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Flex Ltd.

FLEX Technology Electronic Components

Flex Ltd.’s revenue for fiscal 2026 (year ended March 2026) was $27.9 billion, up 8.14% from fiscal 2025.

Revenue
+24.8%
EPS
+34.6%
Free cash flow
−14.4%
Total debt
+41.3%

Quarter to September 2026, against a year earlier

67.26 9.98 −12.92%
Market cap
$24.7B
P/E
24.3×
Fwd P/E
23.9×
Dividend yield
—
F-score
6/9
Altman Z
2.70
Beneish M
−2.56
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • ITS
  • RMS
  • CPI

Every year since 2013 →

Insider Decisions last twelve months

Sold, $m 113.51
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 1 — 1 — 11 12 — 1 — — —
Insider Ownership 0.54%

Capital & Financial Ratios $m

Size
Market Cap 24,650.00
Revenue ttm 30,954.00
Net income ttm 1,037.00
Free cash flow ttm 789.00
Net debt Q 2,130.00
Valuation
P/E 24.28
Forward P/E 23.90
Price / sales 0.80
Forward P/S Powerpack
Price / FCF 31.46
Price / book 4.27
Financial health
Current ratio Q 1.34
Debt / equity Q 0.90
Interest coverage Q 6.00
Growth
Revenue growth Q +24.79% (above 0%: growing)
Operating income growth Q +39.86% (above 0%: growing)
EPS, this year +52.31% (at or above 15%: strong)
EPS, next year A +54.06% (at or above 15%: strong)
Revenue, next year A +27.16% (at or above 10%: strong)
EPS, past 5 yrs +14.00%
EPS, next 5 yrs A +44.90% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 0.3×; over the ten years it ranged from 0.2× in 2018 to 2.1× in 2026.
P/E against its own 10 years 77.24%
10-year low 10-year high
P/S against its own 10 years 89.40%
10-year low 10-year high
P/B against its own 10 years 90.14%
10-year low 10-year high
EV/Sales against its own 10 years 90.69%
10-year low 10-year high
EV/FCF against its own 10 years 84.56%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 2,474 2,289 2,389 3,083
Receivables 3,033 3,671 4,679 5,777
Inventory 6,205 5,071 5,845 7,323
Other 1,280 1,810 3,419 3,991
12,992 12,841 16,332 20,174
2024 2025 2026 Q'26
Payables 4,468 5,147 8,055 9,707
ST’ Debt — 1,209 — —
Other 968 977 1,134 2,159
8,539 9,850 12,016 15,049

Compound Annual Growth %

10y 5y 3y
Sales 1.35% 2.96% (0.69%)
Cash Flow 4.02% 63.55% 21.05%
Earnings 7.08% 7.50% 3.53%
Book Value 7.04% 8.41% (3.40%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY27 Estimate 1.05 Actual 1.18

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY26 0.79 0.87 Beat by 0.08
Q4 FY26 0.86 0.93 Beat by 0.07
Q1 FY27 0.93 1.00 Beat by 0.07
Q2 FY27 1.05 1.18 Beat by 0.13
Q3 FY27 1.20 — Reports 3 February 2027

EPS $

Jun Sep Dec Mar Year
’26 0.76 0.70 — — —
’26 0.50 0.52 0.64 0.67 2.33
’25 0.34 0.54 0.67 0.57 2.11
’24 0.41 0.51 0.45 0.93 2.28
’23 0.40 0.50 0.50 0.31 1.72
’22 0.41 0.69 0.48 0.36 1.94
’21 0.10 0.22 0.41 0.47 1.21
Fiscal quarters ending in the months shown.

