Friday 6 November 2026 Export FLEX’s income statement to Excel — free account

Flex Ltd.

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%

Follow FLEX

Alert me

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 Segments Valuation Filings

Flex Ltd. (FLEX) valuation and DCF model

What the price implies · reverse DCF

At $67.26 the price implies free cash flow after share-based pay growing 29.3% a year for ten years.

Free cash flow after share-based pay grew 58.1% a year over the last five years. The price asks for less than its five-year rate. The industry’s median company is priced for 8.8%.

In March 2022 the price assumed 18.3% a year; Flex Ltd. went on to grow free cash flow after share-based pay 16.3% a year to FY2026.

Price implies: 29.3%
Last 5 years, reported: 58.1%
Industry median implies: 8.8%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF

The price needs: 29.3% a year for ten years; $67.26; today’s price
Its base case: 25.0% a year for five years, then 15.0%; $32.35; 51.9% below today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Flex Ltd.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

1 · Cash flow to equity

Free cash flow (TTM, $ billions)the four quarters to September 2026, from the 10-Q and 10-K filings, before share-based pay

Subtract share-based pay ($0.55 billion)

Growth, yrs 1–5 (%)

Growth, yrs 6–10 (%)

Yearly growth in cash flow. It usually slows as the company matures.

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

2 · Rates

Cost of equity (%)

Terminal growth (%)

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Shares (billions)

Current price ($)

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs

Free cash flow Revenue and margin

Value per share Expected return

Use the analysts’ consensus for years 1–3 (−28.1%, 86.2%, 51.7%)

How the model ends

Net debt ($ billions)negative is net cash

Dilution a year (%)new shares the cash flow does not pay for

Margin of safety (%)

Against Flex Ltd.’s own cost of capital: risk-free 4.3% + beta 1.80 × equity premium 4.5% = 12.4% cost of equity; weighted, 12.4%.

Use 12.4%

Equity value $12.15b ▼ below market cap $25.26b

Base case value per share $32.35 equity value ÷ 375.50m shares

Current price $67.26 market price per share

Below today’s price 51.9% downside at the base case’s assumptions

How we got there$4.59b 10 years of cash to equity+$9.69b terminal value−$2.13b net debt=$12.15b equity value÷375.50m shares=$32.35 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Electronic Components).

Multiple	Current	5Y avg	10Y avg	vs 10Y avg	Industry median	vs industry
P/E	24.28×	18.03×	20.08×	21% above	24.82×	2% below
P/FCF	31.46×	20.82×	19.15×	64% above	22.99×	37% above
P/B	4.27×	3.05×	2.32×	84% above	2.86×	50% above
EV/EBITDA	12.98×	9.97×	7.67×	69% above	14.69×	12% below
EV/Sales	0.89×	0.63×	0.45×	99% above	2.38×	62% below

P/E P/FCF P/B EV/EBITDA EV/Sales

FLEX trades at 24.28× P/E, against a 10-year average of 20.08× (range 6.95×–44.24×). That is dearer than 67% of the last 9 year-end readings; re-rating to the average implies $55.62 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.