Flex Ltd.

FLEX · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Valuation
Market cap	$24,068	$12,673	$12,049	$10,379	$8,609	$8,617	$3,941	$4,706	$7,685	$7,906	$5,676	$5,965	$5,641	$4,401	$5,171	$5,807	$6,364	$2,373	$6,766	$6,439	$5,936	$6,657	$8,988	$4,510	$9,277	$6,630	$12,550	$2,343	$789	$320	$477	$152	$65	$78
Enterprise value	$25,995	$14,532	$13,462	$11,768	$10,393	$10,325	$5,385	$6,064	$9,153	$9,062	$6,877	$6,443	$6,188	$4,882	$5,842	$6,278	$6,693	$3,493	$8,463	$7,227	$6,588	$7,532	$10,102	$5,196	$9,694	$7,241	$12,964	$2,468	$943	$463	$522	$160	$48	$105
P/E (TTM) at period end	27.35×	15.12×	11.98×	13.09×	9.20×	14.06×	44.79×	50.60×	17.93×	24.74×	12.78×	9.93×	15.43×	15.89×	10.58×	9.74×	342.24×	–	–	12.66×	42.05×	19.59×	–	–	–	–	79.15×	45.93×	35.16×	27.56×	–	24.57×	22.29×	60.33×
P/S (TTM) at period end	0.86×	0.49×	0.46×	0.36×	0.35×	0.36×	0.16×	0.18×	0.30×	0.33×	0.23×	0.23×	0.22×	0.19×	0.18×	0.20×	0.26×	0.08×	0.25×	0.34×	0.39×	0.42×	0.62×	0.34×	0.71×	0.55×	1.80×	0.59×	0.59×	0.50×	0.83×	0.64×	0.53×	0.84×
P/B at period end	4.68×	2.53×	2.26×	1.94×	2.08×	2.51×	1.39×	1.58×	2.55×	2.99×	2.21×	2.53×	2.61×	1.96×	2.26×	2.53×	3.21×	1.27×	0.83×	1.04×	1.11×	1.27×	2.06×	0.99×	2.08×	1.64×	5.28×	4.68×	3.67×	3.22×	6.53×	2.64×	1.22×	23.77×
EV / EBITDA (TTM)	14.24×	9.04×	10.48×	8.22×	8.00×	8.48×	6.43×	6.66×	10.08×	9.81×	6.24×	5.33×	6.29×	5.13×	5.16×	5.32×	7.85×	6.34×	6.14×	9.43×	10.33×	10.06×	20.65×	7.75×	10.68×	7.15×	28.54×	6.98×	10.62×	12.12×	13.91×	9.84×	5.60×	14.77×
EV / Sales (TTM)	0.93×	0.56×	0.51×	0.41×	0.42×	0.43×	0.22×	0.23×	0.36×	0.38×	0.28×	0.25×	0.24×	0.21×	0.20×	0.22×	0.28×	0.11×	0.31×	0.38×	0.43×	0.48×	0.70×	0.39×	0.74×	0.60×	1.86×	0.62×	0.71×	0.72×	0.91×	0.68×	0.39×	1.12×
Returns
Return on equity	17.1%	16.8%	18.9%	14.8%	22.7%	17.8%	3.1%	3.1%	14.2%	12.1%	17.3%	25.4%	16.9%	12.3%	21.4%	26.0%	0.9%	(329.7%)	(8.3%)	8.2%	2.6%	6.5%	(8.1%)	(1.8%)	(3.5%)	(11.1%)	6.7%	10.2%	10.4%	11.7%	(19.3%)	10.7%	5.5%	39.4%
Return on invested capital	14.9%	14.0%	12.7%	12.8%	13.6%	13.3%	5.4%	5.6%	8.7%	11.1%	15.2%	21.1%	17.5%	13.0%	18.7%	24.7%	–	5.6%	–	4.8%	2.8%	6.1%	(2.7%)	2.7%	5.5%	8.5%	8.2%	27.3%	13.1%	7.1%	20.1%	12.5%	11.1%	9.3%
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.0%	0.2%	0.4%	0.1%	–	–	–	–	–
Financial health
Current ratio	1.36×	1.30×	1.52×	1.48×	1.34×	1.45×	1.26×	1.20×	1.26×	1.29×	1.27×	1.29×	1.23×	1.26×	1.36×	1.33×	1.26×	1.24×	1.39×	1.25×	1.24×	1.23×	1.26×	1.35×	1.44×	1.75×	1.12×	1.17×	1.40×	0.89×	1.24×	1.66×	1.75×	1.09×
Debt / equity	0.73×	0.74×	0.61×	0.69×	1.02×	1.10×	1.00×	1.03×	0.97×	1.12×	1.08×	0.88×	0.97×	0.92×	1.10×	0.97×	1.14×	1.58×	0.42×	0.24×	0.30×	0.33×	0.39×	0.24×	0.26×	0.30×	0.47×	0.57×	1.02×	1.47×	0.69×	0.22×	0.24×	8.76×
Effective tax rate	23.0%	18.1%	(30.9%)	15.4%	9.5%	14.1%	44.7%	48.9%	17.7%	13.8%	2.3%	10.4%	8.7%	8.0%	9.6%	3.5%	332.7%	(0.1%)	2980.6%	1.2%	32.9%	(26.1%)	15.8%	43.3%	36.6%	19.2%	12.7%	(29.6%)	9.4%	14.9%	(36.9%)	19.5%	21.9%	18.8%
Share count
Diluted shares outstanding	378	398	441	462	483	506	512	530	537	546	565	592	623	675	728	790	821	821	721	597	601	585	526	517	490	442	383	194	153	129	118	89	41	43

