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Contract electronics manufacturer that builds products for other companies, from data-center power to EVs.
Contract electronics manufacturer that builds products for other companies, from data-center power to EVs.
Builds products to other companies' designs, paid per unit with design and supply-chain services on top, so it depends on volume and cost control rather than its own brands. It floated its solar-tracker business, Nextracker, in 2023 and later separated it fully, and has since tilted toward data-centre power and cooling.
Moat: narrow (scale, distribution). Manufacturing scale helps win volume, but EMS is a highly competitive, low-differentiation business.
Headquarters: San Jose, California, US · Founded: 1969 · Employees: 149,686
Size Flex (FLEX) is a United States Information Technology company (Electronic Production Equipment) with a market value of $25.8B, the 413th largest of 3,117 United States companies the cockpit tracks. Shares closed at $69.78 on 6 Nov 2026.
Performance Over six months the shares fell 50.9%, against -30.1% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 13 in its peer set.
Growth Revenue grew 17.6% over the last twelve months (peer median +35.3%); the operating margin is 5.9% (peer median 17.3%).
Valuation It trades at 11.2× forward earnings against a peer median of 16.9× (4th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.3 points above its cost of capital (12.3% WACC).
Credit Flex has 5 bonds outstanding ($2.95B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 137 bp.
Short interest Short interest is 2.1% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $31.0B | $27.9B | $25.8B | $26.4B | $28.5B |
| Revenue growth | — | +8% | -2% | -7% | — |
| Gross profit | $2.91B | $2.56B | $2.16B | $1.95B | $1.92B |
| EBITDA | $2.38B | $2.03B | $1.76B | $1.53B | $1.54B |
| Net income | $1.04B | $880M | $838M | $1.01B | $793M |
| Free cash flow | $783M | $1.05B | $1.07B | $796M | $315M |
| Capital expenditure | $827M | $633M | $438M | $530M | $635M |
| Total debt | $5.98B | $4.46B | $4.28B | $3.89B | $4.32B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Flex FLEX | $25.8B | -51% | +18% | 6% | 11.2× | 15.9% |
| Jabil JBL | $24.6B | -33% | +21% | 5% | 13.5× | 8.3% |
| Celestica CLS.TO | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% |
| Sanmina SANM | $7.22B | -46% | +59% | 5% | 10.7× | 6.8% |
| Hon Hai Precision Industry 2317.TW | $95.6B | -3% | +25% | 4% | 10.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FLEX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -39.2% | -33.1% | 5th lowest of 15 |
| 6-month return | -50.9% | -30.1% | 3rd lowest of 13 |
| Distance from 52-week high | -58.2% | -54.3% | 6th lowest of 15 |
| Revenue growth (TTM) | +17.6% | +35.3% | 4th lowest of 15 |
| Operating margin | 5.9% | 17.3% | 4th lowest of 15 |
| Forward P/E | 11.2× | 16.9× | 4th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 15.9% | 18.1% | 4th least demanding of 11 |
| Growth delivered (Del g) | +3.0% | +12.5% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | +12.9 pp | +8.8 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | +4.3 pp | +7.6 pp | 6th lowest of 15 |
| EV / EBITDA | 12.1× | 17.6× | 3rd cheapest of 12 |
| Net debt / EBITDA | 1.2× | -0.2× | most indebted of 13 |
| Bond spread | 137 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Flex FLEX | United States | $25.8B | -51% | +18% | 6% | 11.2× | 15.9% | +3.0% |
| Asia Vital Components 3017.TW | Taiwan | $27.4B | -15% | +99% | 24% | 17.5× | 9.0% | +28.6% |
| Yageo 2327.TW | Taiwan | $23.3B | +8% | +32% | 27% | 13.9× | 17.7% | +14.5% |
| Teradyne TER | United States | $34.1B | -39% | +75% | 33% | 20.2× | 20.9% | +0.4% |
| Quanta Computer 2382.TW | Taiwan | $36.0B | -10% | +63% | 3% | 10.1× | n/a | n/a |
| HKC 001399.SZ | China | $18.2B | n/a | +2% | 10% | n/a | 30.7% | +17.5% |
| Shenzhen Jlc Technology Group Co Lt 001232.SZ | China | $12.9B | n/a | +28% | 15% | n/a | 52.7% | +28.4% |
| Murata Manufacturing 6981.T | Japan | $57.1B | -5% | +15% | 20% | 23.0× | 29.8% | +2.3% |
| MPI 6223.TWO | Taiwan | $10.2B | -31% | +38% | 30% | 37.2× | n/a | n/a |
| Phison Electronics 8299.TWO | Taiwan | $10.0B | -29% | +157% | 31% | 3.7× | n/a | n/a |
| Littelfuse LFUS | United States | $9.04B | -22% | +19% | 18% | 16.3× | 15.3% | +10.5% |
| Delta Electronic 2308.TW | Taiwan | $82.9B | -51% | +38% | 17% | 19.0× | 18.5% | +14.4% |
| Advanced Energy Industries AEIS | United States | $7.98B | -45% | +32% | 17% | 11.7× | 17.8% | +4.9% |
| Sanmina SANM | United States | $7.22B | -46% | +59% | 5% | 10.7× | 6.8% | +3.2% |
| Universal Scientific Industrial (Shanghai) 601231.SS | China | $6.50B | -52% | +4% | 3% | 19.6× | n/a | n/a |
Flex has 5 bonds outstanding with $2.95B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 5.95%, a spread of 137 bp over government bonds.