SanDisk — 护城河评估

MOAT ASSESSMENT

TICKER: [US.SNDK - SanDisk]
PERIOD: [2010-ANNUAL ~ 2026-ANNUAL]


Parameter  Value
----------------
WACC         10%
Tax Rate   21.0%


[+] ROIC Quality: Median 39.1%
    ↳ Median > 15% = high returns
[~] ROIC Stability: CoV 85.8%
    ↳ CoV < 10% = highly stable
[~] Gross Margin Stability: 47.0%
    ↳ CoV < 10% = stable pricing power
[+] Economic Moat (ROIC-WACC): 29.1%
    ↳ > 5% = creating economic value


Metric  Gross Margin      ROIC
------------------------------
Mean           38.1%     38.4%
Median         41.8%     39.1%
Max            71.5%    103.8%
Min             7.1%      3.7%
StdDev         17.9%     33.0%
CoV            47.0%     85.8%
Slope      -0.48%/yr  4.21%/yr
R²                1%        8%


[DATA]


Period       Revenue  Gross Profit    GM%    ROIC  ROIC-WACC
------------------------------------------------------------
2010 ANNUAL    4.83B         2.26B  46.9%       -          -
2011 ANNUAL    5.66B         2.44B  43.1%   46.4%      36.4%
2012 ANNUAL    5.05B         1.68B  33.3%   17.5%       7.5%
2013 ANNUAL    6.17B         2.87B  46.5%   42.5%      32.5%
2014 ANNUAL    6.63B         3.07B  46.3%   39.1%      29.1%
2015 ANNUAL    5.56B         2.26B  40.6%   15.8%       5.8%
2023 ANNUAL    6.09B       430.00M   7.1%       -          -
2024 ANNUAL    6.66B         1.07B  16.1%       -          -
2025 ANNUAL    7.36B         2.21B  30.1%    3.7%      -6.3%
2026 ANNUAL   20.25B        14.47B  71.5%  103.8%      93.8%