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Revenue and gross profit
Revenue	$29,267	$27,914	$25,813	$26,415	$28,502	$24,633	$24,124	$24,210	$26,211	$25,441	$23,863	$24,419	$26,148	$26,109	$23,569	$29,343	$28,680	$24,111	$30,949	$27,558	$18,854	$15,288	$15,731	$14,479	$13,379	$13,105	$12,110	$6,959	$3,953	$1,336	$640	$572	$237	$123	$93
Cost of revenue	($26,478)	($25,288)	($23,584)	($24,395)	($26,503)	($22,838)	($22,349)	($22,681)	($24,594)	($23,778)	($22,303)	($22,811)	($24,603)	($24,610)	($22,187)	($27,825)	($27,095)	($22,801)	($29,513)	($25,973)	($17,925)	($14,540)	($14,799)	($14,151)	($12,650)	($12,225)	($11,128)	($6,335)	($3,512)	($1,217)	($575)	($504)	($210)	($108)	($81)
Gross profit	$2,742	$2,567	$2,159	$1,865	$1,976	$1,780	$1,687	$1,339	$1,518	$1,596	$1,521	$1,608	$1,545	$1,440	$1,166	$1,518	$1,583	$1,212	$1,280	$1,176	$929	$748	$932	$328	$728	$880	$982	$624	$441	$119	$65	$68	$28	$15	$12
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	($78)	($66)	($61)	($26)	($30)	–	($79)	($46)	($13)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,153)	($1,052)	($904)	($922)	($874)	($830)	($817)	($834)	($953)	($1,019)	($937)	($955)	($844)	($875)	($805)	($878)	($802)	($755)	($979)	($807)	($548)	($464)	($526)	($469)	($456)	($444)	($430)	($320)	($241)	($62)	($42)	($31)	($12)	($6)	($5)
Total operating expenses	($1,293)	($1,199)	($990)	($1,012)	($959)	($890)	($892)	($924)	($1,041)	($1,122)	($1,029)	($1,021)	($877)	($920)	($781)	($907)	($874)	($1,067)	($1,115)	($510)	($585)	($501)	($559)	($504)	($478)	($456)	($494)	($361)	($270)	($66)	($45)	($45)	($18)	($10)	($9)
Total costs and expenses	($27,818)	($26,546)	($24,644)	($25,562)	($27,485)	($23,743)	($23,329)	($23,795)	($25,734)	($24,967)	($23,371)	($23,832)	($25,479)	($25,589)	($23,184)	($28,732)	($27,971)	($23,966)	($30,783)	($26,892)	($18,509)	($15,041)	($15,358)	($14,655)	($13,129)	($12,681)	($11,622)	($6,697)	($3,782)	($1,283)	($620)	($548)	($227)	($118)	($90)
Operating income	$1,449	$1,368	$1,169	$853	$1,017	$890	$795	$415	$477	$474	$492	$587	$669	$520	$385	$611	$709	$145	$165	$666	$344	$247	$373	($175)	$250	$424	$488	$263	$171	$53	$20	$24	$10	$5	$3
Earnings
EBITDA	$1,995	$1,825	$1,608	$1,284	$1,431	$1,299	$1,217	$837	$910	$908	$924	$1,103	$1,209	$984	$951	$1,133	$1,181	$852	$551	$1,379	$766	$638	$748	$489	$670	$907	$1,012	$454	$353	$89	$38	$38	$16	$9	$7
