Here are 1-3 brief analogies for Sanmina (SANM):

• Sanmina is like Foxconn, but for specialized, high-complexity electronic products for industrial, medical, and communications sectors.
• Sanmina is like TSMC, but for manufacturing complete electronic systems and devices instead of just semiconductors.
• Sanmina is the Amazon Web Services (AWS) of electronics manufacturing, providing the essential infrastructure and services for companies to build their electronic products.

• Electronics Manufacturing Services (EMS): Provides comprehensive manufacturing solutions for complex electronic products, including design, engineering, assembly, and test.
• Printed Circuit Board (PCB) Fabrication: Manufactures a wide range of standard and advanced PCBs for various industries.
• Optical, RF & Microelectronic Assemblies: Offers specialized manufacturing of high-reliability optical, radio frequency, and microelectronic components and systems.
• Enclosures and Cable Assemblies: Produces custom enclosures, backplanes, and intricate cable and wire harness assemblies.
• Aftermarket Services: Delivers post-manufacturing support, including repair, refurbishment, and logistics services for electronic products.

Sanmina (SANM) primarily sells to other companies, operating on a Business-to-Business (B2B) model. As an Electronics Manufacturing Services (EMS) provider, Sanmina offers integrated manufacturing solutions to Original Equipment Manufacturers (OEMs) across various industries.

According to Sanmina's public filings, including their most recent 10-K report (fiscal year 2023), no single customer accounted for more than 10% of their net sales in fiscal years 2023, 2022, or 2021. Due to the diversified nature of their customer base and confidentiality agreements, Sanmina does not publicly disclose the specific names of its major customers.

However, Sanmina publicly identifies the major market segments and industries where its customers operate. These categories represent the types of companies Sanmina serves globally:

• Communications Networks: Customers in this segment include companies developing and deploying equipment for 5G, optical networks, broadband infrastructure, and other communication technologies.
• Cloud Solutions: This segment includes companies providing hardware for data centers, servers, storage solutions, and other cloud infrastructure.
• Industrial: Customers here span a wide range, including companies focused on industrial automation, robotics, test and measurement equipment, clean technology, and other specialized industrial electronics.
• Medical: This category includes companies manufacturing advanced medical devices, diagnostic equipment, surgical instruments, and patient monitoring systems.
• Defense and Aerospace: Customers in this sector are involved in producing avionics, secure communication systems, ground support equipment, and other mission-critical electronics for defense and aerospace applications.
• Automotive: This segment serves companies developing components for electric vehicles (EVs), advanced driver-assistance systems (ADAS), infotainment systems, and other automotive electronics.

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Jure Sola, Chairman and Chief Executive Officer

Jure Sola co-founded Sanmina Corporation in 1980. He has held various leadership positions, including serving as Chief Executive Officer from April 1991 to October 2017, and then reassuming the role of Chairman and CEO in August 2020. Prior to Sanmina, he held several management positions at Lika Corporation from 1972 to 1980. Mr. Sola led a management buyout of Sanmina with Morgan Stanley in 1989 and subsequently took the company public on NASDAQ in 1993. Under his leadership, Sanmina acquired competitor SCI in 2001 in what was then the largest acquisition in the electronic manufacturing services industry. He also oversaw the sale of Sanmina-SCI's PC business in 2008. Additionally, Mr. Sola has served as Chairman and CEO of Altron Incorporated and Chairman 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 in December 2023. He brings over 20 years of experience in finance, accounting, controls, and operations. Before joining Sanmina, Mr. Faust served as Global Controller and Head of Finance Transformation & Corporate Services at HP Inc. from August 2021. From February 2020 to July 2021, he was the Chief Financial Officer of Aruba, a Hewlett Packard Enterprise company. His extensive career at Hewlett Packard Enterprise spanned over 19 years, where he held various leadership positions including Senior Vice President and Chief Financial Officer for Hybrid IT.

Alan Reid, Executive Vice President, Global Human Resources

Alan Reid has served as Sanmina's Executive Vice President of Global Human Resources since October 2012. He joined Sanmina in 2001 and has held various senior human resources roles, including HR Director EMEA and Senior Vice President of Global HR. Before his time at Sanmina, Mr. Reid was the Group Human Resources Manager at Kymata Ltd. from 2000 to 2001, and prior to that, he held various operational and HR positions at The BOC Group PLC for 14 years.

Michael Landy, President and COO of Sanmina Integrated Manufacturing Service's Worldwide

Michael Landy has a substantial background in the manufacturing industry, having joined Sanmina in 1993. Over his tenure at Sanmina, he has served in various leadership capacities, including Vice President and General Manager for multiple manufacturing locations, Senior Vice President of Sales and Marketing, and President of Sanmina Europe. He also held the role of Executive Vice President of Sales and Marketing before becoming Executive Vice President and Chief Operating Officer, responsible for Asia, EMEA, and Global Services in 2012. Mr. Landy was appointed President and COO of Sanmina Integrated Manufacturing Service's Worldwide in 2019. His career began at DSC Communications in 1984 as the Director of Supplier Quality.

The key risks to Sanmina's (SANM) business are:

1. Customer Concentration: Sanmina faces significant risk due to its reliance on a limited number of major customers for a substantial portion of its sales. Any reduction in orders or cancellations from these key clients could lead to considerable fluctuations in revenue and negatively impact the company's financial performance.
2. Market Volatility and Intense Competition in End Markets: The company operates across diverse end markets, including industrial, medical, defense, aerospace, automotive, communications networks, and cloud and AI infrastructure. A slowdown in demand within any of these key sectors or intense competition from other providers could significantly reduce sales and challenge Sanmina's ability to achieve profitable revenue growth.
3. Supply Chain Disruptions and Geopolitical Risks: Sanmina's global operations are exposed to ongoing challenges such as component shortages, extended lead times, and increased costs due to supply chain disruptions. Geopolitical tensions, changes in trade policies (including tariffs), and international economic and political instability further exacerbate these risks, potentially affecting the company's costs, supply chain, and customer demand.

Sanmina Corporation (SANM) operates in several key markets, providing integrated manufacturing solutions, components, products, and services to various industries. The addressable market sizes for its main products and services are as follows:

• Electronics Manufacturing Services (EMS): The global electronic manufacturing services market was valued at approximately USD 626.8 billion in 2024 and is projected to grow to USD 863.13 billion by 2030. In North America, the market accounted for 21.5% of the global share in 2024, with the U.S. market specifically valued at USD 121.1 billion in the same year.
• Optical Modules/Transceivers: The global optical modules market was valued at approximately USD 8.5 billion in 2023 and is anticipated to reach USD 19.4 billion by 2032. Similarly, the global optical transceiver market was valued at USD 12.62 billion in 2024 and is projected to grow to USD 42.52 billion by 2032. North America held the largest share of the global optical transceiver market at 36.05% in 2024.
• Medical Device Manufacturing: The global medical devices market was valued at USD 542.21 billion in 2024 and is projected to reach USD 886.68 billion by 2032. The U.S. medical device manufacturers market was estimated at USD 256.2 billion in 2024 and is projected to grow to USD 360.1 billion by 2030. North America dominated the global medical devices market with a 38.17% market share in 2024.
• Defense and Aerospace Electronics Manufacturing: The global aerospace and defense electronic manufacturing services market is expected to grow from USD 23.5 billion in 2023 to USD 30.7 billion by 2033. The broader global defense electronics market was valued at USD 175.2 billion in 2024 and is estimated to grow to USD 278.2 billion by 2033. North America is a dominant region, holding an estimated 40% of the aerospace and defense EMS market in 2024 and its defense electronics market is expected to exceed USD 125 billion by 2034.
• Industrial Embedded Computing: The global industrial embedded computer market is projected to reach approximately USD 15 billion in 2025. The global embedded computing systems market is estimated at USD 32.2 billion in 2025 and is projected to reach USD 66.4 billion by 2035. North America is expected to be a dominant region in the industrial embedded systems market, with about 37.5% of the market share in 2025.
• Advanced Packaging: The global advanced packaging market was valued at USD 39.60 billion in 2025 and is projected to surpass USD 82.51 billion by 2034. The U.S. advanced packaging market is projected to reach USD 5.7 billion by 2025. North America accounted for the largest share of 29% of the global advanced packaging market in 2024.

Sanmina Corporation (SANM) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

1. Strategic Acquisition of ZT Systems and Expansion in Cloud and AI Infrastructure: The acquisition of ZT Systems is a "transformative" move for Sanmina, significantly enhancing its capabilities in data center manufacturing for cloud and artificial intelligence (AI) solutions. This acquisition is projected to add an annual run-rate revenue of $5 to $6 billion and is a primary factor in the company's bullish outlook for fiscal year 2026. Sanmina aims to reach a $16 billion revenue target within the next two years, largely propelled by the integration of ZT Systems and expanded opportunities in AI infrastructure. The company anticipates solid growth in the Cloud and AI end-market through the second half of calendar year 2026 and into 2027.
2. Continued Growth in Communications Networks and Cloud and AI Infrastructure End-Markets: Beyond the ZT Systems acquisition, Sanmina's "legacy business" in communications networks and cloud and AI infrastructure is expected to remain strong and continue growing. The company has noted ongoing strength and demand in these sectors, specifically highlighting growth in high-performance switches, enterprise storage, and advanced optical packaging (400G, 800G, and 1.6T).
3. Diversified Portfolio and Demand from New and Existing Customers: Sanmina benefits from a diversified customer base across various end markets, including industrial & energy, medical, defense & aerospace, and automotive. This broad portfolio, coupled with demand from both new and existing customers, contributes to the ongoing strength of its core business. Notably, the industrial & energy, medical, and defense & aerospace markets have shown strong performance.
4. Strategic Investments in Automation and Advanced Capabilities: Sanmina is making ongoing strategic investments in automation and advanced manufacturing capabilities. These investments are crucial for improving operational efficiencies, expanding gross margins, and positioning the company to better serve high-value segments within data center AI and advanced electronics. Such strategic spending lays the foundation for sustained long-term revenue growth.

Share Repurchases

• On January 27, 2025, Sanmina's Board of Directors authorized an additional share repurchase plan of up to $300 million, which has no expiration date.
• For the fiscal year ended September 27, 2025, Sanmina repurchased 1.44 million shares of its common stock for approximately $113.7 million.
• As of September 27, 2025, approximately $239 million remained available under the authorized share repurchase program.

Outbound Investments

• Sanmina completed the acquisition of the Data Center Infrastructure Manufacturing Business of ZT Group Intl, Inc. on October 27, 2025, following a definitive agreement on May 18, 2025.
• The acquisition was valued at up to $3 billion, comprising $2.25 billion in cash, a $300 million premium (50% cash and 50% equity), and a $450 million contingent consideration over three years.
• This strategic acquisition is expected to add $5 billion to $6 billion in annual run-rate revenue and is projected to double Sanmina's net revenue over three years, positioning it as a leader in the Cloud and AI ecosystem.

Capital Expenditures

• Net capital expenditures for the fiscal year ended September 27, 2025, totaled $142 million, representing 1.8% of the company's revenue.
• Sanmina anticipates ongoing targeted investments in both capacity and technologies across its operations in the U.S., India, and Mexico.
• For fiscal year 2026, projected capital expenditures are approximately $131 million, consistent with historical levels of 1% to 2% of revenue, with a focus on high-margin areas like cloud infrastructure, advanced networking, and automation.