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Not Investment Advice

FLEX

NASDAQ · USD
Flex Ltd.
Technology · Hardware, Equipment & Parts
CEO Revathi Advaithi Employees 150,000 R&D / revenue 0.0%
Last price
$90.46−8.16%last session
Market cap
$33.4B
P/E (TTM)
34.9x
From 52w high
−45.8%
From 52w low
+70.5%
1-year return
+42.8%
RSI 14 · vs SMA200
29.7 · −11.3%
IS score
53.0/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

FLEX   SPY   XLK (sector ETF) · weekly closes
100150200250Jan 26Apr 26Jul 26Oct 26FLEX 143XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
28
Profitability
56
Growth
19
Value
83
Momentum
80
Risk (safety)
64
Quality
55
Balance sheet
75
Earnings quality

Flags

Strengths
None of the computed strength flags fires.
Warnings
None of the computed warning flags fires for FLEX (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: None, Efficient ScalePiotroski 6 / 9Altman Z 3.4Beta 1.651 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
139 open-market sales, $110.4M
Form 144 notices (12m): 35, $93.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+332
397 new holders, 58 closed
1,117 filers hold 93.9% · 278 added, 354 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+321
1,093 funds adding shares
772 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
14.4%
20-day avg 31.7%, 50-day avg 33.6%
Latest 17.3 pp under its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$27.9B
Revenue growth YoY+8.1%
Gross margin9.2%
Operating income$1.5B
Operating margin5.4%
Net income$880.0M
Net margin3.2%
EPS (diluted)$2.33
Cash flow
Operating cash flow$1.7B
Capital expenditure$633.0M
Free cash flow$1.1B
FCF conversion (FCF / OCF)62.4%
Stock-based compensation$142.0M
FCF less SBC$910.0M
Buybacks$944.0M
Dividends$0
Balance sheet & returns
Cash & short-term investments$2.4B
Total debt$3.8B
Net debt$1.4B
Shareholders' equity$5.1B
Goodwill & intangibles$1.7B
Debt / equity1.08
ROE (TTM)18.7%
ROIC (TTM)9.6%
Operating margin by fiscal year
3.7%FY20223.9%FY20232.1%FY20244.5%FY20255.1%FY2026
Revenue $24.6B (FY2022) to $27.9B (FY2026), a 3.2% CAGR.

Valuation

P/E (TTM)34.9x
EV / EBITDA18.1x
Price / sales1.14x
Price / FCF31.3x
FCF yield3.20%
Buyback yield2.82%
SBC / revenue0.9%
Price / book6.15x
Forward P/E FY202719.2x
Forward P/E FY202812.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $152.50 across 4 analysts last quarter is theirs, not ours.

FLEX vs industry median

183 companies in Hardware, Equipment & Parts
Gross margin 9.5% 35.9% Operating margin 5.2% 4.0% Net margin 3.3% 1.9% ROIC 9.6% 7.1%
FLEX (TTM)Industry median Asset turnover 1.16 vs industry 0.67 · financial leverage 4.58

Earnings delivery

Next report 2026-10-28 · consensus EPS $1.06
100%
beat rate, 12 of 12 quarters
+13.0%
median EPS surprise
12
longest beat streak
+17+15+3+24+14+20+5+14+5+12+6+11
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-25 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
FLEX Flex Ltd. $33.4B34.9x18.7%3.3%+8.1% +42.8%
JBL Jabil Inc. $29.2B28.2x66.7%3.7%+20.6% +32.8%
CLS Celestica Inc. $38.3B31.3x52.7%7.8%+47.5% +8.6%
TDY Teledyne Technologies Incorp $28.7B29.8x9.2%15.1%+7.9% +10.1%
COHR Coherent, Inc. $45.9B53.5x8.5%11.8%+22.5% +100.8%
GRMN Garmin Ltd. $54.9B29.2x21.9%26.8%+13.5% —
KEYS Keysight Technologies, Inc. $56.4B45.6x20.5%21.5%+25.5% —
FTV Fortive Corporation $17.5B33.6x6.5%14.3%−29.8% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-10-14Material Agreement; Acquisition/Disposition; Financial Obligation; Other Events; Exhibits
2026-10-13Unregistered Equity Sales; Exhibits
2026-10-05Material Agreement; Financial Obligation; Unregistered Equity Sales; Other Events; Exhibits
2026-10-02Material Agreement; Financial Obligation; Exhibits
2026-09-15Officer/Director Change; Other Events; Exhibits
2026-09-04Material Agreement; Other Events; Exhibits