Interest income	$51	$51	$61	$56	$30	$14	$14	$19	$19	$19	$12	$12	$19	$18	$20	$22	$14	$32	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($224)	($215)	($218)	($207)	($230)	($166)	($150)	($7)	($146)	($123)	($108)	($98)	($76)	($80)	($69)	($68)	($89)	($158)	($246)	($185)	($92)	($93)	($90)	($26)	($93)	($92)	–	–	–	–	–	–	($1)	($2)	–
Pre-tax income	$1,274	$1,143	$1,023	$666	$807	$964	$714	$159	$182	$521	$371	$455	$671	$400	$329	$565	$629	($11)	($6,130)	$24	$325	$165	$263	($411)	($147)	($243)	($552)	$182	$39	$25	$14	($10)	$8	$3	$2
Income tax expense	($301)	($263)	($185)	$206	($124)	($92)	($101)	($71)	($89)	($92)	($51)	($11)	($70)	($35)	($26)	($54)	($22)	$36	($5)	($705)	($4)	($54)	$69	$65	$64	$89	$106	($23)	$12	($2)	($2)	($4)	($2)	($1)	($0)
Net income	$973	$880	$838	$1,006	$793	$936	$613	$88	$93	$429	$320	$444	$597	$365	$277	$489	$596	$19	($6,136)	($681)	$509	$141	$340	($352)	($83)	($154)	($446)	$159	$51	$22	$12	($14)	$6	$3	$1
Per share
Diluted EPS (GAAP)	$2.59	$2.33	$2.11	$2.28	$1.72	$1.94	$1.21	$0.17	$0.18	$0.80	$0.59	$0.79	$1.02	$0.59	$0.41	$0.67	$0.75	$0.02	($7.47)	($0.95)	$0.85	$0.24	$0.58	($0.67)	($0.16)	($0.31)	($1.01)	$0.42	$0.32	$0.13	$0.09	($0.12)	$0.07	$0.07	$0.03
Basic EPS (GAAP)	$2.63	$2.37	$2.14	$2.31	$1.75	$1.97	$1.23	$0.17	$0.18	$0.81	$0.59	$0.80	$1.04	$0.60	$0.42	$0.68	$0.77	$0.02	($7.47)	($0.95)	$0.86	$0.25	$0.61	($0.67)	($0.16)	($0.31)	($1.01)	$0.44	$0.33	$0.14	$0.09	($0.12)	$0.07	$0.07	$0.03
Basic shares outstanding	371	371	391	435	454	476	499	509	527	530	541	558	580	610	663	716	777	812	821	721	589	574	553	526	517	490	442	356	184	146	129	118	89	41	43
Margins
Gross margin	9.4%	9.2%	8.4%	7.1%	6.9%	7.2%	7.0%	5.5%	5.8%	6.3%	6.4%	6.6%	5.9%	5.5%	4.9%	5.2%	5.5%	5.0%	4.1%	4.3%	4.9%	4.9%	5.9%	2.3%	5.4%	6.7%	8.1%	9.0%	11.1%	8.9%	10.1%	11.9%	11.8%	12.3%	13.3%
Operating margin	5.0%	4.9%	4.5%	3.2%	3.6%	3.6%	3.3%	1.7%	1.8%	1.9%	2.1%	2.4%	2.6%	2.0%	1.6%	2.1%	2.5%	0.6%	0.5%	2.4%	1.8%	1.6%	2.4%	(1.2%)	1.9%	3.2%	4.0%	3.8%	4.3%	4.0%	3.1%	4.1%	4.3%	4.2%	3.6%
Net margin	3.3%	3.2%	3.2%	3.8%	2.8%	3.8%	2.5%	0.4%	0.4%	1.7%	1.3%	1.8%	2.3%	1.4%	1.2%	1.7%	2.1%	0.1%	(19.8%)	(2.5%)	2.7%	0.9%	2.2%	(2.4%)	(0.6%)	(1.2%)	(3.7%)	2.3%	1.3%	1.7%	1.8%	(2.5%)	2.6%	2.4%	1.4%

