API
Agora, Inc.
API has lower modeled downside risk, despite its lower overall score.
SNDK
Sandisk Corporation
SNDK has the edge over API overall, supported by stronger fundamentals and stronger modeled upside.
API Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Stable |
API's revenue is currently healthy, and its profitability and balance sheet are stable, but its cash flow is under pressure.
SNDK Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
SNDK's revenue, profitability, cash flow and balance sheet are all currently strong.
API PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 36x | $4.09 | — |
| Cheap | 38x | $4.17 | +1.9% |
| Fair | 41x | $4.51 | +10% |
| Expensive | 82x | $9.03 | +121% |
Historical ranges are pointers, not guarantees.
API has the edge over SNDK in the historical PE scenario, which offers more potential upside but is not a forecast.
SNDK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 3.8x | $937 | — |
| Current | 7.5x | $937 | — |
| Cheap | 17x | $2,173 | +132% |
| Fair | 24x | $3,048 | +225% |
| Expensive | 59x | $7,452 | +695% |
Historical ranges are pointers, not guarantees.
SNDK's PE is 7.5x, but its earnings don't support one, so it isn't a reliable read right now.
API Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect API's losses to shrink, with revenue holding steady.
SNDK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| High |
SNDK has the edge over API on the outlook, with more favorable revenue expectations.
API Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.11 | +$0.35 |
| Q1 2026 | $0.11 | +$0.46 |
| Q4 2025 | $0.10 | +$0.56 |
| Q3 2025 | $0.05 | +$0.54 |
| Q2 2025 | -$0.24 | +$0.22 |
| Q1 2025 | -$0.35 | +$0.45 |
| Q4 2024 | -$0.46 | +$0.40 |
| Q3 2024 | -$0.49 | +$0.66 |
API has returned to profit: it earned $0.11 per share over the past year, after losing money the year before. Its recent earnings include one-off gains.
SNDK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $247.30 | +97% |
| Q3 2026 | $125.61 | +$137.63 |
| Q2 2026 | $73.76 | +$85.07 |
| Q2 2025 | -$11.31 | -$6.65 |
SNDK has the edge over API in the latest year-over-year earnings comparison.
API Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $40.5M | +18% |
| Q1 2026 | $37.9M | +14% |
| Q4 2025 | $38.2M | +11% |
| Q3 2025 | $35.4M | +12% |
| Q2 2025 | $34.3M | +0.1% |
| Q1 2025 | $33.3M | +0.8% |
| Q4 2024 | $34.5M | -4.4% |
| Q3 2024 | $31.6M | -9.8% |
API's revenue has grown year over year for six quarters in a row: $40M last quarter, up 18% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -3.8% | +5.3 points |
| Q1 2026 | -6.5% | +4.6 points |
| Q4 2025 | -2.6% | +12 points |
| Q3 2025 | -4.5% | +74 points |
| Q2 2025 | -9.1% | +23 points |
| Q1 2025 | -11% | +27 points |
| Q4 2024 | -14% | +9 points |
| Q3 2024 | -78% | -39 points |
API's operating margin was −3.8% last quarter, up 5.3 points from the same quarter a year ago.
SNDK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $11B | +378% |
| Q2 2026 | $9B | +372% |
| Q1 2026 | $6B | +251% |
| Q4 2025 | $3B | +61% |
| Q3 2025 | $2.3B | +23% |
| Q2 2025 | $1.9B | +8% |
| Q1 2025 | $1.7B | -0.6% |
| Q4 2024 | $1.9B | +13% |
SNDK has the edge over API on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 80% | +72 points |
| Q2 2026 | 78% | +78 points |
| Q1 2026 | 69% | +180 points |
| Q4 2025 | 35% | +25 points |
| Q3 2025 | 7.6% | -9 points |
| Q2 2025 | 0.9% | N/A |
| Q1 2025 | -111% | -122 points |
| Q4 2024 | 10% | +6.6 points |
SNDK has the edge over API on profitability, with a higher operating margin.
API Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$8.1M | -$3.9M |
| Q1 2026 | -$3.7M | -155% |
| Q4 2025 | $4.7M | +$11.2M |
| Q3 2025 | -$12M | +$4.9M |
| Q2 2025 | -$4.1M | +$8M |
| Q1 2025 | $6.7M | +$20.6M |
| Q4 2024 | -$6.5M | -$2.8M |
| Q3 2024 | -$16.9M | -$11.8M |
API has burned cash in most quarters: −$19M over the past year, against −$21M the year before.
SNDK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $6.3B | +1340% |
| Q2 2026 | $7.1B | +14355% |
| Q1 2026 | $3B | +$3B |
| Q3 2025 | $438M | +$636M |
| Q2 2025 | $49M | +$217M |
| Q1 2025 | -$18M | +$23M |
| Q3 2024 | -$198M | -$157M |
SNDK has the edge over API on cash generation, producing positive trailing cash flow while its opponent burns cash.
API Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.3% | -2.2M shares |
| 1 year | -5.9% | -5.8M shares |
| 3 years | -8.1% | -8.1M shares |
| 5 years | -16% | -18M shares |
| Available history | -9.3% | -9.5M shares |
API has the edge over SNDK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $3.7M |
| Q1 2026 | $13.3M |
| Q4 2025 | $10.9M |
| Q3 2025 | $4.7M |
| Q2 2025 | $10.9M |
| Q1 2025 | $1.2M |
| Q4 2024 | $1.4M |
| Q3 2024 | $3.9M |
API spent $33M buying back its own shares over the past year, up 88% from the year before.
SNDK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -1M shares |
| 1 year | +3.4% | +5M shares |
| 3 years | +6.9% | +10M shares |
SNDK has 154M diluted shares, up 3.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5B |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
API Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.1x | Moderate |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | 0.4x | Very low |
| Q3 2025 | -0.3x | Net Cash |
| Q3 2020 | -111.5x | Net Cash |
| Q2 2020 | -114.0x | Net Cash |
API's net debt is about 2.0 years of its operating earnings (EBITDA), after holding more cash than debt a year ago.
SNDK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
SNDK has the edge over API on leverage, with a lower net debt burden relative to earnings.
API Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.5 | Neutral |
| Stochastic | 35.3 | Neutral |
API's weekly RSI is 48 (neutral) and its Stochastic is 35 (neutral).
SNDK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.2 | Neutral |
| Stochastic | 10.6 | Oversold |
SNDK's weekly RSI is 40 (neutral) and its Stochastic is 11 (oversold).
API PE vs Technology Sector
| Metric | API | Sector median | Relative |
|---|---|---|---|
| PE | 36x | 28x | 28% above |
| PE % | 2 | 36 | 34 pts below |
API is trading at 36x earnings, a 28% premium to the Technology sector's median of 28x, though its earnings don't support one.
SNDK PE vs Technology Sector
| Metric | SNDK | Sector median | Relative |
|---|---|---|---|
| PE | 7.5x | 28x | 73% below |
| PE % | 4 | 27 | 23 pts below |
SNDK has the edge over API on valuation relative to its sector.
API Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.23 | 3.3% below |
| 20 week MA | $4.19 | 2.4% below |
| 50 week MA | $4.13 | 1% below |
| 100 week MA | $4.08 | 0.2% above |
| 200 week MA | $3.54 | 16% above |
API has stronger trend alignment. API is above 2 of 5 weekly averages versus SNDK above 0 of 3.
SNDK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,317.5 | 29% below |
| 20 week MA | $1,465.4 | 36% below |
| 50 week MA | $1,119.6 | 16% below |
SNDK is in a downtrend: it's below all three of its weekly moving averages, and 16% below its 50-week average.
API Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $50.5 | $42.4 | -16% |
| 2021 | $42.4 | $16.7 | -61% |
| 2022 | $16.7 | $4.02 | -76% |
| 2023 | $4.02 | $2.63 | -35% |
| 2024 | $2.63 | $4.40 | +67% |
| 2025 | $4.40 | $3.93 | -11% |
| 2026 YTD | $3.93 | $4.09 | +4.1% |
API has finished lower in five of the last six years. It's up 4.1% so far in 2026.
SNDK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $50.4 | $250.1 | +396% |
| 2026 YTD | $250.1 | $937.5 | +275% |
SNDK has the edge over API on returns for 2026, with the stronger performance.