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Flex

FLEX Nasdaq Electronic Manufacturing Services Financials FY2017–FY2026

Flex's revenue rose 8.1% to $27.9 billion in fiscal 2026. Its operating margin was 4.9%, up from 4.5% a year earlier. Free cash flow was $1.1 billion, down 1.4%. It paid out $944 million in dividends and buybacks, 90% of free cash flow. The diluted share count fell 5.0%.

Last close · Oct 23, 2026

$76.55

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$27.9B
8.1% vs prior year
Operating margin Operating income as a share of revenue.
4.9%
0.4 pts
Net income Profit after all expenses, interest and tax.
$880M
5.0%
Free cash flow Cash from operations minus capital spending.
$1.1B
1.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
16.3%
1.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$28.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
29.6x
On $2.59 EPS (TTM)

What Flex does

No business description yet.

Legal name
FLEX LTD.
Fiscal year ends
March 31, 2026
Latest annual report
—
Accession · CIK
0000866374-26-000012
0000866374

Revenue and margins

Flex had $27.9B of revenue in fiscal 2026, up 8.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 16.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.1B in fiscal 2026, 3.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Flex returned $944M to shareholders in fiscal 2026, 90% of free cash flow. The diluted share count fell 5.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Flex yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.4B and divides by 378.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 29.6x · peers 26.0x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Flex can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $3.0B$3.2B$2.5B$2.3B$2.4B
Debt incl. finance leases $4.2B$3.7B$3.3B$3.7B$3.8B
Net debt / EBITDA 0.9x0.4x0.6x0.8x0.7x
Debt / equity 1.0x0.7x0.6x0.7x0.7x
Interest coverage 5.4x4.4x4.1x5.4x6.4x
Current ratio 1.3x1.5x1.5x1.3x1.4x
Quick ratio 0.7x0.8x0.8x0.8x0.9x
Total assets $19.3B$21.4B$18.3B$18.4B$22.1B
Total liabilities $15.1B$15.7B$12.9B$13.4B$16.9B
Shareholders' equity $4.1B$5.4B$5.3B$5.0B$5.1B
Net debt (− = net cash) $1.2B$530M$787M$1.4B$1.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$51.6M

5 insiders

Of sales under plans

72%

$37.0M

DateInsiderTradeSharesPriceValueFiling
Aug 18, 2026 Michael P HartungChief Commercial Officer Sold 2,755 $120.63 $0.3M Form 4
Jun 18, 2026 Daniel WendlerChief Accounting Officer Sold 1,311 $145.20 $0.2M Form 4
Jun 18, 2026 David Scott OfferEVP, General Counsel Sold 6,657 $145.23 $1.0M Form 4
Jun 18, 2026 Kwang Hooi TanChief Operating Officer Sold 8,981 $145.18 $1.3M Form 4
Jun 18, 2026 Michael P HartungChief Commercial Officer Sold 7,269 $145.22 $1.1M Form 4
Jun 18, 2026 Revathi AdvaithiChief Executive Officer, Director Sold plan 39,188 $145.18 $5.7M Form 4
Jun 17, 2026 Daniel WendlerChief Accounting Officer Sold 3,890 $144.47 $0.6M Form 4
Jun 17, 2026 David Scott OfferEVP, General Counsel Sold 20,812 $144.47 $3.0M Form 4
Jun 17, 2026 Kwang Hooi TanChief Operating Officer Sold 26,657 $144.48 $3.9M Form 4
Jun 17, 2026 Michael P HartungChief Commercial Officer Sold 22,627 $144.47 $3.3M Form 4
Jun 17, 2026 Revathi AdvaithiChief Executive Officer, Director Sold plan 197,879 $144.32 $28.6M Form 4
Jun 16, 2026 David Scott OfferEVP, General Counsel Sold plan 18,750 $147.91 $2.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 8 / 96 / 99 / 9
Accruals ratio −1.6%−3.6%−4.0%
Altman Z'' 2.432.122.34

