SanDisk (SNDK) ☆

memory & storage · Industry Index 17 (rank #26) · $1,330.05 (-5.30%) · mkt cap $192.2B

ⓘ Data freshness

price: as of 2026-10-29 index: as of 2026-10-29 fundamentals: latest filing 2026-10-06 Reports quarterly (10-Q XBRL)

NAND flash and SSD maker spun off from Western Digital in 2025 that operates a NAND manufacturing joint venture with Kioxia.

Industry exposure 0.4 (Datacenter SSD demand is growing but SanDisk remains heavily weighted toward client and consumer flash.)

Signal

signal: as of 2026-10-13

Short (~2 weeks)

33%

Bearish

Conviction 33

Options positioning— Delayed per-contract options — call premium 60% / put 40% (net skew 0.19), unusualness 39/100. Context: Consumer Price Index in 1 day.[options]
Price momentum— Technical downtrend across short+medium horizon(s) — vote -0.53, confidence 0.30 from 11 indicator sub-signal(s).[price] · derived internally
Structural— Industry Index 17.0 (falling -4.0 over window) — structural headwind.[index] · derived internally

Medium (~3 months)

Low-confidence · Neutral

Conviction 0

Growth trend— Revenue 175% YoY (accelerating), net margin flat.[filing]
Price momentum— Technical downtrend across short+medium horizon(s) — vote -0.53, confidence 0.30 from 11 indicator sub-signal(s).[price] · derived internally
Smart money— 0 filer(s) accumulating, 2 trimming in 2026Q2 (value-weighted net -1.00).[holding][holding]
Structural— Industry Index 17.0 (falling -4.0 over window) — structural headwind.[index] · derived internally

Long (~6 months)

22%

Bullish

Conviction 22

Growth trend— Revenue 175% YoY (accelerating), net margin flat.[filing]
moat— Editorial prior (subjective, NOT backtested): narrow moat / at_parity / weak pricing ⇒ narrowing/lagging long-horizon tilt -0.01. Bounded, low-confidence input.[moat: Editorial moat profile — sandisk — narrow moat, at_parity, weak pricing (as of 2025-08-21)]
Structural— Industry Index 17.0 (falling -4.0 over window) — structural headwind.[index] · derived internally

Show Details

Relationship network

Loading relationship graph…

Kioxia Holdings — partner
Micron — competitor

Key relationships

Kioxia Holdings — partner · Kioxia and SanDisk jointly operate the Yokkaichi and Kitakami NAND flash fabs and extended their manufacturing joint venture through 2034. source: sandisk.com
Micron — competitor · SanDisk and Micron compete as top-five NAND flash suppliers. source: trendforce.com

Options positioning

delayed · aggregate: as of 2026-10-29

Call vs put volume: 61,208 calls · 56,543 puts — tilt +4.0% toward calls
Vol/OI turnover: 0.48×
Premium ($ notional proxy): $215.4M calls · $368.0M puts — tilt -26.1% toward puts
OTM tilt: +9.6% toward OTM calls
IV skew (put − call): +5.6%

Delayed, end-of-day, aggregate per contract — not a live tape or trade-level flow. Buy/sell side is INFERRED from where each contract's last print sat in the bid/ask spread, not observed order flow. The company-wide side is withheld unless quoted contracts cover at least a quarter of the day's premium, so it can be blank while individual contracts below show a side. Call/put premium is measured across the chain we capture — the 6 nearest expiries within 45 days, not the full option chain — while the table below lists at most 20 flagged contracts, so summing those rows will not reproduce the percentage.

Call/put premium?

