SanDisk (SNDK) stock just keeps rolling. The digital storage company is one of the best-performing stocks in the S&P 500 ($SPX) this year, with 2026 gains of 362% so far. SanDisk is hitting new highs this week, and the company just stepped to the podium for its fiscal third-quarter earnings report at the market close on April 30.
How high can SNDK stock go, and what should investors be looking for in the company's quarterly earnings? Let’s take a closer look.
About SanDisk Stock
Based in Milpitas, California, SanDisk provides products for flash and advanced memory computer storage. Western Digital (WDC) purchased the company in 2016, but then later spun off the firm under the SanDisk name as a pure-play NAND/flash business that includes flash products, solid-state drives (SSDs), memory cards, and USB drives.
The stock’s run-up in 2026 continues a recent hot streak. Since resuming trading as SanDisk on Feb. 24, 2025, SNDK stock is up more than 2,100%.
With that increase, you can expect SanDisk stock to trade at a premium, but the forward price-to-earnings (P/E) ratio is only 23.2 times. That is far below the forward P/E ratios of other top-performing stocks in the S&P 500.
| Company | Year-to-Date Performance | Forward P/E |
| SanDisk | 362% | 23.2 |
| Intel (INTC) | 156% | 142.5 |
| Western Digital | 152% | 45.4 |
| Seagate Technology (STX) | 145% | 47.2 |
| Lumentum Holdings (LITE) | 145% | 134.8 |
SanDisk Reports Q3 Earnings
SanDisk has been growing fast, thanks to strong demand for AI-driven data storage solutions used everywhere from home offices to public cloud environments. The company recently announced its new portable SSD portfolio, which it says will support larger file sizes and the “ever-increasing volume of AI-generated content, different workloads and use cases including day-to-day backups, creative projects, and professional workflows.”
For the third quarter of 2026, SanDisk reported revenue of $5.95 billion, up 97% on a sequential basis and 251% year-over-year (YOY). Revenue also came in above the company's guidance. Non-GAAP diluted EPS came in at $23.41, up 278% sequentially and beating analyst estimates. Gross margin was 78.4%.
SanDisk is seeing extremely strong revenue growth across the board. Data-center revenue for the quarter was $1.47 billion, up 233% sequentially and 645% YOY. Edge revenue was $3.66 billion — up 118% quarter-over-quarter and 295% YOY — while consumer revenue dropped 10% from Q2 2026 to $820 million but climbed 44% YOY.
What Do Analysts Expect for SanDisk Stock?
Based on 21 analysts who cover SNDK stock, SanDisk has a consensus “Strong Buy” rating. That consensus breaks down to 16 “Strong Buy” recommendations, one ”Moderate Buy," and four “Hold” ratings.
The interesting thing about SanDisk is that the stock is rising too quickly, as analysts are having trouble keeping up with their price estimates. Wells Fargo maintained its “Equal Weight” rating on SanDisk on April 20 and raised its price target from $675 to $975, but the stock has already exceeded that price. Analysts at Bank of America recently raised their price target from $900 to $1,080 as well, which is near where SanDisk trades today.
Can SanDisk continue to rise from here? According to the valuation, shares are still extremely reasonable, and the company’s massive growth window makes for an enticing opportunity. If SanDisk can increase its fiscal 2026 projections, investors can expect SNDK stock to jump even further from here.
On the date of publication, Patrick Sanders did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
