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. In the quarter to June 2026, revenue grew 69.7%, EPS grew 69.5%, free cash flow fell 85.6% and total debt rose 613.0%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Sanmina Corporation (SANM) Altman Z-score
Sanmina Corporation's Altman Z-score for fiscal 2025 is 2.54, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.54 | 0.12 |
| FY2024 | 2.42 | (0.07) |
| FY2023 | 2.49 | 0.64 |
| FY2022 | 1.85 | 0.14 |
| FY2021 | 1.71 | 0.12 |
| FY2020 | 1.59 | (0.35) |
| FY2019 | 1.93 | 0.86 |
| FY2018 | 1.08 | (0.52) |
| FY2017 | 1.60 | 0.24 |
| FY2016 | 1.36 | 0.21 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.35 | — | 0.42 | |
| Retained earnings / total assets | (0.42) | — | −0.59 | |
| EBIT / total assets | 0.06 | — | 0.20 | |
| Market value of equity / total liabilities | 1.87 | — | 1.12 | |
| Sales / total assets | 1.39 | — | 1.39 | |
| Altman Z-score | Grey zone | 2.54 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.13 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| VICR Vicor Corporation compare | 42.5× |
| OLED Universal Display Corporation compare | 18.6× |
| FN Fabrinet compare | 11.3× |
| PLXS Plexus Corp. compare | 4.1× |
| LFUS Littelfuse, Inc. compare | 4.0× |
| TTMI TTM Technologies, Inc. compare | 3.7× |
| JBL Jabil, Inc. compare | 2.6× |
| SANM Sanmina Corporation | 2.5× |
| RAL Ralliant Corporation compare | 0.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets