Flex (FLEX)
Market Price (4/30/2026): $91.3 | Market Cap: $33.7 BilSector: Information Technology | Industry: Electronic Manufacturing Services
Flex (FLEX)
Market Price (4/30/2026): $91.3Market Cap: $33.7 BilSector: Information TechnologyIndustry: Electronic Manufacturing Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Stock buyback supportStock Buyback 3Y Total is 3.3 Bil Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Artificial Intelligence, Electric Vehicles & Autonomous Driving, and Automation & Robotics. Themes include Data Centers & Infrastructure, Show more. | Trading close to highsDist 52W High is -0.9%, Dist 3Y High is -0.9% | Stock price has recently run up significantly12M Rtn12 month market price return is 160% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.6% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51% Key risksFLEX key risks include [1] significant pricing pressure and top-line volatility due to its high concentration of large tech customers and [2] potential client and investor deterrence stemming from compliance issues highlighted by a revoked SEC registration. |
| Stock buyback supportStock Buyback 3Y Total is 3.3 Bil |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Electric Vehicles & Autonomous Driving, and Automation & Robotics. Themes include Data Centers & Infrastructure, Show more. |
| Trading close to highsDist 52W High is -0.9%, Dist 3Y High is -0.9% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 160% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.6% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51% |
| Key risksFLEX key risks include [1] significant pricing pressure and top-line volatility due to its high concentration of large tech customers and [2] potential client and investor deterrence stemming from compliance issues highlighted by a revoked SEC registration. |
Qualitative Assessment
AI Analysis | Feedback
1. Consistent Earnings Beats and Upward Revisions to Fiscal Year 2026 Guidance.
Flex demonstrated strong financial performance by consistently exceeding analyst expectations for earnings per share (EPS) and revenue in recent quarters. For the third quarter of fiscal year 2026 (ended December 31, 2025), Flex reported adjusted EPS of $0.87, beating analysts' consensus estimate of $0.76 by 14.47%, and revenue of $7.06 billion, surpassing estimates of $6.81 billion. This positive trend was also evident in Q1 FY26 (reported July 24, 2025), where adjusted EPS of $0.72 exceeded expectations of $0.63 by 14.29%, with revenue of $6.6 billion topping forecasts of $6.26 billion. Following these strong results, management repeatedly raised its full-year fiscal 2026 adjusted EPS guidance, with the latest update increasing it to a range of $3.21 to $3.27 and revenue guidance to $27.2 billion to $27.5 billion.
2. Significant Growth Driven by Data Center and AI Infrastructure Demand.
A core driver of Flex's stock appreciation is its expanding presence and strong performance in the data center and artificial intelligence (AI) infrastructure markets. The company projects fiscal year 2026 revenue from its data center business to reach approximately $6.5 billion, representing a 35% year-over-year growth. Flex's strategic focus on these high-growth areas, including cloud and power end markets, has been highlighted as a significant contributor to its overall revenue growth. The company has also launched a new AI Infrastructure Platform, integrating power, cooling, compute, and services, and announced strategic collaborations with companies like NVIDIA for modular data center systems and LG for thermal management solutions.