63% C / 37% P

Side (inferred)?mid-market · no side

Active flags

Standout

$1370 PUT · 8.0× vol/OI

Recent flags

Why flagged:earnings in 1 day

Date	Contract	Score	Side (inferred)?	OI Δ?	Volume	Vol/OI
2026-10-28	$1370 PUT	83	mid-market · no side	+1	1,313	8.0×
2026-10-28	$1300 PUT	65	mid-market · no side	+60	1,511	2.3×
2026-10-28	$1435 CALL	65	mid-market · no side	+5	111	22.2×
2026-10-28	$1500 CALL	63	mid-market · no side	+138	2,474	0.9×
2026-10-28	$1525 CALL	61	mid-market · no side	+18	327	3.1×
2026-10-28	$1480 CALL	61	buy-side	+6	382	2.1×
2026-10-28	$1600 CALL	61	sell-side	+207	2,463	2.0×
2026-10-28	$1360 PUT	60	sell-side	-8	433	4.3×
2026-10-28	$1550 CALL	60	sell-side	+162	1,347	1.5×
2026-10-28	$1460 CALL	60	—	+11	344	1.7×
2026-10-28	$1475 CALL	59	sell-side	+3	275	2.5×
2026-10-28	$1450 CALL	59	mid-market · no side	+115	1,259	0.7×
2026-10-28	$1360 PUT	59	mid-market · no side	+19	254	3.7×
2026-10-28	$1365 PUT	58	mid-market · no side	-2	362	3.7×
2026-10-28	$1435 CALL	55	—	+6	116	2.5×
2026-10-28	$1560 CALL	55	sell-side	+6	261	2.1×
2026-10-28	$1580 CALL	54	sell-side	+12	368	1.9×
2026-10-28	$1535 CALL	54	mid-market · no side	+6	137	2.2×
2026-10-28	$1310 PUT	54	sell-side	+24	243	1.8×
2026-10-28	$1350 PUT	54	mid-market · no side	+3	821	0.8×

Daily options volume vs baseline

latest session: 0.8× its 13-day baseline

Call/put premium

63%

37%

63% calls / 37% puts (by premium)

See how this feeds the swarm's options vote →

Moat

moat: latest change 2025-08-21

SanDisk sells largely interchangeable NAND product into a five-rival commodity market, so its defensible edge is narrow and concentrated in intangibles: the SanDisk consumer brand and retail distribution (Consumer was $2,268M of $7,355M FY2025 revenue) plus roughly 7,900 granted patents. It owns no flash fab of its own; the 10-K says substantially all of its flash memory wafers come from Flash Ventures, its 49.9% JV with Kioxia, whose fixed costs it must fund at about half regardless of the output it takes. That structure caps both the moat and the downside cushion: gross margin ran 7.1% in FY2023, 16.1% in FY2024 and 30.1% in FY2025 as the flash cycle turned.

Rating: narrow

Narrow rather than wide: the FY2025 10-K Competition section opens 'Our industry is highly competitive' and names five vertically integrated flash rivals (Kioxia, Micron, Samsung, SK Hynix, Yangtze Memory), while Item 1A concedes SanDisk's products 'are designed to be largely interchangeable with competitors' products' in a market 'often subject to declining average selling prices'. It is not 'none', because the same filing discloses a genuinely durable consumer franchise and roughly 7,900 granted patents.

Type: intangibles ip

The only hard-to-replicate assets the filing actually claims are intangible: it reports 'a strong position in the Consumer end market' with 'significant consumer brands and franchises globally, with valuable patent portfolios containing approximately 7,900 granted patents and approximately 3,200 pending patent applications worldwide', and adds that non-patented IP, 'particularly some of our process technology, is an important factor in our success'. Cost-scale is the wrong label because the manufacturing scale sits in Flash Ventures, a 49.9%-owned JV co-owned with Kioxia, not in a proprietary fab base.

Leadership: at parity

At parity, not ahead: the 10-K Competition section positions SanDisk against vertically integrated suppliers Kioxia, Micron, Samsung, SK Hynix and Yangtze Memory, and Item 1A concedes its products are 'designed to be largely interchangeable with competitors' products'. Its explicit leadership claims are brand- and consumer-scoped ('industry leading consumer brand awareness and global retail distribution presence'), not technology- or share-scoped.

Pricing power: weak

A price taker. The 10-K describes an industry 'often subject to declining average selling prices' and warns that competitors 'may utilize pricing strategies, including offering products at prices at or below cost, that we may be unable to competitively match'. Gross margin swung from 7.1% (FY2023) to 16.1% (FY2024) to 30.1% (FY2025) on the cycle rather than on sustained pricing, and FY2025 Consumer ASP per gigabyte still fell 7% 'due to pricing pressure'.

Curated moat judgment grounded in the cited source. source: sec.gov

Compare with…

Value-chain position

Layer: memory & storage

Upstream (suppliers): —
Downstream (customers): —
Competitors: Micron

Merchant NAND/SSD supplier with no wholly owned fab: substantially all flash wafers come from Flash Ventures, its 49.9% JV with Kioxia across seven Japanese fabs, with an eighth due to start in calendar 2025.

