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Flex Ltd. (FLEX) stock

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NASDAQ: FLEX Nasdaq Electronic Manufacturing Services Next results ~January 27, 2027

C+ Fundamentals grade

Flex Ltd. is a US-listed company in the electronic manufacturing services industry. Its financial year ends in March.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$80–$140 across our lower- and higher-growth cases (5.4%–15.4% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 21% below our base value.

Price used: $84.20, November 2, 2026

Flex Ltd. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Flex files

10-Q filed October 30: Flex

Model value +32.6%

Revenue for the twelve months to September 2026 was $31.0bn, up 17.5% on a year earlier, faster than the 12.2% growth a quarter earlier. Free-cash-flow margin fell to 2.5% from 4.5% a year earlier. The diluted share count is down 2.9% on a year earlier, which lifts each remaining share. Its fundamentals grade moves from C to C+. Our model value rises from $79.51 to $105 a share, against a share price of $86.48. The rating stays Hold. At that price, our model says the market is pricing in about 11.5% a year of cash-flow growth for five years, faster than the 4.7% a year revenue growth it has delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Flex stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $29.3bn, up 12.2% on a year earlier, faster than 8.1% a quarter earlier. Free-cash-flow margin fell to 2.8% from 4.2% a year earlier. The diluted share count is down 3.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $49.42 a share, against a share price of $88.02. At that price, our model says the market is pricing in about 15.9% a year of cash-flow growth for five years, faster than the 3.5% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Flex Ltd.'s trailing-twelve-month revenue grew 17.5% year on year, with a free-cash-flow margin of 2.5%. Where it stands out: change in share count of -2.9% ranks 2 of 12 electronic manufacturing services companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$80–$140 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 34.3% while net income grew 18.4%: a 53pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $84.20 is 27% below our value per share of $110.
  • Fast growth. Revenue grew 17.5% over the last 12 months, against a median of 16.5% for electronic manufacturing services companies we cover.
  • Growth speeding up. The growth rate is 5.3 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 2.9% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 73% and a beta of 3.2 against the S&P 500.
  • Insiders selling. 10 insiders sold $118M of stock over the past 365 days and none bought (51% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 76% of net income over the last 12 months.

Latest results: FY2027 Q2

Filed October 30, 2026
Earnings per share
$1.18 against an average estimate of $1.06: beat by 11.5%
Revenue
$8.49bn, up 24.8% on a year earlier
Share reaction
+11.7% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
net Sales $8.87bn to $9.17bn (Third Quarter Fiscal Year 2027 Guidance); adjusted Operating Income $685m to $715m (Third Quarter Fiscal Year 2027 Guidance)
Next report
January 27, 2027; average EPS estimate $1.26

Flex's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.6%
  • 1 week+9.4%
  • 1 month-27.8%
  • This year+39.4%
  • 1 year+34.7%
  • 5 years+526.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$31B
Operating margin
5.1%
Net margin
3.4%
EPS (TTM, diluted)
$2.77

Growth

Revenue growth
+17.5%
Change in growth rate
+5.3 pts
Share count change
−2.9%

Cash

Free cash flow (TTM)
$783M
FCF margin
2.5%
Stock pay % of revenue
0.5%

Earnings

Last results
October 28, 2026
Next results (est.)
February 3, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Deal
  4. Share issue
  5. Product
  6. Results
  7. Financing
  8. Agreement
  9. Agreement
  10. Leadership
  11. Leadership
  12. Leadership
  13. Agreement
  14. Deal
  15. Shareholder vote
  16. Announcement
  17. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Flex Ltd. valuation models and calculator

What the price is pricing in

The share price implies about 11.8% a year of cash-flow growth for five years.That is faster than the 4.7% a year revenue growth Flex has delivered.

  • Priced in11.8%
  • Last 12 months17.5%
  • 3 years a year3.3%
  • 5 years a year4.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($89.28, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$110
Price used
$89.28close November 3, 2026
Implied change
▲ +20%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Flex Ltd.'s free cash flow after stock-based pay with after-tax interest added back ($1.2B, FY2027 Q2 TTM), growing 27% and 16.8% in the next two years (forecasts, guidance and its record), then back to 10.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$80–~$140 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Flex Ltd.'s free cash flow after stock-based pay ( $1.2B, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Flex Ltd. as an operating company, with every model that fits that kind of business. Cost of equity 11.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.5 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$80–$140 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$78 ~$48–$100 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$93–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$32 ~$23–$45 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$27 ~$25–$31 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$77 ~$27–$110 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Flex Ltd. with Electronic Manufacturing Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −34%
  • Last year's free-cash-flow margin change, if it persists ▼ −40%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $42$59$81$111$149$199
8.5% $30$43$59$80$108$143
10% $24$33$46$62$83$110

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$9.09$12.66$12.31$7.54$6.32$13.80$13.98$17.34$28.61$33.08$65.46$84.20
Market value$5.1bn$6.9bn$6.6bn$4.0bn$3.2bn$7.0bn$6.8bn$8.0bn$12.6bn$13.2bn$24.7bn$31.6bn
+ Net debt (− = net cash)$1.4bn$1.6bn$1.5bn$1.4bn$929m$1.2bn$1.2bn$698m$802m$1.4bn$1.4bn$2.1bn
Enterprise value$6.6bn$8.6bn$8.1bn$5.4bn$4.2bn$8.1bn$8.0bn$8.7bn$13.4bn$14.6bn$26.1bn$33.7bn
Multiples
Price / sales 0.2x0.3x0.3x0.2x0.1x0.3x0.3x0.3x0.5x0.5x0.9x1.0x
Price / earnings 11.6x21.6x15.4x42.9x36.7x11.4x7.2x10.1x12.5x15.7x28.1x30.4x
Price / free cash flow 8.2x—————11.6x25.4x15.9x12.3x23.5x40.3x
EV / EBITDA ————5.0x6.7x6.1x6.1x10.5x9.1x14.3x17.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

44 /100

Weak moat

How hard Flex's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Cash operating profit has been a median 4.7% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 7.1%, moving by 1.2 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 3.8%; its worst year was 3.5%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 1.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 25.2% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (49 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 27, 2027, before the open. Analysts expect revenue of $9.1bn and EPS of $1.26 (range $1.22 to $1.32) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.07 +54% $35.5bn +27%
Next $7.83 +55% $46.3bn +30%

Next year's EPS estimate has moved +10.6% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.3% on 90 days ago. In the last 30 days, 0 analysts raised Flex Ltd.'s forecast and 1 cut it.

Consensus EPS forecast Flex Ltd., last 90 days
$4.00 $5.00 $6.00 $7.00 $8.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.72 Current fiscal year, 60 days ago: $4.72 Current fiscal year, 30 days ago: $4.71 Current fiscal year, 7 days ago: $4.63 Current fiscal year, Now: $5.07 $5.07 Next fiscal year, 90 days ago: $7.08 Next fiscal year, 60 days ago: $7.11 Next fiscal year, 30 days ago: $7.06 Next fiscal year, 7 days ago: $7.38 Next fiscal year, Now: $7.83 $7.83

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.72$7.08
60 days ago $4.72$7.11
30 days ago $4.71$7.06
7 days ago $4.63$7.38
Now $5.07$7.83

