Is Sandisk a Millionaire-Maker Stock After Its 2026 Run?

Sandisk (NASDAQ: SNDK) has created incredible wealth for investors in 2026, with shares of the flash storage specialist rising 621% this year.

So, investors who bought Sandisk to build a million-dollar portfolio are sitting on nice gains now. The good news for investors is that Sandisk still has room to run higher. Let's look at why it makes sense to buy this growth stock even after the stellar gains it has posted in 2026.

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The terrific demand for Sandisk's storage solutions is sustainable

Sandisk's NAND flash storage solutions are in great demand in artificial intelligence (AI) data centers. Gartner predicts that global NAND flash revenue will surge by a whopping 372% in 2026, driven by healthy AI data center demand and tight supply.

Sandisk is an important player in the NAND flash market. It controlled 11% of this space in the second quarter of 2026, according to Counterpoint Research. Not surprisingly, Sandisk's revenue and earnings grew at a stunning pace in fiscal 2026 (which ended on July 3). The company's top line shot up by 175% year over year to $20.25 billion. Non-GAAP earnings jumped to $70.88 per share from just $2.99 in the prior year.

Importantly, Sandisk is witnessing healthy growth across all its business segments. Its data center segment revenue jumped by 5.4x in the previous fiscal year to $5.15 billion. The edge business, which is Sandisk's largest segment, saw a jump of almost 3x in revenue in fiscal 2026 to $12.16 billion. Sandisk's edge business includes sales of flash memory for smartphones, personal computers (PCs), and gaming consoles, among others.

The company notes that the edge business has room to expand further, thanks to the growth of on-device AI capabilities in areas such as robotics, automotive, and physical AI. And finally, Sandisk's consumer segment, which includes sales of removable flash memory products to customers, is also in fine shape. The segment's revenue increased by 29% in fiscal 2026 to $2.94 billion, an impressive result given the sharp spike in NAND flash prices.

The good news for Sandisk investors is that the NAND flash supply shortage is going to persist in 2027. Gartner estimates that NAND flash prices could increase by 30% next year, following a 293% jump in 2026. The firm expects the favorable price environment to continue until the end of the decade. Even Sandisk noted in its investor day presentation last month that its non-GAAP operating margin will climb to 75% by fiscal 2030.

That points to a nice bottom-line bump considering that Sandisk's non-GAAP operating margin was at 63% in fiscal 2026. So, there is a strong likelihood of Sandisk stock heading even higher over the long run. Moreover, the stock's attractive valuation makes it a no-brainer buy for growth-oriented investors.

It isn't too late to buy Sandisk

Sandisk's astronomical growth is poised to continue in fiscal 2027. Its revenue is expected to jump 142% to $49 billion, while earnings per share could triple, according to consensus estimates. What's more, Sandisk is trading at 25 times trailing earnings and 8 times forward earnings.

So, growth investors looking to build a million-dollar portfolio can still consider buying Sandisk as its healthy growth potential and cheap valuation can send the stock soaring even after the multibagger gains it has clocked in 2026.

Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool recommends Gartner. The Motley Fool has a disclosure policy.