Context

Shares outstanding369,460,000
Free float99.2%
Institutional ownership93.9%
Beta1.65
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$113.63 / $101.85
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where FLEX sits among 41 scored companies in Hardware, Equipment & Parts (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureFLEXIndustry medianIndustry percentileSector median
P/E (TTM) 34.3x 36.2x
48th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 2.38 1.39
65th		 1.36
Price / sales 1.1x 3.4x
12th		 3.9x
Price / book 6.1x 3.7x
80th		 4.4x
Price / tangible book 18.7x 8.9x
77th		 8.8x
Price / free cash flow 31.3x 25.4x
53rd		 20.3x
Price / operating cash flow 18.5x 24.7x
35th		 17.9x
Enterprise value $36.5B $7.9B
85th		 $5.5B
EV / sales 1.2x 3.7x
12th		 4.1x
EV / EBITDA 18.1x 19.1x
44th		 18.9x
EV / EBIT 25.0x 26.4x
42nd		 26.7x
EV / free cash flow 34.2x 27.7x
66th		 21.9x
Earnings yield 2.9% 2.4%
60th		 2.0%
FCF yield 3.2% 3.0%
57th		 3.3%
Operating cash flow yield 5.4% 3.6%
68th		 4.4%
Graham number (per share) $29.34 $54.04
27th		 $28.08

Profitability (TTM)

MeasureFLEXIndustry medianIndustry percentileSector median
Gross margin 9.5% 39.0%
5th		 55.7%
EBITDA margin 6.9% 15.0%
25th		 13.7%
Operating margin 5.2% 12.6%
25th		 8.2%
EBIT margin 5.0% 12.3%
28th		 8.6%
Net margin 3.3% 8.1%
30th		 5.7%
NOPAT margin 3.9% 10.0%
22nd		 7.0%
FCF margin 3.7% 10.8%
25th		 15.0%
Operating cash flow margin 6.2% 13.4%
22nd		 18.4%
R&D / revenue 0.0% 4.4%
0th		 12.9%
SG&A / revenue 3.9% 17.1%
10th		 25.6%
Stock comp / revenue 0.9% 1.3%
31st		 4.4%
Effective tax rate 23.6% 20.5%
77th		 21.0%

Returns on capital

MeasureFLEXIndustry medianIndustry percentileSector median
ROE (on average equity) 18.4% 11.5%
78th		 9.4%
ROA 4.4% 5.5%
38th		 4.1%
ROIC 13.5% 11.9%
62nd		 9.0%
ROCE 12.2% 9.9%
68th		 8.6%
Return on tangible assets 6.6% 8.0%
35th		 5.9%
Cash ROIC (OCF / invested capital) 21.0% 14.6%
75th		 20.7%
Gross profitability (GP / assets) 11.0% 22.4%
5th		 30.0%
ROIC, 3-yr average 11.7% 10.9%
54th		 7.4%
ROIC, 5-yr average 14.0% 10.1%
61st		 7.9%
ROE, 5-yr average 18.3% 9.8%
83rd		 6.9%
Incremental ROIC 22.9% 12.5%
64th		 15.3%