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.06 $1.18 +11.5%
Jun 2026 $0.92 $1.00 +8.9%
Mar 2026 $0.88 $0.93 +6.1%
Dec 2025 $0.79 $0.87 +10.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Net Sales Updated Fiscal Year 2027 Guidance $34.9bn to $35.9bn Raised
    “Net Sales: $34.9 billion to $35.9 billion, growth of 27% at the midpoint” source
  • Net Sales Third Quarter Fiscal Year 2027 Guidance $8.87bn to $9.17bn New
    “Net Sales: $8.87 billion to $9.17 billion, growth of 28% at the midpoint” source
  • Adjusted EPS Updated Fiscal Year 2027 Guidance $4.84 to $5.16 Non-GAAP Raised
    “Adjusted EPS: $4.84 to $5.16*, growth of 52% at the midpoint” source
  • Adjusted EPS Third Quarter Fiscal Year 2027 Guidance $1.19 to $1.25 Non-GAAP New
    “Adjusted EPS: $1.19 to $1.25*, growth of 40% at the midpoint” source
  • Adjusted Operating Margin Updated Fiscal Year 2027 Guidance 7.6% to 7.8% Non-GAAP Raised
    “Adjusted Operating Margin: 7.6% to 7.8%*” source
  • Adjusted Operating Margin · CPI Fiscal Year 2027 Guidance 11.5% to 11.7% Non-GAAP Raised
    “Adjusted Operating Margin* 7.0% - 7.2% 7.6% - 7.8% 11.5% - 11.7% 5.9% - 6.1%” source
Show 8 more items
  • Adjusted Operating Margin · RMS + ITS Fiscal Year 2027 Guidance 5.9% to 6.1% Non-GAAP Raised
    “Adjusted Operating Margin* 7.0% - 7.2% 7.6% - 7.8% 11.5% - 11.7% 5.9% - 6.1%” source
  • Adjusted income tax rate Updated Fiscal Year 2027 Guidance about 21% Non-GAAP Maintained vs about 21
    “Adjusted income tax rate: 21%*” source
  • Net Sales growth · CPI Fiscal Year 2027 Guidance 75% growth to 85% growth Raised
    “Net Sales $33.7 - $35.2 billion $34.9 - $35.9 billion +75% - 85% +8% - 11%” source
  • Net Sales growth · RMS + ITS Fiscal Year 2027 Guidance 8% growth to 11% growth Raised
    “Net Sales $33.7 - $35.2 billion $34.9 - $35.9 billion +75% - 85% +8% - 11%” source
  • Adjusted Operating Income Third Quarter Fiscal Year 2027 Guidance $685m to $715m Non-GAAP New
    “Adjusted Operating Income: $685 million to $715 million*” source
  • Interest & Other Third Quarter Fiscal Year 2027 Guidance about $120m New
    “Interest & Other: approximately $120 million” source
  • Adjusted income tax rate Third Quarter Fiscal Year 2027 Guidance about 21% Non-GAAP New
    “Adjusted income tax rate: 21%*” source
  • Weighted average shares outstanding Third Quarter Fiscal Year 2027 Guidance about 375m New
    “Weighted average shares outstanding: approximately 375 million” source

How earlier guidance turned out

  • Net Sales, Second Quarter Fiscal Year 2027 guided $7.95bn to $8.25bn Above range: $8.491bn
  • Net Sales, First Quarter Fiscal Year 2027 guided $7.35bn to $7.65bn Above range: $7.928bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Flex Ltd.'s revenue by +27.0% next year and +16.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+32.0%, weight 44%) , management guidance (+31.6%, weight 34%) and the company's own record (+10.4%, weight 23%) . How the weights are set.

Analyst recommendations

11 analysts, Oct 2026
Buy11100%
Hold00%
Sell00%

Monthly trend

  1. Oct 20263811
  2. Sep 20263811
  3. Aug 20263811
  4. Jul 20263811

Counts of recommendations published by analysts covering Flex Ltd., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.1%
of tradable shares
Days to cover
2.25
at average volume
Short interest, 1 month
−12%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.6%
of shares
Employees
149,686
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +34.7%

$62.52 on October 31, 2025 to $84.20

ThenNowEffect
Revenue (last 12 months) $26.1bn $29.3bn +12.2%
Net margin 3.4% 3.3% −2.7%
P/E multiple 27.4x 32.6x +18.7%
Share count 391m 376m +3.9%

Biggest factor: p/e multiple.

Last 3 years +327.6%

$19.69 on November 3, 2023 to $84.20

ThenNowEffect
Revenue (last 12 months) $28.4bn $29.3bn +2.9%
Net margin 2.8% 3.3% +19.7%
P/E multiple 11.4x 32.6x +185.1%
Share count 458m 376m +21.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FLEX+2%+17%+42%+67%+57%+39%
Industry peers (median)+36%+1%+6%+11%+52%−5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FLEX58%58%50%83%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FLEX−21%−24%−20%−17%−40%−53%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 70% from January 18, 2018 to March 18, 2020. Getting back needed a 234% gain, reached on February 16, 2021, 335 days after the low.

