SNDK
Sandisk Corporation
SNDK has the edge over XRX overall, supported by stronger fundamentals and stronger modeled upside.
XRX
Xerox Holdings Corporation
XRX's outlook is improving, though it still trails on the overall score.
SNDK Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
SNDK's revenue, profitability, cash flow and balance sheet are all currently strong.
XRX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Weak | |
| Under pressure | |
| Weak |
XRX's revenue is currently stable, but its profitability, cash flow and balance sheet are 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's PE is 7.5x, but its earnings don't support one, so it isn't a reliable read right now.
XRX PE Valuation
XRX 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 |
SNDK has the edge over XRX on the outlook, with more favorable revenue expectations.
XRX Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect XRX's losses to shrink, with revenue holding steady. 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 XRX in the latest year-over-year earnings comparison.
XRX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$9.12 | -$1.28 |
| Q2 2026 | -$7.40 | +$4.14 |
| Q1 2026 | -$8.34 | +$2.22 |
| Q4 2025 | -$8.25 | +$2.50 |
| Q3 2025 | -$7.84 | +$3.09 |
| Q2 2025 | -$11.54 | -$10.60 |
| Q1 2025 | -$10.56 | -$9.10 |
| Q4 2024 | -$10.75 | -$10.66 |
XRX is still losing money, but less than at its worst: $9.12 per share over the past year, against $11.54 at its worst in mid-2025.
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 XRX 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 XRX on profitability, with a higher operating margin.
XRX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.9B | -4.7% |
| Q2 2026 | $1.9B | +22% |
| Q1 2026 | $1.8B | +27% |
| Q4 2025 | $2B | +26% |
| Q3 2025 | $2B | +28% |
| Q2 2025 | $1.6B | -0.1% |
| Q1 2025 | $1.5B | -3% |
| Q4 2024 | $1.6B | -8.6% |
XRX's revenue has picked up after three years of holding roughly level: $1.9B last quarter, down 4.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -54% | -39 points |
| Q2 2026 | 1.6% | +5.4 points |
| Q1 2026 | -4% | +0.6 points |
| Q4 2025 | -3% | -2.8 points |
| Q3 2025 | -15% | +56 points |
| Q2 2025 | -3.8% | -5.4 points |
| Q1 2025 | -4.6% | +5.4 points |
| Q4 2024 | -0.3% | +4.7 points |
XRX's operating margin was −54% last quarter, down 39 points from the same quarter a year ago, near the bottom 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 has the edge over XRX on cash flow, with more consistent year-over-year improvement.
XRX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $17M | -84% |
| Q2 2026 | $23M | +$38M |
| Q1 2026 | -$156M | -$62M |
| Q4 2025 | $192M | -45% |
| Q3 2025 | $104M | -3.7% |
| Q2 2025 | -$15M | -113% |
| Q1 2025 | -$94M | -$7M |
| Q4 2024 | $346M | -9.2% |
XRX still generates free cash flow, though less than at its 2019 peak: $76M over the past year.
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 XRX 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 | — |
XRX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +750K shares |
| 1 year | +3.7% | +4.7M shares |
| 3 years | -16% | -25.5M shares |
| 5 years | -27% | -47.8M shares |
| Available history | -44% | -102M shares |
XRX has 132M diluted shares, up 3.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $5M |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | $3M |
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 XRX on leverage, with a lower net debt burden relative to earnings.
XRX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 304.8x | High |
| Q2 2024 | 28.6x | High |
| Q4 2023 | 9.8x | High |
| Q3 2023 | 4.8x | High |
| Q2 2023 | 97.1x | High |
| Q1 2023 | 19.8x | High |
| Q3 2021 | 2.1x | Moderate |
| Q2 2021 | 2.0x | Moderate |
XRX's net debt is more than 20 years of its operating earnings (EBITDA), up from more than 20 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).
XRX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 27.8 | Oversold |
| Stochastic | 2.0 | Oversold |
XRX's weekly RSI is 28 (oversold) and its Stochastic is 2 (oversold).
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.
XRX PE vs Technology Sector
| Metric | XRX | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
XRX 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 |
XRX has stronger trend alignment. SNDK is above 0 of 3 weekly averages versus XRX above 0 of 5.
XRX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2.21 | 55% below |
| 20 week MA | $2.70 | 63% below |
| 50 week MA | $2.48 | 60% below |
| 100 week MA | $3.87 | 74% below |
| 200 week MA | $9.05 | 89% below |
XRX is in a downtrend: it's below all five of its weekly moving averages, and 89% 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 XRX on returns for 2026, with the stronger performance.
XRX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $37.3 | $22.6 | -39% |
| 2021 | $22.6 | $22.5 | -0.6% |
| 2022 | $22.5 | $14.6 | -35% |
| 2023 | $14.6 | $18.3 | +25% |
| 2024 | $18.3 | $9.15 | -50% |
| 2025 | $9.15 | $2.49 | -73% |
| 2026 YTD | $2.49 | $0.99 | -60% |
XRX has finished lower in five of the last six years. It's down 60% so far in 2026.