A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
FLEX LTD.
FLEX
$44.8B
Mkt Cap
$118.51
-7.37%
FLEX LTD. (FLEX) has a current P/E ratio of 53.1, compared to its historical median P/E of 15.7. The stock is currently considered Expensive based on its historical valuation range.
FLEX LTD. (FLEX) has a 5-year average return on invested capital (ROIC) of 16.2%. This indicates strong capital allocation and a potential competitive advantage.
FLEX LTD. (FLEX) has a market capitalization of $44.8B. It is classified as a large-cap stock.
FLEX LTD. (FLEX) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.11%.
Based on historical P/E analysis, FLEX LTD. (FLEX) appears expensive. The current P/E of 53.1 is 238% above its historical median of 15.7. The estimated fair value CAGR (P/E method) is 45.9%.
FLEX LTD. (FLEX) operates in the Printed Circuit Boards industry, within the Technology sector.
FLEX LTD. (FLEX) reported annual revenue of $27.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Flex is an advanced, end-to-end manufacturing partner serving a diverse customer base across approximately 30 countries with design, engineering, supply chain, manufacturing, post-production, and post-sale services, along with proprietary products. The company operates through two segments: Flex Agility Solutions (FAS), optimized for speed to market and serving communications, enterprise, cloud, lifestyle, and consumer devices; and Flex Reliability Solutions (FRS), optimized for longer product lifecycles and serving industrial, automotive, and health solutions end markets. Flex's business model combines traditional electronics manufacturing services (EMS) with an expanding portfolio of proprietary products and value-added services, particularly in data center infrastructure where the company offers integrated racks, vertical services, and power products from grid to chip. The company earns revenue through manufacturing and supply chain services on a project and volume basis, with strategic acquisitions such as JetCool Technologies and Crown Technical Systems enhancing capabilities in liquid cooling and critical power. Flex's competitive moat derives from its global scale, technical depth, specialized manufacturing capabilities across complex environments, and increasingly from its integrated product and service architecture that few competitors can replicate at scale. The company's ten largest customers accounted for approximately 44% of net sales in fiscal 2025, with no single customer exceeding 10%, and serves many of the world's leading data center, consumer products, healthcare, automotive, and industrial companies.
【AI-driven infrastructure acceleration】 Management expects continued strong demand in data center and power infrastructure driven by AI deployment, with Cloud and Power Infrastructure (CPI) segment revenue projected to grow 65–75% in fiscal 2027 and over 80% in fiscal 2028. The company is investing significantly in manufacturing capacity and infrastructure to support this growth, with capital expenditures elevated in fiscal 2027 but expected to normalize in fiscal 2028 as the company grows into these investments. Operating margins are anticipated to expand as the company recoupes fiscal 2026 infrastructure investments and achieves scale, with CPI margins expected to improve by approximately 100 basis points in fiscal 2027 and an additional 50–100 basis points in fiscal 2028. Post-spin, Flex (excluding the Cloud and Power Infrastructure business) is targeting low to mid-single-digit revenue growth and will focus on regulated and technology-driven markets including healthcare, warehouse automation, and networking tied to data center infrastructure growth.
