SNDK
SanDisk Cycle Profile
Filing-based cycle metrics and interpretation boundaries for SanDisk inside the Semiconductor Cycle Economics project.
SanDisk Form 10-12B/A Exhibit 99.1 carve-out rows for FY2022-FY2024; first post-separation SanDisk Form 10-K row for FY2025; WDC Flash predecessor rows from original pre-spinoff WDC 10-Ks.
Company profile
Cycle Profile: SanDisk
Current standalone flash issuer plus WDC flash predecessor segment history.
Fiscal-year note: 52/53-week fiscal year ending near late June.
FY2025 revenue
$7,355M
FY2026 Q3 op margin
69.1%
CapEx intensity
2.8%
Inventory days
103.2
Interpretation
Cycle-economics role
SanDisk is a current standalone flash issuer. The annual history separates FY2022-FY2024 Form 10 carve-out statements, FY2025 initial post-separation Form 10-K data, and WDC Flash predecessor segment disclosure.
Interpretation limit
Predecessor segment rows are not standalone SanDisk Corp financials. Original WDC FY2020/FY2021 rows are product revenue only; FY2022-FY2024 Flash segment rows do not disclose operating income or CapEx.
WDC Flash predecessor segment
These rows come from WDC 10-Ks as originally published before the separation. FY2020 and FY2021 are product-revenue-only rows from one-segment WDC filings; FY2022-FY2024 are Flash segment revenue and gross margin rows. They are predecessor data, not standalone SanDisk Corp financials.
Predecessor flash segment metrics
| FY | Period ended | Revenue | Gross margin | CapEx intensity | Inventory days | Status |
|---|---|---|---|---|---|---|
| 2020 | 2020-07-03 | $7,769M | — | — | — | product revenue only original filing no segment profit |
| 2021 | 2021-07-02 | $8,706M | — | — | — | product revenue only original filing no segment profit |
| 2022 | 2022-07-01 | $9,753M | 36.2% | — | — | segment operating metrics unavailable |
| 2023 | 2023-06-30 | $6,063M | 7.1% | — | — | segment operating metrics unavailable |
| 2024 | 2024-06-28 | $6,687M | 16.1% | — | — | segment operating metrics unavailable |
Cycle rows
Cycle rows
| Window | Basis | Swing | Revenue decline | Peak to trough | Read |
|---|---|---|---|---|---|
| FY2022 to FY2023 | operating margin | -45.7pp | -37.6% | 4 qtrs | Audited combined carve-out statements from SanDisk's Form 10 package; not standalone public-company history before the separation. |
| FY2023 to FY2026 Q3 | operating margin | 102.5pp | — | — | Current row uses SanDisk's latest reported standalone quarter, FY2026 Q3. It is not annualized and is not a peak call. |
Annual cycle metrics
Filing-derived annual values used by the project. Missing values render as unavailable rather than estimated.
SanDisk annual metrics
| FY | Period ended | Revenue | Gross margin | Operating margin | CapEx intensity | Inventory days | Status |
|---|---|---|---|---|---|---|---|
| 2022 | 2022-07-01 | $9,754M | 33.3% | 12.3% | 4.2% | — | reviewed form10 carveout history |
| 2023 | 2023-06-30 | $6,086M | 7.1% | -33.4% | 3.6% | 136.1 | reviewed form10 carveout history |
| 2024 | 2024-06-28 | $6,663M | 16.1% | -7.0% | 2.5% | 107.1 | reviewed form10 carveout history |
| 2025 | 2025-06-27 | $7,355M | 30.1% | -18.7% | 2.8% | 103.2 | reviewed initial standalone 10k with pre separation combined basis |
Scope
This is descriptive business analysis based on public filings. It does not provide investment advice, valuation targets, or trading recommendations.