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Held by 1,763 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $4.52B buybacks = $4.52B returned on $11.49B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 4 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 73%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 4 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.48B covers the $20.0M due within a year 74.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-06-27 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash of $4.76B fully covers short-term debt of $0.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2027). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $1403.34 today, the market must believe free cash flow compounds 6.3%/yr for a decade (off $11.49B on the 3-yr avg basis).
On the basis ($11.26B) the requirement is 6.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 10.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.14B shares (market data) · net debt -$4.76B
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2027
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2027 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue | $20.25B 100.0% | $7.36B 100.0% | $6.66B 100.0% | $6.09B 100.0% |
| Cost of Revenue | $5.78B 28.5% | $5.14B 69.9% | $5.59B 83.9% | $5.66B 92.9% |
| Gross Profit | $14.47B 71.5% | $2.21B 30.1% | $1.07B 16.1% | $430.0M 7.1% |
| Research & Development | $1.33B 6.6% | $1.13B 15.4% | $1.06B 15.9% | $1.17B 19.2% |
| Selling, General & Admin | $676.0M 3.3% | $573.0M 7.8% | $455.0M 6.8% | $558.0M 9.2% |
| Total Operating Expenses | $2.08B 10.3% | $3.59B 48.8% | $1.54B 23.1% | $2.46B 40.5% |
| Operating Income | $12.39B 61.2% | -$1.38B -18.7% | -$468.0M -7.0% | -$2.04B -33.4% |
| Interest Expense | $73.0M 0.4% | $63.0M 0.9% | $40.0M 0.6% | $31.0M 0.5% |
| Interest & Investment Income | $70.0M 0.3% | $22.0M 0.3% | $12.0M 0.2% | $21.0M 0.3% |
| Other Income (Expense), net | $628.0M 3.1% | -$102.0M -1.4% | -$35.0M -0.5% | $33.0M 0.5% |
| Pretax Income | $13.02B 64.3% | -$1.48B -20.1% | -$503.0M -7.5% | -$2.00B -32.9% |
| Income Tax Expense | $1.58B 7.8% | $162.0M 2.2% | $169.0M 2.5% | $141.0M 2.3% |
| Net Income | $11.43B 56.5% | -$1.64B -22.3% | -$672.0M -10.1% | -$2.14B -35.2% |
| Per Share | ||||
| EPS (Basic) | $77.78 | -$11.32 | -$4.63 | -$14.78 |
| EPS (Diluted) | $73.76 | -$11.32 | -$4.63 | -$14.78 |
| Weighted Avg Shares (Basic) | 147.0M | 145.0M | 145.0M | 145.0M |
| Weighted Avg Shares (Diluted) | 155.0M | 145.0M | 145.0M | 145.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 35 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AAPL | $4.98T | 45.8× | 34.8× | 12.0× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.4× | 5,963 |
| CSCO | $453.7B | 34.6× | 29.6× | 7.2× | 11.8% | 64.5% | 21.0% | 26.4% | 16.6% | 1.4× | 3,939 |
| DELL | $364.0B | 66.0× | 34.4× | 3.2× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 1.8× | 2,058 |
| PANW | $324.8B | — | — | 28.3× | 24.5% | 70.4% | 2.7% | 1.1% | 1.1% | -1.6× | 2,859 |
| ANET | $257.9B | 74.4× | 65.2× | 28.6× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | -0.5× | 2,177 |
| IBM | $217.4B | 20.7× | 21.4× | 3.2× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | 3.9× | 3,544 |
| SNDK | $214.2B | 20.1× | 16.7× | 10.6× | 175% | 71.5% | 56.5% | 72.7% | 72.7% | -0.4× | 1,763 |
| STX | $169.9B | 53.8× | 39.3× | 13.9× | 34.1% | 45.6% | 26.1% | 147% | 55.5% | 0.4× | 1,888 |
| WDC | $142.5B | 15.7× | 29.6× | 11.0× | 35.7% | 48.9% | 72.9% | 106% | 85.9% | 0.1× | 1,791 |
| FTNT | $140.0B | 78.8× | 61.9× | 20.6× | 14.2% | 80.5% | 27.3% | 150% | 83.0% | -0.7× | 1,531 |
| HPE | $91.3B | — | 46.9× | 2.7× | 13.8% | — | 0.2% | 0.2% | 0.1% | 7.2× | 1,400 |
