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Arphra AIPlain-English read on Sandisk Corporation’s valuationIncome statement
| In USD | FY 2022 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $9.75B | $9.75B | $6.09B | $6.66B | $7.36B | $19.68B | $43.85B | $48.93B | $51.66B |
| Cost of revenue | $6.51B | $6.51B | $5.66B | $5.59B | $5.14B | $16.19B | $35.21B | $39.92B | $43.48B |
| Gross profit | $3.24B | $3.24B | $430M | $1.07B | $2.21B | $3.5B | $7.91B | $8.7B | $9.31B |
| Gross margin | +33.26% | +33.26% | +7.07% | +16.09% | +30.07% | +17.78% | +18.04% | +17.79% | +18.03% |
| Operating | |||||||||
| Research & development | $1.36B | $1.36B | $1.17B | $1.06B | $1.13B | $3.23B | $7.19B | $8.23B | $8.55B |
| Selling, general & administrative | $666M | $666M | $558M | $455M | $573M | $1.58B | $3.42B | $3.85B | $4.04B |
| Total operating expenses | $2.04B | $2.04B | $2.47B | $1.54B | $3.59B | $7.2B | $16.32B | $18.55B | $19.29B |
| Operating income | $1.2B | $1.2B | -$2.04B | -$468M | -$1.38B | -$3.91B | -$8.46B | -$9.43B | -$10.14B |
| Operating margin | +12.30% | +12.30% | -33.44% | -7.02% | -18.72% | -19.85% | -19.30% | -19.28% | -19.63% |
| EBITDA | $1.74B | $1.74B | -$1.52B | -$239M | -$1.25B | -$2.94B | -$6.52B | -$7.3B | -$7.89B |
| EBIT | $1.22B | $1.22B | -$1.97B | -$463M | -$1.42B | -$3.76B | -$8.43B | -$9.74B | -$9.82B |
| Below the line | |||||||||
| Interest expense | $9M | $9M | $31M | $40M | $63M | $132.63M | $289.07M | $325.6M | $340.56M |
| Interest income | $0 | $0 | $21M | $12M | $22M | $53.31M | $123.67M | $136.8M | $145.26M |
| Other income / expense | $34M | $34M | $33M | -$35M | -$102M | — | — | — | — |
| Pre-tax income | $1.23B | $1.23B | -$2B | -$503M | -$1.48B | -$3.95B | -$8.96B | -$9.88B | -$10.57B |
| Income tax expense | $170M | $170M | $141M | $169M | $162M | — | — | — | — |
| Earnings | |||||||||
| Net income | $1.06B | $1.06B | -$2.14B | -$672M | -$1.64B | -$4.39B | -$9.77B | -$11.29B | -$11.59B |
| Net income · continuing ops | $1.06B | $1.06B | -$2.14B | -$672M | -$1.64B | -$4.46B | -$9.79B | -$11.22B | -$11.41B |
| Net margin | +10.91% | +10.91% | -35.21% | -10.09% | -22.31% | -22.30% | -22.28% | -23.08% | -22.43% |
| EPS · basic | $7.39 | $7.39 | $-14.88 | $-4.67 | $-11.32 | $64.59 | $180.88 | $202.50 | $213.56 |
| EPS · diluted | $7.39 | $7.39 | $-14.88 | $-4.67 | $-11.32 | $65.00 | $181.14 | $200.74 | $211.00 |
| EPS · low estimate | — | — | — | — | — | $63.00 | $157.69 | $139.38 | $145.63 |
| EPS · high estimate | — | — | — | — | — | $72.42 | $208.62 | $265.06 | $262.68 |
| Shares · basic | 144M | 144M | 144M | 144M | 145M | 143.88M | 146.37M | 145.07M | 144.47M |
| Shares · diluted | 144M | 144M | 144M | 144M | 145M | 145.17M | 144.76M | 143.78M | 146.08M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 14 | 11 | 5 |
| Analysts (EPS) | — | — | — | — | — | 11 | 10 | 4 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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