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Stock Movement Drivers
Fundamental Drivers
The 50.0% change in FLEX stock from 12/31/2025 to 4/29/2026 was primarily driven by a 52.1% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 60.42 | 90.60 | 50.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,333 | 26,835 | 1.9% |
| Net Income Margin (%) | 3.3% | 3.2% | -4.6% |
| P/E Multiple | 25.8 | 39.2 | 52.1% |
| Shares Outstanding (Mil) | 374 | 369 | 1.4% |
| Cumulative Contribution | 50.0% |
Market Drivers
12/31/2025 to 4/29/2026| Return | Correlation | |
|---|---|---|
| FLEX | 50.0% | |
| Market (SPY) | 5.2% | 59.1% |
| Sector (XLK) | 10.7% | 70.1% |
Fundamental Drivers
The 56.3% change in FLEX stock from 9/30/2025 to 4/29/2026 was primarily driven by a 61.3% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.97 | 90.60 | 56.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,074 | 26,835 | 2.9% |
| Net Income Margin (%) | 3.4% | 3.2% | -7.1% |
| P/E Multiple | 24.3 | 39.2 | 61.3% |
| Shares Outstanding (Mil) | 374 | 369 | 1.4% |
| Cumulative Contribution | 56.3% |
Market Drivers
9/30/2025 to 4/29/2026| Return | Correlation | |
|---|---|---|
| FLEX | 56.3% | |
| Market (SPY) | 8.0% | 60.4% |
| Sector (XLK) | 13.2% | 70.1% |
Fundamental Drivers
The 173.9% change in FLEX stock from 3/31/2025 to 4/29/2026 was primarily driven by a 209.9% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.08 | 90.60 | 173.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25,584 | 26,835 | 4.9% |
| Net Income Margin (%) | 4.0% | 3.2% | -19.7% |
| P/E Multiple | 12.7 | 39.2 | 209.9% |
| Shares Outstanding (Mil) | 387 | 369 | 4.9% |
| Cumulative Contribution | 173.9% |
Market Drivers
3/31/2025 to 4/29/2026| Return | Correlation | |
|---|---|---|
| FLEX | 173.9% | |
| Market (SPY) | 29.3% | 67.3% |
| Sector (XLK) | 55.0% | 74.6% |
Fundamental Drivers
The 436.2% change in FLEX stock from 3/31/2023 to 4/29/2026 was primarily driven by a 320.2% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.90 | 90.60 | 436.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 28,312 | 26,835 | -5.2% |
| Net Income Margin (%) | 2.9% | 3.2% | 9.9% |
| P/E Multiple | 9.3 | 39.2 | 320.2% |
| Shares Outstanding (Mil) | 452 | 369 | 22.5% |
| Cumulative Contribution | 436.2% |
Market Drivers
3/31/2023 to 4/29/2026| Return | Correlation | |
|---|---|---|
| FLEX | 436.2% | |
| Market (SPY) | 81.5% | 59.2% |
| Sector (XLK) | 115.1% | 62.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FLEX Return | 2% | 17% | 42% | 72% | 57% | 44% | 560% |
| Peers Return | 42% | 10% | 58% | 67% | 96% | 44% | 1066% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 90% |
Monthly Win Rates [3] | |||||||
| FLEX Win Rate | 58% | 58% | 50% | 83% | 67% | 75% | |
| Peers Win Rate | 60% | 52% | 63% | 58% | 62% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FLEX Max Drawdown | -12% | -23% | -8% | -1% | -31% | -3% | |
| Peers Max Drawdown | -4% | -25% | -15% | -13% | -22% | -9% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JBL, CLS, SANM, PLXS, FN. See FLEX Returns vs. Peers.
[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 4/29/2026 (YTD)
How Low Can It Go
| Event | FLEX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -28.7% | -25.4% |
| % Gain to Breakeven | 40.3% | 34.1% |
| Time to Breakeven | 110 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -57.5% | -33.9% |
| % Gain to Breakeven | 135.0% | 51.3% |
| Time to Breakeven | 212 days | 148 days |
| 2018 Correction | ||
| % Loss | -64.6% | -19.8% |
| % Gain to Breakeven | 182.6% | 24.7% |
| Time to Breakeven | 841 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -88.0% | -56.8% |
| % Gain to Breakeven | 730.0% | 131.3% |
| Time to Breakeven | 2,840 days | 1,480 days |
Compare to JBL, CLS, SANM, PLXS, FN
In The Past
Flex's stock fell -28.7% during the 2022 Inflation Shock from a high on 2/16/2021. A -28.7% loss requires a 40.3% gain to breakeven.
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About Flex (FLEX)
AI Analysis | Feedback
Here are 1-3 brief analogies for Flex Ltd. (FLEX):
- A more comprehensive and diversified Foxconn.
- Like TSMC, but for fully assembled electronic products and their global logistics.
AI Analysis | Feedback
Flex (FLEX) provides a range of manufacturing, supply chain, and design services, along with specific product offerings:
- Design and Engineering Services: Provides value-added design, engineering, and technology solutions for various products.
- Manufacturing Services: Offers systems assembly and manufacturing services, including enclosures, testing, materials procurement, and inventory management.
- Supply Chain Logistics Services: Manages forward supply chain logistics, including inventory management, freight, order fulfillment, distribution, and supply chain network design.
- Reverse Logistics & Repair Solutions: Delivers after-market services such as returns management, exchange programs, complex repair, asset recovery, recycling, and e-waste management.
