SNDKSandisk
Is the business good?
A genuinely good business: 7 of 9 health tests passed and earnings fully cash-backed (1.1×).
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash.
Margin-driven, fat margins on slower asset turns. ROE 19% = margin × turnover × leverage.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is SNDK?
Sandisk earns 89% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 80 points above what the capital costs: growth creates value
- Operating margin
- 61%
Operating margin · Technology median 6.9% · 12 months to Q4 2026
- Cash conversion
- 1.07×
Cash conversion · operating cash flow covers the operating profit after tax
- R&D as % of revenue
- 6.6%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2023 | −33% |
| FY2024 | −7.0% |
| FY2025 | −19% |
| FY2026 | 61% |
Details›
- Gross margin12 months to Q4 2026
- 71%
- Operating margin12 months to Q4 2026
- 61%
- Net margin12 months to Q4 2026
- 56%
- Free cash flow margin
- 57%
- R&D as % of revenue
- 6.6%
- Revenue, trailing twelve months
- $20.2B
- Free cash flow, trailing twelve months
- $11.5B
- Net income, trailing twelve months
- $11.4B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 89%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.