Sandisk Corp (SNDK)
Working capital turnover
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 7,355,000 | 7,214,000 | 7,224,000 | 7,013,000 | 6,663,000 | 6,268,740 | 6,106,890 | 5,894,170 | 5,598,370 | 5,564,870 | 5,756,970 | 6,051,180 | 6,447,990 | 6,627,690 | 6,620,300 | 6,498,960 | 6,341,210 | 6,170,000 | 5,983,640 | 5,631,680 |
| Total current assets | US$ in thousands | 5,086,000 | 5,090,000 | 4,456,000 | 4,388,000 | 3,548,000 | — | — | — | 6,153,380 | 5,659,790 | 3,613,650 | 3,657,360 | 3,752,990 | 4,200,120 | 4,354,130 | 4,614,710 | 4,508,020 | 4,650,720 | 3,947,900 | 4,294,880 |
| Total current liabilities | US$ in thousands | 1,427,000 | 1,375,000 | 1,873,000 | 1,472,000 | 2,123,000 | — | — | — | 3,692,610 | 2,003,480 | 1,139,010 | 2,037,060 | 2,090,680 | 2,190,880 | 2,214,950 | 1,956,780 | 1,878,400 | 1,230,580 | 1,192,650 | 1,107,980 |
| Working capital turnover | 2.01 | 1.94 | 2.80 | 2.41 | 4.68 | — | — | — | 2.28 | 1.52 | 2.33 | 3.73 | 3.88 | 3.30 | 3.09 | 2.45 | 2.41 | 1.80 | 2.17 | 1.77 |
June 30, 2025 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $7,355,000K ÷ ($5,086,000K – $1,427,000K)
= 2.01
The analysis of Sandisk Corp’s working capital turnover over the provided periods reveals notable fluctuations and trends that reflect the company's operational efficiency and management of short-term assets and liabilities.
From June 30, 2013, to September 30, 2013, the ratio increased from 1.77 to 2.17, indicating an improvement in the efficiency of utilizing working capital to generate sales. However, this upward trend was temporarily interrupted as the ratio declined to 1.80 by December 31, 2013.
Subsequently, the ratio demonstrated a consistent upward trajectory starting in March 2014, reaching 2.41, then rising further to 2.45 in June 2014, and continuing to increase to 3.09 by September 30, 2014. This upward movement persisted into December 31, 2014, where the ratio hit 3.30, followed by a further rise to 3.88 in March 2015. These increases suggest an enhancement in the company's operational efficiency, possibly due to better management of receivables, inventories, or payables.
The ratio experienced a slight decline afterward, decreasing to 3.73 in June 2015 and then falling significantly to 2.33 by September 30, 2015, and further down to 1.52 by December 31, 2015. This decline indicates a potential deterioration in working capital efficiency, possibly due to increased working capital levels or decreased sales performance relative to working capital.
From early 2016 onwards, the ratio recovered somewhat, reaching 2.28 by March 31, 2016. Data beyond 2015 shows variable performance, with a notable surge to 4.68 in June 2024, indicating a period where the company may have effectively leveraged working capital to generate sales. However, this peak was followed by a decline to 2.41 in September 2024 and an increase to 2.80 in December 2024. The subsequent periods show some variability, with the ratio stabilizing around 1.94 in March 2025 and slightly increasing to 2.01 by June 2025.
Overall, the working capital turnover exhibits cycles of rising and falling ratios. Periods of increase reflect improved operational efficiency or effective working capital management, whereas decreases may suggest overcapitalization or challenges in sales relative to current assets and liabilities. The recent trend indicates a moderate level of working capital efficiency, with the ratio oscillating around values indicative of typical operational performance.
Peer comparison
Jun 30, 2025