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Sanmina

SANM Nasdaq Electronic Manufacturing Services Financials FY2016–FY2025

Sanmina's revenue rose 7.4% to $8.1 billion in fiscal 2025. Its operating margin was 4.4%, down from 4.4% a year earlier. Free cash flow was $473 million, up 106.7%. The diluted share count fell 3.1%.

Last close · Oct 23, 2026

$155.71

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$8.1B
7.4% vs prior year
Operating margin Operating income as a share of revenue.
4.4%
0.1 pts
Net income Profit after all expenses, interest and tax.
$246M
10.5%
Free cash flow Cash from operations minus capital spending.
$473M
106.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
14.2%
1.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$8.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
27.9x
On $5.59 EPS (TTM)

What Sanmina does

No business description yet.

Legal name
Sanmina Corporation
Fiscal year ends
September 27, 2025
Latest annual report
—
Accession · CIK
0000897723-25-000042
0000897723

Revenue and margins

Sanmina had $8.1B of revenue in fiscal 2025, up 7.4% 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 2016 to 2025, diluted EPS grew 7.2% 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 $473M in fiscal 2025, 5.8% 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

Sanmina returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 3.2%.

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

Value Sanmina 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 $643M and divides by 55.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 27.9x · peers 26.8x · sector 33.5x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $650M$530M$668M$626M$926M
Debt incl. finance leases $312M$329M$312M$300M$283M
Net debt / EBITDA −0.9x−0.4x−0.6x−0.7x−1.4x
Debt / equity 0.2x0.2x0.1x0.1x0.1x
Interest coverage 13.1x15.6x12.6x11.5x17.6x
Current ratio 1.8x1.6x1.9x2.0x1.7x
Quick ratio 1.3x0.9x1.2x1.3x1.0x
Total assets $4.2B$4.8B$4.9B$4.8B$5.9B
Total liabilities $2.4B$3.0B$2.6B$2.5B$3.3B
Shareholders' equity $1.9B$1.8B$2.3B$2.4B$2.5B
Net debt (− = net cash) −$338M−$201M−$355M−$326M−$643M

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

$38.2M

7 insiders

Of sales under plans

12%

$4.5M

DateInsiderTradeSharesPriceValueFiling
Sep 17, 2026 Susan A JohnsonDirector Sold plan 120 $200.46 $0.0M Form 4
Aug 28, 2026 Susan A JohnsonDirector Sold plan 120 $202.69 $0.0M Form 4
May 29, 2026 Jonathan P FaustEVP & CFO Sold plan 10,076 $265.80 $2.7M Form 4
May 26, 2026 ALAN McWILLIAMS REIDEVP, Global Human Resources Sold plan 5,000 $254.39 $1.3M Form 4
May 8, 2026 ALAN McWILLIAMS REIDEVP, Global Human Resources Sold 1,000 $248.60 $0.2M Form 4
May 6, 2026 Jure SolaChairman & CEO Sold 118,368 $228.84 $27.1M Form 4
May 4, 2026 ALAN McWILLIAMS REIDEVP, Global Human Resources Sold 1,000 $225.00 $0.2M Form 4
May 1, 2026 ALAN McWILLIAMS REIDEVP, Global Human Resources Sold 1,000 $218.17 $0.2M Form 4
May 1, 2026 David Hedley V IIIDirector Sold 500 $219.52 $0.1M Form 4
Apr 30, 2026 Vishnu VenkateshSee Remarks Sold plan 2,275 $212.80 $0.5M Form 4
Apr 29, 2026 Joseph G Licata JrDirector Sold 26,565 $211.03 $5.6M Form 4
Feb 26, 2026 ALAN McWILLIAMS REIDEVP, Global Human Resources Sold 1,500 $160.64 $0.2M Form 4

Piotroski F-score

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

TestFY23FY24FY25
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 7 / 97 / 98 / 9
Accruals ratio 1.5%−2.4%−7.0%
Altman Z'' 2.112.272.13