Analyst consensus

Buy26 analysts

Bearish · 0 · Hold · 7 · Bullish · 19

Earnings history

	EPS	Estimate
Q2 2025	$0.64	$0.56	Beat
Q3 2025	$0.77	$0.64	Beat
Q4 2025	$0.73	$0.69	Beat
Q1 2026	$0.72	$0.63	Beat
Q2 2026	$0.79	$0.75	Beat
Q3 2026	$0.87	$0.78	Beat
Q4 2026	$0.93	$0.87	Beat
Q1 2027	$1.00	$0.90	Beat

Peers

Company overview

IPO dateMar 18, 1994

CEORevathi Advaithi

Employees149,686

SectorTechnology

IndustryHardware, Equipment & Parts

CountryUS

ExchangeNASDAQ Global Select

Websitewww.flex.com

Flex Ltd. is a global provider offering extensive design, engineering, manufacturing, and supply chain management solutions to original equipment manufacturers (OEMs) across Asia, the Americas, and Europe. Its operations are structured into three primary segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The company specializes in a range of cross-industry technologies, such as human-machine interfaces, Internet of Things (IoT) platforms, advanced power solutions, sensor fusion, and smart audio systems. A significant offering includes integrated solar tracker and software solutions tailored for utility-scale and ground-mounted distributed generation solar projects. Flex also delivers value-added design and engineering support, alongside comprehensive systems assembly and manufacturing services. These encompass enclosure fabrication, rigorous testing, and meticulous materials procurement and inventory management. Their product line features power components like chargers for smartphones and tablets, adapters for notebooks and gaming systems, and power supplies for server, storage, and networking markets. Furthermore, they provide full power solutions, including switchgear, busway, power distribution units, modular power systems, and related monitoring services. Beyond production, Flex offers end-to-end supply chain logistics, covering both forward and after-market services for computing, consumer digital, infrastructure, industrial, mobile, automotive, and medical sectors. Their reverse logistics and repair capabilities include returns management, exchange programs, complex repairs, asset recovery, recycling, and e-waste management. The company serves a broad spectrum of industries, including cloud computing, communications, enterprise, automotive, industrial, consumer devices, lifestyle, healthcare, and energy. Founded in 1990 in Singapore, the company was formerly known as Flextronics International Ltd. before adopting the name Flex Ltd. in September 2016.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.