Sanmina vs TE Connectivity
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KIRA’s take AI analyst
I put Sanmina and TE Connectivity side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- TE Connectivity turned more of its sales into free cash flow (18.6% FCF margin, against 5.8%).
- 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 28.9x against 20.9x for TE Connectivity.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Sanmina
SANM
3/11
Return on capitalPiotroski F-scoreNet debt / EBITDA
TE Connectivity
TEL
8/11
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | SANM FY25 | TEL FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.9B | $62.7B |
| 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 | 28.9x | 20.9x |
| Piotroski F-score | 8 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.