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Electronics manufacturing services provider building complex circuit boards and systems for tech, industrial and medical customers.
Electronics manufacturing services provider building complex circuit boards and systems for tech, industrial and medical customers.
Builds boards and complete systems to customers' designs, so it sells manufacturing capacity and engineering rather than its own products, and earns thin margins on each contract. Its 2025 purchase of AMD's ZT Systems manufacturing unit added large-scale production of AI servers.
Moat: narrow (scale, customer qualification, process know-how). Vertically integrated manufacturing and long OEM qualification create switching costs.
Headquarters: San Jose, California, US · Founded: 1980 · Employees: 39,000
Size Sanmina (SANM) is a United States Information Technology company (Electronic Production Equipment) with a market value of $7.22B, the 944th largest of 3,117 United States companies the cockpit tracks. Shares closed at $134.68 on 6 Nov 2026.
Performance Over six months the shares fell 45.8%, against -24.2% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue grew 58.6% over the last twelve months (peer median +22.2%); the operating margin is 5.5% (peer median 11.0%).
Valuation It trades at 10.7× forward earnings against a peer median of 20.0× (3rd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +4 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 4.2 points above its cost of capital (11.4% WACC).
Short interest Short interest is 3.1% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $12.8B | $8.13B | $7.57B | $8.94B | $7.92B |
| Revenue growth | — | +7% | -15% | +13% | — |
| Gross profit | $1.15B | $716M | $640M | $743M | $622M |
| EBITDA | $865M | $515M | $468M | $580M | $470M |
| Net income | $308M | $246M | $223M | $310M | $240M |
| Free cash flow | $594M | $473M | $229M | $43.8M | $192M |
| Capital expenditure | $307M | $147M | $111M | $191M | $139M |
| Total debt | $2.43B | $358M | $384M | $421M | $412M |
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 |
|---|---|---|---|---|---|---|
| Sanmina SANM | $7.22B | -46% | +59% | 5% | 10.7× | 6.8% |
| Celestica CLS.TO | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% |
| Jabil JBL | $24.6B | -33% | +21% | 5% | 13.5× | 8.3% |
| Flex FLEX | $25.8B | -51% | +18% | 6% | 11.2× | 15.9% |
| Plexus PLXS | $5.12B | -28% | +23% | 5% | 17.9× | n/a |
| Benchmark Electronics BHE | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% |
| Kimball Electronics KE | $462M | -26% | -4% | 4% | 12.1× | 4.0% |
| 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 | SANM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.0% | -18.6% | 5th lowest of 21 |
| 6-month return | -45.8% | -24.2% | 5th lowest of 20 |
| Distance from 52-week high | -53.4% | -46.4% | 8th lowest of 21 |
| Revenue growth (TTM) | +58.6% | +22.2% | 3rd highest of 21 |
| Operating margin | 5.5% | 11.0% | 8th lowest of 21 |
| Forward P/E | 10.7× | 20.0× | 3rd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 6.8% | 15.3% | 4th least demanding of 14 |
| Growth delivered (Del g) | +3.2% | +12.4% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | +3.6 pp | +5.6 pp | 6th least demanding of 14 |
| ROIC minus cost of capital | +4.2 pp | +1.3 pp | 6th highest of 21 |
| EV / EBITDA | 9.3× | 16.6× | 4th cheapest of 13 |
| Net debt / EBITDA | 0.7× | -0.1× | 2nd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sanmina SANM | United States | $7.22B | -46% | +59% | 5% | 10.7× | 6.8% | +3.2% |
| Advanced Energy Industries AEIS | United States | $7.98B | -45% | +32% | 17% | 11.7× | 17.8% | +4.9% |
| Universal Scientific Industrial (Shanghai) 601231.SS | China | $6.50B | -52% | +4% | 3% | 19.6× | n/a | n/a |
| BYD Electronic 0285.HK | Hong Kong | $6.15B | -24% | +4% | 1% | 19.5× | -0.8% | +18.8% |
| Littelfuse LFUS | United States | $9.04B | -22% | +19% | 18% | 16.3× | 15.3% | +10.5% |
| Guobo Electronics 688375.SS | China | $5.61B | -49% | -12% | 13% | 83.0× | 39.7% | +1.4% |
| AAC Technologies 2018.HK | Hong Kong | $5.60B | -4% | +16% | 8% | 13.8× | 1.2% | +12.4% |
| Guangdong Fenghua Advanced Technology (Holding) 000636.SZ | China | $5.42B | +26% | +36% | 8% | 45.0× | 28.6% | +5.9% |
| 3Peak 688536.SS | China | $5.26B | -5% | +74% | 16% | 50.7× | 46.0% | +30.6% |
| Phison Electronics 8299.TWO | Taiwan | $10.0B | -29% | +157% | 31% | 3.7× | n/a | n/a |
| Plexus PLXS | United States | $5.12B | -28% | +23% | 5% | 17.9× | n/a | n/a |
| MPI 6223.TWO | Taiwan | $10.2B | -31% | +38% | 30% | 37.2× | n/a | n/a |
| Asmpt 0522.HK | Hong Kong | $5.02B | -47% | +21% | 9% | 20.4× | 12.1% | -1.3% |
| Lagercrantz LAGR-B.ST | Sweden | $4.72B | -6% | +17% | 15% | 30.8× | 20.6% | +21.0% |
| Quectel Wireless Solutions 603236.SS | China | $4.71B | +50% | +30% | 5% | 21.1× | n/a | n/a |
| MDA Space MDA.TO | Canada | $4.65B | -14% | +38% | 5% | 28.1× | n/a | n/a |
| LG Innotek 011070.KS | South Korea | $4.62B | -54% | +20% | 4% | 9.6× | -0.3% | +18.1% |
| Shenzhen Sunlord Electronics 002138.SZ | China | $4.55B | +11% | +20% | 16% | 24.4× | 14.5% | +14.2% |
| JoulWatt Technology 688141.SS | China | $4.44B | -30% | +50% | -28% | n/a | n/a | n/a |
| Shenzhen Jlc Technology Group Co Lt 001232.SZ | China | $12.9B | n/a | +28% | 15% | n/a | 52.7% | +28.4% |
| Universal Display OLED | United States | $3.98B | -4% | -2% | 35% | 19.6× | 14.3% | +8.7% |