- Data Center Equipment: Designs and integrates advanced data center servers, storage and networking equipment, and data center appliances.
- Power Products: Manufactures chargers, adapters, power supplies for various markets, and specialized DC/DC converters and power module solutions.
AI Analysis | Feedback
Based on the provided company description, Flex Ltd. (FLEX) sells primarily to other companies, specifically original equipment manufacturers (OEMs).
However, the provided background information does not explicitly name Flex's major customer companies or their public symbols. The description details the types of products and industries Flex serves (e.g., electrical/electronics, electromechanical, software, human machine interface, audio and video, IoT platforms, power management, data center servers, storage, networking equipment, smartphones, tablets, notebooks, gaming systems, and information and communications technology markets), but it does not list the specific names of the OEM customers.
AI Analysis | Feedback
nullAI Analysis | Feedback
Revathi Advaithi, Chief Executive Officer
Revathi Advaithi has served as the Chief Executive Officer of Flex since February 2019. Under her leadership, Flex has focused on driving technology innovation, supply chain resilience, and responsible, sustainable manufacturing solutions across various industries and end markets. Prior to joining Flex, Ms. Advaithi was President and Chief Operating Officer for the Electrical Sector business at Eaton, a power management company with over $20 billion in sales, where she also held corporate responsibility for the Europe, Middle East, and Africa regions. She previously spent six years at Honeywell in leadership roles spanning manufacturing, procurement, supply chain, and sourcing. Ms. Advaithi began her career as a shop floor supervisor at Eaton. She serves on the Boards of Uber and the MIT Presidential CEO Advisory Board, and is a member of the Business Roundtable.
Kevin Krumm, Chief Financial Officer
Kevin Krumm joined Flex as Chief Financial Officer on January 6, 2025. He is responsible for overseeing the finance function, including corporate accounting, financial planning and analysis, internal audit, investor relations, tax, and treasury. Mr. Krumm brings over 25 years of experience across industrial, chemical, and healthcare industries. Before Flex, he was Executive Vice President and CFO of APi Group Corporation, a global market-leading business services provider of safety and specialty services (September 2021 – January 2025). Prior to APi Group, Mr. Krumm spent 15 years at Ecolab Inc. in various finance leadership roles, including Corporate Treasurer and Senior Vice President of Global Financial Shared Services. He began his career in public accounting at PricewaterhouseCoopers, Arthur Andersen, and Deloitte, with a strong emphasis on mergers and acquisitions and corporate finance.
Michael Hartung, President, Chief Commercial Officer
Michael Hartung serves as President, Chief Commercial Officer at Flex, leading the company's go-to-market organization, including the Agility and Reliability operating segments. He focuses on delivering the Flex Forward strategy, aligning commercial and business strategies, scaling end-to-end lifecycle services, and leading product technology innovation. With over 20 years at Flex, Mr. Hartung has driven revenue growth and margin expansion across multiple businesses, most recently as President, Agility Solutions and Global Services and Solutions, and previously as Senior Vice President of the Lifestyle Business. He joined Flex through the acquisition of Solectron in October 2007, where he held senior roles, including Vice President of the Computing and Storage business unit.
Hooi Tan, President, Global Operations and Supply Chain
Hooi Tan is the President of Global Operations and Supply Chain for Flex. He is responsible for directing the global operations and supply chain strategy, focusing on customer responsiveness and integrated logistics solutions. He was instrumental in digitalizing Flex's comprehensive end-to-end supply chain network. Mr. Tan earned his MBA from INSEAD and has held various senior supply chain management positions at Flex and Thermo Fisher Scientific.
Rebecca (Becky) Smith, Chief Human Resources Officer
Rebecca (Becky) Smith leads Flex's global HR strategy, talent management, leadership development, and diversity & inclusion programs. She has been key in launching and scaling Flex's global employee well-being and upskilling initiatives. Prior to Flex, Ms. Smith was the Chief Human Resources Officer at Jabil Corporation. She holds an MBA in Human Resources from Cornell University.
AI Analysis | Feedback
The key risks to Flex Ltd. (FLEX) are primarily driven by its global operations and the highly competitive nature of the contract manufacturing industry.
