Sandisk Corporation

SNDK

TechnologyHardware, Equipment & PartsNASDAQ

$1452.02

Market Cap: $215.03B

Sandisk Corporation (SNDK) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$253.46 – $885.92	$462.64	-36.2%
Revenue DCF 10Y	$1.88 – $126.86	$14.15	-98.0%
▸ Trading Multiples
EV/Revenue	$48.98 – $480.62	$390.51	-46.1%

Valuation History

DCF Analysis

Sandisk Corporation (SNDK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$14.15

Market Price

$1,452.02

Upside / Downside

-99.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -18.7% to a target of 10.0% over 5 years, discounted at a WACC of 8.9%, Sandisk Corporation (SNDK) has an intrinsic value of $14.15 per share (range: $1.88 – $126.86).

Key Assumptions

Current Operating Margin

-18.7%

Target Operating Margin

10.0%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

7.1%

D&A/Revenue

4.7%

Tax Rate

13.8%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	15,544	111.3%	-13.0%	-2,018	-2,018	737	(594)	2,242	-4,117	-3,944
2027	26,623	71.3%	-7.2%	-1,928	-1,928	1,262	(1,114)	3,627	-5,408	-4,757
2028	25,727	-3.4%	-1.5%	-387	-387	1,220	(1,171)	-294	-44	-36
2029	28,137	9.4%	4.2%	1,192	1,028	1,334	(1,383)	789	189	140
2030	11,566	-58.9%	10.0%	1,154	995	548	(611)	-5,425	6,357	4,328
2031	10,967	-5.2%	10.0%	1,094	943	520	(619)	-196	1,040	650
2032	10,579	-3.5%	10.0%	1,055	910	502	(636)	-127	902	518
2033	10,377	-1.9%	10.0%	1,035	893	492	(662)	-66	789	415
2034	10,349	-0.3%	10.0%	1,032	890	491	(698)	-9	692	335
2035	10,490	1.4%	10.0%	1,046	902	497	(746)	46	607	270

Enterprise Value Bridge

Sum of PV(FCFF)-2,081

Terminal Value (Gordon Growth at 3.0%)10,571

PV of Terminal Value4,695

Enterprise Value2,613

(–) Net Debt561

Equity Value2,052

(÷) Shares Outstanding145

Fair Value per Share$14.15

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.9%	$-40	$2	$44	$85	$127
7.9%	$-42	$-8	$26	$60	$94
8.9%	$-44	$-15	$14	$43	$72
9.9%	$-45	$-20	$6	$31	$56
10.9%	$-46	$-23	$-1	$22	$44

Current price: $1452.02. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 32.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Sandisk Corporation (SNDK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$462.64

Market Price

$1,452.02

Upside / Downside

-68.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-18.7%

Target Operating Margin

10.0%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

7.1%

D&A/Revenue

4.7%

Tax Rate

13.8%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	15,544	111.3%	-13.0%	-2,018	-2,018	737	(651)	2,242	-4,173	-3,999
2027	26,623	71.3%	-7.2%	-1,928	-1,928	1,262	(1,309)	3,627	-5,603	-4,929
2028	25,727	-3.4%	-1.5%	-387	-387	1,220	(1,453)	-294	-327	-264
2029	28,137	9.4%	4.2%	1,192	1,028	1,334	(1,795)	789	-223	-165
2030	11,566	-58.9%	10.0%	1,154	995	548	(823)	-5,425	6,146	4,184

Enterprise Value Bridge

Sum of PV(FCFF)-5,172

Terminal Value (Gordon Growth at 3.0%)106,951

PV of Terminal Value72,816

Enterprise Value67,643

(–) Net Debt561

Equity Value67,082

(÷) Shares Outstanding145

Fair Value per Share$462.64

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.9%	$686	$736	$786	$836	$886
7.9%	$510	$550	$591	$631	$671
8.9%	$395	$429	$463	$497	$530
9.9%	$313	$343	$372	$402	$431
10.9%	$253	$279	$305	$331	$357

Current price: $1452.02. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 32.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$452.81

Market Price

$1,452.02

Upside / Downside

-68.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Sandisk Corporation (SNDK) has a fair value of $452.81 based on 10 comparable companies in the Hardware, Equipment & Parts industry.

