MeritValue

Sandisk Corp

SNDKdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Sandisk Corp earns about 19% on invested capital, but has diluted owners by 7% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 2025FY 2026
Revenue$6.09B1$6.66B2$7.36B2$20.2B2
Net income−$2.14B3−$672M4−$1.64B4$11.4B4
Operating cash flow−$713M5−$309M6$84M6$11.7B6
Capital expenditure$219M7$166M8$204M8$177M8
Free cash flow (derived)−$932M5−$475M6−$120M6$11.5B6
Total debt—$09$3.7B10$010
Cash & equivalents$292M11$328M12$1.48B13$4.76B13
Diluted shares145.0M145.0M145.0M155.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$1,015.23
your share of equity
Profit it earned you last year
$737.61
Free cash flow it threw off
$741.55
Debt you’d be carrying
$0

10 shares is a claim on $1,015.23 of net worth that earned you $737.61 and generated $741.55 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
19% avg · 4y
FY23 -14%FY24 -4%FY25 -10%FY26 104%

It earned an average 19% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+7% shares · 4y

Share count is up 7% over 4 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$422.93
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-06-30 · accession 0002023554-25-000034 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-06-28 · accession 0001628280-26-057406 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0002023554-25-000034 (NetIncomeLoss)
  4. 10-K · period ending 2024-06-28 · accession 0001628280-26-057406 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0002023554-25-000034 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-06-28 · accession 0001628280-26-057406 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-06-30 · accession 0002023554-25-000034 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-06-28 · accession 0001628280-26-057406 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-06-28 · accession 0002023554-25-000034 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2025-06-27 · accession 0001628280-26-057406 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2023-06-30 · accession 0001628280-26-057406 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2024-06-28 · accession 0002023554-25-000034 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2025-06-27 · accession 0001628280-26-057406 (CashAndCashEquivalentsAtCarryingValue)