Sandisk (NASDAQ: SNDK) has delivered one of the most dramatic stock recoveries in recent memory, rising roughly 23-fold from its September 2025 lows.
Shares closed at $70.51 on September 9, 2025, valuing the entire flash-memory company at close to $10 billion at the time.
As of this writing, Sandisk stock trades near $1,630, meaning a $1,000 investment at that September close is now worth approximately $23,200.
Even measured from the cheapest point still inside the trailing 52-week window, September 15, 2025, when shares traded as low as $85.12, that same $1,000 investment grows to about $19,200.
A year ago, Sandisk was only months removed from its February 2025 spinoff from Western Digital, and investors were looking at a company fresh off a miserable fiscal year.
The fourth quarter of fiscal 2025, covering the period ended June 27, 2025, showed a $23 million net loss on $1.9 billion of revenue, with gross margin sitting at just 26.2%.
Full-year revenue for fiscal 2025 came to just $7.4 billion, and at $70.51 per share, the stock changed hands at roughly 1.4 times trailing sales.
Buying Sandisk at that price was not a bet on a great business but rather a bet that NAND flash memory prices would stop falling.
Memory prices did far more than stabilize, as demand from artificial intelligence data centers ran into tight supply, causing NAND flash contract prices to surge sharply.
Research firm TrendForce expected contract prices to jump 70% to 75% during the second calendar quarter of 2026 alone, a staggering increase that fed directly into Sandisk’s financials.
Quarterly revenue climbed from $1.9 billion a year earlier all the way to $8.97 billion in the fiscal fourth quarter ended July 3, 2026, with gross margin expanding from 26.2% to 84.6% over the same stretch.
Sandisk noted that about two-thirds of the fiscal fourth quarter’s 51% sequential revenue growth came from higher pricing rather than volume gains.
For the full fiscal year 2026, revenue rose 175% year over year to $20.25 billion, with data center revenue surging 437% year over year and net income reaching $11.4 billion.
The company effectively earned about two-thirds of its entire September 2025 market value in that single final quarter, an almost unimaginable turnaround in financial performance.
Beyond the business results, the market’s willingness to pay a much higher multiple on revenue amplified gains further, with the sales multiple rising from about 1.4 times trailing sales to roughly 12 times trailing sales.
Looking ahead, the pricing engine shows signs of slowing, with TrendForce projecting NAND flash contract prices rising just 10% to 15% in the current quarter, a much more modest pace.
Sandisk’s own guidance calls for revenue of $10.3 billion to $10.8 billion in the fiscal first quarter of 2027, representing approximately 18% sequential growth at the midpoint, a clear deceleration from the prior quarter’s 51% jump.
CEO David Goeckeler expressed confidence in the company’s trajectory, stating in the fiscal fourth-quarter earnings release that Sandisk is positioned to “generate growing and durable free cash flow.”
Shares currently trade at about 7 times the earnings analysts expect Sandisk to deliver in fiscal 2027, a valuation that already prices in some cooling of today’s elevated memory prices.
S&P Dow Jones Indices also announced on September 4 that Sandisk will join the S&P 100 on September 21, which should bring additional index-fund buying to the stock.
The extraordinary setup that turned $1,000 into more than $20,000 required Sandisk to be priced for failure right before memory prices exploded, a combination of circumstances unlikely to repeat at current valuations.
