{"schemaVersion":1,"research":true,"symbol":"sndk","name":"Sandisk","topic":"moat","path":"/stock/sndk/moat","status":"published","version":4,"updatedAt":"2026-10-17T22:19:35.768Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"The supplied disclosures establish largely interchangeable products and fragile competitive differentiation, supporting no demonstrated economic moat. Flash Ventures provides manufacturing access, while customer commitments and brand recognition offer benefits, but durable superiority over named competitors is not established. Realized pricing and cash generation improved sharply in fiscal 2026; these results demonstrate commercial strength without establishing lasting pricing power through a memory cycle.","advantages":[{"mechanism":"cost_advantage","claim":"Flash Ventures provides shared manufacturing capacity and cost-plus wafer access. This is a current contractual benefit, but the passages do not demonstrate a relative cost advantage over competing integrated manufacturers.","durability":"Capacity access depends on the joint venture arrangements and continuing technology investment. Kioxia receives similar output rights, limiting evidence of exclusivity.","risks":"Sandisk owes half of fixed costs regardless of purchases and faces restrictions on alternative manufacturing. Competitor consolidation could reduce rivals' costs.","invalidation":"A durable cost-advantage thesis would fail if comparable competitors achieve equal or lower delivered costs, or if fixed-cost obligations and manufacturing restrictions offset the benefits of shared capacity.","competitors":["Kioxia","Micron Technology, Inc.","Samsung Electronics Co., Ltd.","SK Hynix, Inc.","Yangtze Memory Technologies Co., Ltd."],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7","e8"]},{"mechanism":"switching_costs","claim":"Multi-year purchase commitments, customer advances and financial guarantees demonstrate contractual customer engagement. Lengthy qualification processes suggest friction, but the disclosures explicitly describe products as largely interchangeable.","durability":"Commitments provide protection during their terms; renewal behavior and sustained customer dependence beyond those terms are unestablished. The new agreements began during fiscal 2026.","risks":"Many OEM customers provide forecasts without firm orders. Delivery failures can trigger price or volume reductions, penalties or termination, and customer guarantees may cover only part of lost revenue.","invalidation":"The contractual-stickiness thesis would fail if committed volumes are materially reduced or terminated, guarantees prove ineffective, or customers switch suppliers at renewal without meaningful qualification costs.","competitors":["Kioxia","Micron Technology, Inc.","Samsung Electronics Co., Ltd.","SK Hynix, Inc.","Yangtze Memory Technologies Co., Ltd."],"evidenceIds":["e9","e10","e11","e12"],"counterEvidenceIds":["e13","e14","e15","e16"]},{"mechanism":"intangible_assets","claim":"Sandisk reports consumer brand recognition and technology capabilities, but the passages do not establish a persistent brand premium, exclusive technology advantage or durable customer preference.","durability":"Brand and engineering capabilities are current assets; their ability to produce defensible economic advantages remains unproven. Strong fiscal 2026 pricing does not establish brand-specific pricing power.","risks":"Consumer exabyte sales declined despite higher revenue. Products require continuing technology transitions, and historical selling-price declines have compressed gross margins.","invalidation":"A brand or technology moat thesis would fail if comparable products command similar prices, consumer volumes continue falling without durable economic benefits, or technology transitions eliminate differentiation.","competitors":["Kioxia","Micron Technology, Inc.","Samsung Electronics Co., Ltd.","SK Hynix, Inc.","Yangtze Memory Technologies Co., Ltd."],"evidenceIds":["e17","e18","e19"],"counterEvidenceIds":["e14","e20","e21","e22"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / named competitors","excerpt":"We compete with vertically-integrated suppliers such as Kioxia, Micron Technology, Inc., Samsung Electronics Co., Ltd., SK Hynix, Inc., Yangtze Memory Technologies Co., Ltd."},{"id":"e2","sourceId":"filing-1","location":"Business / Flash Ventures manufacturing capacity","excerpt":"Flash Ventures accounts for approximately 80% of the total manufacturing capacity in the facilities owned by Kioxia."