Derived from this company's mapped supply-chain edges and its industry layer.

Signal contribution editorial prior

The moat prior voted -0.01 on the long (~6-month) horizon at weight 0.20 — the swarm call there is bullish (score 0.34, conviction 22).

Editorial prior — subjective, not backtested. It is bounded (±0.6), low-confidence, and never votes on short/medium. See exactly how it voted →

Product lineup

Products & services with an editorial market-share band and technical barrier band — qualitative judgments tied to a cited basis, never invented figures.

Product	Market share	Technical barrier
Client SSDs · OEM PC and gaming storage Solid state drives for desktop and notebook PCs, gaming consoles and set-top boxes, sold to OEM and channel customers.	Challenger Client is the largest line at $4,127M of $7,355M FY2025 revenue, but the 10-K asserts no share position for it and lists Kioxia, Micron, Samsung, SK Hynix and Yangtze Memory as vertically integrated competitors in the same end markets.	Moderate OEM design-in runs through 'potentially lengthy testing processes' per the 10-K, but because its products are 'designed to be largely interchangeable with competitors' products' that is a qualification cost rather than lock-in.
Embedded flash storage · Mobile, automotive and industrial embedded flash Flash-based embedded storage for mobile phones, tablets, portable and wearable devices, automotive applications, Internet of Things and industrial and connected-home uses.	Unknown The 10-K names embedded storage as a distinct Client-end-market line but discloses neither a revenue split nor any share or ranking for it, so no share band is groundable from the filing.	Moderate Design-in and qualification cycles are a genuine friction - the 10-K cites 'potentially lengthy testing processes' with customers - but products remain 'largely interchangeable with competitors' products'.
Enterprise and cloud SSDs · Datacenter flash storage High-performance enterprise-class solid state drives and software optimized for enterprise servers, AI-related workloads and cloud service providers.	Challenger The 10-K books Cloud at $960M of $7,355M FY2025 revenue, up 195% on a 153% exabyte increase driven by enterprise SSD shipments to datacenter customers, but asserts no share or leadership position for the segment while naming five vertically integrated flash rivals.	Moderate Real but not deep: the 10-K cites 'potentially lengthy testing processes' to qualify products with customers, yet the same filing concedes its products are 'designed to be largely interchangeable with competitors' products'.
NAND flash wafers and components · Merchant flash memory supply Flash memory wafers and components produced by Flash Ventures, the 49.9%-owned manufacturing joint venture with Kioxia, listed among SanDisk's solutions alongside finished drives.	Unknown The 10-K lists 'wafers and components' among its solutions but discloses no revenue, share or ranking for merchant wafer sales, so no share band is groundable from the filing.	Deep Flash Ventures spans seven flash manufacturing facilities in Japan with an eighth starting in calendar 2025, and 'accounts for approximately 80% of the total manufacturing capacity in the facilities owned by Kioxia'; SanDisk is obligated to fund 49.9% to 50.0% of its capital investments. That capital intensity is a real entry barrier - though the same agreements bar SanDisk from manufacturing flash outside the JV.
Removable flash: memory cards and USB drives · Consumer retail flash SanDisk-branded memory cards and universal serial bus flash drives sold through retail and channel routes to market.	Top 3 The 10-K states SanDisk holds 'a strong position in the Consumer end market' with 'significant consumer brands and franchises globally' and 'industry leading consumer brand awareness and global retail distribution presence'; Consumer was $2,268M of $7,355M FY2025 revenue. This is the company's own characterization - the filing discloses no third-party share figure.	Moderate Brand recognition and global retail distribution are the barrier the 10-K claims, but they did not hold price: FY2025 Consumer ASP per gigabyte fell 7% 'due to pricing pressure'.

What you're looking at

These charts plot SanDisk's reported income statement, cash flow, and balance sheet from its SEC filings through 2026-10-06. Every figure is as-filed XBRL — none of it is an estimate.

Over the reported window, revenue grew 233% to $20.2B (FY2023→FY2026); gross margin moved 7% → 71%; net income at $11.4B in FY2026.

Analyst consensus — third-party estimates from Yahoo Finance, as of 2026-10-26. Not SEC filings and not a TradingPilot forecast. source: finance.yahoo.com

Period	EPS (est.)	Revenue (est.)	YoY
Q/E Sep 2026	USD 46.41 (USD 44.05–USD 49.80) · 18	USD 10.7B (USD 10.4B–USD 11.2B) · 19	+364%
FY 2027	USD 214.82 (USD 186.97–USD 238.36) · 22	USD 49.1B (USD 43.4B–USD 53.2B) · 21	+143%

Each figure shows the consensus mean, its (low–high) range where available, and · the number of analysts behind that estimate.