EV/Revenue Valuation — Hardware, Equipment & Parts

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Sandisk CorporationSNDK	210,543	28.7x	11.3x
Keysight Technologies, Inc.KEYS	50,241	9.6x	9.6x
Teradyne, Inc.TER	49,382	15.5x	17.6x
Hewlett Packard Enterprise CompanyHPE	32,662	1.4x	1.4x
Teledyne Technologies IncorporatedTDY	29,265	5.2x	5.6x
Jabil Inc.JBL	28,572	1.0x	1.1x
Flex Ltd.FLEX	25,035	1.0x	1.0x
Wipro LimitedWIT	22,944	2.2x	—
MongoDB, Inc.MDB	20,495	7.9x	6.7x
Credo Technology Group Holding LtdCRDO	18,899	42.8x	14.0x
Super Micro Computer, Inc.SMCI	13,208	0.6x	0.6x
Industry Median		3.7x	5.6x
(*) Revenue		7,355	18,760
= Enterprise Value		27,062	105,376
(-) Net Debt		561	561
Equity Value		26,501	104,815
(/) Outstanding shares		145	145
Fair Price		$183	$723

Selected Fair Value (avg of trailing + forward)

$452.81

-68.8%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$253.46 – $885.92

$462.64

-36.2%

Revenue DCF 10Y

$1.88 – $126.86

$14.15

-98.0%

▸ Trading Multiples

EV/Revenue

$48.98 – $480.62

$390.51

-46.1%

DCF Analysis

Sandisk Corporation (SNDK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$14.15

Market Price

$1,452.02

Upside / Downside

-99.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-18.7%

Target Operating Margin

10.0%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

7.1%

D&A/Revenue

4.7%

Tax Rate

13.8%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	15,544	111.3%	-13.0%	-2,018	-2,018	737	(594)	2,242	-4,117	-3,944
2027	26,623	71.3%	-7.2%	-1,928	-1,928	1,262	(1,114)	3,627	-5,408	-4,757
2028	25,727	-3.4%	-1.5%	-387	-387	1,220	(1,171)	-294	-44	-36
2029	28,137	9.4%	4.2%	1,192	1,028	1,334	(1,383)	789	189	140
2030	11,566	-58.9%	10.0%	1,154	995	548	(611)	-5,425	6,357	4,328
2031	10,967	-5.2%	10.0%	1,094	943	520	(619)	-196	1,040	650
2032	10,579	-3.5%	10.0%	1,055	910	502	(636)	-127	902	518
2033	10,377	-1.9%	10.0%	1,035	893	492	(662)	-66	789	415
2034	10,349	-0.3%	10.0%	1,032	890	491	(698)	-9	692	335
2035	10,490	1.4%	10.0%	1,046	902	497	(746)	46	607	270

Enterprise Value Bridge

Sum of PV(FCFF)-2,081

Terminal Value (Gordon Growth at 3.0%)10,571

PV of Terminal Value4,695

Enterprise Value2,613

(–) Net Debt561

Equity Value2,052

(÷) Shares Outstanding145

Fair Value per Share$14.15

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.9%	$-40	$2	$44	$85	$127
7.9%	$-42	$-8	$26	$60	$94
8.9%	$-44	$-15	$14	$43	$72
9.9%	$-45	$-20	$6	$31	$56
10.9%	$-46	$-23	$-1	$22	$44

Current price: $1452.02. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 32.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$452.81

Market Price

$1,452.02

Upside / Downside

-68.8%

Verdict

Overvalued

EV/Revenue Valuation — Hardware, Equipment & Parts

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Sandisk CorporationSNDK	210,543	28.7x	11.3x
Keysight Technologies, Inc.KEYS	50,241	9.6x	9.6x
Teradyne, Inc.TER	49,382	15.5x	17.6x
Hewlett Packard Enterprise CompanyHPE	32,662	1.4x	1.4x
Teledyne Technologies IncorporatedTDY	29,265	5.2x	5.6x
Jabil Inc.JBL	28,572	1.0x	1.1x
Flex Ltd.FLEX	25,035	1.0x	1.0x
Wipro LimitedWIT	22,944	2.2x	—
MongoDB, Inc.MDB	20,495	7.9x	6.7x
Credo Technology Group Holding LtdCRDO	18,899	42.8x	14.0x
Super Micro Computer, Inc.SMCI	13,208	0.6x	0.6x
Industry Median		3.7x	5.6x
(*) Revenue		7,355	18,760
= Enterprise Value		27,062	105,376
(-) Net Debt		561	561
Equity Value		26,501	104,815
(/) Outstanding shares		145	145
Fair Price		$183	$723

Selected Fair Value (avg of trailing + forward)

$452.81

-68.8%