Price behaviour

52-week range
$54.51 – $162.07
From 52-week high
−48.0%
vs 50-day average
−19.9%
vs 200-day average
−18.4%
Volatility (1 year)
73%
Beta vs S&P 500
3.17

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±8.1%
After a week
8 up, 3 down
typical move ±10.4%
After a month
7 up, 4 down
typical move ±15.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +11.7% 0.0% — —
July 29, 2026 −1.2% +0.1% +7.6% +1.8%
May 5, 2026 +46.7% +2.2% +52.1% +73.7%
February 4, 2026 −8.8% −1.7% −1.7% −9.2%
October 29, 2025 −0.4% −1.1% +1.6% −8.0%
July 24, 2025 −7.1% +0.5% −7.3% −3.5%
May 7, 2025 +4.8% +1.1% +14.4% +17.1%
January 29, 2025 +3.7% +0.1% +6.4% −6.7%
October 30, 2024 0.0% −2.3% +12.4% +12.4%
July 24, 2024 +4.1% −2.8% +8.2% +6.2%
May 1, 2024 −4.3% +0.6% −0.3% +15.6%
January 31, 2024 +4.2% −0.3% +2.0% +20.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Flex Ltd.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.01× the last 60 days’ realised volatility , richer than 21% of the 229 stocks we screen today.
  • Puts are priced 2 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Flex Ltd. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Flex Ltd.
$24B $26B $28B $30B $32B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $27.2B Revenue (TTM), FY24 Q4: $26.4B Revenue (TTM), FY25 Q1: $25.8B Revenue (TTM), FY25 Q2: $25.4B Revenue (TTM), FY25 Q3: $25.6B Revenue (TTM), FY25 Q4: $25.8B Revenue (TTM), FY26 Q1: $26.1B Revenue (TTM), FY26 Q2: $26.3B Revenue (TTM), FY26 Q3: $26.8B Revenue (TTM), FY26 Q4: $27.9B Revenue (TTM), FY27 Q1: $29.3B Revenue (TTM), FY27 Q2: $31B $31B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $27.2B
FY24 Q4 $26.4B
FY25 Q1 $25.8B
FY25 Q2 $25.4B
FY25 Q3 $25.6B
FY25 Q4 $25.8B
FY26 Q1 $26.1B
FY26 Q2 $26.3B
FY26 Q3 $26.8B
FY26 Q4 $27.9B
FY27 Q1 $29.3B
FY27 Q2 $31B
Revenue growth, TTM YoY Flex Ltd.
-10% 0% 10% 20% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: -4.0% Revenue growth, TTM YoY, FY24 Q4: -7.3% Revenue growth, TTM YoY, FY25 Q1: -9.1% Revenue growth, TTM YoY, FY25 Q2: -9.3% Revenue growth, TTM YoY, FY25 Q3: -6.0% Revenue growth, TTM YoY, FY25 Q4: -2.3% Revenue growth, TTM YoY, FY26 Q1: 0.9% Revenue growth, TTM YoY, FY26 Q2: 3.5% Revenue growth, TTM YoY, FY26 Q3: 4.9% Revenue growth, TTM YoY, FY26 Q4: 8.1% Revenue growth, TTM YoY, FY27 Q1: 12.2% Revenue growth, TTM YoY, FY27 Q2: 17.5% 17.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 -4.0%
FY24 Q4 -7.3%
FY25 Q1 -9.1%
FY25 Q2 -9.3%
FY25 Q3 -6.0%
FY25 Q4 -2.3%
FY26 Q1 0.9%
FY26 Q2 3.5%
FY26 Q3 4.9%
FY26 Q4 8.1%
FY27 Q1 12.2%
FY27 Q2 17.5%
Operating margin (TTM) Flex Ltd.
3% 3.5% 4% 4.5% 5% 5.5% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 3.4% Operating margin (TTM), FY24 Q4: 3.2% Operating margin (TTM), FY25 Q1: 3.4% Operating margin (TTM), FY25 Q2: 3.5% Operating margin (TTM), FY25 Q3: 4.0% Operating margin (TTM), FY25 Q4: 4.5% Operating margin (TTM), FY26 Q1: 4.8% Operating margin (TTM), FY26 Q2: 4.7% Operating margin (TTM), FY26 Q3: 4.8% Operating margin (TTM), FY26 Q4: 4.9% Operating margin (TTM), FY27 Q1: 5.0% Operating margin (TTM), FY27 Q2: 5.1% 5.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 3.4%
FY24 Q4 3.2%
FY25 Q1 3.4%
FY25 Q2 3.5%
FY25 Q3 4.0%
FY25 Q4 4.5%
FY26 Q1 4.8%
FY26 Q2 4.7%
FY26 Q3 4.8%
FY26 Q4 4.9%
FY27 Q1 5.0%
FY27 Q2 5.1%
FCF margin (TTM) Flex Ltd.
0% 2% 4% 6% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 1.7% FCF margin (TTM), FY24 Q4: 3.0% FCF margin (TTM), FY25 Q1: 4.6% FCF margin (TTM), FY25 Q2: 4.7% FCF margin (TTM), FY25 Q3: 5.3% FCF margin (TTM), FY25 Q4: 4.1% FCF margin (TTM), FY26 Q1: 4.2% FCF margin (TTM), FY26 Q2: 4.5% FCF margin (TTM), FY26 Q3: 4.3% FCF margin (TTM), FY26 Q4: 3.8% FCF margin (TTM), FY27 Q1: 2.8% FCF margin (TTM), FY27 Q2: 2.5% 2.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 1.7%
FY24 Q4 3.0%
FY25 Q1 4.6%
FY25 Q2 4.7%
FY25 Q3 5.3%
FY25 Q4 4.1%
FY26 Q1 4.2%
FY26 Q2 4.5%
FY26 Q3 4.3%
FY26 Q4 3.8%
FY27 Q1 2.8%
FY27 Q2 2.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Flex took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $27.9B
  2. Cost of revenue $25.3B · 90.6%
  3. Gross profit $2.6B · 9.2%
  4. Selling, general and admin $1.1B · 3.8%
  5. Other operating costs $147M · 0.5%
  6. Operating income $1.4B · 4.9%
  7. Income tax $263M · 0.9%
  8. Interest and other $225M · 0.8%
  9. Net income $880M · 3.2%

