| Segment | Value | % of Price | Type |
|---|---|---|---|
| Net Cash | $4 | 1% | auditable |
| Hard Disk Drives | $250 | 34% | anchored |
| Flash/NAND Products | $400 | 55% | anchored |
| Platform & Emerging | $50 | 7% | anchored |
Anchored: $700/sh (96%) · Speculative: $0/sh (0%)
Flash/NAND is SanDisk's largest segment at ~$7.5B in FY2025 revenue, encompassing enterprise SSDs, client SSDs, and consumer flash products. Q2 FY26 revenue was $3.03B (+61% YoY) with non-GAAP gross margins of 51.1% -- peak-cycle margins driven by a NAND pricing supercycle. The Cloud segment within...
SanDisk's HDD business generates approximately $4.2B in annual revenue from nearline enterprise drives sold primarily to hyperscaler data centers for capacity storage (warm/cold tiers). The business operates as a virtual duopoly with Seagate, which provides structural pricing stability. Nearline...
SanDisk's Platform & Emerging segment encompasses automotive storage, edge computing, and the nascent High Bandwidth Flash (HBF) product -- collectively generating ~$1.3B in FY2025 revenue. HBF is the most important emerging product: CEO Goeckeler described it as 'creating a new paradigm for AI...