Sanmina
SANM · Electronic Manufacturing Services
$155.71
0.8%TE Connectivity
TEL · Electronic Manufacturing Services
$208.05
0.2%The short version
- TE Connectivity is the larger business, with $17.3B of revenue in fiscal 2025 against $8.1B for Sanmina, about 2.1 times as much.
- TE Connectivity grew revenue faster (8.9%, against 7.4%).
- TE Connectivity kept more of each dollar of sales as operating profit (18.6% operating margin, against 4.4% operating margin).
- TE Connectivity turned more of its sales into free cash flow (18.6% FCF margin, against 5.8% FCF margin).
- Sanmina earned a higher return on the capital invested in it (14.2%, against 12.1%).
- Investors pay more for each dollar of Sanmina’s earnings: a P/E of 27.9x against 20.4x for TE Connectivity.
| Latest fiscal year | SANM · FY25 | TEL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.6B | $61.0B |
| Revenue | $8.1B | $17.3B |
| Free cash flow | $473M | $3.2B |
| Net income | $246M | $1.8B |
| Growth | ||
| Revenue growth | 7.4% | 8.9% |
| 5-year growth | 3.2% | 7.2% |
| Share count change | −3.2% | −3.2% |
| Profitability | ||
| Gross margin | 8.8% | 35.2% |
| Operating margin | 4.4% | 18.6% |
| Net margin | 3.0% | 10.7% |
| FCF margin | 5.8% | 18.6% |
| Return on capital | 14.2% | 12.1% |
| Return on equity | 10.0% | 14.8% |
| Balance sheet | ||
| Net debt | −$643M | $3.6B |
| Net debt / EBITDA | −1.4x | 0.9x |
| Dividends and buybacks | $0.0M | $2.2B |
| Valuation & quality | ||
| P/E | 27.9x | 20.4x |
| Piotroski F-score | 8 | 6 |
FY16
SANM $6.5B
TEL $11.4B
FY17
SANM $6.9B
TEL $12.2B
FY18
SANM $7.1B
TEL $14.0B
FY19
SANM $8.2B
TEL $13.4B
FY20
SANM $7.0B
TEL $12.2B
FY21
SANM $6.7B
TEL $14.9B
FY22
SANM $7.9B
TEL $16.3B
FY23
SANM $8.9B
TEL $16.0B
FY24
SANM $7.6B
TEL $15.8B
FY25
SANM $8.1B
TEL $17.3B
SANM
TEL
FY16
SANM 3.5%
TEL 15.9%
FY17
SANM 3.3%
TEL 15.4%
FY18
SANM 1.7%
TEL 16.7%
FY19
SANM 3.5%
TEL 14.7%
FY20
SANM 3.2%
TEL 4.4%
FY21
SANM 3.8%
TEL 16.3%
FY22
SANM 4.4%
TEL 16.9%
FY23
SANM 5.1%
TEL 14.4%
FY24
SANM 4.4%
TEL 17.7%
FY25
SANM 4.4%
TEL 18.6%
SANM
TEL
FY16
SANM $270M
TEL $1.3B
FY17
SANM $139M
TEL $1.6B
FY18
SANM $37.5M
TEL $1.5B
FY19
SANM $248M
TEL $1.7B
FY20
SANM $235M
TEL $1.4B
FY21
SANM $265M
TEL $2.0B
FY22
SANM $192M
TEL $1.7B
FY23
SANM $43.8M
TEL $2.4B
FY24
SANM $229M
TEL $2.8B
FY25
SANM $473M
TEL $3.2B
SANM
TEL
FY16
SANM 13.0%
TEL 16.4%
FY17
SANM 9.0%
TEL 13.6%
FY18
SANM 3.9%
TEL 17.4%
FY19
SANM 10.9%
TEL 14.6%
FY20
SANM 9.9%
TEL 2.2%
FY21
SANM 15.1%
TEL 18.5%
FY22
SANM 17.7%
TEL 18.8%
FY23
SANM 20.2%
TEL 14.6%
FY24
SANM 12.6%
TEL 20.1%
FY25
SANM 14.2%
TEL 12.1%
SANM
TEL
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