SNDK
Sandisk Corporation
SNDK has the edge over WAY overall, supported by stronger fundamentals and stronger modeled upside.
WAY
Waystar Holding Corp.
WAY 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.
WAY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Under pressure |
WAY's revenue, profitability and cash flow are currently healthy, but its balance sheet is under pressure.
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 WAY in the historical PE scenario, which offers more potential upside but is not a forecast.
WAY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $28.14 | — |
| Cheap | 34x | $23.39 | -17% |
| Current | 41x | $28.14 | — |
| Fair | 42x | $29.15 | +3.6% |
| Expensive | 81x | $55.94 | +99% |
Historical ranges are pointers, not guarantees.
WAY's PE is in its fair range at 41x. If earnings grow as analysts expect, today's price would be 16x next year's earnings, in its cheap range.
SNDK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| High |
SNDK has the edge over WAY on the outlook, with more favorable profitability expectations.
WAY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for WAY, with profitability holding steady.
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 WAY in the latest year-over-year earnings comparison.
WAY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.79 | +160% |
| Q3 2026 | $0.69 | +11% |
| Q2 2026 | $0.70 | +46% |
| Q1 2026 | $0.67 | +644% |
| Q4 2025 | $0.61 | +$0.78 |
| Q3 2025 | $0.62 | +$0.98 |
| Q2 2025 | $0.48 | +$0.96 |
| Q1 2025 | $0.09 | +$0.43 |
| Q4 2024 | -$0.17 | +$0.14 |
WAY's earnings per share have climbed steadily: $0.69 over the past year, up 11% from the year before, and higher year over year for eight quarters in a row.
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 WAY on profitability, with a higher operating margin.
WAY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $325.6M | +21% |
| Q2 2026 | $319.7M | +18% |
| Q1 2026 | $313.9M | +22% |
| Q4 2025 | $303.5M | +24% |
| Q3 2025 | $268.7M | +12% |
| Q2 2025 | $270.7M | +15% |
| Q1 2025 | $256.4M | +14% |
| Q4 2024 | $244.1M | +18% |
WAY's revenue has grown year over year every quarter since early 2022: $326M last quarter, up 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | -3.6 points |
| Q2 2026 | 24% | -0.2 points |
| Q1 2026 | 26% | +0.2 points |
| Q4 2025 | 19% | -2.3 points |
| Q3 2025 | 22% | +11 points |
| Q2 2025 | 24% | +20 points |
| Q1 2025 | 25% | +9.8 points |
| Q4 2024 | 22% | +3.5 points |
WAY's operating margin was 19% last quarter, down 3.6 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 WAY on cash flow, with more consistent year-over-year improvement.
WAY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $93.9M | +23% |
| Q2 2026 | $43.3M | -52% |
| Q1 2026 | $69.6M | +18% |
| Q4 2025 | $57.2M | -2.3% |
| Q3 2025 | $76.2M | +8.5% |
| Q1 2025 | $58.8M | +1038% |
| Q4 2024 | $58.5M | +933% |
| Q3 2024 | $70.2M | +$86.9M |
WAY generated $264M in free cash flow over the past year, down 7.2% 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 the edge over WAY on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5B |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
WAY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.7% | +1.4M shares |
| 1 year | +8.1% | +14.7M shares |
| 3 years | +18% | +29.3M shares |
| 5 years | +18% | +29.3M shares |
WAY has 196M diluted shares, up 8.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $20.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q1 2024 | $225,000 |
| Q4 2023 | — |
| Q3 2023 | $1,000 |
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 WAY on leverage, with a lower net debt burden relative to earnings.
WAY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.2x | Elevated |
| Q2 2026 | 3.4x | Elevated |
| Q1 2026 | 3.5x | Elevated |
| Q4 2025 | 3.6x | Elevated |
| Q3 2025 | 2.1x | Moderate |
| Q2 2025 | 2.5x | Moderate |
| Q1 2025 | 3.1x | Elevated |
| Q4 2024 | 3.4x | Elevated |
WAY's net debt is about 3.2 years of its operating earnings (EBITDA), up from 2.1 years a year ago.
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).
WAY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.0 | Neutral |
| Stochastic | 78.5 | Neutral |
WAY's weekly RSI is 59 (neutral) and its Stochastic is 78 (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 WAY on valuation relative to its sector.
WAY PE vs Technology Sector
| Metric | WAY | Sector median | Relative |
|---|---|---|---|
| PE | 41x | 28x | 46% above |
| PE % | 41 | 19 | 22 pts above |
WAY is trading at 41x earnings, a 46% 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 |
WAY has stronger trend alignment. SNDK is above 0 of 3 weekly averages versus WAY above 3 of 4.
WAY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $27.1 | 3.8% above |
| 20 week MA | $25.2 | 12% above |
| 50 week MA | $25.1 | 12% above |
| 100 week MA | $31.6 | 11% below |
WAY has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 11% below its 100-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 WAY on returns for 2026, with the stronger performance.
WAY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $20.7 | $37.9 | +83% |
| 2025 | $37.9 | $33.0 | -13% |
| 2026 YTD | $33.0 | $28.1 | -15% |
WAY has finished lower in one of the last two years. It's down 15% so far in 2026.