Shares of Sandisk (NASDAQ:SNDK) have risen about 650% in 2026 and trade close to $1,790 as I write this. A rally like that shifts the discussion to what the business could be worth years from now. Management has put its own answer in writing.
At its investor day in August, Sandisk set out a model spanning fiscal 2028 through fiscal 2030 -- and taken at face value, it depicts an exceptionally profitable company. Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005.
But according to our analysts, we're only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue » But the model lives in the memory business, where Sandisk's gross margin was about 16% as recently as fiscal 2024 (the 12 months ended June 2024).
Sandisk sells NAND flash memory, and the artificial intelligence data center expansion has transformed its results. Datacenter revenue rose from $325 million in fiscal 2024 to $960 million in fiscal 2025 to $5.2 billion in fiscal 2026, growing faster every year. Total revenue hit $20.2 billion in fiscal 2026, up 175% year over year.
Growth is on track to continue, too. Sandisk guided for fiscal 2027 first-quarter revenue of $10.3 billion to $10.8 billion, along with non-GAAP (adjusted) earnings per share of $44 to $46. Hold revenue unchanged at that midpoint for four quarters (no growth at all), and fiscal 2027 revenue totals about $42 billion.
The model starts from a base of that size. Management calls for revenue growth in the mid-to-high teens each year, adjusted gross margin close to 80%, and adjusted free cash flow at about 50% of revenue. Increase a $42 billion base 15% annually for three years, and fiscal 2030 revenue comes to about $64 billion.
Extract — continue reading at the source.