| P | $52.3B | 285.4× | — | 14.3× | 15.6% | 70.4% | 5.1% | 13.0% | 13.0% | -3.4× | — |
| NTAP | $46.9B | 37.6× | 25.6× | 7.5× | 5.6% | 78.5% | 20.5% | 94.4% | 33.2% | 0.2× | 931 |
| HPQ | $27.6B | 11.6× | 8.2× | 0.5× | 3.2% | 20.6% | 4.6% | -731% | 27.1% | 1.5× | 1,047 |
| FFIV | $27.0B | 40.4× | 29.9× | 8.7× | 9.7% | 81.4% | 22.4% | 19.3% | 19.3% | -1.6× | 800 |
| SMCI | $25.7B | 12.0× | 7.9× | 0.7× | 77.8% | 10.8% | 5.7% | 15.4% | 12.0% | -1.2× | 771 |
| LOGI | $14.7B | 21.4× | 15.5× | 3.0× | 6.3% | 43.2% | 14.7% | 32.2% | 32.2% | -2.1× | 377 |
| NATL | $3.4B | 21.5× | 7.6× | 0.8× | 1.1% | — | 3.7% | 40.2% | 5.1% | 3.0× | 347 |
| EXTR | $3.1B | 75.8× | 38.9× | 2.4× | 12.6% | 61.5% | 3.3% | 47.5% | 16.7% | -0.6× | 331 |
| DGII | $2.8B | 69.1× | 32.9× | 6.6× | 1.5% | 62.9% | 9.5% | 6.4% | 5.1% | 1.5× | 263 |
| DBD | $2.2B | 25.7× | 7.5× | 0.6× | 1.5% | 25.3% | 2.5% | 8.6% | 4.6% | 1.5× | 207 |
| ATEN | $2.1B | 50.0× | 35.8× | 7.1× | 11.0% | 79.3% | 14.5% | 19.9% | 9.8% | 2.4× | 298 |
| OMCL | $1.7B | — | 17.4× | 1.4× | 6.5% | 42.5% | 0.2% | 0.2% | 0.2% | -2.3× | 292 |
| CRSR | $1.5B | — | 98.1× | 1.1× | 11.9% | 28.9% | -1.1% | -2.6% | -2.1% | 1.5× | 215 |
| VYX | $994M | 24.0× | 7.3× | 0.4× | -4.6% | — | 2.3% | 6.5% | 3.0% | 3.4× | 290 |
Peers = companies sharing SNDK's sector (Computer Storage Devices) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-14
Is the profit real, and how strong is the balance sheet?
FY2027 · every deduction from revenue to net income
DuPont — the three levers
ROE 73% against ROIC 73% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 91.6% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2023 | FY2024 | FY2025 | FY2027 |
|---|---|---|---|---|
| Cost of Revenue | 92.9 | 83.9 | 69.9 | 28.5 |
| Gross Profit | 7.1 | 16.1 | 30.1 | 71.5 |
| R&D | 19.2 | 15.9 | 15.4 | 6.6 |
| SG&A | 9.2 | 6.8 | 7.8 | 3.3 |
| Operating Income | -33.4 | -7.0 | -18.7 | 61.2 |
| Income Tax | 2.3 | 2.5 | 2.2 | 7.8 |
| Net Income | -35.2 | -10.1 | -22.3 | 56.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SNDK: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 93.82pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2023 | -15.6% | 10.3% (today's — no rate published for this year) | -25.9pts |
| FY2024 | -3.7% | 9.4% | -13.1pts |
| FY2025 | -12.2% | 9.6% | -21.7pts |
| FY2027 | 94.0% | 10.3% (today's — no rate published for this year) | 83.7pts |
| Now | 72.7% | 10.3% | 62.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2023 | 7.1% | -33.4% | -35.2% |
| FY2024 | 16.1% | -7.0% | -10.1% |
| FY2025 | 30.1% | -18.7% | -22.3% |
| FY2027 | 71.5% | 61.2% | 56.5% |
Return on equity (73%) and return on invested capital (73%) are within a couple of points in FY2027, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$5.0B of goodwill — 48% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 199.51% against 104.15% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Covers interest 118.8x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 169.71x |
| 5% | 161.23x |
| 10% | 152.74x |
| 15% | 144.26x |
| 20% | 135.77x |
| 25% | 127.28x |
| 30% | 118.80x |
| 35% | 110.31x |
| 40% | 101.83x |
| 45% | 93.34x |
| 50% | 84.86x |
| 55% | 76.37x |
| 60% | 67.88x |
This schedule comes from a filing dated 2025-06-27, 474 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2025-06-27 (10-K); cash from the 2025-06-27 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-06-27. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $201,000,000 of the $201,000,000 total — a fixed obligation that does not appear in a headline debt figure.
At $1482.33, free cash flow must compound 7.08%/yr for 10 years. It has no positive compounding record to compare against.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).