SNDK
Sandisk Corporation
SNDK has the edge over VRNS overall, supported by stronger fundamentals and stronger modeled upside.
VRNS
Varonis Systems, Inc.
VRNS 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.
VRNS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Healthy | |
| Unavailable |
VRNS's revenue and cash flow are currently healthy, but its profitability is weak. There isn't enough data to rate its balance sheet.
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.
VRNS PE Valuation
VRNS has no meaningful PE right now: it lost money over the past year.
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.
VRNS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect strong earnings and revenue growth for VRNS, 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 VRNS in the latest year-over-year earnings comparison.
VRNS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.36 | — |
| Q3 2026 | -$1.32 | -$0.30 |
| Q2 2026 | -$1.22 | -$0.30 |
| Q1 2026 | -$1.13 | -$0.32 |
| Q4 2025 | -$1.13 | -$0.27 |
| Q3 2025 | -$1.02 | -$0.27 |
| Q2 2025 | -$0.92 | -$0.12 |
| Q1 2025 | -$0.81 | +$0.13 |
| Q4 2024 | -$0.86 | +$0.06 |
VRNS lost $1.32 per share over the past year, a bigger loss than 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 VRNS on profitability, with a higher operating margin.
VRNS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $189.5M | +17% |
| Q2 2026 | $180M | +18% |
| Q1 2026 | $173.1M | +27% |
| Q4 2025 | $173.4M | +9.4% |
| Q3 2025 | $161.6M | +9.1% |
| Q2 2025 | $152.2M | +17% |
| Q1 2025 | $136.4M | +20% |
| Q4 2024 | $158.5M | +2.9% |
VRNS's revenue has grown year over year for 12 quarters in a row: $189M last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -25% | -2.9 points |
| Q2 2026 | -23% | +1.4 points |
| Q1 2026 | -26% | +6.4 points |
| Q4 2025 | -17% | -6.4 points |
| Q3 2025 | -22% | -6.3 points |
| Q2 2025 | -24% | -1.9 points |
| Q1 2025 | -32% | +9.7 points |
| Q4 2024 | -11% | -7.7 points |
VRNS's operating margin was −25% last quarter, down 2.9 points from the same quarter a year ago.
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 VRNS on cash flow, with more consistent year-over-year improvement.
VRNS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $26.6M | -13% |
| Q2 2026 | $20.7M | +15% |
| Q1 2026 | $50.1M | -24% |
| Q4 2025 | $20.7M | +4.1% |
| Q3 2025 | $30.4M | +43% |
| Q2 2025 | $18M | +65% |
| Q1 2025 | $65.7M | +16% |
| Q4 2024 | $19.9M | +140% |
VRNS generated $118M in free cash flow over the past year, down 12% 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 | — |
VRNS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +180K shares |
| 1 year | 0% | +24.1K shares |
| 3 years | +5.1% | +5.6M shares |
| 5 years | +7.4% | +8M shares |
| Available history | +27% | +24.2M shares |
VRNS has the edge over SNDK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $135M |
| Q4 2025 | $15M |
| Q3 2025 | — |
| Q2 2025 | $38.7M |
| Q1 2025 | $61.3M |
| Q4 2024 | — |
VRNS spent $150M buying back its own shares over the past year, up 50% 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.
VRNS Net Leverage
VRNS's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
VRNS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.7 | Neutral |
| Stochastic | 86.9 | Overbought |
VRNS's weekly RSI is 63 (neutral) and its Stochastic is 87 (overbought).
SNDK PE vs Technology Sector
| Metric | SNDK | Sector median | Relative |
|---|---|---|---|
| PE | 7.5x | 28x | 73% below |
| PE % | 4 | 27 | 23 pts below |
SNDK is trading at 7.5x earnings, a 73% discount to the Technology sector's median of 28x, though its earnings don't support one.
VRNS PE vs Technology Sector
VRNS has no meaningful PE right now: it lost money over the past year.
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 |
VRNS has stronger trend alignment. SNDK is above 0 of 3 weekly averages versus VRNS above 5 of 5.
VRNS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $48.5 | 1.1% above |
| 20 week MA | $46.1 | 6.5% above |
| 50 week MA | $35.7 | 37% above |
| 100 week MA | $41.6 | 18% above |
| 200 week MA | $40.6 | 21% above |
VRNS is in an uptrend: it's above all five of its weekly moving averages, and 21% above 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 VRNS on returns for 2026, with the stronger performance.
VRNS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $26.2 | $56.7 | +117% |
| 2021 | $56.7 | $49.2 | -13% |
| 2022 | $49.2 | $23.4 | -52% |
| 2023 | $23.4 | $45.3 | +93% |
| 2024 | $45.3 | $45.0 | -0.7% |
| 2025 | $45.0 | $33.6 | -25% |
| 2026 YTD | $33.6 | $49.1 | +46% |
VRNS's yearly returns have swung widely, from +117% in 2020 to −52% in 2022. It's up 46% so far in 2026.