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Friday 6 November 2026
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Sanmina Corporation
SANM Technology Electronic Components
Sanmina Corporation’s revenue for fiscal 2025 (year ended September 2025) was $8.1 billion, up 7.40% from fiscal 2024.
- Revenue
- +69.7%
- EPS
- +69.5%
- Free cash flow
- −85.6%
- Total debt
- +613.0%
Quarter to June 2026, against a year earlier
131.07
0.84
+0.65%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to September
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 6,481 | 6,869 | 7,110 | 8,234 | 6,950 | 6,738 | 7,920 | 8,935 | 7,568 | 8,128 | 12,763 | +2.5% | 14,150 | 16,705 | 19,408 | +33.7% | |
| Gross margin, % | 7.94 | 7.57 | 6.52 | 7.19 | 7.44 | 7.81 | 7.86 | 8.32 | 8.46 | 8.81 | 9.01 | +0.9 pt | ||||||
| EBT | 205 | 213 | 98 | 246 | 192 | 282 | 302 | 413 | 318 | 339 | 458 | +5.8% | ||||||
| EBT margin, % | 3.16 | 3.11 | 1.37 | 2.98 | 2.77 | 4.18 | 3.82 | 4.62 | 4.20 | 4.18 | 3.59 | +1.0 pt | ||||||
| Net income | 188 | 139 | (96) | 142 | 133 | 250 | 240 | 328 | 238 | 266 | 327 | +4.0% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 86.31 | 92.22 | 101.82 | 119.11 | 100.67 | 103.16 | 129.17 | 154.46 | 136.14 | 150.67 | 236.97 | +6.4% | |||||
| Earnings | 2.50 | 1.86 | (1.30) | 2.05 | 2.02 | 4.12 | 4.18 | 5.36 | 4.00 | 4.56 | 5.70 | +6.9% | ||||||
| Cash flow | 5.20 | 3.37 | 2.24 | 5.54 | 4.35 | 5.18 | 5.40 | 4.07 | 6.12 | 11.50 | 16.73 | +9.2% | ||||||
| Capex | (1.54) | (1.45) | (1.63) | (1.84) | (0.93) | (1.11) | (2.12) | (3.28) | (1.96) | (2.64) | (5.61) | +6.2% | ||||||
| Free cash flow | 3.65 | 1.92 | 0.61 | 3.70 | 3.42 | 4.07 | 3.27 | 0.78 | 4.16 | 8.86 | 11.12 | +10.3% | ||||||
| Book value | 21.44 | 22.12 | 21.09 | 23.76 | 23.61 | 28.36 | 29.68 | 40.08 | 42.48 | 47.07 | 51.24 | +9.1% | ||||||
| Shares, m | 75 | 74 | 70 | 69 | 69 | 65 | 61 | 58 | 56 | 54 | 54 | (3.6%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 11.30 | 20.75 | 0.00 | 15.66 | 13.20 | 10.09 | 10.95 | 10.22 | 17.11 | 25.24 | 22.95 | 13.5 | |||||
| P/S | 0.33 | 0.42 | 0.27 | 0.27 | 0.27 | 0.37 | 0.36 | 0.35 | 0.50 | 0.76 | 0.55 | 0.4 | ||||||
| P/B | 1.33 | 1.74 | 1.28 | 1.35 | 1.15 | 1.36 | 1.55 | 1.35 | 1.61 | 2.45 | 2.78 | 1.5 | ||||||
| EV/Sales | 0.34 | 0.43 | 0.29 | 0.26 | 0.25 | 0.33 | 0.33 | 0.31 | 0.46 | 0.69 | 0.58 | 0.4 | ||||||
| EV/FCF | 8.02 | 20.61 | 49.21 | 8.41 | 7.35 | 8.26 | 13.17 | 62.05 | 15.14 | 11.68 | 12.31 | 20.4 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 390 | 251 | 156 | 383 | 301 | 338 | 331 | 235 | 340 | 621 | 901 | +5.3% | |||||
| Capex | (116) | (108) | (114) | (127) | (64) | (72) | (130) | (190) | (109) | (142) | (302) | +2.3% | ||||||
| Free cash flow | 274 | 143 | 42 | 256 | 236 | 266 | 201 | 45 | 231 | 478 | 599 | +6.4% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 974 | 1,000 | 613 | 1,238 | 1,297 | 1,486 | 1,419 | 1,846 | 1,930 | 2,043 | 3,432 | +8.6% | |||||
| Net debt | 64 | 73 | 188 | (69) | (133) | (320) | (183) | (329) | (309) | (626) | 327 | n/m | ||||||
| Shareholders’ equity | 1,610 | 1,648 | 1,473 | 1,643 | 1,630 | 1,853 | 1,820 | 2,319 | 2,362 | 2,539 | 2,760 | +5.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 5.28 | 3.72 | (2.41) | 3.54 | 3.47 | 6.26 | 5.32 | 6.38 | 4.59 | 4.60 | 4.12 | (0.7) pt | |||||
| ROIC | 8.39 | 8.22 | 4.49 | 11.37 | 9.15 | 10.43 | 13.35 | 14.32 | 10.21 | 11.58 | 10.74 | +3.2 pt | ||||||
| ROE | 12.00 | 8.52 | (6.12) | 9.08 | 8.14 | 14.33 | 13.09 | 14.98 | 9.51 | 10.04 | 0.00 | (2.0) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 45,397 | 47,000 | 47,000 | 43,000 | 37,000 | 35,000 | 34,000 | 34,000 | 37,000 | 39,000 | — | (1.7%) | |||||
| Revenue/emp, $m | 0.14 | 0.15 | 0.15 | 0.19 | 0.19 | 0.19 | 0.23 | 0.26 | 0.20 | 0.21 | — | +4.3% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Sep 2025 · latest quarter Jun 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Americas | 4,651 | 57.22% |
|---|---|---|
| Asia Pacific | 2,611 | 32.12% |
| EMEA | 866 | 10.66% |
| Gross margin | 8.81% | |
| Operating margin | 4.36% | |
| Pre-tax margin | 4.18% |
Sanmina Corporation 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 |
|---|---|---|---|---|---|---|---|---|---|
| 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% | |
| 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 |
| VICR Vicor Corporation | $6.2B | 34.8× | 48.0× | +78.51% (above 0%: growing) | +117.46% (above 0%: growing) | −1.05% (below 0%: shrinking) | 68.33% | 36.60% | Compare |
| PLXS Plexus Corp. | $5.0B | 24.9× | 29.9× | +34.79% (above 0%: growing) | +34.66% (above 0%: growing) | −93.43% (below 0%: shrinking) | 10.23% | 6.05% | Compare |
| OLED Universal Display Corporation | $3.9B | 17.8× | 19.2× | +14.91% (above 0%: growing) | +85.55% (above 0%: growing) | +13.75% (above 0%: growing) | 73.15% | 33.48% | Compare |
| OSIS OSI Systems, Inc. | $3.0B | 20.5× | 18.7× | +4.90% (above 0%: growing) | +30.97% (above 0%: growing) | +274.38% (above 0%: growing) | 30.68% | 8.32% | Compare |
| Median of peers | $6.4B | 24.7× | 23.3× | +28.77% | +59.54% | +6.35% | 36.11% | 16.22% |
From the latest earnings call
- CFO Jon Faust said new programs and customers helped core communications networks and cloud infrastructure growth accelerate, although component shortages constrained the business.
- Faust said the next-generation accelerated compute program is on track to begin contributing revenue in Q1 FY2027, while customer production schedules are being finalized.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
93.78%
Held by the ten largest
54.67%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Fidelity (FMR) | 8.03m | 14.99% | +776.06k |
| Vanguard | 5.81m | 10.84% | −1.02m |
| BlackRock | 5.50m | 10.25% | −3.10m |
| Invesco | 2.17m | 4.04% | −248.59k |
| State Street | 1.70m | 3.16% | −464.33k |
| Jane Street | 1.52m | 2.84% | +1.39m |
| Dimensional Fund Advisors | 1.34m | 2.50% | −834.97k |
| Geode Capital Management | 1.21m | 2.25% | −325.34k |
| ADVANCED MICRO DEVICES INC | 1.15m | 2.15% | 0.00 |
| Morgan Stanley | 881.56k | 1.64% | −62.53k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 23 January 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 18.18m | 45.87m | 430.00 |
| 2024 | 16.61m | 27.19m | 259.00 |
| 2023 | 14.95m | 18.66m | 204.00 |
| 2022 | 16.76m | 20.79m | 174.00 |
| 2021 | 14.54m | 16.68m | 148.00 |
Ownership
Directors and executive officers, together
3.10%
BlackRock, Inc.
15.13%
The Vanguard Group, Inc.
13.83%
FMR LLC
10.69%
Dimensional Fund Advisors LP Building One
6.25%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
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
Sanmina Corporation (SANM) Latest News
22 Oct
16 Oct
27 Aug
SANM metrics, ten years each
- 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
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Sanmina manufactures electronic components and complete products for other companies, primarily original equipment manufacturers (OEMs). These customers sell products in industrial, medical, defense and aerospace, automotive, communications networks, and cloud infrastructure markets. Founded in 1980, Sanmina is headquartered in San Jose. Jure Sola is its chairman and chief executive officer.
The company can work on a product from its early design through production and after-sale support. Its engineers help develop and test designs; its factories make circuit boards, cables, metal parts and other components; and its assembly operations combine those parts into finished systems. Sanmina also manages materials, fulfills orders, arranges logistics and repairs products after they are sold.