Growth

MeasureFLEXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 12.2% 15.9%
36th		 14.3%
Revenue growth (QoQ) 6.0% 8.9%
25th		 6.6%
Revenue CAGR, 3 yr -0.7% 4.2%
22nd		 9.6%
Revenue CAGR, 5 yr 2.9% 6.7%
28th		 11.5%
Gross profit CAGR, 3 yr 8.0% 5.8%
58th		 10.9%
Operating income CAGR, 3 yr 10.3% 10.3%
50th		 11.3%
Net income growth (TTM YoY) 9.2% 38.3%
27th		 21.6%
Net income CAGR, 3 yr 7.2% 7.3%
48th		 9.9%
EPS growth (TTM YoY) 11.2% 19.7%
33rd		 22.3%
EPS CAGR, 3 yr 14.4% 9.0%
66th		 11.2%
EPS CAGR, 5 yr 11.1% 9.9%
55th		 12.0%
FCF growth (TTM YoY) -3.2% 25.7%
28th		 24.6%
FCF CAGR, 3 yr 68.6% 12.6%
85th		 19.3%
Operating cash flow CAGR, 3 yr 25.3% 10.1%
71st		 17.9%
Book value CAGR, 3 yr 7.4% 7.1%
51st		 6.8%
Dividend CAGR, 3 yr —
Sustainable growth rate 18.4% 12.6%
76th		 14.2%

Margin history & stability

MeasureFLEXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 8.0% 36.4%
0th		 53.2%
Operating margin, 3-yr average 4.1% 11.2%
16th		 6.6%
Net margin, 3-yr average 3.6% 6.4%
34th		 5.2%
FCF margin, 3-yr average 4.3% 11.4%
29th		 12.7%
Revenue stability (0-1) 0.09 0.57
11th		 0.87
Earnings stability (0-1) 0.48 0.41
61st		 0.45
Margin stability (0-1) 0.82 0.94
5th		 0.95

Liquidity (latest quarter)

MeasureFLEXIndustry medianIndustry percentileSector median
Cash & short-term investments $2.8B $403.3M
98th		 $494.1M
Net cash (− = net debt) −$3.1B −$55.9M
10th		 $49.8M
Working capital $5.0B $789.7M
98th		 $391.0M
Current ratio 1.38 2.29
15th		 1.92
Quick ratio 0.89 1.65
12th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.21 0.67
12th		 0.95
Defensive interval (days) 2,276 days 789 days
90th		 521 days

Leverage & solvency (latest quarter)

MeasureFLEXIndustry medianIndustry percentileSector median
Total debt $5.9B $299.3M
95th		 $349.3M
Debt / equity 1.08 0.25
88th		 0.29
Net debt / equity 0.56 0.02
82nd		 −0.13
Debt / assets 23.5% 13.4%
70th		 16.9%
Debt / capital 51.9% 19.9%
88th		 22.3%
Debt / EBITDA 2.94 1.78
75th		 1.78
Net debt / EBITDA 1.53 0.18
78th		 −0.18
Interest coverage (EBIT / interest) 6.3x 7.1x
44th		 5.8x
Cash interest coverage 7.8x 10.3x
35th		 12.8x
Debt payback (years of OCF) 3.3 yrs 1.8 yrs
73rd		 1.6 yrs
Liabilities / assets 78.2% 40.2%
98th		 48.7%
IS credit model rating BBB+ — —
Implied credit spread (bps) 225 125
70th		 175

Efficiency

MeasureFLEXIndustry medianIndustry percentileSector median
Asset turnover 1.32 0.60
82nd		 0.62
Fixed asset turnover 8.49 6.18
65th		 9.25
Inventory turnover 4.5 3.4
69th		 3.8
Receivables turnover 6.5 5.9
70th		 6.2
Days sales outstanding 56 days 62 days
30th		 59 days
Days inventory outstanding 80 days 108 days
31st		 94 days
Days payables outstanding 103 days 60 days
92nd		 46 days
Cash conversion cycle (days) 33 days 108 days
5th		 50 days
Capex / revenue 2.5% 2.6%
46th		 2.3%
Capex / depreciation 1.31 0.77
64th		 0.56
Operating expense ratio 4.5% 25.2%
10th		 44.3%

Cash flow & earnings quality

MeasureFLEXIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.86 1.38
73rd		 1.61
FCF / net income 1.10 1.13
48th		 1.33
FCF / operating cash flow 59.2% 80.2%
22nd		 88.0%
Capex / operating cash flow 40.8% 19.8%
78th		 12.0%
Accruals ratio -3.8% -3.4%
38th		 -6.3%
Sloan accruals ratio 4.1% 1.3%
65th		 -1.8%
Earnings quality score (0-1) 1.00 1.00
36th		 0.75

Dividends & buybacks

MeasureFLEXIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 2.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 4.9% 0.2%
90th		 1.2%
Shareholder yield (dividends + buybacks) 4.9% 0.9%
88th		 1.7%
Share count change (YoY) -1.8% 0.2%
18th		 0.1%
Buybacks, last 5 years $4.5B $171.0M
98th		 $215.3M

Scores & forensic checks

MeasureFLEXIndustry medianIndustry percentileSector median
IS score 53 61
32nd		 56
IS profitability 28 44
25th		 40
IS growth 56 67
36th		 65
IS value 19 39
2nd		 39
IS momentum 83 81
56th		 78
IS risk (safety) 80 100
18th		 100
IS quality 64 71
30th		 67
IS balance sheet 55 72
22nd		 72
IS earnings quality 75 70
85th		 61
IS cash flow 48 61
32nd		 66
Piotroski F-score (0-9) 6 6
22nd		 6
Altman Z-score 3.4 6.7
25th		 4.0
Beneish M-score −2.54 −2.50
38th		 −2.58
Ohlson O-score −6.87 −8.21
88th		 −8.00
IS credit score 63 77
28th		 69

Per share

MeasureFLEXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $2.60 $2.41
55th		 $0.84
Book value per share $14.71 $25.00
25th		 $9.77
Tangible book per share $7.84 $10.81
45th		 $3.22
Revenue per share $78.25 $31.39
80th		 $13.00
FCF per share $2.86 $2.86
50th		 $1.78
Operating cash flow per share $4.83 $4.66
52nd		 $2.40
Cash per share $7.59 $7.59
50th		 $4.50

Size (TTM)

MeasureFLEXIndustry medianIndustry percentileSector median
Market cap $33.4B $6.5B
85th		 $4.7B
Revenue $29.3B $2.3B
98th		 $1.2B
EBITDA $2.0B $300.6M
90th		 $185.8M
Net income $973.0M $174.8M
82nd		 $84.9M
Free cash flow $1.1B $180.0M
85th		 $170.6M
Total assets $25.2B $3.6B
92nd		 $2.4B
Shareholders' equity $5.5B $1.6B
82nd		 $1.1B
Employees 149,686 7,806
98th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-24Oliver George
Director
 Award / grant 1,802——1,802
2026-09-24Eubanks Richard M.
Director
 Award / grant 1,802——1,802
2026-08-18Hartung Michael P
Chief Commercial Officer
 Open-market sale 1,007$119.79$120,633244,923
2026-08-18Hartung Michael P
Chief Commercial Officer
 Open-market sale 1,272$120.74$153,584243,651
2026-08-18Hartung Michael P
Chief Commercial Officer
 Open-market sale 272$121.76$33,119243,379
2026-08-18Hartung Michael P
Chief Commercial Officer
 Open-market sale 196$122.60$24,030243,183
2026-08-18Hartung Michael P
Chief Commercial Officer
 Open-market sale 8$123.25$986243,175
2026-08-18Advaithi Revathi
Director, Chief Executive Officer
 Other 35,051——117,857
2026-08-05Stevens Charles K. Iii
Director
 Award / grant 1,928——47,354
2026-08-05Stevens Charles K. Iii
Director
 Award / grant 1,230——48,584
2026-08-05Mcsweeney Erin
Director
 Award / grant 1,928——11,440
2026-08-05Hurlston Michael E.
Director
 Award / grant 1,928——61,286

