{"slug":"sandisk","name":"샌디스크","name_en":"SanDisk","ticker":"SNDK","updated_at":"2026-07-12T06:26:40.314675+00:00","canonical":"https://valuechain.wiki/sandisk","same_as":["https://finance.yahoo.com/quote/SNDK","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2023554"],"citable":"밸류체인 그래프 기준 샌디스크의 직접 연결 기업은 4곳(관계 기준 공급 3·매출 1)이고, 사슬을 2차까지 넓히면 25곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, SanDisk is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 25 companies within two hops; the links are backed by 5 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · NAND 플래시·SSD · 웨스턴디지털 분사(점유 12%)","kicker_en":"NASDAQ · NAND flash & SSD · Western Digital spin-off (~12% share)","lead":"NAND 플래시·SSD 제조사(세계 점유 약 12%)로, 2025년 웨스턴디지털에서 분사해 독립 상장했고 키옥시아와 일본에서 합작 생산한다. 소비자·엔터프라이즈 SSD가 주력인데, AI 데이터센터의 대용량 저장 수요와 NAND 공급 타이트가 겹치며 메모리 사이클 상승의 직접 수혜를 받는다. 다만 NAND는 가격 사이클 진폭이 큰 범용 메모리라, 실적이 공급·가격 사이클에 크게 출렁이는 것이 구조적 변수다.","lead_en":"A NAND flash and SSD maker (~12% global share) that spun off from Western Digital in 2025 and co-produces with Kioxia in Japan. Consumer and enterprise SSDs lead the mix, and it benefits directly from the memory up-cycle as AI-datacenter mass-storage demand meets tight NAND supply. But NAND is a commodity memory with a large price-cycle amplitude, so results swing sharply with the supply/price cycle — a structural variable.","segments":{"fy":2025,"parts":[{"desc":"PC·모바일 임베디드 등 클라이언트 SSD·임베디드 플래시. FY2025 매출 $4.13B(+1%), ASP/GB +8%·엑사바이트 -7% — 최대 부문(현 'Edge'로 개칭).","name":"클라이언트/에지 (Client Devices)"},{"desc":"메모리카드·USB·리테일 소비자 스토리지. FY2025 매출 $2.27B(거의 보합), ASP/GB -7%로 가격 압박·엑사바이트 +6%.","name":"소비자 (Consumer)"},{"desc":"엔터프라이즈 SSD(데이터센터). FY2025 매출 $960M(+195%)·엑사바이트 +153%·ASP/GB +17% — AI 데이터센터 스토리지 수요의 직접 수혜(현 'Datacenter'로 개칭).","name":"클라우드/데이터센터 (Cloud)"}],"total":"FY2025(2025-06-27 종료) 매출 $7.4B, 매출총이익률 30.1%. 데이터센터 수요로 클라우드 부문 +195% 급증(엑사바이트 +153%).","source":"https://www.sec.gov/Archives/edgar/data/2023554/000202355425000034/sndk-20250627.htm","concentration":"플래시 웨이퍼는 사실상 전량을 키옥시아와의 일본 합작 Flash Ventures(Flash Partners·Alliance·Forward, 요카이치·기타카미 7개 팹)에서 조달, 합작 프레임워크를 2034년까지 연장. NAND 세계 점유 약 12%. 2025년 2월 웨스턴디지털에서 분사."},"segments_en":{"fy":2025,"parts":[{"desc":"Client SSD and embedded flash for PCs and mobile. FY2025 revenue $4.13B (+1%), ASP/GB +8%, exabytes -7% — the largest segment (renamed 'Edge').","name":"Client Devices (Edge)"},{"desc":"Memory cards, USB and retail consumer storage. FY2025 revenue $2.27B (roughly flat), ASP/GB -7% on pricing pressure, exabytes +6%.","name":"Consumer"},{"desc":"Enterprise SSD for datacenters. FY2025 revenue $960M (+195%), exabytes +153%, ASP/GB +17% — the direct beneficiary of AI-datacenter storage demand (renamed 'Datacenter').","name":"Cloud (Datacenter)"}],"total":"FY2025 (ended 2025-06-27) revenue $7.4B, gross margin 30.1%. Cloud surged +195% (exabytes +153%) on datacenter demand.","source":"https://www.sec.gov/Archives/edgar/data/2023554/000202355425000034/sndk-20250627.htm","concentration":"Substantially all flash wafers come from Flash Ventures, its Japan JV with Kioxia (Flash Partners/Alliance/Forward across seven Yokkaichi and Kitakami fabs), with the JV framework extended through 2034. ~12% global NAND share. Spun off from Western Digital in February 2025."