Shares of revenue. Source: Flex's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Mar 2010 2011 Mar 2011 2012 Mar 2012 2013 Mar 2013 2014 Mar 2014 2015 Mar 2015 2016 Mar 2016 2017 Mar 2017 2018 Mar 2018 2019 Mar 2019 2020 Mar 2020 2021 Mar 2021 2022 Mar 2022 2023 Mar 2023 2024 Mar 2024 2025 Mar 2025 2026 Mar 2026 LTM Sept 2026
Income
Revenue 24.1 28.7 29.3 23.6 26.1 26.1 24.4 23.9 25.4 26.2 24.2 24.1 24.6 28.5 26.4 25.8 27.9 31.0
Gross profit 1.2 1.6 1.5 1.2 1.4 1.5 1.6 1.5 1.6 1.5 1.3 1.7 1.8 2.0 1.9 2.2 2.6 2.9
EBITDA — — — — — — — — — — 0.8 1.2 1.3 1.4 1.3 1.6 1.8 2.0
Operating income — — — — — — — — — — 0.4 0.8 0.9 1.0 0.9 1.2 1.4 1.6
Net income 0.0 0.6 0.5 0.3 0.4 0.6 0.4 0.3 0.4 0.1 0.1 0.6 0.9 0.8 1.0 0.8 0.9 1.0
Diluted EPS $0.02 $0.75 $0.67 $0.41 $0.59 $1.02 $0.79 $0.59 $0.80 $0.18 $0.17 $1.21 $1.94 $1.72 $2.28 $2.11 $2.33 $2.77
Growth (year on year)
Revenue −22.1% +19.0% +2.3% −19.7% +10.8% +0.2% −6.6% −2.3% +6.6% +3.0% −7.6% −0.4% +2.1% +15.7% −7.3% −2.3% +8.1% +17.5%
EBITDA — — — — — — — — — — — +45.3% +6.7% +10.2% −10.3% +25.2% +13.5% +19.4%
Operating income — — — — — — — — — — — — +11.9% +14.3% −16.1% +37.0% +17.0% +25.8%
Net income — — −18.0% — — — −26.1% — — — — — +52.7% −15.3% +26.9% −16.7% +5.0% +18.4%
Diluted EPS — — −10.7% — — — −22.5% — — — — — +60.3% −11.3% +32.6% −7.5% +10.4% +21.9%
Margins
Gross margin 5.0% 5.5% 5.2% 4.9% 5.5% 5.9% 6.6% 6.4% 6.3% 5.8% 5.5% 7.0% 7.2% 6.9% 7.1% 8.4% 9.2% 9.5%
EBITDA margin — — — — — — — — — — 3.5% 5.0% 5.3% 5.0% 4.9% 6.2% 6.5% 6.4%
Operating margin — — — — — — — — — — 1.7% 3.3% 3.6% 3.6% 3.2% 4.5% 4.9% 5.1%
Net margin 0.1% 2.1% 1.7% 1.2% 1.4% 2.3% 1.8% 1.3% 1.7% 0.4% 0.4% 2.5% 3.8% 2.8% 3.8% 3.2% 3.2% 3.4%
Free-cash-flow margin 2.3% 1.3% 1.3% 2.7% 2.3% 1.7% 2.6% −18.2% −17.4% −14.1% −8.2% −0.9% 2.4% 1.1% 3.0% 4.1% 3.8% 2.5%
Cash flow
Cash from operations 0.8 0.9 0.8 1.1 1.2 0.8 1.1 −3.8 −3.9 −3.0 −1.5 0.1 1.0 1.0 1.3 1.5 1.7 1.6
Capital spending 0.2 0.5 0.4 0.5 0.6 0.3 0.5 0.5 0.6 0.7 0.5 0.4 0.4 0.6 0.5 0.4 0.6 0.8
Free cash flow 0.6 0.4 0.4 0.6 0.6 0.4 0.6 −4.3 −4.4 −3.7 −2.0 −0.2 0.6 0.3 0.8 1.1 1.1 0.8
Stock-based pay 0.1 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.2
Free cash flow after stock pay 0.5 0.3 0.3 0.6 0.6 0.4 0.5 −4.4 −4.5 −3.8 −2.1 −0.3 0.5 0.2 0.6 0.9 0.9 0.6
Balance sheet
Cash 1.9 1.7 1.5 1.6 1.6 1.6 1.8 1.8 1.5 1.7 1.9 2.6 3.0 3.2 2.5 2.3 2.4 3.1
Total debt 2.3 2.2 2.5 2.6 2.7 2.5 3.3 3.5 3.0 3.1 2.9 3.8 4.2 3.9 3.3 3.7 3.8 5.2
Net debt (negative = net cash) 0.3 0.5 1.0 1.0 1.1 0.9 1.4 1.6 1.5 1.4 0.9 1.2 1.2 0.7 0.8 1.4 1.4 2.1
Diluted shares 821m 790m 728m 675m 623m 592m 565m 546m 537m 530m 512m 506m 483m 462m 441m 398m 378m 375m
Returned to shareholders
Buybacks 0.0 0.4 0.5 0.3 0.5 0.4 0.4 0.3 0.2 0.2 0.3 0.2 0.7 0.3 1.3 1.3 0.9 0.4
Total returned 0.0 0.4 0.5 0.3 0.5 0.4 0.4 0.3 0.2 0.2 0.3 0.2 0.7 0.3 1.3 1.3 0.9 0.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 25, 2026
What it owns · $27.4bn
Short-term assets $20.2bnLonger-term assets $7.2bn
What it owes, and who funded it · $27.4bn
Short-term liabilities $15.0bnLonger-term liabilities $6.5bnShareholders' equity $5.8bn
  • Short-term assets cover short-term liabilities $20.2bn of assets due within a year against $15.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $20.2bn short-term assets against $6.5bn of longer-dated liabilities.
  • More cash than debt $3.1bn of cash against $5.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 90% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 79% to 90% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.6bn of operating cash flow against $5.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.6bn against $241m of interest.

