研究对象: SNDK
SNDK 财务数据复核
1. 三年收入、净利润、毛利率、净利率趋势
| 财年 | 收入 | 毛利润 | 净利润 | 毛利率 | 净利率 | 复核结论 |
|---|---|---|---|---|---|---|
| 2023 [S1] | $6,086 million [S1] | $430 million [S1] | $(2,143) million [S1] | 7.1% [自测算：$430 million [S1] / $6,086 million [S1]] | 35.2% [自测算：$(2,143) million [S1] / $6,086 million [S1]] | 低毛利叠加亏损，盈利基础弱。[S1] |
| 2024 [S1] | $6,663 million [S1] | ,072 million [S1] | $(672) million [S1] | 16.1% [自测算：,072 million [S1] / $6,663 million [S1]] | 10.1% [自测算：$(672) million [S1] / $6,663 million [S1]] | 毛利率修复，但净利润仍为亏损。[S1] |
| 2025 [S1] | $7,355 million [S1] | $2,212 million [S1] | $(1,641) million [S1] | 30.1% [自测算：$2,212 million [S1] / $7,355 million [S1]] | 22.3% [自测算：$(1,641) million [S1] / $7,355 million [S1]] | 毛利率继续改善，但净亏损扩大，主要受费用和减值拖累。[S1] |
2. ROE / ROA / ROIC 分析
| 口径 | 净利润 / NOPAT 输入 | 分母输入 | 指标 | 计算方式 | 解读 |
|---|---|---|---|---|---|
| 2025 年度 ROE [S1] | 净利润 $(1,641) million [S1] | 平均股东权益 0,149 million [自测算：($9,216 million [S1] + 1,082 million [S1]) / 2] | 16.2% [自测算] | $(1,641) million / 0,149 million [自测算] | 权益回报为负，反映 2025 财年仍处亏损状态。[S1] |
| 2025 年度 ROA [S1] | 净利润 $(1,641) million [S1] | 平均总资产 3,246 million [自测算：(2,985 million [S1] + 3,506 million [S1]) / 2] | 12.4% [自测算] | $(1,641) million / 3,246 million [自测算] | 资产回报为负，资产端尚未转化为年度盈利。[S1] |
| 2025 年度 ROIC [S1] | NOPAT $(1,528) million [自测算：经营亏损 $(1,377) million [S1] x (1 - 税率 -10.95% [自测算：62 million [S1] / $(1,479) million [S1]])] | 平均投入资本 0,169 million [自测算：平均债务 $925 million + 平均股东权益 0,149 million - 平均现金 $905 million；输入为 ,849 million、$0 million、$9,216 million、1,082 million、,481 million、$328 million [S1]] | 15.0% [自测算] | $(1,528) million / 0,169 million [自测算] | 投入资本回报为负，经营亏损仍是核心约束。[S1] |
| 2026 财年前九个月 ROE（未年化）[S2] | 净利润 $4,530 million [S2] | 平均股东权益 1,497 million [自测算：(3,777 million [S2] + $9,216 million [S2]) / 2] | 39.4% [自测算] | $4,530 million / 1,497 million [自测算] | 最新期间权益回报显著转正。[S2] |
| 2026 财年前九个月 ROA（未年化）[S2] | 净利润 $4,530 million [S2] | 平均总资产 5,030 million [自测算：(7,075 million [S2] + 2,985 million [S2]) / 2] | 30.1% [自测算] | $4,530 million / 5,030 million [自测算] | 最新期间资产盈利能力显著改善。[S2] |
| 2026 财年前九个月 ROIC（未年化）[S2] | NOPAT $4,691 million [自测算：经营利润 $5,352 million [S2] x (1 - 税率 12.35% [自测算：$638 million [S2] / $5,168 million [S2]])] | 平均投入资本 $9,813 million [自测算：平均债务 $925 million + 平均股东权益 1,497 million - 平均现金 $2,608 million；输入为 $0 million、,849 million、3,777 million、$9,216 million、$3,735 million、,481 million [S2]] | 47.8% [自测算] | $4,691 million / $9,813 million [自测算] | 最新期间 ROIC 高于 2025 年度水平，主要来自经营利润转正。[S2] |
3. 杠杆与偿债指标
| 时点 / 期间 | 现金 | 总债务 | 净债务 / 净现金 | 股东权益 | 资产负债率 | 流动比率 | 利息覆盖倍数 | 复核结论 |
|---|---|---|---|---|---|---|---|---|
| 2025-06-27 [S1] | ,481 million [S1] | ,849 million [S1] | 净债务 $368 million [自测算：,849 million [S1] - ,481 million [S1]] | $9,216 million [S1] | 29.0% [自测算：$3,769 million [S1] / 2,985 million [S1]] | 3.56x [自测算：$5,086 million [S1] / ,427 million [S1]] | 21.86x [自测算：经营亏损 $(1,377) million [S1] / 利息费用 $63 million [S1]] | 年末仍有净债务，且经营亏损导致利息覆盖为负。[S1] |
| 2026-04-03 [S2] | $3,735 million [S2] | $0 million [S2] | 净现金 $3,735 million [自测算：$3,735 million [S2] - $0 million [S2]] | 3,777 million [S2] | 19.3% [自测算：$3,298 million [S2] / 7,075 million [S2]] | 4.78x [自测算：$9,168 million [S2] / ,917 million [S2]] | 75.38x [自测算：经营利润 $5,352 million [S2] / 利息费用 $71 million [S2]] | 债务清零、净现金增加，偿债能力较 2025 年末明显改善。[S2] |
| 债务事件时点 | Term Loan Facility | Revolving Credit Facility | 偿还情况 | 可用额度 | 财务契约 | 影响 | 复核结论 |
|---|---|---|---|---|---|---|---|
