SNDK
Sandisk Corporation
SNDK has the edge over SPSC overall, supported by stronger fundamentals.
SPSC
SPS Commerce, Inc.
SPSC has lower modeled downside risk, despite its lower overall score.
SNDK Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
SNDK's revenue, profitability, cash flow and balance sheet are all currently strong.
SPSC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Strong |
SPSC's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
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 has the edge over SPSC in the historical PE scenario, which offers more potential upside but is not a forecast.
SPSC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 15x | $82.25 | — |
| Current | 36x | $82.25 | — |
| Cheap | 49x | $110 | +33% |
| Fair | 87x | $196 | +138% |
| Expensive | 104x | $235 | +186% |
Historical ranges are pointers, not guarantees.
SPSC's PE is in its cheap range at 36x. If earnings grow as analysts expect, today's price would be 15x next year's earnings.
SNDK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| High |
Analysts expect strong earnings and revenue growth for SNDK, with profitability improving.
SPSC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for SPSC, with profitability improving. However, they disagree widely on these estimates.
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 SPSC in the latest year-over-year earnings comparison.
SPSC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.36 | +137% |
| Q3 2026 | $2.26 | +1.3% |
| Q2 2026 | $2.08 | -4.6% |
| Q1 2026 | $2.41 | +13% |
| Q4 2025 | $2.46 | +21% |
| Q3 2025 | $2.23 | +6.7% |
| Q2 2025 | $2.18 | +14% |
| Q1 2025 | $2.14 | +17% |
| Q4 2024 | $2.04 | +16% |
SPSC earned $2.26 per share over the past year, up 1.3% from the year before.
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's revenue has grown year over year for six quarters in a row: $11B last quarter, up 378% from the same quarter a year ago.
| 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 SPSC on profitability, with a higher operating margin.
SPSC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $197.6M | +4.1% |
| Q2 2026 | $197.8M | +5.6% |
| Q1 2026 | $192.1M | +5.8% |
| Q4 2025 | $192.7M | +13% |
| Q3 2025 | $189.9M | +16% |
| Q2 2025 | $187.4M | +22% |
| Q1 2025 | $181.5M | +21% |
| Q4 2024 | $170.9M | +18% |
SPSC's revenue has grown year over year every quarter since late 2020: $198M last quarter, up 4.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +3.8 points |
| Q2 2026 | 4.3% | -9.9 points |
| Q1 2026 | 13% | -1.5 points |
| Q4 2025 | 18% | +3.5 points |
| Q3 2025 | 16% | +0.8 points |
| Q2 2025 | 14% | -1 points |
| Q1 2025 | 14% | +4 points |
| Q4 2024 | 14% | -1.3 points |
SPSC's operating margin was 20% last quarter, up 3.8 points from the same quarter a year ago, near the top of its range since 2019.
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 generated $17.4B in free cash flow over the past year, more than ten times what it generated the year before.
SPSC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $58.5M | +7.2% |
| Q2 2026 | $57.4M | +124% |
| Q1 2026 | $48.5M | +43% |
| Q4 2025 | $38.2M | +11% |
| Q3 2025 | $54.6M | +13% |
| Q2 2025 | $25.7M | +5.2% |
| Q1 2025 | $33.8M | +11% |
| Q4 2024 | $34.3M | +21% |
SPSC has the edge over SNDK on cash flow, with more consistent year-over-year improvement.
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 | — |
SPSC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -368K shares |
| 1 year | -4.7% | -1.8M shares |
| 3 years | -3.7% | -1.4M shares |
| 5 years | -2.2% | -806K shares |
| Available history | +0.6% | +207K shares |
SPSC has the edge over SNDK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $48.8M |
| Q2 2026 | $51.2M |
| Q1 2026 | $47.1M |
| Q4 2025 | $24.7M |
| Q3 2025 | $30M |
| Q2 2025 | $19.6M |
| Q1 2025 | $40M |
| Q4 2024 | — |
SPSC spent $172M buying back its own shares over the past year, up 92% from the year before.
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 more cash than debt.
SPSC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.2x | Net Cash |
| Q2 2026 | -1.4x | Net Cash |
| Q1 2026 | -1.1x | Net Cash |
| Q4 2025 | -1.1x | Net Cash |
| Q3 2025 | -1.0x | Net Cash |
| Q2 2025 | -0.9x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -2.2x | Net Cash |
SPSC has the edge over SNDK on leverage, with a lower net debt burden relative to earnings.
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).
SPSC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.9 | Neutral |
| Stochastic | 55.5 | Neutral |
SPSC's weekly RSI is 56 (neutral) and its Stochastic is 56 (neutral).
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 SPSC on valuation relative to its sector.
SPSC PE vs Technology Sector
| Metric | SPSC | Sector median | Relative |
|---|---|---|---|
| PE | 36x | 28x | 31% above |
| PE % | 8 | 35 | 27 pts below |
SPSC is trading at 36x earnings, a 31% premium to the Technology sector's median of 28x.
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 |
SPSC has stronger trend alignment. SNDK is above 0 of 3 weekly averages versus SPSC above 2 of 5.
SPSC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $84.2 | 2.3% below |
| 20 week MA | $77.9 | 5.6% above |
| 50 week MA | $71.5 | 15% above |
| 100 week MA | $101.7 | 19% below |
| 200 week MA | $139.3 | 41% below |
SPSC's trend is mixed: it's above two of its five weekly moving averages, and 41% below its 200-week average.
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 SPSC on returns for 2026, with the stronger performance.
SPSC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $56.1 | $110.3 | +97% |
| 2021 | $110.3 | $143.8 | +30% |
| 2022 | $143.8 | $127.3 | -11% |
| 2023 | $127.3 | $193.8 | +52% |
| 2024 | $193.8 | $185.5 | -4.3% |
| 2025 | $185.5 | $91.9 | -50% |
| 2026 YTD | $91.9 | $82.3 | -11% |
SPSC has finished lower in three of the last six years. It's down 11% so far in 2026.