NAND flash & SSD · Western Digital spin-off (~12% share)
SanDisk
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.
Business categories Data Storage · AI Compute Infrastructure · primary Memory Semiconductors · Semiconductor Supply Chain
SNDK Updated Jul 12, 2026 6 AI consumers· 5 recurring
Per the valuechain.wiki graph, SanDisk is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 54 companies within two hops; the links are backed by 5 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 (ended 2025-06-27) revenue $7.4B, gross margin 30.1%. Cloud surged +195% (exabytes +153%) on datacenter demand.
- Customer 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.
- Segments · Client Devices (Edge) · Consumer · Cloud (Datacenter)
Revenue from
- Amazon Medium confidence· Revenue $960 · FY2025 · Cloud (datacenter enterprise SSD) revenue +195%
Supplies enterprise SSDs to Amazon — a downstream customer of AI-datacenter mass-storage demand.Mentions EN Blocks & Files Published Nov 7, 2025: SanDisk revenues boom as data center glory beckons - consumers · storage OEM (undisclosed) Medium confidence· Revenue $6.4 · FY2025 · Client ($4.13B) + Consumer ($2.27B) revenue
Supplies NAND/SSD to consumer and storage OEMs — tied to the commodity-memory price cycle.
Pays to
- Tokyo Electron (TEL) High confidence
Purchases NAND production equipment from Tokyo Electron. - Lam Research High confidence
Purchases NAND production equipment from Lam Research. - ASML Medium confidence
Buys NAND fab equipment from ASML. - components, materials & R&D (undisclosed) Low confidence
Parts, materials and R&D (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +134.7 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +127.4 |
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +115.6 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +68.2 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | +52.6 |
| Schlumberger | lead2 | +39.6 | +81.2 | -0.8 | -24.5 | +3.3 | +52.3 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +34.1 |
| Labcorp Holdings Inc. | lead2 | +54.4 | -24.4 | +13.8 | +2.2 | +10.6 | +25.3 |
| Becton, Dickinson and Company | lead2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.8 |
| Live Nation Entertainment, Inc. | lead2 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Carrier Global Corporation | lead2 | +45.3 | -22.7 | +41.5 | +20.3 | -21.8 | +14.3 |
| Waters Corporation | lead2 | +50.6 | -8.1 | -3.9 | +12.7 | +2.4 | +14.2 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.3 |
| Agilent Technologies, Inc. | lead2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Automatic Data Processing, Inc. | lead2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| Hilton Worldwide Holdings Inc. | lead2 | +40.2 | -18.7 | +44.7 | +36.1 | +16.5 | +8.5 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Expedia Group, Inc. | lead2 | +36.5 | -51.5 | +73.3 | +22.8 | +53.3 | +5.8 |
| Hubbell Incorporated | lead2 | +35.6 | +15.1 | +42.4 | +28.9 | +7.4 | +4.7 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -6.7 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Roper Technologies | lead2 | +14.7 | -11.6 | +26.9 | -4.1 | -13.8 | -7.9 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Axon Enterprise, Inc. | lead2 | +28.1 | +5.7 | +55.7 | +130.1 | -4.4 | -9.2 |
| Constellation Brands, Inc. | lead2 | +16.1 | -6.4 | +5.8 | -7.1 | -36 | -9.2 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -12.9 |
| GE HealthCare Technologies Inc. | lead2 | · | · | · | +1.3 | +5.1 | -15.9 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -16.5 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -20.4 |
| IDEXX Laboratories, Inc. | lead2 | +31.7 | -38 | +36.1 | -25.5 | +63.6 | -20.9 |
| Comcast Corporation | lead2 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -22.3 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -35.2 |
| Fair Isaac Corporation | lead2 | -15.1 | +38 | +94.5 | +71 | -15.1 | -44.9 |
| Intuit Inc. | lead2 | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -53.7 |
| Corteva, Inc. | lead2 | +23.6 | +25.6 | -17.5 | +20.2 | +18.9 | -80.1 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| SanDisk | node | · | · | · | · | · | +633 |
| Lam Research | benef1 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +86.8 |
| ASML | benef1 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +61.1 |
| Tokyo Electron (TEL) | benef1 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +57.4 |
| Ichor Holdings | benef2 | +52.7 | -41.7 | +25.4 | -4.2 | -42.8 | +225.1 |
| MKS Instruments | benef2 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +63.3 |
| Advanced Energy Industries | benef2 | -5.7 | -5.4 | +27.5 | +6.6 | +81.6 | +38 |
| TCK (Tokai Carbon Korea) | benef2 | -10.1 | -16.9 | +2.8 | -28.7 | +225.7 | +25.2 |
| Parker-Hannifin Corporation | benef2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| Hana Materials | benef2 | +106 | -30.5 | +26.1 | -47.4 | +173.9 | -4 |
| Wonik QnC | benef2 | +26.2 | +2 | +11.9 | -33.7 | +53.4 | -9.6 |
YTD as of 2026-09-04 · source: Yahoo Finance
SanDisk operates across NASDAQ, NAND flash & SSD, Western Digital spin-off (~12% share). It stayed steadily positive in recent years and is +633% in 2026. The stock (+633%) is ahead of both its demand side (avg +12%) and supply side (avg +57.2%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Lam Research (+80.1%) and the furthest behind is Amazon (+12%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. But NAND is a commodity memory with a large price-cycle amplitude, so results swing sharply with the supply/price cycle — a structural variable.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $2,567 · Price $1,734.01 (09-05) · Upside +48%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Bernstein · Mark Newman | Buy | $3,000 | Jul 8, 2026 | Report ↗ |
| Goldman Sachs · James Schneider | Buy | $2,200 | Jul 6, 2026 | Report ↗ |
| BofA Securities · Wamsi Mohan | Buy | $2,500 | Jul 1, 2026 | Report ↗ |
Wall Street is racing to raise targets on the AI-driven NAND supercycle, with 27 buys vs 3 holds over the past month.
Analyses covering this node
- The memory supercycle is a balloon effect: one point of HBM demand re-rated the whole asset class Jun 23, 2026
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