What Is Happening With SanDisk Stock?
From November 2025 to February 2026, SanDisk (SNDK)’s stock soared 242%, fueled by booming revenue and a surging valuation multiple. Behind the surge: a strategic WD spin-off, tightening NAND supply, soaring AI demand, stellar Q2 earnings, and a wave of bullish analyst hype. What’s next?
Below is an analytical breakdown of stock movement into key contributing metrics.
| 11042025 | 2022026 | Change | |
|---|---|---|---|
| Stock Price ($) | 194.6 | 665.2 | 241.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,495.7 | 8,929.0 | 37.5% |
| P/S Multiple | 4.3 | 11.0 | 152.2% |
| Shares Outstanding (Mil) | 145.0 | 147.0 | -1.4% |
| Cumulative Contribution | 241.9% |
So what is happening here? The stock surged 242%, driven by a 37% revenue boost and a 152% jump in P/S multiple. Let’s dive into the key events and shifts behind these impressive moves.
Here Is Why SanDisk Stock Moved
- WD Spin-off: SanDisk became pure-play NAND/SSD on Feb 24, 2025, unlocking value and driving stock up >700%.
- NAND Market Scarcity: Industry-wide scarcity for NAND flash memory led to higher prices and boosted stock.
- AI Demand: Massive demand for high-performance flash in AI infrastructure benefited SanDisk.
- Strong Q2 2026 Earnings: Blockbuster Q2 FY2026 results (Jan 29, 2026): revenue +60% YoY, net income +672%.
- Bullish Analyst Notes: Analysts raised price targets for SNDK due to NAND price outlook and AI products.
Our Current Assesment Of SNDK Stock
Risk: A solid way to gauge risk with SNDK is to check how much it fell in past market sell-offs. In the Dot-Com crash, it plunged 75%, and during the Global Financial Crisis, it dropped 70%. Even in the 2022 inflation squeeze, the stock fell about 65%. Smaller dips like the 2018 correction and the Covid crash still wiped out over 30% each time. So, even with good fundamentals, SNDK isn’t immune when the market turns sour.
SNDK stock may have seen strong gains recently, but investing in a single stock without detailed, thorough analysis can be risky. The Trefis High Quality (HQ) Portfolio, with a collection of 30 stocks, has a track record of comfortably outperforming its benchmark that includes all 3 — the S&P 500, S&P mid-cap, and Russell 2000 indices. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.