Avnet vs Flex
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The short version
- Flex is the larger business, with $27.9B of revenue in fiscal 2026 against $27.6B for Avnet.
- Avnet grew revenue faster (24.5%, against 8.1%).
- Flex kept more of each dollar of sales as operating profit (4.9% operating margin, against 2.6%).
- Flex turned more of its sales into free cash flow (3.8% FCF margin, against −1.3%).
- Flex earned a higher return on the capital invested in it (16.3%, against 7.0%).
| Latest fiscal year | AVT · FY26 | FLEX · FY26 |
|---|---|---|
| Size | ||
| Market cap | $7.3B | $28.6B |
| Revenue | $27.6B | $27.9B |
| Free cash flow | −$355M | $1.1B |
| Net income | $334M | $880M |
| Growth | ||
| Revenue growth | 24.5% | 8.1% |
| 5-year growth | 7.2% | 3.0% |
| Share count change | −4.6% | −5.0% |
| Profitability | ||
| Gross margin | 10.4% | 9.2% |
| Operating margin | 2.6% | 4.9% |
| Net margin | 1.2% | 3.2% |
| FCF margin | −1.3% | 3.8% |
| Return on capital | 7.0% | 16.3% |
| Return on equity | 6.7% | 17.4% |
| Balance sheet | ||
| Net debt | $2.3B | $1.4B |
| Net debt / EBITDA | 2.9x | 0.7x |
| Dividends and buybacks | $253M | $944M |
| Valuation & quality | ||
| P/E | — | 29.6x |
| Piotroski F-score | 5 | 9 |
FY17
AVT $17.4B
FLEX $23.9B
FY18
AVT $19.0B
FLEX $25.4B
FY19
AVT $19.5B
FLEX $26.2B
FY20
AVT $17.6B
FLEX $24.2B
FY21
AVT $19.5B
FLEX $24.1B
FY22
AVT $24.3B
FLEX $24.6B
FY23
AVT $26.5B
FLEX $28.5B
FY24
AVT $23.8B
FLEX $26.4B
FY25
AVT $22.2B
FLEX $25.8B
FY26
AVT $27.6B
FLEX $27.9B
AVT
FLEX
FY17
AVT 2.5%
FLEX —
FY18
AVT 1.1%
FLEX —
FY19
AVT 1.9%
FLEX —
FY20
AVT −0.0%
FLEX 1.7%
FY21
AVT 1.4%
FLEX 3.3%
FY22
AVT 3.9%
FLEX 3.6%
FY23
AVT 4.5%
FLEX 3.6%
FY24
AVT 3.6%
FLEX 3.2%
FY25
AVT 2.3%
FLEX 4.5%
FY26
AVT 2.6%
FLEX 4.9%
AVT
FLEX
FY17
AVT −$489M
FLEX −$4.3B
FY18
AVT $97.6M
FLEX −$4.4B
FY19
AVT $412M
FLEX −$3.7B
FY20
AVT $657M
FLEX −$2.0B
FY21
AVT $40.6M
FLEX −$207M
FY22
AVT −$268M
FLEX $581M
FY23
AVT −$908M
FLEX $315M
FY24
AVT $464M
FLEX $796M
FY25
AVT $577M
FLEX $1.1B
FY26
AVT −$355M
FLEX $1.1B
AVT
FLEX
FY17
AVT 6.8%
FLEX 10.9%
FY18
AVT 1.8%
FLEX 12.7%
FY19
AVT 5.2%
FLEX 3.8%
FY20
AVT −0.1%
FLEX 5.7%
FY21
AVT 5.8%
FLEX 16.3%
FY22
AVT 14.8%
FLEX 16.2%
FY23
AVT 14.4%
FLEX 14.8%
FY24
AVT 9.2%
FLEX 13.8%
FY25
AVT 6.8%
FLEX 15.3%
FY26
AVT 7.0%
FLEX 16.3%
AVT
FLEX
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.