Forensic Analysis · Technology / Software · as of Sep 24, 2026
Sandisk Corp (SNDK)
A forensic read on Sandisk Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
19.8
Distress distance
Watch
Earnings quality
5
Forensic signals
22.9
P / E (ttm)
72.7%
ROE
$266.0B
Market cap
175.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Sandisk Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 19.8, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+6.9%/yr
FY2025–FY2026
Share-count dilution.Diluted share count changed +7% over the last 1 year to FY2026 (+6.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2025 has been diluted ~6%.
+13.5%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +13.5% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +341% against revenue +175% and inventory up +30% against +12% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 2% of net operating assets, against an accruals ratio of 13.5%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
170d
FY2025→FY2026
Inventory days.Days inventory outstanding moved from 148 to 170 FY2025→FY2026 (against cost of goods sold; inventory +30% vs +12% in cost of sales). Inventory is building a little faster than sales — watch for markdowns. There's no FY2024 figure on file for inventory, so FY2025 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
1.1% of rev
Key fundamentals
Latest Revenue$20.25B
Revenue Growth YoY+175.3%
Net Margin56.5%
Free Cash Flow$11.49B
Return on Equity72.7%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Sandisk Corp's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
FY2026
Stock-based comp load.Stock-based compensation ran 1.1% of revenue and 2% of free cash flow in FY2026 — about $1.50 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 6.9% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$1.8B
FY2025–FY2025
Goodwill impairments.Took $1.8B of goodwill writedowns across 1 year (FY2025 ($1.8B)). Writedowns mean past acquisitions underperformed what was paid for them.