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Separation from Western Digital Corporation Prior to February 21, 2025, we were wholly owned by Western Digital Corporation ( WDC ). As of February 21, 2025, we separated from WDC (the separation ) and became a standalone publicly traded company, trading under the stock symbol SNDK on the Nasdaq Global Select Market.
$1641.64
+$51.70 (+3.25%)
Price from 6 days ago
The business is unprofitable at the operating level (-18.72% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 10.4%, still solid. Margins contracted 11.7pp, which offsets some of the top-line progress.
At 57x earnings, the current multiple leaves limited room for execution misses or growth deceleration. ROIC dropped from -3.26% to -9.65%, capital efficiency is deteriorating.
57.1x earnings, 57.8x FCF. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$13.18B
▲ +10.4% YoY
Net Income (TTM)
$4.51B
▼ -144.2% YoY
Op. Margin
40.73%
▼ -11.7pp YoY
ROIC
40.03%
▼ -6.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$4.46B
▲ +74.7% YoY
Op. Cash Flow (TTM)
$4.64B
▲ +127.2% YoY
Net Debt
-$3.53B
Net Cash Position
Cash & Equiv.
$3.73B
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