},{"id":"e3","sourceId":"filing-1","location":"Business / Flash Ventures output entitlements","excerpt":"We and Kioxia are entitled to purchase a share of Flash Ventures’ output, which generally equals 50% each."},{"id":"e4","sourceId":"filing-1","location":"Business / wafer purchase pricing","excerpt":"The price that we and Kioxia pay Flash Ventures for flash memory wafers is cost plus a small markup."},{"id":"e5","sourceId":"filing-1","location":"Business / unconditional fixed-cost obligations","excerpt":"In addition, we are obligated to pay for half of Flash Ventures’ fixed costs regardless of the output we choose to purchase."},{"id":"e6","sourceId":"filing-1","location":"Business / manufacturing restrictions","excerpt":"While Flash Ventures is operating, we and Kioxia are restricted from working with third parties to manufacture flash-based memory or from fabricating flash-based memory beyond the capacity specified in our agreements with Kioxia."},{"id":"e7","sourceId":"filing-1","location":"Business / restrictions on independent fabrication","excerpt":"In addition, we may not manufacture flash-based memory ourselves except to the extent that we acquire the manufacturing capacity of a Flash Ventures entity as a result of such entity’s dissolution or termination of its joint venture agreements or upon our acquisition of all the ownership interests in such entity."},{"id":"e8","sourceId":"filing-1","location":"Risk factors / competitor consolidation","excerpt":"Finally, the semiconductor memory chip and data storage industries have experienced consolidation over the past several years, which could enhance the resources and lower the cost structure of some competitors."},{"id":"e9","sourceId":"filing-2","location":"Risk factors / multi-year purchase and delivery commitments","excerpt":"We have entered into long-term agreements with certain customers that commit us to deliver and our customers to purchase substantial volumes of products over multi-year periods."},{"id":"e10","sourceId":"filing-2","location":"Liquidity / customer advances under new agreements","excerpt":"Long-Term Agreements In connection with entering into long-term agreements during the third quarter of fiscal 2026 with certain customers, we received customer advances that increased our available cash and cash equivalents."},{"id":"e11","sourceId":"filing-2","location":"Risk factors / customer financial guarantees","excerpt":"Each agreement includes certain financial guarantees that protect us if the customer fails to perform its purchase obligations."},{"id":"e12","sourceId":"filing-1","location":"Risk factors / customer qualification processes","excerpt":"We must also qualify our products with customers through potentially lengthy testing processes with uncertain results."},{"id":"e13","sourceId":"filing-1","location":"Risk factors / OEM forecasts without firm commitments","excerpt":"Further, for many of our OEM customers utilizing just-in-time inventory, we do not generally require firm order commitments and instead receive a periodic forecast of requirements, which may prove to be inaccurate."},{"id":"e14","sourceId":"filing-1","location":"Risk factors / product interchangeability","excerpt":"In addition, because our products are designed to be largely interchangeable with competitors’ products, our demand forecasts may be impacted significantly by the strategic actions of our competitors."},{"id":"e15","sourceId":"filing-2","location":"Risk factors / contractual remedies for delivery failures","excerpt":"If we are unable to deliver products in the quantities, at the times, or meeting the specifications required under these agreements, we may be subject to pricing or volume reductions, contractual damages, other financial penalties, or early termination."},{"id":"e16","sourceId":"filing-2","location":"Risk factors / limits of customer guarantees","excerpt":"In such event, these financial guarantees are expected to offset at least some portion of revenue that may be lost due to the customer’s failure to perform, but they may not fully offset such lost revenue depending on when during the contract term the customer’s failure to perform were to occur and other factors."},{"id":"e17","sourceId":"filing-1","location":"MD&A / consumer brand recognition","excerpt":"The Consumer end market is highlighted by our broad range of retail and other end-user products, which capitalize on the strength of our product brand recognition and vast presence around the world."