Sandisk
29 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Customers
Suppliers
JCET Management Co., Ltd. (SDSS venture)
depends on · owned 20% by Sandisk and 80% by JCETOur assembly and test operations comprise in-house assembly and test facilities located in Penang, Malaysia, facilities operated by other contract manufacturers, and the assembly and test facility owned and operated by SDSS, a venture that is owned 20% by Sandisk and 80% by JCET Management Co., Ltd.Business (Item 1)
Partners and platforms
Flash Ventures (Flash Partners Ltd., Flash Alliance Ltd., Flash Forward Ltd.)
depends on · 49.9% ownership positionnamed as a riskThe terms of our agreements with Kioxia with respect to Flash Ventures require that substantially all of our flash-based memory be obtained from Flash Ventures, which limits our ability to respond to market demand and supply changes and makes our financial results particularly susceptible to variations from our forecasts and expectations.Risk factors (Item 1A)
Unis Venture (Unisplendour Corporation Limited / Unissoft (Wuxi) Group Co. Ltd.)
earns from · 48% owned by the CompanyThe Unis Venture markets and sells the Company’s products in China.Business (Item 1)
Kioxia Corporation
depends onnamed as a riskAll of our flash-based memory is obtained from our joint ventures with Kioxia, which provide us with leading-edge, high-quality flash memory wafers.Business (Item 1)
Other companies
Flash Ventures lease obligations guarantee
guaranteed 50% by usnamed as a riskAll of the lease obligations are guaranteed 50% by us and 50% by Kioxia.Risk factors (Item 1A)
Flash Ventures underutilization charges
$75 millionnamed as a riskIn 2025, we incurred $75 million in charges as a result of underutilization of our manufacturing capacity and $24 million in charges to write down our inventory.Risk factors (Item 1A)
Nanya Technology Corporation
exposed to its price · $1,777 millionnamed as a riskThis represents an investment in Nanya, for which the securities are traded on the Taiwan Stock Exchange.Market risk (Item 7A)
Western Digital Corporation (WDC)
named as a riskIf the distribution or certain related transactions failed to qualify for the Intended Tax Treatment, in general, for U.S. federal income tax purposes, WDC would recognize taxable gain as if it had sold the shares of our stock in a taxable sale for their fair market value and WDC stockholders that received shares of our stock in the distribution or receive shares of our stock in a clean-up distribution would be subject to tax as if they had received a taxable distribution equal to the fair market value of such shares.Risk factors (Item 1A)
Competitors
Samsung Electronics Co., Ltd.
competes withnamed as a riskWe compete with vertically-integrated suppliers such as Kioxia, Micron Technology, Inc., Samsung Electronics Co., Ltd., SK Hynix, Inc., Yangtze Memory Technologies Co., Ltd. and numerous smaller companies that assemble flash into products.Business (Item 1)
SK Hynix, Inc.
competes withnamed as a riskWe compete with vertically-integrated suppliers such as Kioxia, Micron Technology, Inc., Samsung Electronics Co., Ltd., SK Hynix, Inc., Yangtze Memory Technologies Co., Ltd. and numerous smaller companies that assemble flash into products.Business (Item 1)
Micron Technology, Inc.
competes withnamed as a riskWe compete with vertically-integrated suppliers such as Kioxia, Micron Technology, Inc., Samsung Electronics Co., Ltd., SK Hynix, Inc., Yangtze Memory Technologies Co., Ltd. and numerous smaller companies that assemble flash into products.Business (Item 1)
Also named by LRCX
Kioxia
competes withnamed as a riskWe compete with vertically-integrated suppliers such as Kioxia, Micron Technology, Inc., Samsung Electronics Co., Ltd., SK Hynix, Inc., Yangtze Memory Technologies Co., Ltd. and numerous smaller companies that assemble flash into products.Business (Item 1)
Yangtze Memory Technologies Co., Ltd.
competes withnamed as a riskWe compete with vertically-integrated suppliers such as Kioxia, Micron Technology, Inc., Samsung Electronics Co., Ltd., SK Hynix, Inc., Yangtze Memory Technologies Co., Ltd. and numerous smaller companies that assemble flash into products.Business (Item 1)
Places
International sales
earns from · 82%named as a riskOur international sales, which include sales to foreign subsidiaries of U.S. companies but do not include sales to U.S. subsidiaries of foreign companies, represented 82%, 80% and 86% of our net revenue for 2026, 2025 and 2024, respectively.Business (Item 1)
Also named by AEHR, AMD, AME, ATI, AVAV, CRS, ENTG, FSS and 5 more
Yokkaichi, Japan
concentrated in · six of which are located in Yokkaichinamed as a riskWe and Kioxia currently operate three business ventures, Flash Partners Ltd., Flash Alliance Ltd. and Flash Forward Ltd., (collectively, “Flash Ventures”) across eight flash-based manufacturing facilities in Japan, six of which are located in Yokkaichi, Japan and two of which are located in Kitakami, Japan.Business (Item 1)
Kitakami, Japan
concentrated in · two of which are located in Kitakaminamed as a riskWe and Kioxia currently operate three business ventures, Flash Partners Ltd., Flash Alliance Ltd. and Flash Forward Ltd., (collectively, “Flash Ventures”) across eight flash-based manufacturing facilities in Japan, six of which are located in Yokkaichi, Japan and two of which are located in Kitakami, Japan.Business (Item 1)
Penang, Malaysia
operates innamed as a riskOur assembly and test operations comprise in-house assembly and test facilities located in Penang, Malaysia, facilities operated by other contract manufacturers, and the assembly and test facility owned and operated by SDSS, a venture that is owned 20% by Sandisk and 80% by JCET Management Co., Ltd.Business (Item 1)
Hazards
Earthquake and tsunami
concentrated innamed as a riskIn addition, the geographic concentration of our manufacturing sites could exacerbate the negative impacts resulting from any of these problems.Risk factors (Item 1A)
Commodities and inputs
Japanese yen
exposed to its pricenamed as a riskIf the Japanese yen appreciates against the U.S. dollar, our cost of purchasing flash-based memory wafers and the cost to us of future capital funding of Flash Ventures would increase.Risk factors (Item 1A)
Also named by ABBV, ABT, ACN, ADBE, ALK, AMAT, AMKR, BMY and 24 more
Regulators
Responsible Business Alliance (RBA)
subject tonamed as a riskIn connection with our compliance with environmental laws and regulations, as well as our compliance with industry and coalition environmental initiatives, such as those established by the RBA, the standards of business conduct required by some of our customers, and our commitment to sound corporate citizenship in all aspects of our business, we could incur substantial compliance and operating costs and be subject to disruptions to our operations and logistics.Risk factors (Item 1A)
Also named by WDC
Laws and programs
OECD Pillar Two global minimum tax
subject to · 15%named as a riskFurther, the majority of countries in the G20 and Organization for Economic Cooperation and Development Inclusive Framework on Base Erosion and Profit Shifting have agreed to adopt a two-pillar approach to taxation, which includes the implementation of a global corporate minimum tax rate of 15%, which has become effective in certain jurisdictions and materially increase our tax obligations in these countries.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
Corporate Alternative Minimum Tax (CAMT)
subject to · 15%named as a riskCAMT, which was enacted under the Inflation Reduction Act of 2022, imposes a 15% minimum tax on the adjusted financial statement income.Risk factors (Item 1A)
Agreement to Enhance Collaboration with Kioxia
depends on · $1.2 billionIn connection with the Extension Agreements, on January 29, 2026, Sandisk entered into an Agreement to Enhance Collaboration by and among Sandisk, Kioxia, Sandisk Technologies, Inc. (“Sandisk Technologies”), SanDisk LLC, SanDisk Ireland and SanDisk Cayman, under which Sandisk Technologies will make certain payments directly to Kioxia totaling $1.2 billion over the years 2026 through 2029 in consideration of Kioxia’s manufacturing services and the continued availability of supply, from execution through December 31, 2034.Business (Item 1)
U.S. Section 232 of the Trade Expansion Act of 1962
subject tonamed as a riskFor example, there are pending and ongoing investigations initiated by the United States under Section 232 of the Trade Expansion Act of 1962 and Section 301 of the Trade Act of 1974 that may impact tariff rates for Sandisk products.Risk factors (Item 1A)
Also named by AAPL
U.S. Section 301 of the Trade Act of 1974
subject tonamed as a riskFor example, there are pending and ongoing investigations initiated by the United States under Section 232 of the Trade Expansion Act of 1962 and Section 301 of the Trade Act of 1974 that may impact tariff rates for Sandisk products.Risk factors (Item 1A)
New Business Model (NBM) long-term agreements
earns fromnamed as a riskWe have entered into long-term agreements with certain customers, which we also refer to as New Business Models or “NBMs”, that commit us to deliver, and our customers to purchase, a stated volume of products, mostly over multi-year periods.Risk factors (Item 1A)
Technology
AI infrastructure demand
earns fromnamed as a riskIn particular, demand for our products depends increasingly on the use of NAND flash memory in AI infrastructure, and new or alternative technologies could emerge that perform these functions more efficiently or reduce the storage required per unit of AI compute.Risk factors (Item 1A)
Also named by RMBS