Pure-Play Inflects on Margin Recovery

SanDisk FY25 (Jun 27, 2025 FYE) at $7.36B revenue (+10%). Operating loss $1.38B; net loss $1.64B (cycle trough); Diluted EPS -$11.32. Spun off from Western Digital early 2025. Q1 FY26 revenue $2.31B (+21% QoQ), Q2 FY26 $3.0B (+31% QoQ), Q2 non-GAAP GM 51.1% (vs 29.9% Q1), Q2 EPS $6.20. Data center +64% Q2 QoQ. BiCS8 (218-layer 3D NAND) at 15% of bits Q1, target majority by FY26 end. Kioxia JV extended through 2034. Net cash position achieved Q1 FY26. 12 analysts: 9 Buy / 3 Hold; consensus $891.55, range $690-$1,200. PT rerating Feb-Apr: Citi $490→$980 (+$490), B of A $850→$1,080, Evercore initiated OP at $1,200.