- Global Economic and Geopolitical Volatility, including Supply Chain Disruptions: Flex operates in a globalized environment, making it highly susceptible to macroeconomic fluctuations, such as currency volatility, inflation, and shifts in consumer demand. Geopolitical tensions, trade disputes, and the imposition of tariffs can disrupt its extensive global supply chain network, leading to increased costs, operational inefficiencies, and potential delays in meeting customer demand. The concentration of critical component suppliers further amplifies the risk of procurement challenges and higher pricing.
- Intense Competition and Customer Concentration: The contract manufacturing services market is highly competitive, characterized by numerous domestic and international providers. This intense competition exerts continuous pressure on pricing and necessitates constant innovation, potentially leading to price erosion and margin compression for Flex. Furthermore, Flex's business relies heavily on a handful of tier-one clients, particularly in sectors like consumer electronics, automotive, and cloud infrastructure. This customer concentration grants significant leverage to these major clients, impacting pricing and service terms, and posing a material risk if a key customer reduces orders or is lost.
- Fluctuations in Raw Material and Energy Costs: Flex faces significant exposure to volatility in the costs of raw materials, such as copper, resin, and specialty metals, as well as energy. Suppliers of these critical inputs often hold substantial leverage, and price spikes or supply tightness can lead to increased unit manufacturing costs and margin pressure, even with pass-through contracts.
AI Analysis | Feedback
nullAI Analysis | Feedback
```htmlAddressable Markets for Flex Ltd.'s Main Products and Services
Flex Ltd. (NASDAQ: FLEX) participates in several significant addressable markets globally, encompassing its core Electronic Manufacturing Services (EMS), data center equipment, and power solutions.
Electronic Manufacturing Services (EMS) / Electronic Contract Manufacturing and Design Services
The global Electronic Manufacturing Services (EMS) market, which includes design, engineering, manufacturing, and supply chain services, was valued at approximately USD 609.77 billion in 2024. This market is projected to grow to about USD 1,507.69 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 9.5% between 2025 and 2034. Other estimates place the EMS market size at around USD 648.11 billion in 2025, with a projection to reach USD 1,192.68 billion by 2034, at a CAGR of 7.1%. Asia Pacific holds the largest market share in the EMS sector, driven by strong manufacturing infrastructure and demand in countries like China, Taiwan, and South Korea. In 2024, Asia Pacific accounted for an estimated 41% of the global market share for AC-DC Power Supply Adapters due to concentrated electronics manufacturing hubs.
Data Center Equipment
The global data center equipment market was valued at USD 60.96 billion in 2023 and is anticipated to reach approximately USD 145.2 billion by 2030, with a CAGR of 13.2% from 2024 to 2030. Another report estimated the market size at USD 53.85 billion in 2022, projected to reach USD 164.36 billion by 2031, with a CAGR of 13.2% over the forecast period (2023–2031). North America remains the largest market for data center equipment, holding approximately 45% of the global share. Flex's Agility Solutions segment, which includes communications, enterprise, and cloud solutions like data, edge, and communications infrastructure, experienced a 50% year-over-year growth in cloud and data center demand in fiscal year 2025.
Power Supply Units (PSU), Chargers, and Adapters
The global Power Supply Unit (PSU) market was valued at USD 36.11 billion in 2024 and is projected to reach USD 58.99 billion by 2032, growing at a CAGR of 6.33% from 2025 to 2032. The U.S. Power Supply Unit Market alone was valued at USD 6.46 billion in 2024 and is projected to reach USD 10.53 billion by 2032, with a CAGR of 6.29% during the same period. The global AC-DC power adapters market is expected to grow from USD 43.18 billion in 2025 to USD 132.04 billion by 2031, at a 19.69% CAGR over 2026-2031. The Asia-Pacific region captured 46.49% of the AC-DC power adapter market value in 2025. Additionally, the global charger market is estimated to exceed USD 42.8 billion by 2030, expanding at a CAGR of approximately 6%. The flash charger adapter market alone was valued at USD 29.25 billion in 2024 and is expected to reach nearly USD 68.40 billion by 2032, growing at a CAGR of 11.2% from 2025 to 2032. The Asia Pacific region is expected to dominate the flash charger adapter market during the forecast period. The global industrial power supply market was valued at USD 13.29 billion in 2025 and is projected to grow to USD 24.76 billion by 2034, at a CAGR of 7.16% from 2026 to 2034. The global modular and scalable power supplies market was estimated at USD 4.89 billion in 2023 and is projected to reach USD 9.52 billion by 2030, growing at a CAGR of 10.1% from 2024 to 2030. The Asia Pacific modular and scalable power supplies market held the largest revenue share of over 49.89% in 2023.
```AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Flex (FLEX) over the next 2-3 years:- Growth in Data Center and AI Infrastructure Solutions: Flex is experiencing robust demand in data center-related end markets, particularly driven by cloud, power, and the accelerating buildout of AI infrastructure. The company provides a comprehensive range of solutions, including critical power, embedded power, IT hardware, rack integration, and advanced liquid cooling capabilities. Flex has highlighted strong growth in data center revenue, which is projected to increase significantly, demonstrating its strategic positioning in the AI era.
- Expansion in Health Solutions: The Health Solutions business within Flex's Reliability Solutions Group is consistently showing strong and improving momentum. Demand for medical devices and automation-related offerings is a key contributor to the company's revenue growth.
- Growth in Core Industrial Businesses: Flex's Core Industrial segment, also part of the Reliability Solutions Group, is demonstrating solid growth. This includes demand for automation-related offerings and overall strength in industrial end markets.
- Advancements in Automotive: Flex anticipates low to mid-teens growth rates in its Automotive business through fiscal year 2027, expecting it to cross $5 billion as a business. Despite some short-term macroeconomic pressures observed in the automotive sector, strong demand for automotive and medical devices is driving revenue in the Reliability segment.
- Strategic Shift to Higher-Value Offerings and Value-Added Services: Flex is actively pursuing a strategy focused on higher-value product offerings and expanding its value-added services. This includes developing margin-accretive product portfolios like its "grid-to-chip" power portfolio, introducing new high-efficiency power shelf systems, and leveraging strategic acquisitions (such as Crown Technical Systems and JetCool) to enhance capabilities in power distribution and liquid cooling. This focus on an "EMS plus products plus services" strategy aims to drive profitable growth and customer stickiness.
AI Analysis | Feedback
Share Repurchases
- In August 2024, Flex shareholders renewed a mandate allowing the company to repurchase up to 20% of its outstanding ordinary shares, with the Board authorizing a maximum expenditure of $1.7 billion.
- Flex repurchased approximately $1.3 billion in stock during fiscal year 2025.
- During the three-month period ended July 1, 2022, the company spent $0.2 billion on share repurchases.
Share Issuance
- In August 2024, shareholders approved a general authorization for the Board of Directors to allot and issue Ordinary Shares.
- Flex's shares outstanding have seen a decline, with 2025 shares outstanding at 0.398 billion, a 9.75% decrease from 2024.
Outbound Investments
- Flex acquired JETCOOL Technologies in November 2024, a developer of direct-to-chip liquid cooling modules for high-power electronics.
- In October 2024, Flex acquired Crown Technical Systems for $325 million.
- Flex completed the acquisition of Anord Mardix in October 2021 for $540 million.
Capital Expenditures
- Flex's capital expenditures averaged $479.4 million for the fiscal years ending March 2021 to 2025, peaking at $635 million in March 2023.
- The company projects annual net capital expenditures of approximately $565 million for fiscal 2024 and $587 million for fiscal 2025.
- The primary focus of capital expenditures is to support growth in high-value, high-margin sectors such as data centers, particularly for next-generation AI power, compute, and cooling solutions.
