SanDisk SNDK normalized earnings-power valuation

SanDisk Corporation (SNDK)
As of 2026-06-14
USD
Updated Jun 20, 2026
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SanDisk SNDK normalized earnings-power valuation

Hawk-compatible normalized earnings-power valuation for Sandisk. The model starts with fiscal Q4 2026 non-GAAP EPS guidance, annualizes that run-rate, applies a sustainability factor to reflect NAND cyclicality and uncertainty around how durable the new business model commitments will be, then applies a target P/E multiple and adds net cash per share. This is a realistic multiple-based framework for a highly cyclical memory company after an abrupt profitability inflection, not a full DCF.

as of 2026-06-14

Fair value
$2102.64
Upside/downside
6.2%
Normalized EPS
$94.50
FY2026 non-GAAP EPS
$62.33
Earnings-power value
$2079.00
Net cash per share
$23.64

Earnings power

31.50$/share
75%

Market

1,980.10$/share

Share count

158.00M shares

Valuation

22.00x

Sources

  1. Q3 FY2026 revenue was $5.95B, non-GAAP diluted EPS was $23.41, and Q4 FY2026 guidance was revenue of $7.75B-$8.25B with non-GAAP diluted EPS of $30.00-$33.00. — modeledge.ai (accessed 2026-06-14)
  2. Q3 FY2026 balance sheet showed $3.735B cash and cash equivalents, zero long-term debt, and about 158M diluted shares guided for Q4. — modeledge.ai (accessed 2026-06-14)
  3. Hawk current price used for upside/downside was $1,980.10. — modeledge.ai (accessed 2026-06-14)
  4. Modeledge admin saved_tweets for user bubbleboi showed strongly bullish qualitative SNDK/HBF/NAND sentiment, used only as context and not as a numeric input. (accessed 2026-06-14)

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