},{"id":"e18","sourceId":"filing-1","location":"Business strategy / asserted technology and manufacturing leadership","excerpt":"We strive to successfully execute our strategy through the following foundational elements in order to create long-term value for our customers, partners, investors and employees: •Technology Innovation and Manufacturing Leadership: We leverage our innovative R&D and intellectual property at the chip and system level coupled with advanced manufacturing scale and expertise to drive technology leadership, accelerate innovation, and deliver cost-efficient memory solutions."},{"id":"e19","sourceId":"filing-1","location":"MD&A / consumer pricing and revenue outcomes","excerpt":"Consumer revenue increased 29%, or $667 million in 2026 compared to 2025, primarily due to higher pricing partially offset by lower sales."},{"id":"e20","sourceId":"filing-1","location":"MD&A / consumer exabyte decline","excerpt":"Total products sold decreased by mid-teens percent on an exabyte basis."},{"id":"e21","sourceId":"filing-1","location":"Risk factors / continuing technology transitions","excerpt":"The markets for our products continuously undergo technology transitions that may impact our product roadmaps and that we must anticipate in order to adapt our existing products or develop new products effectively."},{"id":"e22","sourceId":"filing-1","location":"Risk factors / historical gross-margin pressure","excerpt":"We have faced declining gross margins relating to our business in the past, and may face potential gross margin pressures in the future, resulting from our average selling prices declining more rapidly than our cost of revenue."},{"id":"e23","sourceId":"filing-2","location":"MD&A / quarterly revenue and realized ASP growth","excerpt":"The following table sets forth, for the periods presented, summary information regarding our disaggregated revenue: Three Months Ended Nine Months Ended April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025 (in millions) Revenue by end market: Datacenter $ 1,467 $ 197 $ 2,176 $ 747 Edge 3,663 927 6,728 3,024 Consumer 820 571 2,379 1,683 Total revenue $ 5,950 $ 1,695 $ 11,283 $ 5,454 Revenue by geography: Asia $ 4,272 $ 1,038 $ 7,850 $ 3,274 Americas 1,209 375 2,128 1,207 Europe, Middle East and Africa 469 282 1,305 973 Total revenue $ 5,950 $ 1,695 $ 11,283 $ 5,454 40 Table of Contents Net Revenue Net revenue increased 251% in the three months ended April 3, 2026 from the comparable period in the prior year, primarily due to a 248% increase in average selling prices (“ASP”) per gigabyte."},{"id":"e24","sourceId":"filing-1","location":"MD&A / fiscal 2026 revenue growth","excerpt":"Net Revenue Net revenue increased 175%, or $12,893 million, in 2026 compared to 2025, due to a 437% increase in Datacenter revenue, a 195% increase in Edge revenue, and a 29% increase in Consumer revenue."},{"id":"e25","sourceId":"filing-1","location":"MD&A / fiscal 2026 aggregate exabyte growth","excerpt":"Total products sold increased by mid-teens percent on an exabyte basis."},{"id":"e26","sourceId":"filing-2","location":"Financial statement notes / completed term-loan repayment","excerpt":"The remaining outstanding balance of the Company’s term loan facility was repaid in full on March 4, 2026."},{"id":"e27","sourceId":"filing-1","location":"Liquidity / material cash commitments","excerpt":"Total 1 year (2027) 2-3 Years (2028 - 2029) 4-5 Years (2030 - 2031) More than 5 Years (Beyond 2031) (in millions) Flash Ventures related commitments (1) $ 6,559 $ 2,627 $ 2,577 $ 1,318 $ 37 Purchase obligations and other commitments 4,902 726 2,993 1,111 72 Operating leases 299 38 55 44 162 Total $ 11,760 $ 3,391 $ 5,625 $ 2,473 $ 271 (1) Includes Flash Ventures depreciation reimbursement and lease payments on owned and committed equipment, funding commitments for loans and equity investments and payments for other committed expenses, including research and development and building depreciation and payments made directly to Kioxia in consideration for the manufacturing services and continued availability of supply."},{"id":"e28","sourceId":"filing-2","location":"Subsequent events / completed Nanya investment","excerpt":"Subsequent Events On April 8, 2026, the Company satisfied its payment obligation under the Equity Investment Agreement with Nanya by remitting the purchase price of $972 million to fully subscribe for 138,685,000 shares of Nanya, that were received on April 28, 2026, upon completion of the share issuance procedures as set forth in the Equity Investment Agreement."