Revenue $m

Jun Sep Dec Mar Year
’26 7,928 8,491 — — —
’26 6,575 6,804 7,058 7,477 27,914
’25 6,314 6,545 6,556 6,398 25,813
’24 6,892 6,933 6,421 6,169 26,415
’23 7,347 7,766 7,756 5,633 28,502
’22 6,342 6,229 6,619 5,443 24,633
’21 5,153 5,985 6,720 6,266 24,124
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jun Sep Dec Mar Year
’26 276 501 — — —
’26 399 453 420 413 1,685
’25 340 319 413 433 1,505
’24 6 357 284 679 1,326
’23 38 103 359 450 950
’22 334 180 150 360 1,024
’21 (629) 264 348 161 144
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jun Sep Dec Mar Year
’26 41 261 — — —
’26 268 305 275 212 1,060
’25 232 219 306 325 1,082
’24 (150) 213 156 602 821
’23 (53) (84) 202 270 335
’22 219 90 31 252 592
’21 (731) 195 283 131 (122)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 29.3% a year for ten years.

Implied
29.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to March

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Sep ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 23,863 25,441 26,211 24,210 24,124 24,633 28,502 26,415 25,813 27,914 30,954 +1.8% 35,496 46,273 54,936 +25.3%
Gross margin, % 6.37 6.27 5.79 5.53 6.99 7.23 6.93 7.06 8.36 9.20 9.50 +2.8 pt
EBT 371 521 182 159 714 964 807 666 1,023 1,143 1,382 +13.3%
EBT margin, % 1.55 2.05 0.69 0.66 2.96 3.91 2.83 2.52 3.96 4.09 4.46 +2.5 pt
Net income 320 429 93 88 613 936 1,033 1,245 838 880 1,037 +11.9%
Per share, $
Per share, $ Revenue 44.15 48.02 49.74 47.56 48.34 51.75 62.78 60.72 66.02 75.24 83.89 +6.1%
Earnings 0.59 0.80 0.18 0.17 1.21 1.94 1.72 2.28 2.11 2.33 2.77 +16.5%
Cash flow (7.07) (7.30) (5.64) (3.01) 0.29 2.15 2.09 3.05 3.85 4.54 4.36 n/m
Capex (0.91) (0.98) (1.20) (0.70) (0.53) (0.91) (1.35) (1.16) (1.08) (1.68) (2.22) +7.1%
Free cash flow (7.98) (8.27) (6.84) (3.71) (0.24) 1.24 0.74 1.89 2.77 2.86 2.14 n/m
Book value 4.96 5.70 5.64 5.56 6.89 8.67 12.57 12.24 12.79 13.87 15.74 +12.1%
Shares, m 541 530 527 509 499 476 454 435 391 371 369 (4.1%)
Valuation, ×
Valuation, × P/E 20.87 14.54 44.24 33.83 11.10 6.95 9.79 12.37 15.60 28.09 24.28 19.7
P/S 0.28 0.24 0.15 0.13 0.28 0.26 0.27 0.47 0.50 0.87 0.80 0.3
P/B 2.47 2.04 1.33 1.10 1.93 1.56 1.33 2.32 2.59 4.72 4.27 2.1
EV/Sales 0.32 0.30 0.20 0.17 0.32 0.31 0.29 0.50 0.56 0.94 0.89 0.4
EV/FCF (1.79) (1.74) (1.48) (2.13) (63.87) 12.93 24.27 16.03 13.25 24.83 35.01 2.0
Cash, $m
Cash, $m Operating cash flow (3,822) (3,866) (2,971) (1,533) 144 1,024 950 1,326 1,505 1,685 1,610 n/m
Capex (490) (517) (632) (356) (266) (432) (615) (505) (423) (625) (821) +2.8%
Free cash flow (4,312) (4,384) (3,603) (1,889) (122) 592 335 821 1,082 1,060 789 n/m
Balance, $m
Balance, $m Working capital 1,883 1,902 1,506 1,875 3,529 3,626 5,166 4,453 2,991 4,316 5,125 +9.7%
Net debt 1,121 1,468 1,358 915 1,146 1,233 530 787 1,403 1,362 2,130 +2.2%
Shareholders’ equity 2,678 3,019 2,972 2,831 3,436 4,129 5,706 5,325 5,002 5,144 5,807 +7.5%
Returns, %
Returns, % ROA 2.56 3.26 0.68 0.65 4.15 5.32 3.89 5.07 4.57 4.35 4.42 +1.8 pt
ROIC 8.09 6.60 6.88 6.92 10.84 10.37 10.19 8.72 11.41 13.14 12.34 +5.0 pt
ROE 12.10 15.04 3.10 3.03 19.56 24.75 16.13 18.24 16.23 17.35 19.13 +5.2 pt
People
People Employees 200,000 200,000 200,000 160,000 167,201 172,648 172,000 148,000 147,979 149,686 — (3.2%)
Revenue/emp, $m 0.12 0.13 0.13 0.15 0.14 0.14 0.17 0.18 0.17 0.19 — +5.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Mar 2026 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Flex is a manufacturing and supply chain company that helps other businesses design, build, deliver and service products. Its customers operate in markets including communications, healthcare, automotive, industrial equipment and data centers. Rather than selling only finished products under its own name, Flex also works on products and systems for its customers.

