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Sanmina Corp key statistics and ratios

In fiscal 2025, Sanmina Corp had return on equity of 10.0%, an operating margin of 4.4%, debt equal to 11.8% of equity and a current ratio of 1.72. 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 year2009Oct 20092010Oct 20102011Oct 20112012Sept 20122013Sept 20132014Sept 20142015Oct 20152016Oct 20162017Sept 20172018Sept 20182019Sept 20192020Oct 20202021Oct 20212022Oct 20222023Sept 20232024Sept 20242025Sept 2025LTMJun 2026
Gross margin6.2%7.6%7.7%7.2%7.2%7.9%7.6%7.9%7.6%6.5%7.2%7.4%7.8%7.9%8.3%8.5%8.8%9.0%
Operating margin−0.1%3.2%3.2%2.3%2.7%3.2%3.2%3.5%3.3%1.7%3.5%3.2%3.8%4.4%5.1%4.4%4.4%4.2%
Net margin−2.7%1.9%1.0%3.0%1.3%3.2%5.9%2.9%2.0%−1.3%1.7%1.9%3.7%3.0%3.5%2.9%3.0%2.4%
Free-cash-flow margin2.5%−2.5%1.9%2.2%4.1%3.8%0.9%4.2%2.0%0.5%3.0%3.4%3.9%2.4%0.5%3.0%5.8%4.7%
Return on equity−26.6%20.7%9.6%20.8%7.7%16.9%27.3%12.0%8.5%−6.1%9.1%8.1%14.4%13.1%15.0%9.5%10.0%11.6%
Return on assets—3.7%2.1%5.5%2.6%6.3%11.1%5.3%3.7%−2.4%3.5%3.5%6.3%5.3%6.4%4.6%4.6%4.0%
Asset turnover—1.911.981.871.921.971.871.821.841.792.061.811.691.751.841.561.521.64
Current ratio—2.072.081.911.831.601.681.701.621.251.741.851.831.571.911.991.721.78
Debt to equity0.0%197.3%161.3%93.1%53.6%43.6%35.3%28.7%29.1%41.3%23.4%21.4%17.8%19.1%14.6%13.4%11.8%78.7%
Interest cover (operating income ÷ interest)n/m1.9x2.1x1.9x3.8x6.5x8.1x9.0x10.3x4.3x9.3x7.6x13.1x15.6x12.6x11.5x17.6x5.6x
Effective tax rate—12.1%30.8%—23.3%−21.9%—8.2%35.0%—42.4%30.7%11.4%20.5%20.7%25.1%21.6%28.6%
R&D as % of revenue0.3%0.2%0.3%0.4%0.4%0.5%0.5%0.6%0.5%0.4%0.3%0.3%0.3%0.3%0.3%0.4%0.4%0.3%
SG&A as % of revenue4.6%4.0%3.7%4.0%4.0%3.9%3.8%3.8%3.7%3.5%3.2%3.5%3.5%3.1%2.9%3.5%3.6%3.2%
Capital spending as % of revenue1.3%1.3%1.6%1.3%1.3%1.1%1.9%1.9%1.6%1.7%1.6%0.9%1.1%1.8%2.1%1.5%1.8%2.4%
Free cash flow ÷ net income—−130.5%184.8%75.9%304.9%120.6%14.8%143.6%100.2%—175.5%176.1%106.2%80.0%14.1%102.9%192.5%192.8%
Dividends and buybacks ÷ free cash flow22.2%—0.0%0.2%0.6%32.0%220.0%52.7%127.2%419.9%5.1%76.3%24.2%172.3%————

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

3 of 6 checks passed · June 27, 2026
What it owns · $9.7bn
Short-term assets $7.8bnLonger-term assets $1.9bn
What it owes, and who funded it · $7.2bn
Short-term liabilities $4.4bnShareholders' equity $2.8bn
  • Short-term assets cover short-term liabilities $7.8bn of assets due within a year against $4.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.8bn of cash against $2.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 79% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 17% to 79% over five years.
  • A year's operating cash flow covers at least 20% of debt $901m of operating cash flow against $2.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $530m against $95m of interest.

From Sanmina Corp'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

48 /100

Moderate moat

How hard Sanmina'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 6 / 20

    Net income has been a median 4.9% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 7.8%, moving by 0.7 percentage points (standard deviation) across 10 years.

  • Durability 8 / 20

    Operating margin has been a median 4.0%; its worst year was 2.2%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 3.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 18.2% over five years; stock-based pay has been a median 0.5% 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 (53 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: CLS vs SANMSANM vs TELFLEX vs SANMFN vs SANM

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

Figures from Sanmina Corp's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Sanmina Corp.