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
Sanmina SANM $8.6B 7.4% 4.4% 5.8% 14.2% 27.9x 8
Fabrinet FN $11.4B 35.7% 10.0% 0.1% 30.0% 24.1x 5 Compare →
TE Connectivity TEL $61.0B 8.9% 18.6% 18.6% 12.1% 20.4x 6 Compare →
TTM Technologies TTMI $8.6B 19.0% 9.1% −0.0% 10.7% 36.3x 7 Compare →
Flex FLEX $28.6B 8.1% 4.9% 3.8% 16.3% 29.6x 9 Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.5B $6.9B $7.1B $8.2B $7.0B $6.7B $7.9B $8.9B $7.6B $8.1B
Gross profit $514M $520M $464M $592M $517M $526M $622M $743M $640M $716M
Research and development $37.7M $33.7M $30.8M $27.6M $22.6M $20.9M $21.3M $26.4M $28.5M $31.1M
Operating income $225M $227M $119M $286M $219M $256M $350M $456M $336M $355M
Interest expense $24.9M $21.9M $27.7M $30.8M $28.9M $19.6M $22.5M $36.3M $29.2M $20.2M
Pretax income $205M $214M $97.5M $246M $192M $282M $302M $413M $318M $339M
Income tax $16.8M $74.6M $193M $104M $59.0M $32.1M $61.9M $85.3M $79.8M $73.2M
Net income $188M $139M −$95.5M $142M $133M $250M $240M $310M $223M $246M
Diluted EPS $2.38 $1.78 −$1.37 $1.97 $1.88 $3.72 $3.81 $5.18 $3.91 $4.46
Diluted shares 0.08B 0.08B 0.07B 0.07B 0.07B 0.07B 0.06B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $390M $251M $156M $383M $301M $338M $331M $235M $340M $621M
Capital expenditure $120M $112M $119M $135M $66.0M $73.3M $139M $191M $111M $147M
Free cash flow $270M $139M $37.5M $248M $235M $265M $192M $43.8M $229M $473M
Depreciation and amortization $112M $119M $119M $117M $114M $110M $109M $118M $122M $120M
Stock-based compensation $26.9M $37.9M $32.8M $30.8M $26.2M $35.0M $39.6M $50.4M $57.4M $63.4M
Acquisitions $58.9M $0.0M $0.0M $0.0M $0.0M $21.4M $0.0M $0.0M $0.0M $0.0M
Share buybacks $142M $177M $158M $12.6M $179M $64.1M $331M $0.0M $0.0M $0.0M
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 $142M $177M $158M $12.6M $179M $64.1M $331M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $398M $407M $420M $455M $481M $650M $530M $668M $626M $926M
Total debt $438M $395M $393M $385M $348M $312M $329M $312M $300M $283M
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 $2.4B $2.6B $3.0B $2.9B $2.8B $3.3B $3.9B $3.9B $3.9B $4.9B
Current liabilities $1.4B $1.6B $2.4B $1.7B $1.5B $1.8B $2.5B $2.0B $1.9B $2.8B
Inventory $946M $1.1B $1.4B $901M $861M $1.0B $1.7B $1.5B $1.4B $2.0B
Property and equipment, net $618M $640M $643M $631M $559M $533M $575M $633M $616M $682M
Total assets $3.6B $3.8B $4.1B $3.9B $3.8B $4.2B $4.8B $4.9B $4.8B $5.9B
Total liabilities $2.0B $2.2B $2.6B $2.3B $2.1B $2.4B $3.0B $2.6B $2.5B $3.3B
Shareholders' equity $1.6B $1.6B $1.5B $1.6B $1.6B $1.9B $1.8B $2.3B $2.4B $2.5B
Margins
Gross margin 7.9% 7.6% 6.5% 7.2% 7.4% 7.8% 7.9% 8.3% 8.5% 8.8%
Operating margin 3.5% 3.3% 1.7% 3.5% 3.2% 3.8% 4.4% 5.1% 4.4% 4.4%
EBITDA margin 5.2% 5.0% 3.4% 4.9% 4.8% 5.4% 5.8% 6.4% 6.1% 5.8%
Net margin 2.9% 2.0% −1.3% 1.7% 1.9% 3.7% 3.0% 3.5% 2.9% 3.0%
FCF margin 4.2% 2.0% 0.5% 3.0% 3.4% 3.9% 2.4% 0.5% 3.0% 5.8%
Returns
Return on capital 13.0% 9.0% 3.9% 10.9% 9.9% 15.1% 17.7% 20.2% 12.6% 14.2%
Return on capital employed 10.4% 10.2% 6.1% 14.7% 9.8% 11.0% 14.6% 17.5% 11.7% 12.0%
Return on equity 12.0% 8.5% −6.1% 9.1% 8.1% 14.4% 13.1% 15.0% 9.5% 10.0%
Return on assets 5.3% 3.7% −2.4% 3.5% 3.5% 6.3% 5.3% 6.4% 4.6% 4.6%
Growth
Revenue growth 1.7% 6.0% 3.5% 15.8% −15.6% −3.1% 17.5% 12.8% −15.3% 7.4%
Net income growth −50.2% −26.1% −168.8% — −5.9% 87.4% −3.7% 29.0% −28.2% 10.5%
EPS growth −46.0% −25.2% −177.0% — −4.6% 97.9% 2.4% 36.0% −24.5% 14.1%
FCF growth 383.4% −48.4% −73.0% 561.4% −5.5% 13.0% −27.5% −77.2% 422.8% 106.7%
Share count change −8.0% −0.8% −10.6% 2.6% −1.2% −5.2% −5.9% −5.2% −4.8% −3.2%
Financial health
Net debt / EBITDA 0.1x −0.0x −0.1x −0.2x −0.4x −0.9x −0.4x −0.6x −0.7x −1.4x
Debt / equity 0.3x 0.2x 0.3x 0.2x 0.2x 0.2x 0.2x 0.1x 0.1x 0.1x
Interest coverage 9.0x 10.3x 4.3x 9.3x 7.6x 13.1x 15.6x 12.6x 11.5x 17.6x
Current ratio 1.7x 1.6x 1.3x 1.7x 1.9x 1.8x 1.6x 1.9x 2.0x 1.7x
Quick ratio 1.0x 1.0x 0.7x 1.2x 1.3x 1.3x 0.9x 1.2x 1.3x 1.0x
Capital allocation
Capex / revenue 1.9% 1.6% 1.7% 1.6% 1.0% 1.1% 1.8% 2.1% 1.5% 1.8%
Stock comp / revenue 0.4% 0.6% 0.5% 0.4% 0.4% 0.5% 0.5% 0.6% 0.8% 0.8%
Payouts / FCF 52.7% 127.2% 419.9% 5.1% 76.3% 24.2% 172.3% 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score 7.0 6.0 4.0 8.0 7.0 8.0 7.0 7.0 7.0 8.0
Altman Z'' −0.7 −0.5 −1.5 0.1 0.2 0.9 0.9 2.1 2.3 2.1
Accruals ratio −5.7% −3.0% −6.4% −6.0% −4.4% −2.2% −2.0% 1.5% −2.4% −7.0%

Source: SEC EDGAR XBRL filings (CIK 0000897723). Data updated October 17, 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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