SNDK
Sandisk Corporation
SNDK has the edge over ZENA overall, supported by stronger fundamentals and stronger modeled upside.
ZENA
ZenaTech, Inc.
ZENA 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.
ZENA Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Weak | |
| Weak |
ZENA's revenue is currently healthy, but its profitability, cash flow and balance sheet are weak.
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.
ZENA PE Valuation
ZENA 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.
ZENA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| Moderate |
Analysts expect ZENA's losses to shrink, with revenue growing.
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 ZENA in the latest year-over-year earnings comparison.
ZENA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$1.41 | -$1.00 |
| Q1 2026 | -$1.34 | -$1.05 |
| Q4 2025 | -$0.93 | -$0.78 |
| Q3 2025 | -$0.62 | -$0.58 |
| Q2 2025 | -$0.41 | -$0.39 |
| Q1 2025 | -$0.29 | -$0.28 |
| Q4 2024 | -$0.15 | -$0.14 |
| Q3 2024 | -$0.04 | -$0.02 |
ZENA lost $1.41 per share over the past year, and its loss has widened in each of the last nine quarters.
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 ZENA on profitability, with a higher operating margin.
ZENA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $6.5M | +314% |
| Q1 2026 | $6M | +652% |
| Q4 2025 | $3.6M | +671% |
| Q3 2025 | $3.1M | +1225% |
| Q2 2025 | $1.6M | +504% |
| Q1 2025 | $798.4K | +92% |
| Q4 2024 | $473.4K | -4.4% |
| Q3 2024 | $230.5K | +23% |
ZENA has the edge over SNDK on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -235% | -60 points |
| Q1 2026 | -257% | +6.8 points |
| Q4 2025 | -262% | +97 points |
| Q3 2025 | -101% | +61 points |
| Q2 2025 | -174% | -149 points |
| Q1 2025 | -263% | -269 points |
| Q4 2024 | -359% | -420 points |
| Q3 2024 | -162% | -131 points |
ZENA's operating margin was −235% last quarter, down 60 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 ZENA on cash generation, producing positive trailing cash flow while its opponent burns cash.
ZENA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$18.9M | -$13.7M |
| Q1 2026 | -$14.9M | -$10.9M |
| Q4 2025 | -$14.2M | -$10M |
| Q3 2025 | -$5.9M | -$4.3M |
| Q2 2025 | -$5.2M | -$4.9M |
| Q1 2025 | -$4M | -$3.7M |
| Q4 2024 | -$4.2M | -$2.8M |
| Q3 2024 | -$1.6M | -679% |
ZENA has burned cash in almost every quarter: −$54M over the past year, against −$15M 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 ZENA 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 | — |
ZENA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +137% | +46.8M shares |
| 1 year | +156% | +49.3M shares |
| 3 years | +381% | +64.1M shares |
ZENA has 81M diluted shares, up 156% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
ZENA hasn't bought back shares in the past year.
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.
ZENA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2024 | 81.3x | High |
| Q2 2024 | 17.6x | High |
| Q1 2024 | 16.8x | High |
| Q4 2023 | 17.2x | High |
| Q3 2023 | 46.4x | High |
| Q2 2023 | 17.0x | High |
| Q1 2023 | 0.0x | Very low |
| Q4 2022 | 8.4x | High |
ZENA'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).
ZENA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.3 | Oversold |
| Stochastic | 2.7 | Oversold |
ZENA's weekly RSI is 29 (oversold) and its Stochastic is 3 (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.
ZENA PE vs Technology Sector
ZENA 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 |
ZENA has stronger trend alignment. SNDK is above 0 of 3 weekly averages versus ZENA above 0 of 4.
ZENA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.01 | 38% below |
| 20 week MA | $1.36 | 54% below |
| 50 week MA | $2.06 | 69% below |
| 100 week MA | $3.23 | 80% below |
ZENA is in a downtrend: it's below all four of its weekly moving averages, and 80% 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 ZENA on returns for 2026, with the stronger performance.
ZENA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $3.91 | $8.48 | +117% |
| 2025 | $8.48 | $3.42 | -60% |
| 2026 YTD | $3.42 | $0.63 | -82% |
ZENA's yearly returns have swung widely, from +117% in 2024 to −60% in 2025. It's down 82% so far in 2026.