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired34859,622—
Open-market saleDisposed139771,950$110.4M
OtherDisposed135,051—
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 35 notices · 729,844 shares · $93.7M
FiledFilerShares proposedEst. proceeds
2026-08-18Hartung Michael P2,755$332,352
2026-06-18Hartung Michael P7,269$1.1M
2026-06-18Tan Kwang Hooi8,981$1.3M
2026-06-18Advaithi Revathi39,188$5.7M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 34 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-04Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-05-14Gilbert CisnerosHouseSale$1,001 - $15,0002026-06-09
2026-05-14Gilbert CisnerosHouseSale (Partial)$1,001 - $15,0002026-06-09
2026-05-13Gilbert Ray CisnerosHouseSale (Partial)$1,001 - $15,0002026-06-09
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.42,106,411$6.8B11.40%
VANGUARD CAPITAL MANAGEMENT LLC24,009,974$3.9B6.50%
PRIMECAP MANAGEMENT CO/CA/23,358,875$3.8B6.32%
FMR LLC19,538,636$3.2B5.29%
VANGUARD PORTFOLIO MANAGEMENT LLC18,996,380$3.1B5.14%
WELLINGTON MANAGEMENT GROUP LLP17,978,332$2.9B4.87%
STATE STREET CORP16,984,384$2.8B4.60%
Jupiter Topco LLC14,079,718$2.3B3.81%
GEODE CAPITAL MANAGEMENT, LLC10,282,752$1.7B2.78%
Boston Partners8,270,309$1.3B2.24%
Invesco Ltd.5,973,649$968.1M1.62%
VOYA INVESTMENT MANAGEMENT LLC5,962,660$966.4M1.61%
NORGES BANK5,005,183$811.2M1.35%
LYRICAL ASSET MANAGEMENT LP4,635,010$751.2M1.25%
BANK OF AMERICA CORP /DE/4,111,877$666.4M1.11%

Institutional ownership by quarter

2023-092026-0693.9%
% of shares held by 13F filers
2023-092026-061,117
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,11793.9%39727835458
2026-03-3178594.3%12527827486
2025-12-3176097.7%14820430561
2025-09-3069495.2%11621425953
2025-06-30643101.0%12520821957
2025-03-31582100.5%8519721356
2024-12-31565105.3%12016319545
2024-09-30497104.2%7916417351
2024-06-30472104.4%6215218956
2024-03-31471105.6%7413618477
2023-12-31478106.9%8615117549
2023-09-30449110.2%5314217242

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-13SCHEDULE 13G/AJANUS HENDERSON GROUP Ltd.3.8%14,079,718
2026-08-06SCHEDULE 13G/APRIMECAP MANAGEMENT CO/CA/6.4%23,358,875
2026-07-31SCHEDULE 13G/AVanguard Capital Management7.6%27,722,782
2026-04-29SCHEDULE 13GVanguard Capital Management5.4%19,736,244
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
NJH1.54%$1.8B
VHCAX4.71%$1.6B
VHCOX4.71%$1.6B
VITSX0.06%$1.3B
VTI0.06%$1.3B
VTSAX0.06%$1.3B

Share structure

Shares outstanding369,460,000
Float366,613,986
Free float99.2%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$24.6B$28.5B$26.4B$25.8B$27.9B
Cost of revenue$22.9B$26.5B$24.6B$23.7B$25.4B
Gross profit$1.8B$2.0B$1.9B$2.2B$2.6B
R&D$0$0$0$0$0
SG&A$830.0M$874.0M$922.0M$904.0M$1.1B
Operating income$890.0M$1.0B$853.0M$1.2B$1.5B
EBITDA$1.6B$1.5B$1.4B$1.8B$1.9B
Pretax income$964.0M$807.0M$666.0M$1.0B$1.1B
Income tax$92.0M$124.0M−$206.0M$185.0M$263.0M
Net income$936.0M$793.0M$1.0B$838.0M$880.0M
EPS, diluted$1.94$1.72$2.28$2.11$2.33
Diluted shares483.0M462.0M441.0M398.0M374.0M