| Metric | Target | Period |
|---|---|---|
| Revenue | $32.3 billion–$33.8 billion | FY2027 |
| Adjusted Operating Margin | 7.0%–7.1% | FY2027 |
| Adjusted EPS | $4.21–$4.51 | FY2027 |
| CapEx | $1.4 billion–$1.6 billion | FY2027 |
| CPI Revenue Growth | 65%–75% | FY2027 |
| CPI Revenue Growth | over 80% | FY2028 |
| CPI Margin Expansion | 100 basis points | FY2027 |
| CPI Margin Expansion | 50–100 basis points | FY2028 |
| RMS Revenue Growth | low to mid-single digits | FY2027 |
| ITS Revenue Growth | flat to up low single digits | FY2027 |
| Q1 FY2027 Revenue | $7.35 billion–$7.65 billion |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 27.9B | 27.9B | 25.8B | 26.4B | 28.5B | 24.6B |
| Net Income | 880M | 880M | 838M | 1.0B | 793M | 936M |
| EPS | $2.33 | $2.33 | $2.11 | $2.28 | $1.72 | $1.94 |
| Free Cash Flow | 1.1B | 1.1B | 1.1B | 796M | 315M | 581M |
| ROIC | 16.2% | 18.0% | 15.3% | 14.4% | 16.7% | 16.6% |
| Gross Margin | 9.2% | 9.2% | 8.4% | 7.1% | 6.9% | 7.2% |
| Debt/Equity | 0.73 | 0.73 | 0.74 | 0.61 | 0.69 | 1.02 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.4B | 1.4B | 1.2B | 853M | 1.0B | 890M |
| Operating Margin | 4.9% | 4.9% | 4.5% | 3.2% | 3.6% | 3.6% |
| ROE | 17.1% | 17.3% | 16.2% | 18.8% | 16.7% | 24.7% |
| Shares Outstanding | 378M | 378M | 397M | 441M | 461M | 482M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 26.1B | 24.4B | 23.9B | 25.4B | 26.2B | 24.2B | 24.1B | 24.6B | 28.5B | 26.4B | 25.8B | 27.9B | 27.9B |
| Gross Margin | 5.9% | 6.6% | 6.4% | 6.3% | 5.8% | 5.5% | 7.0% | 7.2% | 6.9% | 7.1% | 8.4% | 9.2% | 9.2% |
| R&D | 26M | 61M | 66M | 78M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 844M | 955M | 937M | 1.0B | 953M | 834M | 817M | 830M | 874M | 922M | 904M | 1.1B | 1.1B |
| EBIT | 747M | 553M | 479M | 644M | 328M | 415M | 795M | 890M | 1.0B | 853M | 1.2B | 1.4B | 1.4B |
| Op. Margin | 2.9% | 2.3% | 2.0% | 2.5% | 1.3% | 1.7% | 3.3% | 3.6% | 3.6% | 3.2% | 4.5% | 4.9% | 4.9% |
| Net Income | 601M | 444M | 320M | 429M | 93M | 88M | 613M | 936M | 793M | 1.0B | 838M | 880M | 880M |
| Net Margin | 2.3% | 1.8% | 1.3% | 1.7% | 0.4% | 0.4% | 2.5% | 3.8% | 2.8% | 3.8% | 3.2% | 3.2% | 3.2% |
| Non-Recurring | 12M | 0 | 39M | 91M | 113M | 216M | 101M | 18M | 27M | 189M | 88M | 87M | 87M |
| Returns on Capital | |||||||||||||
| ROIC | 24.6% | 16.6% | 11.1% | 12.9% | 4.5% | 6.7% | 16.7% | 16.6% | 16.7% | 14.4% | 15.3% | 18.0% | 16.2% |
| ROE | 26.6% | 18.0% | 12.3% | 15.1% | 3.1% | 3.0% | 19.6% | 24.7% | 16.7% | 18.8% | 16.2% | 17.3% | 17.1% |
| ROA | 5.0% | 3.7% | 2.6% | 3.3% | 0.7% | 0.6% | 4.2% | 5.3% | 3.9% | 5.1% | 4.6% | 4.4% | 4.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 794M | 1.1B | -3.8B | -3.9B | -3.0B | -1.5B | 144M | 1.0B | 950M | 1.3B | 1.5B | 1.7B | 1.7B |
| Free Cash Flow | 447M | 626M | -4.3B | -4.4B | -3.7B | -2.0B | -207M | 581M | 315M | 796M | 1.1B | 1.1B | 1.1B |
| Owner Earnings | 203M | 543M | -4.3B | -4.4B | -3.5B | -2.1B | -419M | 464M | 322M | 673M | 871M | 1.0B | 1.0B |
| CapEx | 347M | 511M | 525M | 562M | 726M | 462M | 351M | 443M | 635M | 530M | 438M | 633M | 633M |
| Maint. CapEx | 540M | 515M | 432M | 434M | 433M | 487M | 484M | 469M | 495M | 501M | 509M | 525M | 525M |
| Growth CapEx | 0 | 0 | 93M | 128M | 293M | 0 | 0 | 0 | 140M | 29M | 0 | 108M | 108M |
| D&A | 540M | 515M | 432M | 434M | 433M | 487M | 484M | 469M | 495M | 501M | 509M | 525M | 525M |