},{"id":"e29","sourceId":"filing-3","location":"Appendix A / earnings, cash flow, dilution and NBM payment reconciliation","excerpt":"A-002 (in millions, except per share information, unaudited) Year Ended July 3, 2026 Year Ended June 27, 2025 Reconciliation of non-GAAP net income (loss) GAAP net income (loss) $ 11,433 $ (1,641) Stock-based compensation expense 232 182 Business separation costs 25 67 Employee termination and other (2) 21 Goodwill impairment — 1,830 (Gain) loss on business divestiture 10 (34) Loss on debt extinguishment 46 — (Gain) loss on equity securities, net (808) 2 Other, net 111 (9) Income tax adjustments (60) 22 Non-GAAP operating income $ 10,987 $ 440 Diluted net income (loss) per share GAAP 73.76 (11.32) Non-GAAP 70.88 2.99 Diluted weighted average shares outstanding: GAAP 155 145 Non-GAAP 155 147 Cash flows Cash flow from operating activities 11,671 84 Purchases of property, plant and equipment, net (177) (204) Free cash flow 11,494 (120) Activity related to Flash Ventures, net (275) 358 Impact of NBM prepayments and deposits (2,476) — Adjusted free cash flow 8,743 238 PG."},{"id":"e30","sourceId":"filing-3","location":"Governance and compensation highlights / ownership compliance and policies","excerpt":"Commitment to a robust Board-led stockholder engagement program that informs Board decisions Independent Board leadership, consisting of a Lead Independent Director with clearly defined roles and responsibilities All directors are elected annually by a simple majority of votes cast Seven of eight director nominees are independent Overboarding policy for additional public company directorships by directors, including a lower threshold for our CEO, and director time commitments annually reviewed Board oversight of strategic planning and risk management Succession planning for directors, our CEO and other key officers Annual Board and committee self-evaluations Annual individual assessments of directors Anti-hedging, anti-pledging, and clawback policies All current non-employee directors were in compliance with our director stock ownership guidelines in fiscal 2026 All executive officers were in compliance with the stock ownership requirements pursuant to our executive stock ownership guidelines in fiscal 2026 Board committee oversight of corporate responsibility, sustainability, cybersecurity, and human capital management Annual sustainability reporting via standalone Sustainability Report aligned with leading frameworks and standards Board committee oversight of political and lobbying activities and expenditures Executive Compensation Highlights Executive Compensation Objectives and Approach The Compensation and Talent Committee seeks to closely align pay with performance, rewarding executives for delivering results for Sandisk and its stockholders."},{"id":"e31","sourceId":"filing-3","location":"Executive compensation / fiscal 2026 incentive weights","excerpt":"Profit Metrics 50% Weighting + Free Cash Flow 25% Weighting + Corporate Strategy Metrics 25% Weighting = Funding (Capped at 200%) 0%-200% Performance Range Fiscal 2026 Executive STI Performance PROFIT METRICS (50% WEIGHTING) The STI profit metric achieved 200% of target relative to metrics approved by our Compensation and Talent Committee."},{"id":"e32","sourceId":"filing-3","location":"Executive compensation / alternative profit-metric achievement","excerpt":"The profit metric included two separate metrics, with achievement under the profit metric based on the higher achievement between a non-GAAP Operating Income metric and a non-GAAP Operating Margin metric."},{"id":"e33","sourceId":"filing-3","location":"Corporate governance / current board independence","excerpt":"PG. 026 2026 PROXY STATEMENT Executive Sessions All members of our Board of Directors, other than our CEO, are independent."},{"id":"e34","sourceId":"filing-3","location":"Corporate governance / committee independence","excerpt":"Our Board has affirmatively determined that all members of the Audit, Compensation and Talent, and Governance Committees are independent as defined under the listing standards of the Nasdaq Stock Market and applicable SEC rules."},{"id":"e35","sourceId":"filing-3","location":"Corporate governance / actual meeting attendance","excerpt":"STRONG DIRECTOR ENGAGEMENT Average director attendance at fiscal 2026 Board and committee meetings: Board Audit Compensation and Talent Governance 95% 95% 100% 100% PG."