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Flex FLEX $28.6B 8.1% 4.9% 3.8% 16.3% 29.6x 9
Jabil JBL $29.3B 20.6% 4.7% 3.8% 39.3% 28.1x 8 Compare →
TE Connectivity TEL $61.0B 8.9% 18.6% 18.6% 12.1% 20.4x 6 Compare →
Sanmina SANM $8.6B 7.4% 4.4% 5.8% 14.2% 27.9x 8 Compare →
Fabrinet FN $11.4B 35.7% 10.0% 0.1% 30.0% 24.1x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $23.9B $25.4B $26.2B $24.2B $24.1B $24.6B $28.5B $26.4B $25.8B $27.9B
Gross profit $1.5B $1.6B $1.5B $1.3B $1.7B $1.8B $2.0B $1.9B $2.2B $2.6B
Research and development $65.6M $78.2M — — — — — — — —
Operating income — — — $415M $795M $890M $1.0B $853M $1.2B $1.4B
Interest expense $108M $123M $146M $7.2M $150M $166M $230M $207M $218M $215M
Pretax income $371M $521M $182M $159M $714M $964M $807M $666M $1.0B $1.1B
Income tax $51.3M $92.4M $89.0M $71.0M $101M $92.0M $124M −$206M $185M $263M
Net income $320M $429M $93.0M $88.0M $613M $936M $793M $1.0B $838M $880M
Diluted EPS $0.59 $0.80 $0.18 $0.17 $1.21 $1.94 $1.72 $2.28 $2.11 $2.33
Diluted shares 0.55B 0.54B 0.53B 0.51B 0.51B 0.48B 0.46B 0.44B 0.40B 0.38B
Cash flow
Cash from operations −$3.8B −$3.9B −$3.0B −$1.5B $144M $1.0B $950M $1.3B $1.5B $1.7B
Capital expenditure $525M $562M $726M $462M $351M $443M $635M $530M $438M $633M
Free cash flow −$4.3B −$4.4B −$3.7B −$2.0B −$207M $581M $315M $796M $1.1B $1.1B
Depreciation and amortization $432M $434M $433M $487M $484M $469M $495M $501M $509M $525M
Stock-based compensation $77.3M $81.3M $76.0M $71.0M $79.0M $91.0M $133M $152M $125M $142M
Acquisitions $189M $268M $13.0M $1.0M $0.0M $539M $2.0M $0.0M $405M $40.0M
Share buybacks $350M $180M $189M $260M $183M $686M $337M $1.3B $1.3B $944M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $350M $180M $189M $260M $183M $686M $337M $1.3B $1.3B $944M
Balance sheet
Cash and short-term investments $1.8B $1.5B $1.7B $1.9B $2.6B $3.0B $3.2B $2.5B $2.3B $2.4B
Total debt $3.0B $3.0B $3.1B $2.9B $3.8B $4.2B $3.7B $3.3B $3.7B $3.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $8.4B $9.2B $9.1B $9.1B $11.4B $14.3B $16.0B $13.0B $12.8B $16.3B
Current liabilities $6.5B $7.3B $7.6B $7.2B $7.8B $10.7B $10.9B $8.5B $9.9B $12.0B
Inventory $3.4B $3.8B $3.7B $3.8B $3.9B $6.6B $7.4B $6.2B $5.1B $5.8B
Property and equipment, net $2.3B $2.2B $2.3B $2.2B $2.1B $2.1B $2.3B $2.3B $2.3B $2.5B
Total assets $12.6B $13.7B $13.5B $13.7B $15.8B $19.3B $21.4B $18.3B $18.4B $22.1B
Total liabilities $9.9B $10.7B $10.5B $10.9B $12.4B $15.1B $15.7B $12.9B $13.4B $16.9B
Shareholders' equity $2.6B $3.0B $3.0B $2.8B $3.4B $4.1B $5.4B $5.3B $5.0B $5.1B
Margins
Gross margin 6.4% 6.3% 5.8% 5.5% 7.0% 7.2% 6.9% 7.1% 8.4% 9.2%
Operating margin — — — 1.7% 3.3% 3.6% 3.6% 3.2% 4.5% 4.9%
EBITDA margin 3.8% 4.2% 2.9% 3.7% 5.3% 5.5% 5.3% 5.1% 6.5% 6.8%
Net margin 1.3% 1.7% 0.4% 0.4% 2.5% 3.8% 2.8% 3.8% 3.3% 3.2%
FCF margin −18.2% −17.4% −14.1% −8.2% −0.9% 2.4% 1.1% 3.0% 4.1% 3.8%
Returns
Return on capital 10.9% 12.7% 3.8% 5.7% 16.3% 16.2% 14.8% 13.8% 15.3% 16.3%
Return on capital employed 8.1% 10.3% 5.3% 6.7% 11.0% 10.7% 10.6% 8.4% 12.8% 14.7%
Return on equity 12.3% 15.1% 3.1% 3.0% 19.6% 24.8% 16.7% 18.9% 16.2% 17.4%
Return on assets 2.6% 3.3% 0.7% 0.7% 4.2% 5.3% 3.9% 5.1% 4.6% 4.4%
Growth
Revenue growth −2.3% 6.6% 3.0% −7.6% −0.4% 2.1% 15.7% −7.3% −2.3% 8.1%
Net income growth −28.0% 34.1% −78.3% −5.4% 596.6% 52.7% −15.3% 26.9% −16.7% 5.0%
EPS growth −25.3% 35.6% −77.5% −5.6% 611.8% 60.3% −11.3% 32.6% −7.5% 10.4%
FCF growth −794.7% — — — — — −45.8% 152.7% 34.1% −1.4%
Share count change −3.3% −1.8% −1.2% −3.4% −1.2% −4.6% −4.4% −4.6% −9.8% −5.0%
Financial health
Net debt / EBITDA 1.3x 1.4x 1.8x 1.0x 0.9x 0.9x 0.4x 0.6x 0.8x 0.7x
Debt / equity 1.1x 1.0x 1.0x 1.0x 1.1x 1.0x 0.7x 0.6x 0.7x 0.7x
Interest coverage 4.4x 5.2x 2.3x 57.6x 5.3x 5.4x 4.4x 4.1x 5.4x 6.4x
Current ratio 1.3x 1.3x 1.2x 1.3x 1.5x 1.3x 1.5x 1.5x 1.3x 1.4x
Quick ratio 0.8x 0.7x 0.7x 0.7x 1.0x 0.7x 0.8x 0.8x 0.8x 0.9x
Capital allocation
Capex / revenue 2.2% 2.2% 2.8% 1.9% 1.5% 1.8% 2.2% 2.0% 1.7% 2.3%
Stock comp / revenue 0.3% 0.3% 0.3% 0.3% 0.3% 0.4% 0.5% 0.6% 0.5% 0.5%
Payouts / FCF — — — — — 118.1% 107.0% 163.1% 117.8% 89.7%
Quality scores
Piotroski F-score 3.0 5.0 2.0 4.0 6.0 7.0 6.0 8.0 6.0 9.0
Altman Z'' 0.6 0.8 0.5 0.7 1.6 1.6 2.2 2.4 2.1 2.3
Accruals ratio 33.2% 32.7% 22.5% 11.9% 3.2% −0.5% −0.8% −1.6% −3.6% −4.0%

Source: SEC EDGAR XBRL filings (CIK 0000866374). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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