| 2026-04-03 [S2] | $0 million [S2] | .5 billion [S2] | 2026-03-04 全额结清 Term Loan Facility [S2] | .5 billion [S2] | 截至 2026-04-03 符合财务契约 [S2] | 提前结清产生 $46 million 债务清偿损失 [S2] | 资本结构从有息负债状态转向净现金状态。[S2] |
4. 现金流质量：OCF / 净利润
| 期间 | 净利润 | 经营现金流 OCF | 资本开支 | 自由现金流 FCF | OCF / 净利润 | 现金流质量判断 |
|---|---|---|---|---|---|---|
| 2023 [S1] | $(2,143) million [S1] | $(713) million [S1] | $(219) million [S1] | $(932) million [自测算：$(713) million [S1] + $(219) million [S1]] | 0.33x [自测算：$(713) million [S1] / $(2,143) million [S1]] | 净亏损与 OCF 同为负，现金流质量偏弱。[S1] |
| 2024 [S1] | $(672) million [S1] | $(309) million [S1] | $(166) million [S1] | $(475) million [自测算：$(309) million [S1] + $(166) million [S1]] | 0.46x [自测算：$(309) million [S1] / $(672) million [S1]] | 净亏损与 OCF 同为负，现金消耗仍存在。[S1] |
| 2025 [S1] | $(1,641) million [S1] | $84 million [S1] | $(204) million [S1] | $(120) million [自测算：$84 million [S1] + $(204) million [S1]] | 0.05x [自测算：$84 million [S1] / $(1,641) million [S1]] | OCF 转正但 FCF 仍为负，利润表亏损与现金流改善并存。[S1] |
| 2026 财年前九个月 [S2] | $4,530 million [S2] | $4,545 million [S2] | $(134) million [S2] | $4,411 million [自测算：$4,545 million [S2] + $(134) million [S2]] | 1.00x [自测算：$4,545 million [S2] / $4,530 million [S2]] | OCF 与净利润基本匹配，最新期间现金转化质量显著改善。[S2] |
5. 关键财务指标与行业均值对比
| 指标 | SNDK 口径 | SNDK 数值 | Semiconductor 行业均值 | 差异 | 解读 |
|---|---|---|---|---|---|
| 毛利率 | 2026 财年前九个月 [S2] | 61.1% [自测算：$6,890 million [S2] / 1,283 million [S2]] | 58.97% [S3] | +2.1 个百分点 [自测算：61.1% - 58.97%] | 最新期间毛利率略高于 Damodaran Semiconductor 行业均值。[S2][S3] |
| 净利率 | 2026 财年前九个月 [S2] | 40.1% [自测算：$4,530 million [S2] / 1,283 million [S2]] | 30.45% [S3] | +9.7 个百分点 [自测算：40.1% - 30.45%] | 最新期间净利率高于 Damodaran Semiconductor 行业均值。[S2][S3] |
| ROE | 2026 财年前九个月年化参考 [S2] | 52.5% [自测算：$4,530 million [S2] / 1,497 million [自测算] x 4 / 3] | 31.36% [S4] | +21.1 个百分点 [自测算：52.5% - 31.36%] | 年化参考口径显示权益回报高于行业均值，但需注意该值来自未满全年期间。[S2][S4] |
| ROIC / Return on Capital | 2026 财年前九个月年化参考 [S2] | 63.7% [自测算：$4,691 million [自测算] / $9,813 million [自测算] x 4 / 3] | 41.83% [S5] | +21.9 个百分点 [自测算：63.7% - 41.83%] | 年化参考口径显示投入资本回报高于行业均值，但需观察全年可持续性。[S2][S5] |
| Debt / EBITDA | 2026-04-03 时点总债务 / 2026 财年前九个月 EBITDA 近似 [S2] | 0.00x [自测算：总债务 $0 million [S2] / EBITDA $5,464 million [自测算：经营利润 $5,352 million [S2] + 折旧摊销 12 million [S2]]] | 1.09x [S6] | 1.09x [自测算：0.00x - 1.09x] | 最新时点无有息债务，杠杆低于 Damodaran Semiconductor 行业均值。[S2][S6] |
| 利息覆盖倍数 | 2026 财年前九个月 [S2] | 75.38x [自测算：经营利润 $5,352 million [S2] / 利息费用 $71 million [S2]] | 23.06x [S6] | +52.32x [自测算：75.38x - 23.06x] | 利息覆盖倍数高于行业均值，主要受最新期间经营利润转正与债务清偿影响。[S2][S6] |
资料来源 / Sources
[S1] U.S. SEC, Sandisk Corporation Form 10-K for fiscal year ended June 27, 2025 — https://www.sec.gov/Archives/edgar/data/2023554/000202355425000034/sndk-20250627.htm
[S2] U.S. SEC, Sandisk Corporation Form 10-Q for quarterly period ended April 3, 2026 — https://www.sec.gov/Archives/edgar/data/2023554/000162828026029401/sndk-20260403.htm
[S3] Aswath Damodaran, Margins by Sector (US), January 2026 — https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/margin.html
[S4] Aswath Damodaran, Return on Equity by Sector (US), January 2026 — https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/roe.html
[S5] Aswath Damodaran, Margin / ROIC by Sector (US), January 2026 — https://pages.stern.nyu.edu/adamodar/New_Home_Page/datafile/mgnroc.html
[S6] Aswath Damodaran, Debt Fundamentals by Sector (US), January 2026 — https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/dbtfund.html