Sandisk Corp

SNDKdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Sandisk Corp earns about -9% on invested capital, with a roughly flat share count. 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

Figure	FY 2023	FY 2024	FY 2025
Revenue	$6.09B¹	$6.66B¹	$7.36B¹
Net income	−$2.14B²	−$672M²	−$1.64B²
Operating cash flow	−$713M³	−$309M³	$84M³
Capital expenditure	$219M⁴	$166M⁴	$204M⁴
Free cash flow (derived)	−$932M³	−$475M³	−$120M³
Total debt	—	$0⁵	$3.7B⁵
Cash & equivalents	$292M⁶	$328M⁷	$1.48B⁷
Diluted shares	145.0M	145.0M	145.0M

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

Net assets behind them

$635.59

your share of equity

Profit it earned you last year

−$113.17

Free cash flow it threw off

−$8.28

Debt you’d be carrying

$255.03

10 shares is a claim on $635.59 of net worth that earned you −$113.17 and generated −$8.28 of cash last year, against $255.03 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-9% avg · 3y

FY23 -14%FY24 -4%FY25 -10%

It earned an average -9% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−0% shares · 3y

Share count is roughly flat over 3 years — little dilution, little buyback.

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 v0.1.0

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

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2023-06-30 · accession 0002023554-25-000034 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-06-30 · accession 0002023554-25-000034 (NetIncomeLoss)
10-K · period ending 2023-06-30 · accession 0002023554-25-000034 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-06-30 · accession 0002023554-25-000034 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-06-28 · accession 0002023554-25-000034 (LongTermDebtNoncurrent)
10-K · period ending 2023-06-30 · accession 0002023554-25-000034 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2024-06-28 · accession 0002023554-25-000034 (CashAndCashEquivalentsAtCarryingValue)