Flex vs Sanmina
Flex is the larger business, with $27.91bn of revenue in fiscal 2026 against $8.13bn for Sanmina (3.4 times as much). Flex grew faster (8.1% against 7.4%). Flex kept more of each dollar of sales as profit: a net margin of 3.2% against 3.0%.
| Latest fiscal year | FlexFLEX, 2026 | SanminaSANM, 2025 |
|---|---|---|
| Revenue | $27.91bn | $8.13bn |
| Revenue growth | 8.1% | 7.4% |
| Net income | $880m | $246m |
| Operating margin | — | 4.4% |
| Net margin | 3.2% | 3.0% |
| Return on equity | 17.3% | 10.0% |
| Free cash flow | $1.05bn | $473m |
| Cash | $2.39bn | $926m |
| Total debt | $3.77bn | $300m |
| Debt to equity | — | 11.8% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $944m | — |
| Employees | — | 39,000 |
| Market value | $32.44bn | $9.06bn |
| Price vs our value range | Within our value range | Below our value range |
| Moat score | 44 (Weak) | 48 (Moderate) |
| Insider trades, 12 months | 0 buys, 151 sales | 1 buys, 20 sales |