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Flex Ltd. key statistics and ratios

In fiscal 2026, Flex Ltd. had return on equity of 17.3% and a net margin of 3.2%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2010Mar 20102011Mar 20112012Mar 20122013Mar 20132014Mar 20142015Mar 20152016Mar 20162017Mar 20172018Mar 20182019Mar 20192020Mar 20202021Mar 20212022Mar 20222023Mar 20232024Mar 20242025Mar 20252026Mar 2026LTMSept 2026
Net margin0.1%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%
Return on equity0.9%27.9%21.3%12.2%16.6%26.6%18.0%12.3%15.1%3.1%3.0%19.6%24.7%16.7%18.8%16.2%17.3%18.9%
Return on assets0.2%5.4%4.3%2.6%3.2%5.0%3.7%2.6%3.3%0.7%0.6%4.2%5.3%3.9%5.1%4.6%4.4%4.2%
Effective tax rate—3.5%9.4%8.0%8.7%10.4%2.3%13.8%17.7%48.9%44.7%14.1%9.5%15.4%−30.9%18.1%23.0%—
R&D as % of revenue0.1%0.2%0.3%—0.1%0.1%0.2%0.3%0.3%—————————
SG&A as % of revenue3.1%2.8%3.0%3.4%3.4%3.2%3.9%3.9%4.0%3.6%3.4%3.4%3.4%3.1%3.5%3.5%3.8%4.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: FLEX vs JBLFLEX vs TELCLS vs FLEXFLEX vs SANM

More: Electronic Manufacturing Services stocks compared, Technology sector, rankings of US companies

Figures from Flex Ltd.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Flex Ltd.