Explain this page
Arphra AIPlain-English read on Sandisk Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
B+Solid
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin30.1%
Operating margin-18.7%
Net margin-22.3%
ROE-17.8%
ROA-12.6%
ROIC-15.6%
Liquidity & leverage
Current ratio3.56×
Quick ratio2.11×
Debt / equity0.22×
Net debt / EBITDA-0.45×
Interest coverage-22×
Efficiency & per-share
Asset turnover0.57×
Inventory days148
Days sales out.56
FCF / share$-0.83
Book value / share$63.56
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2022 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $5.18B | $6.84B | — | — | — | — |
| Enterprise value | — | — | — | $5.84B | $7.4B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 0.88 | 1.01 | — | — | — | — |
| EV / FCF | — | — | — | -12.30 | -61.65 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | -12.96% | -24.00% | — | — | — | — |
| Free cash flow yield | — | — | — | -9.16% | -1.76% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2022 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +33.26% | +33.26% | +7.07% | +16.09% | +30.07% | +17.78% | +18.04% | +17.79% | +18.03% |
| Operating margin | +12.30% | +12.30% | -33.44% | -7.02% | -18.72% | -19.85% | -19.30% | -19.28% | -19.63% |
| EBITDA margin | +17.85% | +17.85% | -25.02% | -3.59% | -17.04% | -14.93% | -14.87% | -14.91% | -15.27% |
| EBIT margin | +12.47% | +12.47% | -32.39% | -6.95% | -19.25% | -19.09% | -19.21% | -19.91% | -19.00% |
| Pre-tax margin | +12.65% | +12.65% | -32.90% | -7.55% | -20.11% | -20.09% | -20.44% | -20.19% | -20.46% |
| Net margin | +10.91% | +10.91% | -35.21% | -10.09% | -22.31% | -22.30% | -22.28% | -23.08% | -22.43% |
| Cost structure | |||||||||
| Cost of revenue / sales | +66.74% | +66.74% | +92.93% | +83.91% | +69.93% | +82.28% | +80.29% | +81.58% | +84.17% |
| R&D intensity | +13.96% | +13.96% | +19.18% | +15.92% | +15.39% | +16.41% | +16.39% | +16.82% | +16.55% |
| SG&A intensity | +6.83% | +6.83% | +9.17% | +6.83% | +7.79% | +8.04% | +7.81% | +7.87% | +7.83% |
| Effective tax rate | +13.78% | +13.78% | — | — | — | — | — | — | — |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2022 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +8.20% | — | -18.73% | -6.06% | -17.81% | -14.24% | -14.37% | -14.76% | -13.90% |
| Return on assets (ROA) | +6.75% | — | -15.51% | -4.98% | -12.64% | -10.72% | -11.29% | -11.31% | -10.97% |
| Return on capital (ROC) | +8.62% | — | -16.33% | -3.88% | -12.23% | -11.25% | -11.07% | -10.97% | -10.85% |
| Return on invested capital (ROIC) | +7.64% | — | -12.25% | -2.91% | -9.17% | -8.44% | -8.30% | -8.23% | -8.14% |
| Asset turnover | +61.89% | — | +44.04% | +49.33% | +56.64% | +48.05% | +50.66% | +48.98% | +48.88% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +10.91% | +10.91% | -35.21% | -10.09% | -22.31% | -22.30% | -22.28% | -23.08% | -22.43% |
| Asset turnover (× revenue / assets) | +61.89% | — | +44.04% | +49.33% | +56.64% | +48.05% | +50.66% | +48.98% | +48.88% |
| Equity multiplier (× assets / equity) | +121.45% | — | +120.81% | +121.87% | +140.90% | +132.86% | +127.31% | +130.54% | +126.77% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2022 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.62 | — | 0.44 | 0.49 | 0.57 | 0.48 | 0.51 | 0.49 | 0.49 |
| Fixed-asset turnover | 9.39 | — | 5.93 | 6.87 | 11.88 | — | — | — | — |
| Inventory turnover | 3.27 | — | 2.49 | 2.86 | 2.47 | — | — | — | — |
| Receivables turnover | 7.57 | — | 11.29 | 7.13 | 6.49 | — | — | — | — |
| Payables turnover | 8.26 | — | 9.04 | 15.66 | 14.05 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 48.24 | — | 32.33 | 51.22 | 56.28 | — | — | — | — |
| Days inventory outstanding (DIO) | 111.69 | — | 146.43 | 127.63 | 147.55 | — | — | — | — |
| Days payables outstanding (DPO) | 44.18 | — | 40.40 | 23.31 | 25.98 | — | — | — | — |
| Cash conversion cycle | 115.74 | — | 138.35 | 155.54 | 177.85 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2022 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.08 | 1.08 | 0.33 | 0.46 | -0.05 | 0.23 | 0.23 | 0.23 | 0.23 |
| FCF / Net income | 0.70 | 0.70 | 0.43 | 0.71 | 0.07 | 0.37 | 0.36 | 0.34 | 0.37 |