From Flex Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$400M
Returned to shareholders
51%
of free cash flow
Buybacks, last 3 fiscal years
$3.5B
Diluted share count
−2.9%
year over year
Total shareholder yield
1.3%
dividends 0.0% + buybacks 1.3% of market value
Sales & admin spending
4.1%
of revenue
Days sales outstanding
68 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic manufacturing services
Last 12 months unless stated FLEX JBL TEL CLS SANM FN Median
Revenue, last 12 months $31.0bn $36.0bn $19.3bn $18.2bn $12.8bn $4.6bn $4.3bn
Revenue growth, last 12 months 17.5% 20.6% 16.5% 61.6% 58.6% 35.7% 14.7%
Revenue growth, 3-year average 3.3% 1.2% 5.7% — 11.9% 20.6% 1.2%
Revenue growth, latest quarter 24.8% 28.6% 13.8% 82.5% 69.7% 44.6% 24.8%
Gross margin 9.5% 9.2% 36.1% 11.5% 9.0% 12.0% 10.9%
Operating margin 5.1% 4.7% 19.7% 8.3% 4.2% 10.0% 4.7%
Operating margin, 3-year average 4.4% 5.2% 18.4% — 4.4% 9.7% 4.4%
Net margin 3.4% 2.9% 15.6% 6.8% 2.4% 10.2% 3.1%
Cash from operations / revenue 5.2% 5.6% 22.9% 7.7% 7.1% 5.5% 5.5%
Free-cash-flow margin 2.5% 3.8% 17.2% 3.0% 4.7% 0.1% 2.8%
Free-cash-flow margin, 3-year average 3.9% 3.7% 17.7% — 4.1% 6.3% 4.1%
Stock pay / revenue 0.5% 0.4% 0.9% 0.5% 0.7% 0.7% 0.5%
Change in share count −2.9% −3.6% −1.8% 0.8% −0.7% −0.0% −0.8%