| CapEx/OCF | 43.8% | 44.9% | N/A | N/A | N/A | N/A | 243.8% | 43.3% | 66.8% | 40.0% | 29.1% | N/A | 37.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 416M | 420M | 350M | 180M | 189M | 260M | 183M | 686M | 337M | 1.3B | 1.3B | 944M | 944M |
| Buyback Yield | 5.7% | 6.3% | 3.9% | 2.1% | 3.7% | 6.2% | 2.1% | 8.2% | 4.5% | 10.3% | 9.5% | 0.0% | 2.1% |
| Stock-Based Comp | 50M | 78M | 77M | 81M | 76M | 71M | 79M | 91M | 133M | 152M | 125M | 142M | 142M |
| Debt Repayment | 344M | 190M | 142M | 1.4B | 3.1B | 1.3B | 1.1B | 284M | 1.0B | 409M | 58M | 1.2B | 1.2B |
| Balance Sheet | |||||||||||||
| Net Debt | 443M | 1.2B | 1.1B | 1.5B | 1.4B | 915M | 1.1B | 1.2B | 530M | 787M | 1.4B | 1.4B | 1.4B |
| Cash & Equiv. | 1.6B | 1.6B | 1.8B | 1.5B | 1.7B | 1.9B | 2.6B | 3.0B | 3.2B | 2.5B | 2.3B | 2.4B | 2.4B |
| Long-Term Debt | 2.0B | 2.7B | 2.9B | 2.9B | 2.4B | 2.7B | 3.5B | 3.2B | 3.5B | 3.3B | 2.5B | 3.8B | 3.8B |
| Debt/Equity | 0.88 | 1.08 | 1.12 | 0.97 | 1.03 | 1.00 | 1.10 | 1.02 | 0.69 | 0.61 | 0.74 | 0.73 | 0.73 |
| Interest Coverage | 9.8 | 5.6 | 4.4 | 5.2 | 2.2 | 57.6 | 5.3 | 5.4 | 4.4 | 4.1 | 6.3 | 6.9 | 6.9 |
| Equity | 2.4B | 2.6B | 2.6B | 3.0B | 3.0B | 2.8B | 3.4B | 4.1B | 5.4B | 5.3B | 5.0B | 5.1B | 5.1B |
| Total Assets | 11.7B | 12.4B | 12.6B | 13.7B | 13.5B | 13.7B | 15.8B | 19.3B | 21.4B | 18.3B | 18.4B | 22.1B | 22.1B |
| Total Liabilities | 9.3B | 9.8B | 9.9B | 10.7B | 10.5B | 10.9B | 12.4B | 15.1B | 15.7B | 12.9B | 13.4B | 16.9B | 16.9B |
| Intangibles | 82M | 404M | 362M | 424M | 331M | 262M | 213M | 411M | 315M | 245M | 343M | 283M | 283M |
| Retained Earnings | -4.3B | -3.9B | -3.6B | -3.1B | -3.0B | -2.9B | -2.3B | -1.4B | -560M | 446M | 1.3B | 2.2B | 2.2B |
| Working Capital | 2.0B | 1.7B | 1.9B | 1.9B | 1.5B | 1.9B | 3.5B | 3.6B | 5.2B | 4.5B | 3.0B | 4.3B | 4.3B |
| Current Assets | 8.7B | 8.3B | 8.4B | 9.2B | 9.1B | 9.1B | 11.4B | 14.3B | 16.0B | 13.0B | 12.8B | 16.3B | 16.3B |
| Current Liabilities | 6.8B | 6.6B | 6.5B | 7.3B | 7.6B | 7.2B | 7.8B | 10.7B | 10.9B | 8.5B | 9.8B | 12.0B | 12.0B |
| Per Share Data | |||||||||||||
| EPS | 1.02 | 0.79 | 0.59 | 0.80 | 0.18 | 0.17 | 1.21 | 1.94 | 1.72 | 2.28 | 2.11 | 2.33 | 2.33 |
| Owner EPS | 0.35 | 0.97 | -8.00 | -8.18 | -6.74 | -4.04 | -0.83 | 0.96 | 0.70 | 1.53 | 2.19 | 2.70 | 2.70 |
| Book Value | 4.01 | 4.57 | 4.88 | 5.64 | 5.75 | 5.47 | 6.78 | 8.56 | 11.61 | 12.07 | 12.59 | 13.62 | 13.62 |
| Cash Flow/Share | 1.35 | 2.02 | -7.06 | -7.22 | -5.75 | -2.96 | 0.28 | 2.12 | 2.06 | 3.01 | 3.79 | 4.46 | 3.72 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 589.0M | 562.1M | 541.6M | 535.7M | 516.7M | 517.6M | 506.6M | 482.5M | 461.0M | 441.2M | 397.2M | 377.7M | 377.7M |
| Valuation | |||||||||||||
| P/E Ratio | 12.1 | 14.9 | 28.2 | 20.4 | 54.4 | 47.4 | 14.5 | 8.9 | 9.4 | 12.5 | 15.7 | N/A | 50.9 |
| P/FCF | 12.3 | 8.0 | N/A | N/A | N/A | N/A | N/A | 10.8 | 23.7 | 15.9 | 12.4 | N/A | 42.5 |
| EV/EBIT | N/A | N/A | 21.1 | N/A | N/A | N/A | 9.6 | 7.8 | 4.9 | 12.8 | 11.5 | N/A | 33.7 |
| Price/Book | N/A | N/A | N/A | 2.9 | 1.7 | 1.5 | 2.6 | 2.0 | 1.4 | 2.4 | 2.6 | N/A | 8.7 |
| Price/Sales | 0.2 | 0.3 | 0.3 | 0.4 | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | 0.4 | 0.5 | N/A | 1.6 |
| FCF Yield | 6.1% | 9.4% | -48.3% | -50.7% | -72.8% | -47.9% | -2.3% | 7.0% | 4.2% | 6.3% | 8.1% | N/A | 2.4% |
| Market Cap | 7.3B | 6.6B | 9.0B | 8.7B | 5.1B | 4.2B | 8.9B | 8.3B | 7.5B | 12.6B | 13.2B | 0 | 44.8B |
| Avg. Price | 8.07 | 8.46 | 10.36 | 12.96 | 9.01 | 8.17 | 10.07 | 13.34 | 14.31 | 21.01 | 34.14 | 0.00 | 118.51 |
| Year-End Price | 9.33 | 8.89 | 12.52 | 12.29 | 7.38 | 6.07 | 13.19 | 13.03 | 16.21 | 28.61 | 33.18 | 0.00 | 118.51 |
FLEX LTD. passes 5 of 9 quality checks, suggesting mixed fundamentals.