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$3.0B$3.2B$2.5B$2.3B$2.4B
Receivables$3.9B$3.7B$3.3B$4.3B$5.7B
Inventory$6.6B$7.4B$6.2B$5.1B$5.8B
Total current assets$14.3B$16.0B$13.0B$12.8B$16.3B
PP&E, net$2.8B$2.9B$2.9B$2.9B$3.2B
Goodwill & intangibles$1.8B$1.5B$1.4B$1.7B$1.7B
Total assets$19.3B$21.4B$18.3B$18.4B$22.1B
Accounts payable$6.3B$5.7B$4.5B$5.1B$8.1B
Total current liabilities$10.7B$10.9B$8.5B$9.8B$12.0B
Long-term debt$3.2B$3.5B$3.3B$2.5B$3.8B
Total liabilities$15.1B$15.7B$12.9B$13.4B$16.9B
Shareholders' equity$4.2B$5.7B$5.3B$5.0B$5.1B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$936.0M$1.0B$1.2B$838.0M$880.0M
Depreciation & amortization$484.0M$501.0M$537.0M$539.0M$563.0M
Stock-based compensation$91.0M$133.0M$152.0M$125.0M$142.0M
Change in working capital−$516.0M−$615.0M−$251.0M−$165.0M−$129.0M
Operating cash flow$1.0B$950.0M$1.3B$1.5B$1.7B
Capital expenditure−$443.0M−$635.0M−$530.0M−$438.0M−$633.0M
Free cash flow$581.0M$315.0M$796.0M$1.1B$1.1B
Investing cash flow−$951.0M−$604.0M−$492.0M−$838.0M−$672.0M
Net debt issued / repaid$475.0M−$306.0M−$407.0M$441.0M$34.0M
Buybacks−$686.0M−$337.0M−$1.3B−$1.3B−$944.0M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin7.4%7.5%5.7%8.4%9.3%
Operating margin3.7%3.9%2.1%4.5%5.1%
Net margin3.6%2.6%4.1%3.2%3.2%
FCF margin2.2%1.0%3.2%4.1%3.8%
ROE24.7%16.7%18.8%16.2%17.3%
ROIC14.8%19.7%11.7%14.0%15.6%
ROA5.3%3.9%5.1%4.6%4.4%
Debt / equity1.150.780.700.830.84
Interest coverage6.3x6.1x3.1x6.5x6.3x
Current ratio1.341.481.521.301.36
Revenue growth+7.9%+16.5%−18.4%+4.3%+8.1%
EPS growth+65.5%−13.1%+37.0%−9.0%+9.2%
P/E at year end9.3x13.3x12.1x15.4x27.8x
EV / EBITDA at year end7.2x6.8x12.5x8.3x13.7x
FCF yield at year end6.65%2.98%6.55%8.29%4.30%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2024FY2025
Flex Agility Solutions (FAS)—$13.9B$14.1B
Flex Agility Solutions F A S$13.5B——
Flex Reliability Solutions (FRS)—$12.5B$11.7B
Flex Reliability Solutions F R S$10.6B——

Revenue by region · FY2026

MEXICO$7.0B · 36%
UNITED STATES$5.2B · 26%
CHINA$4.5B · 23%
MALAYSIA$3.0B · 15%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $1.06 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$27.4B$27.4B – $27.4B$3.25$3.24 – $3.26527.9x
2027$34.6B$34.1B – $35.0B$4.70$4.65 – $4.75619.2x
2028$45.0B$41.5B – $46.2B$7.07$6.25 – $7.78612.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$0.90$1.00+11.2%$7.5B$7.9B+5.3%
2026-05-06$0.87$0.93+6.4%$7.0B$7.5B+7.4%
2026-02-04$0.78$0.87+11.7%$6.8B$7.1B+3.3%
2025-10-29$0.75$0.79+4.8%$6.7B$6.8B+1.8%
2025-07-24$0.63$0.72+14.3%$6.3B$6.6B+4.6%
2025-05-07$0.69$0.73+5.0%$6.2B$6.4B+2.6%
2025-01-29$0.64$0.77+20.3%$6.1B$6.6B+6.6%
2024-10-30$0.56$0.64+14.3%$6.5B$6.5B+0.3%
2024-07-24$0.41$0.51+23.9%$5.9B$4.7B−21.0%
2024-05-01$0.55$0.57+2.9%$6.1B$6.2B+1.1%
2024-01-31$0.62$0.71+14.5%$6.2B$7.1B+14.2%
2023-10-25$0.58$0.68+17.2%$7.2B$7.5B+4.4%
2023-07-26$0.51$0.57+11.8%$7.3B$7.3B+0.8%
2023-05-10$0.51$0.60+17.6%$6.6B$7.5B+13.9%
2023-01-25$0.60$0.62+3.3%$7.5B$7.8B+3.1%
2022-10-26$0.51$0.63+23.5%$7.2B$7.8B+7.9%
2022-07-27$0.49$0.54+10.2%$6.8B$7.3B+7.8%
2022-05-04$0.44$0.52+18.2%$6.4B$6.9B+6.4%
2022-01-26$0.42$0.50+19.0%$6.3B$6.6B+4.5%
2021-10-27$0.40$0.48+20.0%$6.4B$6.2B−2.0%
2021-07-29$0.38$0.46+21.1%$6.3B$6.3B0.0%
2021-05-05$0.36$0.49+36.1%$5.8B$6.3B+7.6%
2021-01-28$0.37$0.49+32.4%$4.5B$6.7B+48.0%
2020-07-30$0.18$0.23+27.8%$3.8B$5.2B+35.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.106-151.606-221.006-290.807-060.807-130.707-201.607-270.708-030.608-100.608-170.508-240.508-31
Week ofNotionalSharesTrades
2026-08-31$506.2M4,707,35691,394
2026-08-24$510.1M4,603,91183,077
2026-08-17$550.3M4,659,84896,315
2026-08-10$585.8M4,714,28587,125
2026-08-03$706.4M5,789,457104,817
2026-07-27$1.6B14,644,687193,174

