SanDisk's $4.55B Cash Flow Locks GFLW Top Spot

SanDisk ($SNDK) now sits as the largest holding in the VictoryShares Free Cash Flow Growth ETF (GFLW) as of May 31. The index behind GFLW screens for free cash flow return on invested capital – expected FCF divided by invested capital – and SanDisk scored highest among the qualifying large-cap growth names.

The company's April 30 earnings showed $5.95 billion in quarterly revenue and net income of $3.62 billion. Operating cash flow reached $4.55 billion over the first nine months of fiscal 2026, a figure the index uses as a forward-looking signal once capex is deducted.

SanDisk's balance sheet carries zero debt after management eliminated all borrowings. The board authorized a $6 billion share buyback program. “With a zero-debt balance sheet, strong cash generation, and a recently authorized share repurchase program, we are positioned to deliver substantial long-term value creation for our shareholders,” CEO David Goeckeler said in the earnings release.

The company spun off from Western Digital late last year, becoming a pure-play flash storage supplier. Revenue growth tracks data-center buildout tied to AI infrastructure spending. The FCF ROIC metric caught SanDisk before the bulk of that spending materialized.

GFLW rebalances periodically. The next Index review date is scheduled for August 2026.