Latest Trefis Analyses
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Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 292.23 |
| Mkt Cap | 28.2 |
| Rev LTM | 12,565 |
| Op Inc LTM | 883 |
| FCF LTM | 613 |
| FCF 3Y Avg | 371 |
| CFO LTM | 931 |
| CFO 3Y Avg | 569 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 21.8% |
| Rev Chg 3Y Avg | 5.6% |
| Rev Chg Q | 29.5% |
| QoQ Delta Rev Chg LTM | 6.7% |
| Op Inc Chg LTM | 29.3% |
| Op Inc Chg 3Y Avg | 11.5% |
| Op Mgn LTM | 5.1% |
| Op Mgn 3Y Avg | 4.9% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 6.4% |
| CFO/Rev 3Y Avg | 5.8% |
| FCF/Rev LTM | 3.7% |
| FCF/Rev 3Y Avg | 3.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 28.2 |
| P/S | 1.4 |
| P/Op Inc | 28.3 |
| P/EBIT | 30.5 |
| P/E | 43.7 |
| P/CFO | 28.9 |
| Total Yield | 2.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.5% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 40.6% |
| 3M Rtn | 36.7% |
| 6M Rtn | 47.6% |
| 12M Rtn | 161.9% |
| 3Y Rtn | 415.0% |
| 1M Excs Rtn | 28.1% |
| 3M Excs Rtn | 34.4% |
| 6M Excs Rtn | 49.5% |
| 12M Excs Rtn | 129.3% |
| 3Y Excs Rtn | 338.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Flex Agility Solutions (FAS) | 13,923 | 15,769 | 14,027 | 13,493 | 14,053 |
| Flex Reliability Solutions (FRS) | 12,492 | 12,733 | 10,603 | 9,495 | 10,157 |
| Corporate and Other | 0 | ||||
| Intersegment eliminations | -47 | -59 | |||
| Nextracker | 1,458 | 1,195 | |||
| Total | 26,415 | 28,502 | 26,041 | 24,124 | 24,210 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Flex Agility Solutions (FAS) | 669 | 694 | 449 | ||
| Flex Reliability Solutions (FRS) | 666 | 607 | 484 | ||
| Customer related asset impairment | -14 | 0 | 7 | ||
| Legal and other | -45 | -6 | -1 | ||
| Corporate and Other | -68 | -69 | -80 | ||
| Intangible amortization | -70 | -81 | -62 | ||
| Stock-based compensation | -113 | -101 | -79 | ||
| Restructuring charges | -172 | -27 | -101 | ||
| Nextracker | 178 | ||||
| Total | 853 | 1,017 | 795 |
Price Behavior
| Market Price | $90.60 | |
| Market Cap ($ Bil) | 33.4 | |
| First Trading Date | 03/18/1994 | |
| Distance from 52W High | -0.9% | |
| 50 Days | 200 Days | |
| DMA Price | $70.46 | $61.95 |
| DMA Trend | up | up |
| Distance from DMA | 28.6% | 46.2% |
| 3M | 1YR | |
| Volatility | 57.5% | 43.3% |
| Downside Capture | 1.22 | 0.93 |
| Upside Capture | 294.99 | 229.96 |
| Correlation (SPY) | 64.2% | 58.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.13 | 2.83 | 2.38 | 2.32 | 1.70 | 1.58 |
| Up Beta | 0.52 | 1.87 | 1.70 | 1.20 | 1.36 | 1.45 |
| Down Beta | 5.57 | 3.08 | 2.22 | 2.42 | 1.97 | 1.66 |
| Up Capture | 409% | 432% | 382% | 408% | 396% | 776% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 13 | 25 | 34 | 67 | 142 | 395 |
| Down Capture | 134% | 203% | 188% | 185% | 134% | 109% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 9 | 17 | 29 | 59 | 108 | 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 FLEX | |
|---|---|---|---|---|
| FLEX | 155.5% | 43.3% | 2.30 | - |
| Sector ETF (XLK) | 54.0% | 20.4% | 2.01 | 68.0% |
| Equity (SPY) | 31.5% | 12.5% | 1.93 | 58.4% |
| Gold (GLD) | 35.2% | 27.2% | 1.09 | 16.0% |
| Commodities (DBC) | 46.7% | 18.1% | 1.99 | -1.4% |
| Real Estate (VNQ) | 12.8% | 13.4% | 0.65 | 16.8% |
| Bitcoin (BTCUSD) | -19.6% | 42.1% | -0.40 | 29.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FLEX | |
|---|---|---|---|---|
| FLEX | 46.5% | 39.0% | 1.08 | - |
| Sector ETF (XLK) | 18.7% | 24.8% | 0.67 | 63.6% |
| Equity (SPY) | 13.1% | 17.1% | 0.60 | 62.7% |
| Gold (GLD) | 20.1% | 17.8% | 0.92 | 11.6% |