Median of all 12 companies we cover in electronic manufacturing services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 electronic manufacturing services companies
Measure Company Peer median Rank
Revenue growth Growth 17.5% 16.5% 5 of 12
Change in growth rate Growth +5.3pp +4.0pp 4 of 12
Gross margin Profitability 9.5% 11.4% 8 of 12
Operating margin Profitability 5.1% 4.7% 5 of 12
Net margin Profitability 3.4% 3.4% 6 of 12
Free-cash-flow margin Cash generation 2.5% 3.0% 7 of 12
Stock pay as % of revenue Cash generation 0.5% 0.6% 5 of 11
Long-term debt as % of assets Balance sheet 19.0% 10.6% 6 of 9
Change in share count Balance sheet -2.9% -0.7% 2 of 12
Days sales outstanding Balance sheet 68 days 68 days 4 of 7

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to March 31, 2026
Segments
Line of business Revenue Share YoY
Integrated Technology Solutions ITS $11.1B 39.8% ▼ 2.0%
Regulated Manufacturing Solutions RMS $10.2B 36.5% ▲ 5.3%
Cloud Power Infrastructure CPI $6.6B 23.7% ▲ 37.8%
Geography
Region Revenue YoY
Americas $13.8B ▲ 9.2%
Asia $8.4B ▲ 9.1%
Mexico $7B ▲ 2.0%
Europe $5.7B ▲ 4.3%
United States $5.2B ▲ 24.6%
China $4.5B ▲ 4.1%
Malaysia $3B ▲ 24.7%
Singapore $194M ▼ 27.1%

These categories overlap or exclude eliminations, so shares aren't shown.

From Flex Ltd.'s 10-K filed May 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$56B
Institutions reporting
1,106
Shares held vs prior quarter
▼ 1.5%
Positions opened / closed
382 / 56

