SNDK

Sandisk is a NAND flash pure play, independent since Western Digital spun off its flash business in February 2025. It develops 3D NAND and sells enterprise and client SSDs, embedded flash, memory cards and USB drives. It owns no wholly consolidated wafer fabs: all wafer supply comes from Flash Ventures, the Japanese joint venture it co-owns with Kioxia.

• ·NAND pricing cycle and the price/volume split. Sandisk attributed its 51% sequential fiscal Q4 2026 revenue increase to roughly one-third higher volumes and two-thirds higher pricing, making the company unusually levered to contract ASPs. TrendForce forecasts NAND Flash contract prices up 10-15% QoQ in 3Q26, a deceleration from earlier 2026 quarters as consumer demand weakens and base effects build, so the price contribution to sequential growth is the number to watch.TrendForce
• ·Kioxia JV term and the fab access payment. On January 29, 2026 Kioxia and Sandisk extended the Yokkaichi Plant joint venture agreements by five years, from December 31, 2029 to December 31, 2034, and aligned the Kitakami Plant agreement to the same date. Sandisk will pay Kioxia $1,165M for manufacturing services and continued access to supply, in installments from 2026 through 2029 — a cash obligation that sits outside reported capex.Kioxia Corporation
• ·Flash Ventures economics and fixed-cost exposure. Sandisk holds a 49.9% interest in each of the three Flash Ventures entities (Flash Partners, Flash Alliance, Flash Forward), jointly controls them with Kioxia, and is entitled to purchase roughly 50% of output at cost plus a small markup. Critically, it must pay for half of Flash Ventures' fixed costs regardless of how much output it actually takes, and it recognizes its 49.9% share of Flash Ventures earnings one quarter in arrears in Other expense, net — so reported operating results and JV economics move on different clocks.Sandisk Corporation (Annual Report 2025)
• ·Technology transition: BiCS8 to BiCS10 and the capex step-up. Kioxia and Sandisk began production of 10th-generation 3D flash at Kitakami Plant Fab2 (K2) in July 2026; the companies say the node uses CBA (CMOS directly Bonded to Array) and supports multi-year bit growth. Sandisk says BiCS8 is now the majority of production, BiCS10 1Tb TLC exceeds 29Gb/mm2 with a 59% bit-density improvement, and gross capex ran about 6% of revenue in fiscal 2026 with a BiCS10 ramp planned in fiscal 2027.Kioxia Corporation
• ·Enterprise SSD traction and bit mix shift. Datacenter revenue reached $2,977M in fiscal Q4 2026, up 103% sequentially and up 1,298% year over year, and Datacenter grew from 12% to 38% of total bits shipped year over year; full-year fiscal 2026 Datacenter revenue was $5,153M, up 437%. Whether additional hyperscaler qualifications convert into sustained datacenter bit share — against a market where enterprise SSDs were roughly 48% of global NAND bit shipments in Q2 2026 — is the core growth question.Investing.com
• ·Post-spin capital structure and contracted revenue. Long-term debt was $0 at July 3, 2026, down from $1,829M a year earlier; Sandisk repurchased $4,500M of stock in fiscal Q4 with $15,500M remaining of a $20,000M authorization. Eight New Business Model agreements carry $93,900M of minimum contracted revenue at floor pricing with $16,500M of financial guarantees, covering more than 50% of fiscal 2027 bits and about two-thirds of fiscal 2028 bits; the FY2028-FY2030 model presented at the August 13, 2026 Investor Day targets mid-to-high-teens revenue growth, ~80% non-GAAP gross margin, ~75% non-GAAP operating margin and ~50% adjusted free cash flow margin, with 100% of excess free cash flow returned to shareholders.Counterpoint Research

Fiscal year is a 52 or 53 week period ending the Friday nearest June 30. Fiscal 2026 was a 53 week year ended July 3, 2026, with the extra week in a 14 week first quarter.