| Commodities (DBC) | 14.6% | 19.1% | 0.63 | 15.5% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 38.2% |
| Bitcoin (BTCUSD) | 8.1% | 56.2% | 0.36 | 25.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FLEX | |
|---|---|---|---|---|
| FLEX | 25.9% | 41.6% | 0.70 | - |
| Sector ETF (XLK) | 23.1% | 24.4% | 0.86 | 60.2% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 62.0% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 6.0% |
| Commodities (DBC) | 9.6% | 17.7% | 0.45 | 22.5% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 42.8% |
| Bitcoin (BTCUSD) | 67.5% | 66.9% | 1.07 | 19.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/4/2026 | -10.9% | -2.6% | -3.8% |
| 10/29/2025 | 2.9% | -3.8% | -9.1% |
| 7/24/2025 | -7.7% | -5.1% | -8.2% |
| 5/7/2025 | 3.2% | 13.8% | 15.7% |
| 1/29/2025 | 2.3% | 3.3% | -6.9% |
| 10/30/2024 | 3.2% | 5.0% | 12.0% |
| 7/24/2024 | 6.9% | 5.1% | 7.0% |
| 5/1/2024 | -8.1% | 1.7% | 17.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 15 |
| # Negative | 9 | 8 | 9 |
| Median Positive | 4.0% | 5.9% | 13.6% |
| Median Negative | -4.5% | -3.2% | -6.8% |
| Max Positive | 11.0% | 13.8% | 27.2% |
| Max Negative | -10.9% | -9.8% | -9.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 05/21/2025 | 10-K |
| 12/31/2024 | 01/31/2025 | 10-Q |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 05/17/2024 | 10-K |
| 12/31/2023 | 02/02/2024 | 10-Q |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 05/19/2023 | 10-K |
| 12/31/2022 | 01/27/2023 | 10-Q |
| 09/30/2022 | 10/31/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 05/20/2022 | 10-K |
Recent Forward Guidance [BETA]
Latest: Q3 2026 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | 6.75 Bil | 6.90 Bil | 7.05 Bil | 1.5% | Raised | Guidance: 6.80 Bil for Q3 2026 | |
| Q4 2026 Adjusted Operating Income | 445.00 Mil | 460.00 Mil | 475.00 Mil | 9.5% | Raised | Guidance: 420.00 Mil for Q3 2026 | |
| Q4 2026 Adjusted EPS | 0.83 | 0.86 | 0.89 | 11.7% | Raised | Guidance: 0.77 for Q3 2026 | |
| 2026 Revenue | 27.20 Bil | 27.35 Bil | 27.50 Bil | 1.3% | Raised | Guidance: 27.00 Bil for 2026 | |
| 2026 Adjusted Operating Margin | 6.3% | 0.8% | 0.0% | Raised | Guidance: 6.25% for 2026 | ||
| 2026 Adjusted EPS | 3.21 | 3.24 | 3.27 | 3.5% | Raised | Guidance: 3.13 for 2026 | |
Prior: Q2 2026 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 6.65 Bil | 6.80 Bil | 6.95 Bil | 2.3% | Higher New | Guidance: 6.65 Bil for Q2 2026 | |
| Q3 2026 Adjusted Operating Income | 405.00 Mil | 420.00 Mil | 435.00 Mil | 6.3% | Higher New | Guidance: 395.00 Mil for Q2 2026 | |
| Q3 2026 EPS | 0.74 | 0.77 | 0.8 | 4.0% | Higher New | Guidance: 0.74 for Q2 2026 | |
| 2026 Revenue | 26.70 Bil | 27.00 Bil | 27.30 Bil | 1.9% | Raised | Guidance: 26.50 Bil for 2026 | |
| 2026 Operating Margin | 6.2% | 6.25% | 6.3% | ||||
| 2026 EPS | 3.09 | 3.13 | 3.17 | 5.7% | Raised | Guidance: 2.96 for 2026 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tan, Kwang Hooi | Chief Operating Officer | Direct | Sell | 3102026 | 58.87 | 17,500 | 1,030,225 | 13,754,151 | Form |
| 2 | Krumm, Kevin | Chief Financial Officer | Direct | Sell | 1092026 | 61.23 | 21,406 | 1,310,647 | 8,804,770 | Form |
| 3 | Wendler, Daniel | Chief Accounting Officer | Direct | Sell | 12122025 | 71.97 | 10,000 | 719,700 | 1,987,739 | Form |
| 4 | Hurlston, Michael E | Direct | Sell | 11262025 | 58.00 | 10,000 | 580,000 | 3,396,538 | Form | |
| 5 | Hurlston, Michael E | Direct | Sell | 11242025 | 56.17 | 10,000 | 561,692 | 3,851,017 | Form |
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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