Flex vs Sanmina
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The short version
- Flex is the larger business, with $27.9B of revenue in fiscal 2026 against $8.1B for Sanmina, about 3.4 times as much.
- Flex grew revenue faster (8.1%, against 7.4%).
- Flex kept more of each dollar of sales as operating profit (4.9% operating margin, against 4.4%).
- Sanmina turned more of its sales into free cash flow (5.8% FCF margin, against 3.8%).
- Flex earned a higher return on the capital invested in it (16.3%, against 14.2%).
- Investors pay more for each dollar of Flex’s earnings: a P/E of 29.6x against 27.9x for Sanmina.
| Latest fiscal year | FLEX · FY26 | SANM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $28.6B | $8.6B |
| Revenue | $27.9B | $8.1B |
| Free cash flow | $1.1B | $473M |
| Net income | $880M | $246M |
| Growth | ||
| Revenue growth | 8.1% | 7.4% |
| 5-year growth | 3.0% | 3.2% |
| Share count change | −5.0% | −3.2% |
| Profitability | ||
| Gross margin | 9.2% | 8.8% |
| Operating margin | 4.9% | 4.4% |
| Net margin | 3.2% | 3.0% |
| FCF margin | 3.8% | 5.8% |
| Return on capital | 16.3% | 14.2% |
| Return on equity | 17.4% | 10.0% |
| Balance sheet | ||
| Net debt | $1.4B | −$643M |
| Net debt / EBITDA | 0.7x | −1.4x |
| Dividends and buybacks | $944M | $0.0M |
| Valuation & quality | ||
| P/E | 29.6x | 27.9x |
| Piotroski F-score | 9 | 8 |
Revenue
FY17
FLEX $23.9B
SANM $6.9B
FY18
FLEX $25.4B
SANM $7.1B
FY19
FLEX $26.2B
SANM $8.2B
FY20
FLEX $24.2B
SANM $7.0B
FY21
FLEX $24.1B
SANM $6.7B
FY22
FLEX $24.6B
SANM $7.9B
FY23
FLEX $28.5B
SANM $8.9B
FY24
FLEX $26.4B
SANM $7.6B
FY25
FLEX $25.8B
SANM $8.1B
FY26
FLEX $27.9B
SANM —
FLEX
SANM
Operating margin
FY17
FLEX —
SANM 3.3%
FY18
FLEX —
SANM 1.7%
FY19
FLEX —
SANM 3.5%
FY20
FLEX 1.7%
SANM 3.2%
FY21
FLEX 3.3%
SANM 3.8%
FY22
FLEX 3.6%
SANM 4.4%
FY23
FLEX 3.6%
SANM 5.1%
FY24
FLEX 3.2%
SANM 4.4%
FY25
FLEX 4.5%
SANM 4.4%
FY26
FLEX 4.9%
SANM —
FLEX
SANM
Free cash flow
FY17
FLEX −$4.3B
SANM $139M
FY18
FLEX −$4.4B
SANM $37.5M
FY19
FLEX −$3.7B
SANM $248M
FY20
FLEX −$2.0B
SANM $235M
FY21
FLEX −$207M
SANM $265M
FY22
FLEX $581M
SANM $192M
FY23
FLEX $315M
SANM $43.8M
FY24
FLEX $796M
SANM $229M
FY25
FLEX $1.1B
SANM $473M
FY26
FLEX $1.1B
SANM —
FLEX
SANM
Return on capital
FY17
FLEX 10.9%
SANM 9.0%
FY18
FLEX 12.7%
SANM 3.9%
FY19
FLEX 3.8%
SANM 10.9%
FY20
FLEX 5.7%
SANM 9.9%
FY21
FLEX 16.3%
SANM 15.1%
FY22
FLEX 16.2%
SANM 17.7%
FY23
FLEX 14.8%
SANM 20.2%
FY24
FLEX 13.8%
SANM 12.6%
FY25
FLEX 15.3%
SANM 14.2%
FY26
FLEX 16.3%
SANM —
FLEX
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.