},"returns_yearly":{"2026":707.1},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"tempus-ai","name":"Tempus AI","name_en":"Tempus AI","tier":3,"returns_yearly":{"2025":74.9,"2026":-1.4}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":2,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":2,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":2,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":2,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":2,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":2,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":2,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":2,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":2,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}}],"benefiting":[{"slug":"lam-research","name":"램리서치","name_en":"Lam Research","tier":1,"returns_yearly":{"2021":53.7,"2022":-40.7,"2023":88.6,"2024":-6.8,"2025":139.2,"2026":105}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":1,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"asml","name":"ASML","name_en":"ASML","tier":1,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":68.6}},{"slug":"ichor-holdings","name":"이코르","name_en":"Ichor Holdings","tier":2,"returns_yearly":{"2021":52.7,"2022":-41.7,"2023":25.4,"2024":-4.2,"2025":-42.8,"2026":444.2}},{"slug":"mks-instruments","name":"MKS Instruments","name_en":"MKS Instruments","tier":2,"returns_yearly":{"2021":16.4,"2022":-51,"2023":22.6,"2024":2.2,"2025":54.4,"2026":131}},{"slug":"advanced-energy","name":"어드밴스드에너지","name_en":"Advanced Energy Industries","tier":2,"returns_yearly":{"2021":-5.7,"2022":-5.4,"2023":27.5,"2024":6.6,"2025":81.6,"2026":47.2}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":2,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"tck","name":"티씨케이","name_en":"TCK (Tokai Carbon Korea)","tier":2,"returns_yearly":{"2021":-10.1,"2022":-16.9,"2023":2.8,"2024":-28.7,"2025":225.7,"2026":-2.5}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":2,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}},{"slug":"carl-zeiss-smt","name":"Carl Zeiss SMT","name_en":"Carl Zeiss SMT","tier":2,"returns_yearly":null},{"slug":"trumpf","name":"TRUMPF","name_en":"TRUMPF","tier":2,"returns_yearly":null},{"slug":"kc-tech","name":"케이씨텍","name_en":"KC Tech","tier":3,"returns_yearly":{"2021":-24.2,"2022":-6.1,"2023":57.9,"2024":5.9,"2025":56.7,"2026":108.1}},{"slug":"hana-micron","name":"하나마이크론","name_en":"Hana Micron","tier":3,"returns_yearly":{"2021":109,"2022":-41,"2023":143.5,"2024":-52.4,"2025":269.3,"2026":5.3}}],"analysis":"NAND 플래시·SSD 제조사(세계 점유 약 12%)로 2025년 2월 웨스턴디지털에서 분사해 독립 상장했다. 플래시 웨이퍼는 사실상 전량을 키옥시아와의 일본 합작 Flash Ventures(요카이치·기타카미 7개 팹, 2034년까지 연장)에서 조달해 캐파·투자를 공유하는 것이 구조적 특징이다. FY2025(6월 종료) 매출 $7.4B·매출총이익률 30.1%로 사이클이 반등했고, 특히 클라우드(엔터프라이즈 SSD) 매출이 +195%(엑사바이트 +153%) 급증해 AI 데이터센터 스토리지 수요가 상승의 엔진임을 보였다. 반면 소비자 부문은 ASP -7%로 눌려, NAND가 부문별로 가격 진폭이 큰 범용 메모리라는 리스크가 그대로 드러난다. 상류는 TEL·ASML·램리서치 양산 장비, 하류는 아마존 등 데이터센터·소비자 SSD 수요다. 재평가 트리거는 NAND 가격 사이클, 데이터센터 SSD 믹스 상승, 그리고 키옥시아 합작의 첨단 3D NAND 램프다.","analysis_en":"A NAND flash and SSD maker (~12% global share) that spun off from Western Digital in February 2025. Structurally, it obtains substantially all its flash wafers from Flash Ventures, its Japan JV with Kioxia (seven Yokkaichi/Kitakami fabs, extended through 2034), sharing capacity and investment. FY2025 (ended June) revenue of $7.4B at a 30.1% gross margin marks a cyclical rebound, and Cloud (enterprise SSD) revenue surging +195% (exabytes +153%) shows AI-datacenter storage demand is the engine of the upturn. Consumer, by contrast, was pressured with ASP -7%, exposing the risk that NAND is a commodity memory with large segment-level price swings. Upstream are