FLEX LTD. trades at 53.1x trailing earnings, compared to its 15-year median P/E of 15.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 37.5x vs a median of 14.1x. The company's 5-year average ROIC is 16.2% with a gross margin of 7.8%. Total shareholder yield (buybacks) is 2.1%. At current prices, the estimated annualized return to fair value is +38.6%.
FLEX LTD. (FLEX) has a net profit margin of 3.2%. This is a modest margin.
FLEX LTD. (FLEX) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FLEX LTD. (FLEX) has a debt-to-equity ratio of 0.73. This indicates moderate leverage.
FLEX LTD. (FLEX) reported earnings per share (EPS) of $2.33 in its most recent fiscal year.
FLEX LTD. (FLEX) has a return on equity (ROE) of 17.3%. This indicates the company generates strong returns for shareholders.
FLEX LTD. (FLEX) has a 5-year average gross margin of 7.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for FLEX LTD. (FLEX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FLEX LTD. (FLEX) has a book value per share of $13.62, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong demand in data center and power infrastructure driven by AI deployment, with Cloud and Power Infrastructure (CPI) segment revenue projected to grow 65–75% in fiscal 2027 and over 80% in fiscal 2028. The company is investing significantly in manufacturing capacity and infrastructure to support this growth, with capital expenditures elevated in fiscal 2027 but expected to normalize in fiscal 2028 as the company grows into these investments. Operating margins are anticipated to expand as the company recoupes fiscal 2026 infrastructure investments and achieves scale, with CPI margins expected to improve by approximately 100 basis points in fiscal 2027 and an additional 50–100 basis points in fiscal 2028. Post-spin, Flex (excluding the Cloud and Power Infrastructure business) is targeting low to mid-single-digit revenue growth and will focus on regulated and technology-driven markets including healthcare, warehouse automation, and networking tied to data center infrastructure growth.
Based on recent SEC filings and earnings calls, FLEX LTD. (FLEX) has provided the following forward guidance: Revenue: $32.3 billion–$33.8 billion (FY2027); Adjusted Operating Margin: 7.0%–7.1% (FY2027); Adjusted EPS: $4.21–$4.51 (FY2027); CapEx: $1.4 billion–$1.6 billion (FY2027); CPI Revenue Growth: 65%–75% (FY2027), plus 7 additional metrics.
| Q1 FY2027 |
| Q1 FY2027 Adjusted EPS | $0.86–$0.92 | Q1 FY2027 |
Revenue (FY2027): “For fiscal 2027, our expectations are the following: revenue to be between $32.3 billion and $33.8 billion, up 18% at the midpoint.”
Adjusted Operating Margin (FY2027): “Adjusted operating margin to be between 7% and 7.1%, an increase of approximately 80 basis points, driven in large part by recouped FY 2026 investments in CPI.”
Adjusted EPS (FY2027): “We expect adjusted EPS to be between $4.21 and $4.51, up 32% at the midpoint.”
CapEx (FY2027): “Finally, we expect CapEx to be in the range of $1.4 billion-$1.6 billion, and free cash flow conversion of approximately 60%, excluding costs associated with the spin transaction.”
CPI Revenue Growth (FY2027): “As Revathi mentioned, we secured significant business with multiple customers, including a multi-year contract with Google, underpinning our strong CPI growth expectations of 65%-75% in FY 2027 and 80%+ for FY 2028.”
CPI Revenue Growth (FY2028): “As Revathi mentioned, we secured significant business with multiple customers, including a multi-year contract with Google, underpinning our strong CPI growth expectations of 65%-75% in FY 2027 and 80%+ for FY 2028.”
CPI Margin Expansion (FY2027): “While these investments temporarily weighed on our margins, we expect to recoup the full 100 basis points in FY 2027 and see further expansion of 50-100 basis points in FY 2028 as we grow into these investments.”
CPI Margin Expansion (FY2028): “While these investments temporarily weighed on our margins, we expect to recoup the full 100 basis points in FY 2027 and see further expansion of 50-100 basis points in FY 2028 as we grow into these investments.”