Flex
FLEX · Electronic Manufacturing Services
$76.55
0.2%TE Connectivity
TEL · Electronic Manufacturing Services
$208.05
0.2%The short version
- Flex is the larger business, with $27.9B of revenue in fiscal 2026 against $17.3B for TE Connectivity, about 1.6 times as much.
- TE Connectivity grew revenue faster (8.9%, against 8.1%).
- TE Connectivity kept more of each dollar of sales as operating profit (18.6% operating margin, against 4.9% operating margin).
- TE Connectivity turned more of its sales into free cash flow (18.6% FCF margin, against 3.8% FCF margin).
- Flex earned a higher return on the capital invested in it (16.3%, against 12.1%).
- Investors pay more for each dollar of Flex’s earnings: a P/E of 29.6x against 20.4x for TE Connectivity.
| Latest fiscal year | FLEX · FY26 | TEL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $28.6B | $61.0B |
| Revenue | $27.9B | $17.3B |
| Free cash flow | $1.1B | $3.2B |
| Net income | $880M | $1.8B |
| Growth | ||
| Revenue growth | 8.1% | 8.9% |
| 5-year growth | 3.0% | 7.2% |
| Share count change | −5.0% | −3.2% |
| Profitability | ||
| Gross margin | 9.2% | 35.2% |
| Operating margin | 4.9% | 18.6% |
| Net margin | 3.2% | 10.7% |
| FCF margin | 3.8% | 18.6% |
| Return on capital | 16.3% | 12.1% |
| Return on equity | 17.4% | 14.8% |
| Balance sheet | ||
| Net debt | $1.4B | $3.6B |
| Net debt / EBITDA | 0.7x | 0.9x |
| Dividends and buybacks | $944M | $2.2B |
| Valuation & quality | ||
| P/E | 29.6x | 20.4x |
| Piotroski F-score | 9 | 6 |
FY17
FLEX $23.9B
TEL $12.2B
FY18
FLEX $25.4B
TEL $14.0B
FY19
FLEX $26.2B
TEL $13.4B
FY20
FLEX $24.2B
TEL $12.2B
FY21
FLEX $24.1B
TEL $14.9B
FY22
FLEX $24.6B
TEL $16.3B
FY23
FLEX $28.5B
TEL $16.0B
FY24
FLEX $26.4B
TEL $15.8B
FY25
FLEX $25.8B
TEL $17.3B
FY26
FLEX $27.9B
TEL —
FLEX
TEL
FY17
FLEX —
TEL 15.4%
FY18
FLEX —
TEL 16.7%
FY19
FLEX —
TEL 14.7%
FY20
FLEX 1.7%
TEL 4.4%
FY21
FLEX 3.3%
TEL 16.3%
FY22
FLEX 3.6%
TEL 16.9%
FY23
FLEX 3.6%
TEL 14.4%
FY24
FLEX 3.2%
TEL 17.7%
FY25
FLEX 4.5%
TEL 18.6%
FY26
FLEX 4.9%
TEL —
FLEX
TEL
FY17
FLEX −$4.3B
TEL $1.6B
FY18
FLEX −$4.4B
TEL $1.5B
FY19
FLEX −$3.7B
TEL $1.7B
FY20
FLEX −$2.0B
TEL $1.4B
FY21
FLEX −$207M
TEL $2.0B
FY22
FLEX $581M
TEL $1.7B
FY23
FLEX $315M
TEL $2.4B
FY24
FLEX $796M
TEL $2.8B
FY25
FLEX $1.1B
TEL $3.2B
FY26
FLEX $1.1B
TEL —
FLEX
TEL
FY17
FLEX 10.9%
TEL 13.6%
FY18
FLEX 12.7%
TEL 17.4%
FY19
FLEX 3.8%
TEL 14.6%
FY20
FLEX 5.7%
TEL 2.2%
FY21
FLEX 16.3%
TEL 18.5%
FY22
FLEX 16.2%
TEL 18.8%
FY23
FLEX 14.8%
TEL 14.6%
FY24
FLEX 13.8%
TEL 20.1%
FY25
FLEX 15.3%
TEL 12.1%
FY26
FLEX 16.3%
TEL —
FLEX
TEL
Add another company
Compare up to four at once.
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.