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. In the quarter to June 2026, revenue grew 20.6%, EPS grew 52.0%, free cash flow fell 84.7% and total debt rose 41.8%, each against the same quarter a year earlier. Member of the S&P 500; operating cash flow growth for three consecutive years.
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Flex Ltd. (FLEX) Piotroski F-score
Flex Ltd.'s Piotroski F-score for fiscal 2026 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, down from 7 in fiscal 2025.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 6 | (1.00) |
| FY2025 | 7 | (1.00) |
| FY2024 | 8 | 2.00 |
| FY2023 | 6 | (1.00) |
| FY2022 | 7 | 1.00 |
| FY2021 | 6 | 3.00 |
| FY2020 | 3 | 0.00 |
| FY2019 | 3 | (2.00) |
| FY2018 | 5 | 2.00 |
| FY2017 | 3 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 4.35% | 4.57% | Pass | 1 |
| Positive operating cash flow | 1.69b | 1.51b | Pass | 1 |
| Rising return on assets | 4.35% | 4.57% | Fail | 0 |
| Cash flow above net income | 805.00m | 667.00m | Pass | 1 |
| Falling long-term leverage | 0.19 | 0.14 | Fail | 0 |
| Rising current ratio | 1.36 | 1.30 | Pass | 1 |
| No new shares issued | 371,000,000 | 391,000,000 | Pass | 1 |
| Rising gross margin | 9.20% | 8.36% | Pass | 1 |
| Rising asset turnover | 1.38 | 1.41 | Fail | 0 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| VICR Vicor Corporation compare | 8 |
| JBL Jabil, Inc. compare | 7 |
| TTMI TTM Technologies, Inc. compare | 7 |
| SANM Sanmina Corporation compare | 7 |
| TEL TE Connectivity Ltd. compare | 6 |
| FLEX Flex Ltd. | 6 |
| FN Fabrinet compare | 6 |
| GLW Corning Incorporated compare | 6 |
| LFUS Littelfuse, Inc. compare | 6 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover
More on FLEX
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Altman Z-score
- Beneish M-score
- The full statement