TEL, ASML and Lam production tools; downstream is datacenter and consumer SSD demand (e.g. Amazon). Re-rating triggers are the NAND price cycle, a rising datacenter-SSD mix, and the ramp of advanced 3D NAND at the Kioxia JV.","analysis_asof":"2026-07-09"},"edges":[{"direction":"cost","counterparty":"도쿄일렉트론","counterparty_slug":"tokyo-electron","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"도쿄일렉트론에서 NAND 양산 장비 매입.","note_en":"Purchases NAND production equipment from Tokyo Electron.","sources":[{"stance":"confirms","publisher":"비즈니스포스트","publisher_en":"Business Post","kind":"news","lang":"ko","published_at":"2025-11-01","url":"https://www.businesspost.co.kr/BP?command=article_view&num=437533","title":"샌디스크·키옥시아 낸드 전성시대","title_en":"SanDisk and Kioxia ride the NAND boom","excerpt":"도쿄일렉트론에서 NAND 양산 장비 매입.","excerpt_en":"Buys NAND fab equipment from Tokyo Electron (TEL)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=SNDK&type=10-K","title":"SanDisk 10-K","title_en":"SanDisk Form 10-K","excerpt":"도쿄일렉트론에서 NAND 양산 장비 매입.","excerpt_en":"Buys NAND fab equipment from Tokyo Electron (TEL)."}]},{"direction":"cost","counterparty":"램리서치","counterparty_slug":"lam-research","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"램리서치에서 NAND 양산 장비 매입.","note_en":"Purchases NAND production equipment from Lam Research.","sources":[{"stance":"confirms","publisher":"비즈니스포스트","publisher_en":"Business Post","kind":"news","lang":"ko","published_at":"2025-11-01","url":"https://www.businesspost.co.kr/BP?command=article_view&num=437533","title":"샌디스크·키옥시아 낸드 전성시대","title_en":"SanDisk and Kioxia ride the NAND boom","excerpt":"램리서치에서 NAND 양산 장비 매입.","excerpt_en":"Buys NAND fab equipment from Lam Research."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=SNDK&type=10-K","title":"SanDisk 10-K","title_en":"SanDisk Form 10-K","excerpt":"램리서치에서 NAND 양산 장비 매입.","excerpt_en":"Buys NAND fab equipment from Lam Research."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":{"type":"revenue","unit":"USD","basis":"클라우드(데이터센터 엔터프라이즈 SSD) 매출 +195%","scale":"M","value":960,"period":"FY2025","basis_en":"Cloud (datacenter enterprise SSD) revenue +195%"},"note":"아마존 등 데이터센터에 엔터프라이즈 SSD 공급 — AI 데이터센터 대용량 저장 수요의 하류. 클라우드 부문 FY2025 매출 $960M(+195%·엑사바이트 +153%)으로 상승 사이클의 핵심 엔진.","note_en":"Supplies enterprise SSDs to Amazon — a downstream customer of AI-datacenter mass-storage demand.","sources":[{"stance":"mentions","publisher":"Blocks & Files","publisher_en":"Blocks & Files","kind":"research","lang":"en","published_at":"2025-11-07","url":"https://blocksandfiles.com/2025/11/07/sandisk-revenues-boom-as-data-center-glory-beckons/","title":"샌디스크 매출 급증 — 데이터센터 부문이 견인","title_en":"SanDisk revenues boom as data center glory beckons","excerpt":"리서치: 데이터센터 부문 급성장이 샌디스크 매출을 견인.","excerpt_en":"Research: datacenter segment growth is driving SanDisk's revenue."},{"stance":"confirms","publisher":"비즈니스포스트","publisher_en":"Business Post","kind":"news","lang":"ko","published_at":"2025-11-01","url":"https://www.businesspost.co.kr/BP?command=article_view&num=437533","title":"샌디스크·키옥시아 낸드 전성시대","title_en":"SanDisk and Kioxia ride the NAND boom","excerpt":"아마존에 엔터프라이즈 SSD 공급.","excerpt_en":"Supplies enterprise SSDs to Amazon."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-14","url":"https://www.sec.gov/Archives/edgar/data/2023554/000202355425000034/sndk-20250627.htm","title":"SanDisk Form 10-K FY2025 (2025-06-27 종료)","title_en":"SanDisk Form 10-K FY2025 (ended 2025-06-27)","excerpt":"FY2025 클라우드 매출 $960M(+195%), 엑사바이트 +153%·ASP/GB +17% — 엔터프라이즈 SSD 데이터센터 출하 증가. 