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1514.4%
DateShort shareShort volumeTotal volume
2026-10-1514.4%648,4934,498,041
2026-10-1414.6%325,1252,232,934
2026-10-1322.4%533,2242,383,457
2026-10-1240.9%542,5431,327,300
2026-10-0934.9%293,737840,995
2026-10-0830.0%325,7521,085,435
2026-10-0745.5%398,585876,603
2026-10-0637.6%381,2291,014,402
2026-10-0541.9%451,6421,078,843
2026-10-0242.9%256,674598,824
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.8Jan-0.3Feb+1.2Mar+0.8Apr+3.9May-2.7Jun+5.0Jul+0.3Aug+2.0Sep+0.9Oct-1.0Nov+1.7Dec
MonthAvg returnUp yearsYears
Jan+1.8%55%20
Feb−0.3%50%20
Mar+1.2%52%21
Apr+0.8%45%20
May+3.9%70%20
Jun−2.7%40%20
Jul+5.0%70%20
Aug+0.3%60%20
Sep+2.0%55%20
Oct+0.9%60%20
Nov−1.0%45%20
Dec+1.7%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1429.7
MFI36.6
ADX15.5
Stochastic %K / %D9.7 / 19.6
Williams %R-98.8
CCI-266
TSI / signal-13.4 / -2.2
Chaikin money flow0.03
ATR$6.56
Bollinger width26.3%
Volume vs 20-day avg1.58x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$112.06 (−19.3%)
SMA 50$112.98 (−19.9%)
SMA 200$101.99 (−11.3%)
EMA 21$110.03 (−17.8%)
EMA 50$113.62 (−20.4%)
EMA 200$103.62 (−12.7%)
Bollinger upper$126.81 (−28.7%)
Bollinger lower$97.31 (−7.0%)
Parabolic SAR$118.92 (−23.9%)
Open the live chart, 110+ indicators

About Flex Ltd.

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.

https://www.flex.com

Key executives

NameTitlePayBorn
Revathi AdvaithiChief Executive Officer & Director$5.9M1968
Kevin S. KrummChief Financial Officer$2.8M1974
Michael HartungPresident & Chief Commercial Officer$2.5M1968
Kwanghooi TanChief Operating Officer$2.3M1977
D. Scott OfferExecutive Vice President & General Counsel$2.0M1965
Daniel WendlerSenior VP & Chief Accounting Officer—1967
Michelle SimmonsSenior Vice President of Global Investor Relations & Public Relations——
Mike ThoenyPresident of Automotive Business——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Name and Title2025$0$0$0$0

Employees

200k2019160k2020167k2021173k2022172k2023148k2024148k2025150k2026

Dividends

Ex-dateAmountPaid
None on file.

Moat model

None · Efficient Scale · 2026-06-26
Cost advantage12
Intangibles36
Switching costs30
Network effect45
Efficient scale90
Our component scores (0-100) and overall 39.2; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms