Sanmina (SANM)
Market Price (8/20/2026): $194.8 | Market Cap: $10.5 BilSector: Information Technology | Industry: Electronic Manufacturing Services
Sanmina (SANM)
Market Price (8/20/2026): $194.8Market Cap: $10.5 BilSector: Information TechnologyIndustry: Electronic Manufacturing Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 59% Attractive yieldFCF Yield is 5.7% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Biotechnology & Genomics. Themes include Network Equipment, Show more. | Key risksSANM key risks include [1] a heavy sales concentration with a few major customers and [2] a slowdown in its diverse end markets. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 59% |
| Attractive yieldFCF Yield is 5.7% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Biotechnology & Genomics. Themes include Network Equipment, Show more. |
| Key risksSANM key risks include [1] a heavy sales concentration with a few major customers and [2] a slowdown in its diverse end markets. |
Qualitative Assessment
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Sanmina (SANM) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Stock Overvaluation Led to a Correction. Despite reporting strong Q3 fiscal 2026 results (ended June 27, 2026) and raising its full-year fiscal 2026 guidance, Sanmina's stock was deemed significantly overvalued. On August 18, 2026, the stock's price of $198.28 was approximately 37.2% higher than its GF Value™ of $144.52, suggesting that the market was correcting its valuation.
2. Softened Near-Term Outlook for ZT Systems. While the company's overall Q3 fiscal 2026 performance exceeded expectations, concerns arose from the Q4 fiscal 2026 revenue outlook for its ZT Systems acquisition, which was "below expectations due to timing shifts." Additionally, next-generation AI compute revenue from ZT Systems was delayed until fiscal 2027, potentially dampening investor sentiment regarding immediate growth in a key strategic area.
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Sanmina (SANM) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Stock Overvaluation Led to a Correction. Despite reporting strong Q3 fiscal 2026 results (ended June 27, 2026) and raising its full-year fiscal 2026 guidance, Sanmina's stock was deemed significantly overvalued. On August 18, 2026, the stock's price of $198.28 was approximately 37.2% higher than its GF Value™ of $144.52, suggesting that the market was correcting its valuation.
2. Softened Near-Term Outlook for ZT Systems. While the company's overall Q3 fiscal 2026 performance exceeded expectations, concerns arose from the Q4 fiscal 2026 revenue outlook for its ZT Systems acquisition, which was "below expectations due to timing shifts." Additionally, next-generation AI compute revenue from ZT Systems was delayed until fiscal 2027, potentially dampening investor sentiment regarding immediate growth in a key strategic area.
3. Substantial Insider Selling Activity. A significant amount of insider selling was observed, with a net selling of $43.0 million in Sanmina shares over the past 12 months, comprising $43.1 million in sales against only $0.1 million in purchases. This notable insider divestment, exceeding the $5 million threshold, could signal a lack of strong confidence from executives regarding the company's immediate future performance.
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Stock Movement Drivers
Fundamental Drivers
The -10.7% change in SANM stock from 4/30/2026 to 8/19/2026 was primarily driven by a -25.4% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 217.82 | 194.53 | -10.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,341 | 12,763 | 12.5% |
| Net Income Margin (%) | 2.3% | 2.4% | 5.5% |
| P/E Multiple | 45.6 | 34.0 | -25.4% |
| Shares Outstanding (Mil) | 54 | 54 | 0.9% |
| Cumulative Contribution | -10.7% |
Market Drivers
4/30/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| SANM | -10.7% | |
| Market (SPY) | 7.0% | 57.6% |
| Sector (XLK) | 15.1% | 76.4% |
Fundamental Drivers
The 37.3% change in SANM stock from 1/31/2026 to 8/19/2026 was primarily driven by a 37.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 141.68 | 194.53 | 37.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,312 | 12,763 | 37.1% |
| Net Income Margin (%) | 2.5% | 2.4% | -2.3% |
| P/E Multiple | 33.3 | 34.0 | 2.0% |
| Shares Outstanding (Mil) | 54 | 54 | 0.6% |
| Cumulative Contribution | 37.3% |
Market Drivers
1/31/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| SANM | 37.3% | |
| Market (SPY) | 11.4% | 52.9% |
| Sector (XLK) | 27.8% | 65.8% |
Fundamental Drivers
The 67.6% change in SANM stock from 7/31/2025 to 8/19/2026 was primarily driven by a 58.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 116.04 | 194.53 | 67.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,049 | 12,763 | 58.6% |
| Net Income Margin (%) | 3.2% | 2.4% | -25.0% |
| P/E Multiple | 24.0 | 34.0 | 41.7% |
| Shares Outstanding (Mil) | 54 | 54 | -0.5% |
| Cumulative Contribution | 67.6% |
Market Drivers
7/31/2025 to 8/19/2026| Return | Correlation | |
|---|---|---|
| SANM | 67.6% | |
| Market (SPY) | 22.7% | 44.6% |
| Sector (XLK) | 40.4% | 54.0% |
Fundamental Drivers
The 216.5% change in SANM stock from 7/31/2023 to 8/19/2026 was primarily driven by a 191.7% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.46 | 194.53 | 216.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,924 | 12,763 | 43.0% |
| Net Income Margin (%) | 3.4% | 2.4% | -29.9% |
| P/E Multiple | 11.7 | 34.0 | 191.7% |
| Shares Outstanding (Mil) | 58 | 54 | 8.2% |
| Cumulative Contribution | 216.5% |
Market Drivers
7/31/2023 to 8/19/2026| Return | Correlation | |
|---|---|---|
| SANM | 216.5% | |
| Market (SPY) | 73.9% | 43.1% |
| Sector (XLK) | 109.8% | 47.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SANM Return | 30% | 38% | -10% | 47% | 98% | 32% | 522% |
| Peers Return | 33% | 5% | 68% | 74% | 124% | 48% | 1270% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| SANM Win Rate | 42% | 67% | 50% | 50% | 67% | 50% | |
| Peers Win Rate | 67% | 50% | 63% | 67% | 62% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SANM Max Drawdown | -16% | -18% | -30% | -16% | -26% | -42% | |
| Peers Max Drawdown | -18% | -31% | -26% | -28% | -39% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JBL, FLEX, CLS, FN, TTMI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/19/2026 (YTD)
How Low Can It Go
| Event | SANM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 80 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.4% | -9.5% |
| % Gain to Breakeven | 32.3% | 10.5% |
| Time to Breakeven | 84 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.7% | -6.7% |
| % Gain to Breakeven | 31.0% | 7.1% |
| Time to Breakeven | 259 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -14.8% | -24.5% |
| % Gain to Breakeven | 17.3% | 32.4% |
| Time to Breakeven | 53 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.7% | -33.7% |
| % Gain to Breakeven | 60.6% | 50.9% |
| Time to Breakeven | 147 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.7% | -19.2% |
| % Gain to Breakeven | 20.1% | 23.8% |
| Time to Breakeven | 32 days | 105 days |
In The Past
Sanmina's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.
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Asset Allocation
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| Event | SANM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 80 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.4% | -9.5% |
| % Gain to Breakeven | 32.3% | 10.5% |
| Time to Breakeven | 84 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.7% | -6.7% |
| % Gain to Breakeven | 31.0% | 7.1% |
| Time to Breakeven | 259 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.7% | -33.7% |
| % Gain to Breakeven | 60.6% | 50.9% |
| Time to Breakeven | 147 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.7% | -12.2% |
| % Gain to Breakeven | 27.7% | 13.9% |
| Time to Breakeven | 42 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.6% | -6.8% |
| % Gain to Breakeven | 40.1% | 7.3% |
| Time to Breakeven | 98 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.2% | -17.9% |
| % Gain to Breakeven | 56.6% | 21.8% |
| Time to Breakeven | 92 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -34.6% | -15.4% |
| % Gain to Breakeven | 52.9% | 18.2% |
| Time to Breakeven | 1363 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -89.7% | -53.4% |
| % Gain to Breakeven | 875.0% | 114.4% |
| Time to Breakeven | 306 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -41.0% | -8.6% |
| % Gain to Breakeven | 69.4% | 9.5% |
| Time to Breakeven | 2442 days | 47 days |
In The Past
Sanmina's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Sanmina (SANM)
Sanmina Corporation (SANM) is a global integrated manufacturing solutions provider, offering a wide range of services and products to original equipment manufacturers (OEMs) worldwide. Essentially, Sanmina acts as a strategic partner, helping companies design, build, test, and support complex electronic and mechanical products. The company focuses on providing end-to-end solutions, from initial concept development through to after-market services, enabling its customers to bring sophisticated products to market efficiently.
The company's offerings are categorized into Integrated Manufacturing Solutions and Components, Products and Services. Its manufacturing solutions encompass product design and engineering, assembly and testing, direct order fulfillment, logistics, supply chain management, and post-sale support. For components, Sanmina manufactures interconnect systems like printed circuit boards and cable assemblies, mechanical systems including enclosures, and specialized solutions in memory, storage platforms, radio frequency, optical, and microelectronics. It also develops cloud-based manufacturing execution software.
Sanmina primarily serves OEMs across a variety of demanding industries that require high-quality, complex manufacturing capabilities. Its key markets include industrial, medical, defense and aerospace, automotive, communications networks, and cloud solutions. This diverse customer base highlights Sanmina's ability to cater to sectors with stringent regulatory requirements and advanced technological needs.
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Sanmina is like Foxconn, but instead of primarily making consumer electronics like iPhones, they manufacture a diverse range of complex, high-reliability products such as medical devices, defense systems, and data center infrastructure for industrial and tech companies.
Sanmina is like a full-service, global manufacturing and supply chain partner, similar to Jabil or Flex, providing everything from product design and engineering to assembly, logistics, and after-market services for other companies' complex electronic and mechanical products.
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- Integrated Manufacturing Solutions: Offers comprehensive solutions from concept to production, including design, engineering, assembly, and testing services.
- Product Design and Engineering: Provides concept development, detailed design, prototyping, validation, and manufacturing design release services.
- Supply Chain Management and Logistics: Manages global supply chains, direct order fulfillment, and efficient product delivery services.
- After-Market Product Services: Delivers repair, logistics, and post-sale support services for manufactured products.
- Interconnect Systems: Manufactures printed circuit boards, backplanes, cable assemblies, and plastic injection moldings.
- Mechanical Systems: Produces enclosures and performs precision machining for various applications.
- Advanced Electronic Components: Develops and manufactures memory, storage platforms, radio frequency, optical, and microelectronic solutions.
- Defense and Aerospace Products: Supplies specialized products tailored for the defense and aerospace industries.
- Cloud-Based Manufacturing Execution Software: Provides software solutions to optimize manufacturing processes and operations.
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Sanmina (SANM) primarily sells its integrated manufacturing solutions, components, products, and services to other companies, specifically Original Equipment Manufacturers (OEMs).
Based on Sanmina's public filings (10-K reports), the company maintains a diversified customer base. No single customer accounted for 10% or more of its net sales for fiscal years 2023, 2022, or 2021. Therefore, specific "major customers" by name, as defined by significant revenue concentration requiring public disclosure, cannot be identified.
Sanmina serves OEMs across a wide range of industries, including:
- Industrial
- Medical
- Defense and Aerospace
- Automotive
- Communications Networks
- Cloud Solutions
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Jure Sola, Chairman and Chief Executive Officer
Jure Sola co-founded Sanmina Corporation in 1980. He served as the company's Chief Executive Officer from April 1991 to October 2017. Since October 2017, he has held the position of Executive Chairman, and currently serves as both Executive Chairman and Chief Executive Officer. Prior to starting Sanmina, the company he was working for was sold, leading him and a co-founder to establish their own manufacturing company focused on printed circuit boards and assembled backplanes, which achieved profitability in its first quarter. Sola also served as the Chief Executive Officer of Altron Incorporated and as Chairman and Chief Executive Officer of Essex AB.
Jon Faust, Executive Vice President and Chief Financial Officer
Jon Faust was appointed Executive Vice President and Chief Financial Officer of Sanmina Corporation, effective December 18, 2023. He brings over 20 years of experience in finance, accounting, controls, and operations from large, public, multinational companies. Before joining Sanmina, Faust served as the Global Controller and Head of Finance Transformation & Corporate Services at HP Inc., which he joined in August 2021. From February 2020 to July 2021, he was the Chief Financial Officer of Aruba, a Hewlett Packard Enterprise (HPE) company. Faust spent over 19 years at Hewlett Packard Enterprise and its predecessor, Hewlett-Packard Company, holding various leadership positions, including Senior Vice President and Chief Financial Officer – Hybrid IT, Senior Vice President – Worldwide Financial Planning & Analysis and Global Functions Finance, and Vice President and Chief Financial Officer – Technology & Operations. He earned a Bachelor's degree in Finance and Economics from California Polytechnic State University in San Luis Obispo.
Alan Reid, Executive Vice President, Global Human Resources
Alan Reid serves as the Executive Vice President of Global Human Resources for Sanmina Corporation. He has held this role since at least February 2010.
Charles Mason, Executive Vice President, Worldwide Sales
Charles Mason is the Executive Vice President of Worldwide Sales at Sanmina Corporation.
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The key risks to Sanmina Corporation (SANM) include:
- Customer Concentration: Sanmina relies on a limited number of customers for a significant portion of its net sales. The loss of a major customer, or a substantial reduction in orders from such a customer, could materially impact the company's financial performance. This risk is particularly pronounced following the acquisition of ZT Systems, which has increased Sanmina's focus on cloud and AI infrastructure, potentially leading to a higher concentration of sales with hyperscaler customers and exposing the company to potential pauses in AI infrastructure spending or challenges in the integration of ZT Systems.
- Global Supply Chain Disruptions and Economic Volatility: As an integrated manufacturing solutions provider with worldwide operations, Sanmina is highly susceptible to disruptions in its global supply chain, including component shortages, extended lead times, and increased costs. Furthermore, global economic uncertainties, such as inflation and high-interest rates, can negatively affect customer demand and the company's profitability.
- Risks Associated with International Operations, Geopolitical Instability, and Regulatory Compliance: Sanmina generates a substantial portion of its net sales from products manufactured outside the United States and has major production facilities in countries like China. This global footprint exposes the company to various risks, including changes in trade laws (e.g., tariffs), political instability, currency fluctuations, and the complexities of complying with diverse international regulatory environments, particularly in its medical and defense sectors, as well as evolving cybersecurity and environmental disclosure requirements.
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Sanmina Corporation operates within several large addressable markets for its integrated manufacturing solutions, components, and services. Here are the estimated market sizes for their main products and services:
-
Electronics Manufacturing Services (EMS): The global Electronics Manufacturing Services (EMS) market size was valued at approximately USD 648.11 billion in 2025 and is projected to grow to USD 1167.08 billion by 2034. In North America, this market was valued at USD 175.55 billion in 2026.
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Printed Circuit Board (PCB) Fabrication: The global printed circuit board market size was valued at USD 74.12 billion in 2025 and is projected to reach USD 129.65 billion by 2034. The global printed circuit board assembly market was estimated at USD 103.6 billion in 2025.
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Cable Assemblies: The global cable assembly market size was valued at USD 193.62 billion in 2025 and is projected to grow to USD 330.64 billion by 2034. North America holds approximately 40% of the global market share for cable assemblies.
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Medical Device Contract Manufacturing: The global medical device contract manufacturing market size was valued at USD 77.21 billion in 2024 and is expected to grow to USD 151.54 billion by 2033. North America dominated this market with a 27% share in 2024.
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Defense and Aerospace Electronics: The global aerospace-defense electronics market size was valued at approximately USD 145.7 billion in 2023 and is projected to reach USD 258.3 billion by 2032. Specifically for aerospace electronics, the global market size was USD 127.20 billion in 2025 and is predicted to increase to approximately USD 237.33 billion by 2035. North America contributed more than 42% of the revenue share in the aerospace electronics market in 2025.
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Cloud Manufacturing Execution Systems (MES): The global Cloud Manufacturing Execution System (MES) market size is expected to reach US$ 24.13 billion by 2031 from US$ 10.64 billion in 2024. The overall global manufacturing execution systems market was valued at USD 15 billion in 2024 and is estimated to grow to USD 39 billion by 2034.
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Sanmina Corporation (SANM) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:
- Expansion in AI and Cloud Infrastructure, Bolstered by ZT Systems Acquisition: Sanmina anticipates substantial growth from increased demand for AI and cloud infrastructure, a trend significantly accelerated by its acquisition of ZT Systems. This acquisition is considered transformative, immediately expanding Sanmina's capabilities and scale in the Cloud and AI end-market, and is central to the company's ambitious growth strategy, including a goal to double revenue by calendar year 2027. The company is positioning itself as a key enabler of AI infrastructure by supporting the production of high-performance servers, networking solutions, and scalable platforms critical for modern AI and cloud environments.
- Growth in Communications Networks: The Communications Networks segment is identified as a strong contributor to revenue growth, particularly in conjunction with the booming Cloud & AI Infrastructure verticals. Sanmina has reported significant revenue increases in this end market.
- Strategic Focus on Higher-Margin Opportunities and Operational Efficiencies: Sanmina is prioritizing operational efficiencies and mix optimization by shifting toward higher-value, technology-driven business lines. This strategic pivot is aimed at expanding non-GAAP operating margins and improving overall profitability, contributing to more sustainable revenue growth.
- Recovery and Growth in Industrial and Medical End Markets: While segments like automotive and transportation are stabilizing, Sanmina expects sequential growth in its industrial and medical segments. New energy projects in Houston and upcoming medical device launches are anticipated to contribute meaningfully to revenue in these areas.
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Share Repurchases
- Sanmina repurchased approximately 1.44 million shares for $114 million in fiscal year 2025.
- In fiscal year 2024, the company repurchased approximately 4.0 million shares for $227 million.
- As of September 27, 2025, approximately $239 million remained available under the authorized share repurchase program. The Board of Directors authorized an additional $300 million for common stock repurchases on January 27, 2025.
Share Issuance
- As part of the ZT Systems acquisition in fiscal year 2025, Sanmina issued common stock valued at $150 million, representing approximately 1.2 million shares.
Inbound Investments
- In the first quarter of fiscal year 2022, Reliance Strategic Business Ventures Limited (RSBVL) invested approximately $215 million in Sanmina's India joint venture, Sanmina Industrial Solutions Private Limited (SIPL), acquiring a 50.1% stake.
Outbound Investments
- Sanmina completed the acquisition of ZT Systems' data center infrastructure manufacturing business from AMD on October 27, 2025 (early fiscal year 2026).
- The initial purchase consideration for the ZT Systems acquisition was $1.6 billion, consisting of $1.46 billion in cash and $150 million in Sanmina common stock. The total value could reach up to $3 billion with contingent consideration.
- This acquisition significantly enhances Sanmina's scale and deepens its engagement within the fast-growing Cloud and AI end-market.
Capital Expenditures
- Sanmina's capital expenditures were approximately $143 million in fiscal year 2025.
- In fiscal year 2024, the company reinvested $109 million into the business for equipment upgrades, sustainability improvements, facility expansions, and technology advancements.
- For fiscal year 2026, capital expenditures are expected to be around $95 million, primarily focused on strategic investments to support future growth, particularly in AI data center integration.
Peer Outperformance in Electronic Manufacturing Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| SANM | Sanmina | 16.0% | 34.0x | 73.0% | 259.8% | 423.6% | — |
| TTMI | TTM Technologies | 13.1% | 51.3x | 187.4% | 698.8% | 728.9% | +305pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services ← | 9 | 66.2% | 217.0% | 336.9% | FLEX 770% · TTMI 729% · JBL 450% |
| Semiconductor Materials & Equipment | 27 | 157.9% | 81.2% | 129.3% | AEHR 1838% · AXTI 753% · KLAC 514% |
| Technology Distributors | 9 | 21.3% | 59.6% | 74.1% | CLMB 337% · AVT 153% · SNX 114% |
| Electronic Components | 26 | 63.1% | 63.2% | 60.4% | CLS 3340% · BELFA 1394% · LPTH 616% |
| Communications Equipment | 35 | 39.6% | 86.5% | 49.3% | AAOI 1746% · LITE 878% · FEIM 710% |
| Semiconductors | 54 | 32.0% | 45.1% | 35.0% | POET 1972% · MU 1268% · NVDA 949% |
| Technology Hardware, Storage & Peripherals | 22 | 35.0% | 78.8% | 27.2% | STX 981% · WDC 934% · SMCI 926% |
| Internet Services & Infrastructure | 6 | 13.7% | 38.3% | 19.3% | DOCN 119% · GDDY 37% · VRSN 30% |
| Electronic Equipment & Instruments | 27 | -1.3% | 14.3% | -2.7% | PI 229% · SOTK 129% · NSSC 126% |
| IT Consulting & Other Services | 28 | -24.2% | -6.5% | -18.6% | CHRN 623584% · APLD 2082% · TSSI 731% |
| Application Software | 123 | -19.0% | -6.8% | -42.4% | VIDA 125456% · INLX 5620% · PLTR 630% |
| Systems Software | 69 | -9.0% | 21.1% | -49.1% | QNC 958% · PANW 487% · PAYS 443% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 247.94 |
| Mkt Cap | 25.3 |
| Rev LTM | 14,179 |
| Op Inc LTM | 1,040 |
| FCF LTM | 556 |
| FCF 3Y Avg | 383 |
| CFO LTM | 1,023 |
| CFO 3Y Avg | 627 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 31.7% |
| Rev Chg 3Y Avg | 14.5% |
| Rev Chg Q | 41.0% |
| QoQ Delta Rev Chg LTM | 9.2% |
| Op Inc Chg LTM | 49.8% |
| Op Inc Chg 3Y Avg | 22.5% |
| Op Mgn LTM | 7.2% |
| Op Mgn 3Y Avg | 6.0% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 6.3% |
| CFO/Rev 3Y Avg | 5.9% |
| FCF/Rev LTM | 3.1% |
| FCF/Rev 3Y Avg | 3.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 25.3 |
| P/S | 1.8 |
| P/Op Inc | 26.2 |
| P/EBIT | 27.6 |
| P/E | 38.4 |
| P/CFO | 28.4 |
| Total Yield | 2.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Reportable segment - Integrated Manufacturing Solutions (IMS) | 6,557 | 6,072 | 7,329 | 6,414 | 5,486 |
| Other segments - Components, Products and Services (CPS) | 1,697 | 1,598 | 1,748 | 1,655 | 1,379 |
| Intersegment sales elimination | -126 | -102 | -141 | -149 | -127 |
| Total | 8,128 | 7,568 | 8,935 | 7,920 | 6,738 |
| $ Mil | 2025 | 2024 | 2023 | 2006 |
|---|---|---|---|---|
| Reportable segment - Integrated Manufacturing Solutions (IMS) | 3,110 | 2,592 | 2,173 | |
| Other unallocated assets | 2,748 | 2,231 | 2,701 | |
| Electronic Manufacturing Services | 628 | |||
| Personal Computing | 52 | |||
| Total | 5,858 | 4,823 | 4,874 | 679 |
Price Behavior
| Market Price | $194.53 | |
| Market Cap ($ Bil) | 10.5 | |
| First Trading Date | 06/22/1993 | |
| Distance from 52W High | -31.2% | |
| 50 Days | 200 Days | |
| DMA Price | $215.39 | $181.00 |
| DMA Trend | up | down |
| Distance from DMA | -9.7% | 7.5% |
| 3M | 1YR | |
| Volatility | 76.4% | 71.3% |
| Downside Capture | 339.57 | 246.00 |
| Upside Capture | 205.86 | 256.66 |
| Correlation (SPY) | 55.1% | 44.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.29 | 2.94 | 3.16 | 2.60 | 2.41 | 1.50 |
| Up Beta | 10.58 | 4.52 | 4.48 | 2.88 | 2.48 | 1.47 |
| Down Beta | -0.23 | 2.31 | 2.04 | 2.13 | 2.12 | 1.42 |
| Up Capture | -24% | 171% | 295% | 408% | 569% | 612% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 20 | 32 | 69 | 137 | 402 |
| Down Capture | 410% | 296% | 299% | 199% | 164% | 109% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 23 | 31 | 57 | 115 | 349 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SANM | |
|---|---|---|---|---|
| SANM | 66.0% | 71.3% | 1.01 | - |
| Sector ETF (XLK) | 38.7% | 26.1% | 1.22 | 53.4% |
| Equity (SPY) | 20.7% | 12.8% | 1.19 | 43.8% |
| Gold (GLD) | 35.0% | 28.8% | 1.04 | 18.4% |
| Commodities (DBC) | 41.4% | 20.2% | 1.60 | -5.1% |
| Real Estate (VNQ) | 15.3% | 13.9% | 0.78 | 3.0% |
| Bitcoin (BTCUSD) | -44.7% | 42.7% | -1.27 | 17.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SANM | |
|---|---|---|---|---|
| SANM | 38.2% | 46.7% | 0.84 | - |
| Sector ETF (XLK) | 20.0% | 25.9% | 0.69 | 48.7% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 46.1% |
| Gold (GLD) | 20.4% | 18.6% | 0.89 | 11.9% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 10.7% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.03 | 26.5% |
| Bitcoin (BTCUSD) | 7.2% | 52.6% | 0.32 | 17.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SANM | |
|---|---|---|---|---|
| SANM | 22.2% | 42.9% | 0.62 | - |
| Sector ETF (XLK) | 24.1% | 24.9% | 0.88 | 50.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 50.9% |
| Gold (GLD) | 12.5% | 16.2% | 0.63 | 8.0% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 17.6% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 34.4% |
| Bitcoin (BTCUSD) | 60.0% | 66.0% | 1.00 | 15.7% |
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Returns Analyses
Earnings Returns History
Updated 8/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/27/2026 | -17.5% | -7.5% | |
| 4/27/2026 | 14.6% | 15.1% | 39.2% |
| 1/26/2026 | -21.6% | -17.6% | -11.6% |
| 11/3/2025 | 16.6% | 24.3% | 14.6% |
| 7/28/2025 | 22.8% | 18.7% | 17.2% |
| 4/28/2025 | -2.1% | -2.3% | 4.8% |
| 1/27/2025 | 3.2% | 4.7% | 7.3% |
| 11/4/2024 | 2.2% | 14.5% | 9.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 18 |
| # Negative | 10 | 10 | 5 |
| Median Positive | 6.2% | 10.6% | 7.8% |
| Median Negative | -5.9% | -6.7% | -8.6% |
| Max Positive | 28.2% | 24.3% | 39.2% |
| Max Negative | -21.6% | -17.6% | -11.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/27/2026 | -17.5% | -7.5% | |
| 4/27/2026 | 14.6% | 15.1% | 39.2% |
| 1/26/2026 | -21.6% | -17.6% | -11.6% |
| 11/3/2025 | 16.6% | 24.3% | 14.6% |
| 7/28/2025 | 22.8% | 18.7% | 17.2% |
| 4/28/2025 | -2.1% | -2.3% | 4.8% |
| 1/27/2025 | 3.2% | 4.7% | 7.3% |
| 11/4/2024 | 2.2% | 14.5% | 9.1% |
| 7/29/2024 | -1.9% | -12.2% | -8.0% |
| 4/29/2024 | -5.2% | -0.7% | 4.5% |
| 1/29/2024 | 28.2% | 17.2% | 23.2% |
| 11/6/2023 | -14.3% | -9.7% | -7.2% |
| 7/31/2023 | -6.2% | -10.2% | -8.6% |
| 5/11/2023 | -5.7% | -3.9% | 5.5% |
| 1/30/2023 | 9.7% | 12.9% | 9.8% |
| 11/7/2022 | 11.0% | 11.6% | 8.3% |
| 8/1/2022 | 6.5% | 8.0% | 7.2% |
| 5/2/2022 | 5.6% | -1.2% | 6.7% |
| 1/31/2022 | 5.8% | 0.9% | 6.6% |
| 11/8/2021 | -7.6% | -5.9% | -9.8% |
| 8/2/2021 | 0.2% | 0.5% | 3.6% |
| 5/3/2021 | -2.1% | 0.6% | 2.9% |
| 2/2/2021 | 0.7% | 7.1% | 13.5% |
| 11/10/2020 | 4.4% | 9.7% | 8.5% |
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 18 |
| # Negative | 10 | 10 | 5 |
| Median Positive | 6.2% | 10.6% | 7.8% |
| Median Negative | -5.9% | -6.7% | -8.6% |
| Max Positive | 28.2% | 24.3% | 39.2% |
| Max Negative | -21.6% | -17.6% | -11.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/27/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 01/26/2026 | 10-Q |
| 09/30/2025 | 11/13/2025 | 10-K |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 01/28/2025 | 10-Q |
| 09/30/2024 | 11/27/2024 | 10-K |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 01/31/2024 | 10-Q |
| 09/30/2023 | 11/16/2023 | 10-K |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-Q |
| 12/31/2022 | 02/01/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/27/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 01/26/2026 | 10-Q |
| 09/30/2025 | 11/13/2025 | 10-K |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 01/28/2025 | 10-Q |
| 09/30/2024 | 11/27/2024 | 10-K |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 01/31/2024 | 10-Q |
| 09/30/2023 | 11/16/2023 | 10-K |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-Q |
| 12/31/2022 | 02/01/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-K |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/02/2022 | 10-Q |
| 09/30/2021 | 11/12/2021 | 10-K |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/04/2021 | 10-Q |
| 09/30/2020 | 11/13/2020 | 10-K |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 01/30/2020 | 10-Q |
| 09/30/2019 | 11/08/2019 | 10-K |
Recent Forward Guidance
Updated 7/28/2026Latest: Q3 2026 Earnings Reported 7/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | 3.30 Bil | 3.45 Bil | 3.60 Bil | 3.0% | Higher New | Guidance: 3.35 Bil for Q3 2026 | |
| Q4 2026 Non-GAAP operating margin | 7.5% | 7.75% | 8.0% | 1.1% | Higher New | Guidance: 6.65% for Q3 2026 | |
| Q4 2026 Non-GAAP diluted EPS | 3.05 | 3.2 | 3.35 | 18.5% | Higher New | Guidance: 2.7 for Q3 2026 | |
| 2026 Revenue | 14.00 Bil | 14.15 Bil | 14.30 Bil | 1.1% | Raised | Guidance: 14.00 Bil for 2026 | |
| 2026 Non-GAAP operating margin | 6.85% | 7.05% | 7.25% | 0.6% | Raised | Guidance: 6.45% for 2026 | |
| 2026 Non-GAAP diluted EPS | 11.9 | 12.1 | 12.2 | 9.0% | Raised | Guidance: 11.1 for 2026 | |
Insider Activity
Updated 5/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Reid, Alan McWilliams | EVP, Global Human Resources | Direct | Sell | 5282026 | 254.39 | 5,000 | 1,271,950 | 6,227,722 | Form |
| 2 | Reid, Alan McWilliams | EVP, Global Human Resources | Direct | Sell | 5122026 | 248.60 | 1,000 | 248,600 | 7,328,977 | Form |
| 3 | Sola, Jure | Chairman & CEO | Direct | Sell | 5082026 | 228.84 | 118,368 | 27,087,333 | 280,917,805 | Form |
| 4 | Reid, Alan McWilliams | EVP, Global Human Resources | Direct | Sell | 5062026 | 225.00 | 1,000 | 225,000 | 6,858,225 | Form |
| 5 | Hedley, David V Iii | Direct | Sell | 5042026 | 219.52 | 500 | 109,760 | 1,619,180 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Reid, Alan McWilliams | EVP, Global Human Resources | Direct | Sell | 5282026 | 254.39 | 5,000 | 1,271,950 | 6,227,722 | Form |
| 2 | Reid, Alan McWilliams | EVP, Global Human Resources | Direct | Sell | 5122026 | 248.60 | 1,000 | 248,600 | 7,328,977 | Form |
| 3 | Sola, Jure | Chairman & CEO | Direct | Sell | 5082026 | 228.84 | 118,368 | 27,087,333 | 280,917,805 | Form |
| 4 | Reid, Alan McWilliams | EVP, Global Human Resources | Direct | Sell | 5062026 | 225.00 | 1,000 | 225,000 | 6,858,225 | Form |
| 5 | Hedley, David V Iii | Direct | Sell | 5042026 | 219.52 | 500 | 109,760 | 1,619,180 | Form | |
| 6 | Reid, Alan McWilliams | EVP, Global Human Resources | Direct | Sell | 5042026 | 218.17 | 1,000 | 218,170 | 6,868,210 | Form |
| 7 | Venkatesh, Vishnu | See Remarks | Direct | Sell | 5012026 | 212.80 | 2,275 | 484,120 | 3,936,800 | Form |
| 8 | Licata, Joseph G JR | Direct | Sell | 5012026 | 211.03 | 26,565 | 5,606,040 | 5,868,562 | Form | |
| 9 | Reid, Alan McWilliams | EVP, Global Human Resources | Direct | Sell | 2272026 | 160.64 | 1,500 | 240,960 | 5,217,748 | Form |
| 10 | Faust, Jonathan P | EVP & CFO | Direct | Sell | 2252026 | 159.30 | 10,075 | 1,604,948 | 13,871,207 | Form |
| 11 | Hedley, David V Iii | Direct | Sell | 2252026 | 162.31 | 1,024 | 166,205 | 1,029,045 | Form | |
| 12 | Sankaran, Mythili | Direct | Sell | 2202026 | 145.95 | 3,424 | 499,733 | 682,754 | Form | |
| 13 | Reid, Alan McWilliams | EVP, Global Human Resources | Direct | Sell | 2172026 | 148.45 | 3,500 | 519,575 | 5,044,479 | Form |
| 14 | Mason, Charlie | EVP & Global Sales | Direct | Sell | 2062026 | 147.21 | 13,150 | 1,935,812 | 3,925,502 | Form |
| 15 | Loparco, Michael J | Direct | Buy | 2032026 | 142.46 | 700 | 99,722 | 455,302 | Form | |
| 16 | Venkatesh, Vishnu | See Remarks | Direct | Sell | 12182025 | 149.22 | 692 | 103,260 | 3,506,670 | Form |
| 17 | Johnson, Susan A | Direct | Sell | 9022025 | 119.04 | 755 | 89,875 | 1,050,766 | Form | |
| 18 | Johnson, Susan A | Direct | Sell | 5302025 | 84.83 | 787 | 66,761 | 812,841 | Form | |
| 19 | Venkatesh, Vishnu | See Remarks | Direct | Sell | 5092025 | 80.71 | 3,196 | 257,949 | 1,694,910 | Form |
Investor Activity (13F)
Updated Aug 20, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Electronic Manufacturing Services Resources |
| EMSNOW |
| I-Connect007 |
| Circuits Assembly |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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