전사 매출 $7.4B·GM 30.1%.","excerpt_en":"FY2025 Cloud revenue $960M (+195%), exabytes +153%, ASP/GB +17% on enterprise-SSD datacenter shipments. Total revenue $7.4B, GM 30.1%."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=SNDK&type=10-K","title":"SanDisk 10-K","title_en":"SanDisk Form 10-K","excerpt":"아마존에 엔터프라이즈 SSD 공급.","excerpt_en":"Supplies enterprise SSDs to Amazon."}]},{"direction":"revenue","counterparty":"소비자·스토리지 OEM (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"type":"revenue","unit":"USD","basis":"클라이언트($4.13B)+소비자($2.27B) 매출","scale":"B","value":6.4,"period":"FY2025","basis_en":"Client ($4.13B) + Consumer ($2.27B) revenue"},"note":"소비자·스토리지 OEM에 NAND·SSD 공급 — 클라이언트(FY2025 $4.13B·ASP +8%)와 소비자(FY2025 $2.27B·ASP -7%). 범용 메모리 가격 사이클에 부문별로 크게 연동.","note_en":"Supplies NAND/SSD to consumer and storage OEMs — tied to the commodity-memory price cycle.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-14","url":"https://www.sec.gov/Archives/edgar/data/2023554/000202355425000034/sndk-20250627.htm","title":"SanDisk Form 10-K FY2025 (2025-06-27 종료)","title_en":"SanDisk Form 10-K FY2025 (ended 2025-06-27)","excerpt":"FY2025 클라이언트 매출 $4.13B(+1%·ASP +8%), 소비자 $2.27B(보합·ASP -7%).","excerpt_en":"FY2025 Client revenue $4.13B (+1%, ASP +8%), Consumer $2.27B (flat, ASP -7%)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=SNDK&type=10-K","title":"SanDisk 10-K","title_en":"SanDisk Form 10-K","excerpt":"엔터프라이즈 SSD을(를) 소비자·스토리지 OEM에 공급.","excerpt_en":"Supplies enterprise SSDs to consumer and storage OEM."}]},{"direction":"cost","counterparty":"ASML","counterparty_slug":"asml","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"ASML에서 NAND 양산 장비 매입.","note_en":"Buys NAND fab equipment from ASML.","sources":[{"stance":"confirms","publisher":"비즈니스포스트","publisher_en":"Business Post","kind":"news","lang":"ko","published_at":"2025-11-01","url":"https://www.businesspost.co.kr/BP?command=article_view&num=437533","title":"샌디스크·키옥시아 낸드 전성시대","title_en":"SanDisk and Kioxia ride the NAND boom","excerpt":"ASML에서 NAND 양산 장비 매입.","excerpt_en":"Buys NAND fab equipment from ASML."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=SNDK&type=10-K","title":"SanDisk 10-K","title_en":"SanDisk Form 10-K","excerpt":"ASML에서 NAND 양산 장비 매입.","excerpt_en":"Buys NAND fab equipment from ASML."}]},{"direction":"cost","counterparty":"부품·소재·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"제조용 부품·소재·R&D. 핵심은 키옥시아와의 일본 합작 Flash Ventures(요카이치·기타카미 7개 팹)로, 샌디스크는 플래시 웨이퍼를 사실상 전량 이 합작에서 조달하고 캐파 투자를 분담한다 — 2026년 기타카미 Fab2에서 10세대 3D 플래시 양산 개시, 합작 2034년까지 연장(개별 조달가 비공개).","note_en":"Parts, materials and R&D (undisclosed).","sources":[{"stance":"confirms","publisher":"SanDisk IR","publisher_en":"SanDisk IR","kind":"filing","lang":"en","published_at":"2026-01-29","url":"https://investor.sandisk.com/news-releases/news-release-details/kioxia-and-sandisk-extend-yokkaichi-joint-venture-agreement","title":"키옥시아·샌디스크, 합작(Flash Ventures) 2034년까지 연장","title_en":"Kioxia and SanDisk extend joint venture through 2034","excerpt":"키옥시아·샌디스크 합작(Flash Ventures) 프레임워크를 2034년까지 연장; 플래시 웨이퍼를 사실상 전량 합작에서 조달.","excerpt_en":"Kioxia-SanDisk Flash Ventures JV framework extended through 2034; substantially all flash wafers sourced from the JV."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=SNDK&type=10-K","title":"SanDisk 10-K","title_en":"SanDisk Form 10-K","excerpt":"제조용 부품·소재·R&D(비공개).","excerpt_en":"Parts, materials and R&D (undisclosed)."}]}]}