Next report ~2026-10-29.

Our model leans Low-confidence · Neutral on the stock over the medium horizon — a market-direction call, not an earnings forecast. See the Signal tab.

Income statement

Cash flow & liquidity

Balance sheet

Filings

FY2025 · filed 2026-10-06 source: sec.gov
FY2026 · filed 2026-10-06 source: sec.gov
FY2025 · filed 2026-08-17 source: sec.gov
FY2026 · filed 2026-08-17 source: sec.gov
FY2024 · filed 2026-08-17 source: sec.gov

Show 20 older filings

2025Q2 · filed 2026-05-01 source: sec.gov
2026Q2 · filed 2026-05-01 source: sec.gov
2025Q1 · filed 2026-05-01 source: sec.gov
2024Q3 · filed 2026-05-01 source: sec.gov
2024Q4 · filed 2026-05-01 source: sec.gov
2025Q4 · filed 2026-05-01 source: sec.gov
2026Q1 · filed 2026-05-01 source: sec.gov
2026Q1 · filed 2026-01-30 source: sec.gov
2024Q4 · filed 2026-01-30 source: sec.gov
2025Q4 · filed 2025-11-07 source: sec.gov
2024Q3 · filed 2025-11-07 source: sec.gov
FY2024 · filed 2025-08-21 source: sec.gov
FY2023 · filed 2025-08-21 source: sec.gov
2024Q2 · filed 2025-05-12 source: sec.gov
2025Q1 · filed 2025-05-12 source: sec.gov
2024Q1 · filed 2025-05-12 source: sec.gov
2023Q3 · filed 2025-05-12 source: sec.gov
2023Q4 · filed 2025-05-12 source: sec.gov
2024Q4 · filed 2025-03-17 source: sec.gov
2023Q4 · filed 2025-03-17 source: sec.gov

Key ratios vs peers

Comparing against peers…

Institutional holders (13F, 2026Q2)

2 tracked gurus hold SanDisk: 0 accumulating, 2 trimming — net position-size tilt -1.00. Passive index filers are excluded.

Institution	Shares	Value	Δ shares QoQ	% of 13F	% shares out
BlackRock Passive / index	10,295,300	$23.4B	-108,155	0.3%	7.12%
FMR (Fidelity) Passive / index	7,861,665	$17.9B	-5,528,320	0.8%	5.44%
State Street Passive / index	5,927,453	$13.5B	353,601	0.4%	4.10%
Renaissance Technologies Guru	4,980	$11.3M	-794,588	0.0%	0.00%
Bridgewater Associates (Ray Dalio (founder)) Guru	317	$720772	-9,140	0.0%	0.00%

TradingPilot-computed columns (% of 13F, % shares out) are derived from as-filed 13F values; only name, shares and value are as-filed.

What a 13F can’t show you

Delayed 45+ days. Positions are as-of the quarter-end shown, filed up to 45 days later.
Long-only, US-listed. No shorts, cash, bonds, FX, foreign, or private holdings; listed options are reported at notional and excluded from per-position equity value.
$100M threshold. Smaller managers never file.
“% of 13F” is not “% of AUM”. A 13F is a partial book.
“Sold out” means “no longer reported” — not necessarily sold.
One CIK can aggregate multiple sub-entities. Confidential treatment can omit positions.
Passive index filers are not gurus. Their 13F changes are index flows, and they are excluded from TradingPilot’s smart-money signal.
Quant caveat. A quant filer’s 13F (e.g. Renaissance) is a long-only quarter-end snapshot and does NOT reflect its actual high-turnover, short-horizon strategy.
Guru pages and holdings never feed a signal (weightless).

Impact = company-prominence tier (High/Medium auto-assigned by graph centrality/size; Low only on curated minor events), not a magnitude forecast.

Past

Date	Event	Impact	Outcome
2026-10-29	SanDisk earnings confirmed	High	outcome pending
2026-08-05	SanDisk earnings confirmed	High	EPS beat · -6.8%
2026-04-30	SanDisk earnings confirmed	High	EPS beat · +8.3%

See the full calendar →