Jabil vs Sanmina
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The short version
- Jabil is the larger business, with $36.0B of revenue in fiscal 2026 against $8.1B for Sanmina, about 4.4 times as much.
- Jabil grew revenue faster (20.6%, against 7.4%).
- Sanmina turned more of its sales into free cash flow (5.8% FCF margin, against 3.8%).
- Jabil earned a higher return on the capital invested in it (39.3%, against 14.2%).
| Latest fiscal year | JBL · FY26 | SANM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.3B | $8.6B |
| Revenue | $36.0B | $8.1B |
| Free cash flow | $1.4B | $473M |
| Net income | $1.0B | $246M |
| Growth | ||
| Revenue growth | 20.6% | 7.4% |
| 5-year growth | 4.2% | 3.2% |
| Share count change | −3.6% | −3.2% |
| Profitability | ||
| Gross margin | 9.2% | 8.8% |
| Operating margin | 4.7% | 4.4% |
| Net margin | 2.9% | 3.0% |
| FCF margin | 3.8% | 5.8% |
| Return on capital | 39.3% | 14.2% |
| Return on equity | 66.7% | 10.0% |
| Balance sheet | ||
| Net debt | $2.0B | −$643M |
| Net debt / EBITDA | 0.8x | −1.4x |
| Dividends and buybacks | $1.1B | $0.0M |
| Valuation & quality | ||
| P/E | — | 27.9x |
| Piotroski F-score | 8 | 8 |
Revenue
FY17
JBL $19.1B
SANM $6.9B
FY18
JBL $22.1B
SANM $7.1B
FY19
JBL $25.3B
SANM $8.2B
FY20
JBL $27.3B
SANM $7.0B
FY21
JBL $29.3B
SANM $6.7B
FY22
JBL $33.5B
SANM $7.9B
FY23
JBL $34.7B
SANM $8.9B
FY24
JBL $28.9B
SANM $7.6B
FY25
JBL $29.8B
SANM $8.1B
FY26
JBL $36.0B
SANM —
JBL
SANM
Operating margin
FY17
JBL 2.2%
SANM 3.3%
FY18
JBL 2.5%
SANM 1.7%
FY19
JBL 2.8%
SANM 3.5%
FY20
JBL 1.8%
SANM 3.2%
FY21
JBL 3.6%
SANM 3.8%
FY22
JBL 4.2%
SANM 4.4%
FY23
JBL 4.4%
SANM 5.1%
FY24
JBL 7.0%
SANM 4.4%
FY25
JBL 4.0%
SANM 4.4%
FY26
JBL 4.7%
SANM —
JBL
SANM
Free cash flow
FY17
JBL −$2.2B
SANM $139M
FY18
JBL −$2.1B
SANM $37.5M
FY19
JBL $188M
SANM $248M
FY20
JBL $274M
SANM $235M
FY21
JBL $274M
SANM $265M
FY22
JBL $266M
SANM $192M
FY23
JBL $704M
SANM $43.8M
FY24
JBL $932M
SANM $229M
FY25
JBL $1.2B
SANM $473M
FY26
JBL $1.4B
SANM —
JBL
SANM
Return on capital
FY17
JBL 6.0%
SANM 9.0%
FY18
JBL 8.4%
SANM 3.9%
FY19
JBL 13.9%
SANM 10.9%
FY20
JBL 7.6%
SANM 9.9%
FY21
JBL 22.0%
SANM 15.1%
FY22
JBL 28.4%
SANM 17.7%
FY23
JBL 23.8%
SANM 20.2%
FY24
JBL 45.6%
SANM 12.6%
FY25
JBL 31.1%
SANM 14.2%
FY26
JBL 39.3%
SANM —
JBL
SANM
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.