SNDK stock is the Nasdaq ticker for Sandisk, a pure-play NAND flash memory company that split off from Western Digital and started trading independently on February 21, 2025. There is no DRAM business inside it, just flash chips, flash systems, and the IP behind them.
What Sandisk actually sells: the three end markets
Sandisk’s 10-K calls itself a “leading global semiconductor memory company with more than 30 years of innovation in NAND flash technology,” designing the chips and running the manufacturing and systems engineering behind them.
Revenue splits into three end markets. Datacenter (renamed from “Cloud”) covers cloud and private-cloud customers. Edge (renamed from “Client”) covers OEM and channel buyers across PCs, mobile, gaming, automotive, and industrial gear.
Consumer is the smallest bucket: retail-branded products sold under the Sandisk name. Anyone comparing it against broader data storage stocks should start with this three-way split.
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The numbers behind the FY2026 turnaround
Sandisk’s fiscal 2026 ran 53 weeks and ended July 3, 2026. Revenue hit $20,248 million, up from $7,355 million in fiscal 2025 and $6,663 million in fiscal 2024, per the 10-K.
Net income flipped to $11,433 million in FY2026. Fiscal 2025 had posted a net loss of $(1,641) million, including a $1,830 million goodwill impairment charge, and fiscal 2024 lost $(672) million.
Gross profit went from $2,212 million in FY2025 to $14,472 million in FY2026, roughly a jump from 30% to 71% gross margin based on those filed dollar figures.
The filing splits the growth by end market: Datacenter revenue rose 437% (adding $4,193 million), Edge rose 195% (adding $8,033 million), and Consumer rose 29% (adding $667 million).
Sandisk attributes all three increases to higher unit sales combined with higher pricing. Per-gigabyte pricing climbed roughly 150% in Datacenter and roughly 180% in Edge.
Who supplies the flash: the Kioxia dependency
All of Sandisk’s flash memory comes through Flash Ventures, a set of joint ventures with Kioxia Corporation made up of three entities: Flash Partners, Flash Alliance, and Flash Forward.
Those ventures operate eight fabrication facilities in Yokkaichi and Kitakami, Japan, and represent about 80% of the total capacity at plants Kioxia owns. Sandisk and Kioxia generally split the output 50/50.
This is a structural dependency: Sandisk cannot expand NAND supply capacity without Kioxia’s cooperation.
On January 29, 2026, Sandisk extended Flash Alliance and Flash Partners, pushing Flash Partners out to December 31, 2034, and agreed to pay Kioxia $1.2 billion between 2026 and 2029 for continued supply.
Readers tracking capacity constraints across memory chip stocks should treat this Kioxia relationship as the single point of supply risk behind every Sandisk revenue number.
Who’s actually buying it: customer concentration, unnamed
Sandisk’s Notes to Financial Statements confirm that no single customer accounted for more than 10% of net revenue in FY2026, FY2025, or FY2024. None are named.
Concentration still shows up at the group level. The top 10 customers combined made up 44% of net revenue in FY2026, versus 40% in FY2025 and 41% in FY2024.
A separate receivables disclosure matters too. As of July 3, 2026, three unnamed customers accounted for roughly 19%, 12%, and 10% of outstanding accounts receivable, up from one customer at 11% a year earlier. No names are disclosed on either front.
Sandisk vs Micron: the comparison table
Sandisk’s 10-K names Kioxia, its own Flash Ventures manufacturing partner, as a competitor too, alongside Micron Technology, Samsung Electronics, SK Hynix, and Yangtze Memory Technologies.
Kioxia sets Sandisk’s NAND cost structure through the joint venture, then sells against Sandisk’s finished products in the same markets.
Micron is the closest US-listed comparison among broader semiconductor stocks, but the two are not built the same way.
Micron makes both DRAM and NAND, reporting across units including a Cloud Memory Business Unit and a Core Data Center Business Unit. Sandisk makes NAND only. The fiscal years below don’t share a calendar, so read each row as its own most recent 10-K.
| Company | Ticker / Exchange | Product segment | Fiscal year end | Most recent FY revenue | Most recent FY net income |
|---|---|---|---|---|---|
| Sandisk | SNDK / Nasdaq | NAND flash only | July 3, 2026 (FY2026, 53 weeks) | $20,248 million | $11,433 million |
| Micron Technology | MU / Nasdaq Global Select Market | DRAM and NAND | August 28, 2025 (FY2025) | $37,378 million | $8,539 million |
Micron’s 10-K credits its FY2025 growth to higher average selling prices and bit shipments, driven in part by accelerating AI-related demand for high-bandwidth memory. Sandisk carries no HBM exposure at all, since it makes no DRAM.
Frequently asked questions about SNDK stock
Is Sandisk stock the same company as Western Digital?
No. Sandisk separated from Western Digital, with the split announced October 30, 2023 and completed February 21, 2025. Sandisk now trades independently on Nasdaq under SNDK.
Does Sandisk make DRAM chips like Micron?
No. Per its 10-K, Sandisk is a NAND flash-only business with no DRAM segment, while Micron reports both DRAM and NAND across separate business units.
Who are Sandisk’s biggest customers?
The 10-K does not name them. It discloses that no customer topped 10% of net revenue in FY2026, FY2025, or FY2024, but the top 10 customers combined made up 44% of net revenue in FY2026.