},{"id":"e36","sourceId":"filing-3","location":"Executive compensation / incentive-defined adjusted free cash flow","excerpt":"($M) Actual Adjusted Free Cash Flow(2) Performance STI Achievement (% Target) Performance ($ millions) Maximum 200 % 240 Target 100 % 90 Minimum 50 % (60) Actual 200 % 11,219 (2)Adjusted free cash flow is a Non-GAAP financial measure, which is defined in this Proxy Statement in a manner consistent with the financial targets set by our Compensation and Talent Committee at the beginning of fiscal 2026."},{"id":"e37","sourceId":"filing-2","location":"Subsequent events / repurchase authorization is not an obligation","excerpt":"The approval of the Repurchase Program does not obligate the Company to repurchase any common shares."},{"id":"e38","sourceId":"filing-1","location":"Stock compensation accounting / PSU market and service conditions","excerpt":"Market-conditioned PSUs are granted to employees with vesting conditions based on the Company’s stock price and are cliff-vested at the end of the service period."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates: May 1, August 17 and October 6, 2026; they are not retrieval dates.","Named competitors are disclosed, but comparative costs, technology performance, market shares and customer renewal outcomes are absent. Their competitive strengths cannot be ranked.","Technology leadership, brand strength and structurally higher earnings power are issuer assertions. Contracts and operating results provide stronger evidence of current benefits than of enduring competitive superiority.","Customer selling-price formulas, repricing rights, contract coverage and renewal terms are absent. Revenue per gigabyte can reflect product mix as well as pricing.","The proxy reports incentive-defined adjusted free cash flow of $11,219 million in q414, while its Appendix A reports $8,743 million in q435. The supplied passages do not fully reconcile these figures; the cash-flow assessment uses Appendix A.","The supplied proxy provides actual governance and incentive disclosures, but individual executive ownership amounts and comprehensive compensation outcomes are missing. Proposed director elections are not treated as completed elections.","No through-cycle evidence establishes the durability of the recently introduced customer agreements or fiscal 2026 pricing gains."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Shared cost-plus manufacturing access is a tangible benefit, but products are largely interchangeable and no relative cost superiority is demonstrated.","evidenceIds":["e3","e4","e14"]},{"criterion":"durability","grade":1,"rationale":"Multi-year commitments provide finite contractual protection. Continuous technology transitions and historical pricing-driven margin pressure weaken the case for lasting advantage.","evidenceIds":["e9","e21","e22"]},{"criterion":"customer_dependency","grade":2,"rationale":"Purchase commitments, advances and qualification processes indicate engagement and some friction. Interchangeability and uncommitted OEM forecasts limit dependence; no retention rate is inferred.","evidenceIds":["e9","e10","e12","e13","e14"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Financial guarantees provide partial protection, but historical margin compression and fixed manufacturing obligations demonstrate fragility. Possible future penalties and competitor consolidation are risks, not realized failures.","evidenceIds":["e5","e11","e16","e22"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Quarterly ASP per gigabyte rose 248% year over year, and full-year consumer revenue increased primarily through pricing. These are strong observed outcomes, without proof of sustained company-specific pricing power.","evidenceIds":["e23","e19"]},{"criterion":"retention","grade":2,"rationale":"Multi-year commitments and advances support continued demand, while aggregate exabytes grew. This is indirect operating and contractual evidence; consumer volumes declined and customer-level repeat purchases or renewals are not disclosed.","evidenceIds":["e9","e10","e25","e20"]},{"criterion":"margin_resilience","grade":2,"rationale":"Fiscal 2026 earnings and cash generation were strong, but prior gross-margin compression when prices fell faster than costs shows mixed resilience. The improvement does not establish protection through a downturn.","evidenceIds":["e29","e22","e5"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Committed delivery obligations and explicit price-reduction remedies establish constraints on commercial