Its services cover product design and engineering, sourcing components, manufacturing, assembly, logistics and repairs. For example, Flex can help develop a product for manufacture, obtain its components, assemble it and manage it after sale. It also offers its own power and cooling products and builds compute infrastructure for data centers.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
ITS 11,109 39.80%
RMS 10,191 36.51%
CPI 6,614 23.69%
Gross margin 9.20%
Operating margin 4.90%
Pre-tax margin 4.09%

Revenue by segment since 2013

Flex Ltd. vs peers in Electronic Components (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GLW Corning Incorporated $89.1B 40.5× 43.9× +18.41% (above 0%: growing) +72.88% (above 0%: growing) +14.67% (above 0%: growing) 37.28% 18.76% Compare
TEL TE Connectivity Ltd. $59.3B 18.6× 19.1× +11.86% (above 0%: growing) +38.41% (above 0%: growing) +7.54% (above 0%: growing) 35.52% 20.58% Compare
FLEX Flex Ltd. $24.7B 24.3× 23.9× +24.79% (above 0%: growing) +34.62% (above 0%: growing) −14.43% (below 0%: shrinking) 9.56% 4.88%
JBL Jabil, Inc. $24.3B 24.3× 18.0× +28.65% (above 0%: growing) +87.19% (above 0%: growing) +7.13% (above 0%: growing) 9.43% 5.67% Compare
FN Fabrinet $10.5B 22.2× 18.7× +50.74% (above 0%: growing) +7.68% (above 0%: growing) −340.60% (below 0%: shrinking) 11.79% 9.90% Compare
LFUS Littelfuse, Inc. $8.9B 259× 23.3× +22.75% (above 0%: growing) +62.22% (above 0%: growing) +57.67% (above 0%: growing) 41.55% 20.00% Compare
SANM Sanmina Corporation $7.0B 23.0× 23.5× +69.67% (above 0%: growing) +69.53% (above 0%: growing) −85.58% (below 0%: shrinking) 10.49% 6.39% Compare
RAL Ralliant Corporation $7.0B — (loss-making) 31.4× +17.20% (above 0%: growing) +122.03% (above 0%: growing) −19.51% (below 0%: shrinking) 53.15% 18.95% Compare
TTMI TTM Technologies, Inc. $6.6B 24.7× 23.2× +59.93% (above 0%: growing) +56.86% (above 0%: growing) +75.69% (above 0%: growing) 24.24% 13.48% Compare
Median of peers $9.7B 24.3× 23.3× +25.70% +65.88% +7.34% 29.88% 16.12%

All 44 Electronic Components stocks →

From the latest earnings call

Updated

  • Chief Executive Officer Revathi Advaithi said Flex is preparing the CPI spin-off while investing in power, cooling and infrastructure capacity for AI-related demand.
  • Chief Financial Officer Kevin Krumm said CPI had more than 90% of its business booked for the next three quarters.

Pay and ownership Proxy statement filed 5 October 2026

Ownership

Directors and executive officers, together less than 1%
Flex Ltd. 10.00%
BlackRock, Inc.(a) 7.80%
Vanguard Capital Management(b) 7.50%
PRIMECAP Management Company(c) 6.30%
FMR LLC(d) 5.30%
Vanguard Portfolio Management(e) 5.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Flex Ltd. (FLEX) Latest News

4 Nov

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27 Oct

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26 Oct

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24 Oct

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23 Oct

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FLEX metrics, ten years each

stockrow.com/FLEX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com