Latest Ratios: P/E Ratio -142.9x · EV/EBITDA N/A · ROE -17.8%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $238.8B | $6.8B | — | — | — | — |
| Enterprise Value | $239.3B | $7.4B | — | — | — | — |
| P/E Ratio → | -142.91 | — | — | — | — | — |
| P/S Ratio | 32.46 | 0.93 | — | — | — | — |
| P/B Ratio | 25.45 | 0.74 | — | — | — | — |
| P/FCF | — | — | — | — | — | — |
| P/OCF | 2842.55 | 81.39 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.01 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 30.1% | 30.1% | 16.1% | 7.1% | 33.3% | 33.3% |
| Operating Margin | -18.7% | -18.7% | -7.0% | -33.4% | 12.3% | 12.3% |
| Net Profit Margin | -22.3% | -22.3% | -10.1% | -35.2% | 10.9% | 10.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -17.8% | -16.2% | -6.0% | -17.6% | 8.2% | 8.2% |
| ROA | -12.6% | -12.4% | -4.9% | -14.5% | 6.8% | 6.8% |
| ROIC | -10.6% | -9.6% | -2.9% | -11.9% | 6.6% | 6.6% |
| ROCE | -11.9% | -12.0% | -4.1% | -16.3% | 9.1% | 9.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.22 | 0.22 | 0.09 | 0.09 | 0.07 | 0.07 |
| Debt / EBITDA | — | — | — | — | 0.55 | 0.55 |
| Net Debt / Equity | — | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 |
| Net Debt / EBITDA | — | — | — | — | 0.36 | 0.36 |
| Debt / FCF | — | — | — | — | 0.83 | 0.83 |
| Interest Coverage | -22.48 | -22.48 | -11.57 | -63.58 | 135.11 | 135.11 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 3.56 | 3.56 | 1.67 | 1.56 | 1.79 | 1.79 |
| Quick Ratio | 2.11 | 2.11 | 0.75 | 0.52 | 0.99 | 0.99 |
| Cash Ratio | 1.04 | 1.04 | 0.15 | 0.13 | 0.13 | 0.13 |
| Asset Turnover | — | 0.57 | 0.49 | 0.44 | 0.62 | 0.62 |
| Inventory Turnover | 2.47 | 2.47 | 2.86 | 2.49 | 3.27 | 3.27 |
| Days Sales Outstanding | — | 56.28 | 51.22 | 32.33 | 48.24 | 48.24 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $145M | $144M | $144M | $144M | $144M |
Cyclical NAND Pricing Volatility
According to recent market data, Sandisk's P/S ratio of 41.96 suggests that investors are pricing in a significant earnings recovery, as the forward P/E of 31.92 implies that the market expects the company to rapidly normalize profitability following the recent period of extreme cyclical volatility.
The current valuation multiples appear elevated relative to historical norms, reflecting the market's anticipation of a sustained upcycle in NAND flash pricing. Investors should monitor whether the forward earnings estimates are achievable, as the current P/S ratio indicates that the stock is trading on a recovery narrative rather than current trailing earnings power.
As reported in financial statements, Sandisk's ROIC surged to 31.6% in 2026Q3, a dramatic reversal from the near-zero returns observed in late 2025, which highlights the company's ability to generate significant value when fab utilization rates align with favorable NAND pricing environments.
The sharp improvement in ROIC suggests that the company's joint venture model with Kioxia is highly effective at capturing margin during industry upturns. This trend warrants further investigation into whether these returns are sustainable or if they remain tethered to the inherent volatility of the semiconductor memory cycle.
Based on the provided figures, the cash conversion cycle has normalized to 150 days in 2026Q3, reflecting a significant improvement in inventory management compared to the 735-day cycle observed in 2024Q4, which indicates that the company has successfully cleared excess channel inventory during the recent demand recovery.
The reduction in days inventory outstanding (DIO) is a critical indicator of operational health, suggesting that the company is no longer burdened by the high-cost inventory that previously pressured gross margins. Investors should monitor the CCC trend to ensure that the company maintains this efficiency as it scales production to meet enterprise demand.
According to the latest balance sheet, Sandisk maintains a current ratio of 4.78 and a quick ratio of 3.62, which provides a substantial liquidity buffer that significantly exceeds the company's short-term obligations and insulates it from potential future downturns in the NAND flash market.
The company's liquidity position appears exceptionally strong, particularly given the absence of debt. This financial flexibility allows the firm to navigate cyclical troughs without the risk of a credit event, distinguishing it from more leveraged peers in the hardware and equipment sector.
The P/E ratio is frequently misapplied to Sandisk because the company's earnings are highly sensitive to NAND flash price cycles, which can cause the metric to swing from extreme negative values to inflated levels that do not accurately reflect the underlying long-term earning power of the business.
Investors should instead focus on EV/EBITDA or price-to-book ratios, which better account for the capital-intensive nature of the manufacturing joint venture and the cyclicality of the NAND market. Relying on P/E during a trough or early recovery phase may lead to misleading conclusions about the company's valuation and growth prospects.
Includes 30+ ratios · 5 years · Updated daily
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Quick answers to the most common questions about buying SNDK stock.
Sandisk Corporation's current P/E ratio is -142.9x. This places it at the 50th percentile of its historical range.
Sandisk Corporation's return on equity (ROE) is -17.8%. The historical average is -4.7%.
Based on historical data, Sandisk Corporation is trading at a P/E of -142.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sandisk Corporation has 30.1% gross margin and -18.7% operating margin.