| FCF margin | +7.60% | +7.60% | -15.31% | -7.13% | -1.63% | -8.18% | -8.04% | -7.93% | -8.21% |
| OCF margin | +11.80% | +11.80% | -11.72% | -4.64% | +1.14% | -5.06% | -5.21% | -5.21% | -5.14% |
| CapEx / Revenue | +4.20% | +4.20% | +3.60% | +2.49% | +2.77% | +2.95% | +2.91% | +3.01% | +2.93% |
| CapEx / D&A | 0.78 | 0.78 | 0.49 | 0.74 | 1.25 | — | — | — | — |
| Stock-based comp / Revenue | +1.75% | +1.75% | +2.71% | +2.24% | +2.47% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2022 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 7.39 | 7.39 | -14.88 | -4.67 | -11.32 | 65.50 | 188.05 | 204.83 | 211.00 |
| EPS · basic | 7.39 | 7.39 | -14.88 | -4.67 | -11.32 | 65.09 | 187.77 | 206.62 | 213.56 |
| Book value / share | 90.12 | — | 79.44 | 76.96 | 63.56 | 212.95 | 481.39 | 540.32 | 570.65 |
| Tangible BV / share | 34.42 | — | 29.35 | 26.91 | 29.08 | 212.95 | 481.39 | 540.32 | 570.65 |
| Sales / share | 67.74 | 67.74 | 42.26 | 46.27 | 50.72 | 135.93 | 310.50 | 345.51 | 353.62 |
| Operating CF / share | 7.99 | 7.99 | -4.95 | -2.15 | 0.58 | -6.88 | -16.18 | -18.01 | -18.19 |
| Free cash flow / share | 5.15 | 5.15 | -6.47 | -3.30 | -0.83 | -11.12 | -24.96 | -27.38 | -29.03 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2022 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | 0.00% | -37.61% | +9.48% | +10.39% | +168.30% | +127.78% | +10.52% | +3.99% | +23.17% |
| Gross profit · YoY | — | 0.00% | -86.74% | +149.30% | +106.34% | +58.66% | +131.00% | +9.01% | +5.40% | +14.09% |
| Profit | ||||||||||
| Operating income · YoY | — | 0.00% | -269.58% | +77.00% | -194.23% | -184.48% | -121.44% | -10.40% | -5.89% | — |
| EBITDA · YoY | — | 0.00% | -187.48% | +84.31% | -424.27% | -135.21% | -126.86% | -10.80% | -6.49% | — |
| Net income · YoY | — | 0.00% | -301.41% | +68.64% | -144.20% | -168.22% | -127.52% | -14.51% | -1.06% | — |
| Operating | ||||||||||
| EBIT · YoY | — | 0.00% | -262.09% | +76.51% | -205.83% | -166.08% | -129.24% | -14.51% | +0.75% | — |
| R&D · YoY | — | 0.00% | -14.32% | -9.08% | +6.69% | +186.10% | +127.50% | +13.40% | +2.32% | +25.81% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | 0.00% | -301.35% | +68.62% | -142.40% | +678.60% | +187.10% | +8.92% | +3.02% | +52.04% |
| EPS · basic · YoY | — | 0.00% | -301.35% | +68.62% | -142.40% | +674.96% | +188.50% | +10.04% | +3.36% | +52.27% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2022 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $950M | — | $1.02B | $985M | $2.04B | $3.9B | $8.67B | $9.61B | $10.08B |
| Net debt | $615M | — | $728M | $657M | $561M | $1.99B | $4.17B | $4.57B | $5.05B |
| Net debt / EBITDA | 0.35 | — | -0.48 | -2.75 | -0.45 | -0.67 | -0.62 | -0.62 | -0.64 |
| Debt / equity | 0.07 | — | 0.09 | 0.09 | 0.22 | 0.13 | 0.12 | 0.12 | 0.12 |
| Debt / assets | +6.03% | — | +7.38% | +7.29% | +15.73% | +9.49% | +9.78% | +9.48% | +9.54% |
| Equity / assets | +82.34% | — | +82.77% | +82.05% | +70.97% | +75.27% | +78.55% | +76.60% | +78.89% |
| Coverage | |||||||||
| EBITDA / interest expense | 193.44 | 193.44 | -49.13 | -5.97 | -19.89 | -22.16 | -22.56 | -22.41 | -23.16 |
| Operating income / interest | 133.33 | 133.33 | -65.65 | -11.70 | -21.86 | -29.45 | -29.28 | -28.97 | -29.78 |
| Interest expense | $9M | $9M | $31M | $40M | $63M | $133.01M | $296.3M | $330.56M | $340.56M |
| Liquidity | |||||||||
| Current ratio | 1.79 | — | 1.56 | 1.67 | 3.56 | — | — | — | — |
| Quick ratio | 0.65 | — | 0.38 | 0.59 | 1.83 | — | — | — | — |
| Cash ratio | 0.13 | — | 0.13 | 0.15 | 1.04 | — | — | — | — |
| Working capital | $1.98B | — | $1.23B | $1.43B | $3.66B | — | — | — | — |
| Working capital / revenue | +20.26% | — | +20.14% | +21.39% | +49.75% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 1.01x | 0.88x |
| Earnings yield | -24.0% | -13.0% |
| FCF yield | -1.8% | -9.2% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | -17.8% | -6.1% |
| ROA | -12.6% | -5.0% |
| ROIC | -11.9% | -3.8% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | -0.45 | -2.75 |
| Interest coverage | — | — |
| Current ratio | 3.56x | 1.67x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).