flexibility. Guarantees offer partial protection, but unilateral repricing rights are undisclosed.","evidenceIds":["e9","e15","e16"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"Completed debt repayment and substantial cash generation after excluding NBM payments support strong demonstrated discipline. Large commitments, the completed Nanya investment and share-count growth temper the assessment. Repurchase authorization is not treated as executed spending.","evidenceIds":["e26","e27","e28","e29","e37"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual ownership-guideline compliance, stock-price-conditioned PSUs and profit/cash-flow incentive weights support alignment. Alternative profit metrics and missing individual ownership amounts limit confidence in incentive rigor and economic exposure.","evidenceIds":["e30","e31","e32","e38"]},{"criterion":"execution","grade":3,"rationale":"Revenue and aggregate shipment growth, completed debt repayment and implemented customer commitments demonstrate strong recent execution. This assessment uses operating outcomes; favorable pricing conditions and a short standalone history limit attribution and durability.","evidenceIds":["e24","e25","e26","e9","e10"]},{"criterion":"governance","grade":3,"rationale":"Current board and committee independence, actual meeting attendance, annual elections and disclosed anti-hedging, anti-pledging and clawback policies support strong governance practices. These disclosures do not establish exceptional long-term oversight effectiveness.","evidenceIds":["e30","e33","e34","e35"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"f20da289105a2d787c47734954e96acd1dcaa4b2edc1f071a45da7827742c16c","updatedAt":"2026-10-17T22:19:35.768Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm","publishedAt":"2026-08-17","sha256":"2944607158d83882a423043b4b8c17398a9d6709d276bf7290b9ba50dc7156d3","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/2023554/000162828026029401/sndk-20260403.htm","publishedAt":"2026-05-01","sha256":"74d0139a046c6041225ce0c9ffb6f3c39f330b2d2800659543849bf5e073de47","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/2023554/000130817926000423/sndk-20261005.htm","publishedAt":"2026-10-06","sha256":"92b9510eeccf58bb37c13c9910cd376408828d9945abeab62989921b12a41acc","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:bd0c1e53fbd2afa3d7d4d4b5960348eebc00c5e07c1abfa12559c3ab767f6bff","usage":{"input_tokens":52389,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3804,"reasoning_output_tokens":165},"basisSupplement":{"previousHash":"f27f6bad89f7011d85156ec448382261ccc3b1c54aba36fd8766f7556be5254a","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2025","end":"2025-06-27","values":{"gross_margin":30.074779061862678,"operating_margin":-18.721957851801495,"roic":null,"fcf_margin":-1.6315431679129844,"sbc_revenue":2.4745071380013597},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"The matching period one year earlier is unavailable.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"The matching period one year earlier is unavailable.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roic":"The matching period one year earlier is unavailable.","roce":"The matching period one year earlier is unavailable.","roiic":"The matching period one year earlier is unavailable.","roe":"The matching period one year earlier is unavailable.","roa":"The matching period one year earlier is unavailable.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","dilution":"The matching period one year earlier is unavailable."}},{"period":"2026","end":"2026-07-03","values":{"gross_margin":71.47372580007902,"operating_margin":61.18629000395101,"roic":105.86068150098762,"fcf_margin":56.76610035559067,"sbc_revenue":1.1457921770051362},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm","publishedAt":"2026-08-17","sha256":"2944607158d83882a423043b4b8c17398a9d6709d276bf7290b9ba50dc7156d3","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/2023554/000162828026029401/sndk-20260403.htm","publishedAt":"2026-05-01","sha256":"74d0139a046c6041225ce0c9ffb6f3c39f330b2d2800659543849bf5e073de47","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/2023554/000130817926000423/sndk-20261005.htm","publishedAt":"2026-10-06","sha256":"92b9510eeccf58bb37c13c9910cd376408828d9945abeab62989921b12a41acc","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"none","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"none","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}