Flex vs Sanmina
Flex reported revenue of $27.9 billion in fiscal 2026, 3.4 times Sanmina's $8.1 billion in fiscal 2025. Flex's revenue grew 8.1% in its latest year, and Sanmina's grew 7.4%. Flex had an operating margin of 4.9%, against 4.4% at Sanmina. Free cash flow was $1.1 billion at Flex and $473 million at Sanmina. Their fiscal years end in different months (March 31 and September 27), so the periods don't line up exactly.
Side by side
| Flex | Sanmina | |
|---|---|---|
| Latest fiscal year | FY2026, Mar 31, 2026 | FY2025, Sep 27, 2025 |
| Revenue | $27.9B | $8.1B |
| Revenue growth | 8.1% | 7.4% |
| Revenue growth a year, last 5 years | 3.0% | 3.2% |
| Gross margin | 9.2% | 8.8% |
| Operating margin | 4.9% | 4.4% |
| Net margin | 3.1% | 3.0% |
| Free cash flow | $1.1B | $473M |
| Free cash flow margin | 3.8% | 5.8% |
| Return on capital | 16.3% | 14.2% |
| Net debt to EBITDA | 0.7x | −1.4x |
| Dividends and buybacks | $944M | $0M |
| Change in diluted share count | −5.0% | −3.1% |
| Last close | $76.99 | $161.34 |
| P/E at the last close | 29.7× | 28.9× |
| Insider trades, last 12 months | sold $119.4 million | bought $99,722, sold $43.0 million |
| Piotroski F-score | 9 of 9 | 8 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
FlexSanmina
Operating margin
Percent of revenue
FlexSanmina
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
FlexSanmina