Top buyers and sellers, Q2 2026: 660 institutions bought and 404 sold ; the biggest buyer was Vanguard Capital Management LLC (+7.5M shares) and the biggest seller Boston Partners (−4.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.8B 42.1M 12.2% ▼ 6.5%
Vanguard Capital Management LLC $3.9B 24.0M 6.9% ▲ 45.5%
Primecap Management Co $3.8B 23.4M 6.8% ▼ 8.0%
FMR LLC $3.2B 19.5M 5.7% ▲ 19.3%
Vanguard Portfolio Management LLC $3.1B 19.0M 5.5% ▼ 1.7%
Wellington Management Group LLP $2.9B 18.0M 5.2% ▼ 11.2%
State Street Corp $2.8B 17.0M 4.9% ▲ 19.0%
Jupiter Topco LLC $2.3B 14.1M 4.1% —
Geode Capital Management, LLC $1.7B 10.3M 3.0% ▲ 23.8%
Boston Partners $1.4B 8.6M 2.5% ▼ 33.7%
Invesco Ltd. $968M 6.0M 1.7% ▼ 17.5%
Voya Investment Management LLC $966M 6.0M 1.7% ▲ 0.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Flex Ltd.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $118M 151 trades by 10 insiders · 51% under pre-set plans
Net ▼ $118M net selling
Insider Date Trade Shares Price Value
Hartung Michael P Chief Commercial Officer August 18, 2026 Sell 8 $123.25 $986
Hartung Michael P Chief Commercial Officer August 18, 2026 Sell 196 $122.60 $24,030
Hartung Michael P Chief Commercial Officer August 18, 2026 Sell 272 $121.76 $33,119
Hartung Michael P Chief Commercial Officer August 18, 2026 Sell 1,272 $120.74 $153,584
Hartung Michael P Chief Commercial Officer August 18, 2026 Sell 1,007 $119.79 $120,633
Advaithi Revathi Chief Executive Officer June 18, 2026 Sell pre-set plan 921 $146.31 $134,751
Advaithi Revathi Chief Executive Officer June 18, 2026 Sell pre-set plan 21,985 $145.35 $3.2M
Advaithi Revathi Chief Executive Officer June 18, 2026 Sell pre-set plan 16,282 $144.88 $2.4M
Tan Kwang Hooi Chief Operating Officer June 18, 2026 Sell 100 $146.41 $14,641
Tan Kwang Hooi Chief Operating Officer June 18, 2026 Sell 5,934 $145.33 $862,417
Tan Kwang Hooi Chief Operating Officer June 18, 2026 Sell 2,947 $144.85 $426,866
Hartung Michael P Chief Commercial Officer June 18, 2026 Sell 100 $146.26 $14,626

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 28 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 11 sales of Flex Ltd. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded May 14, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded May 12, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $50,001 - $100,000, traded May 11, 2026, filed June 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • May 5, 2026
  • February 4, 2026
  • October 29, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Flex Ltd. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Flex Ltd. in brief

What does Flex Ltd. do?
Flex Ltd. is a US-listed company in the electronic manufacturing services industry. Its financial year ends in March.
What is Flex Ltd.'s stock ticker?
Flex Ltd. trades under the ticker FLEX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Flex Ltd.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Flex Ltd. reported revenue of $31B, 17.5% higher than a year earlier, according to its SEC filings.
What is Flex Ltd.'s free cash flow?
Flex Ltd.'s free-cash-flow margin is 2.5% of revenue over the trailing twelve months, ranking 7 of the 12 electronic manufacturing services companies we cover.
What is Flex Ltd.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Flex Ltd.'s free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$80–$140 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Flex Ltd.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Primecap Management Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Flex Ltd. buying back stock, and does it pay a dividend?
Flex Ltd. spent $400M on share repurchases over the trailing twelve months, and its diluted share count fell 2.9% over the year.
What is Flex Ltd.'s market cap?
On November 2, 2026, Flex Ltd.'s market capitalisation was about $31.6B, with a price-to-earnings ratio of 30.4 and net debt of $2.1B. Market figures come from third-party market data and may be delayed.
How much debt does Flex Ltd. have?
Flex Ltd.'s debt-to-equity ratio is 89.8%, from its latest balance sheet (78.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Flex Ltd.'s competitors?
In our Electronic Manufacturing Services peer group, the companies closest to Flex Ltd. are Jabil, TE Connectivity, Celestica Inc, Sanmina Corp and Fabrinet. The side-by-side comparison below sets their revenue, margins and growth against Flex Ltd.'s.
Are insiders buying or selling Flex Ltd. stock?
Over the last 12 months, Flex Ltd.'s directors and officers reported 0 open-market purchases and 151 sales on Form 4. The insider trading page charts every trade.
When is Flex Ltd.'s next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Flex Ltd. announces its own schedule.