As FLEX Surges 19% in a Month, SANM’s Story Stands Out
Sanmina (SANM) offers superior revenue growth across key periods, better profitability, and relatively lower valuation vs Flex (FLEX), suggesting you may be better off investing in SANM
- SANM’s quarterly revenue growth was 10.9%, vs. FLEX’s 4.1%.
- In addition, its Last 12 Months revenue growth came in at 5.9%, ahead of FLEX’s 0.9%.
- SANM’s 3-year average margin is stronger: 4.8% vs. FLEX’s 3.9%.
FLEX provides design, engineering, manufacturing, and supply chain solutions with technologies in electronics, electromechanical, software, and advanced data center equipment across multiple industries worldwide. SANM provides integrated manufacturing, repair, logistics, and after-market services for OEMs in industrial, medical, defense, aerospace, automotive, communications, and cloud industries.
Valuation & Performance Overview
| FLEX | SANM | Preferred | |
|---|---|---|---|
| Valuation | |||
| P/EBIT Ratio | 17.5 | 16.7 | SANM |
| Revenue Growth | |||
| Last Quarter | 4.1% | 10.9% | SANM |
| Last 12 Months | 0.9% | 5.9% | SANM |
| Last 3 Year Average | 0.8% | 4.6% | SANM |
| Operating Margins | |||
| Last 12 Months | 4.8% | 4.7% | FLEX |
| Last 3 Year Average | 3.9% | 4.8% | SANM |
| Momentum | |||
| Last 3 Year Return | 360.8% | 152.5% | SANM |
Note: For “Last 3 Year Return” metric, preferred stock is one with higher returns unless the returns are too high (>300%) which creates risk of sell off.
See more revenue details: FLEX Revenue Comparison | SANM Revenue Comparison
See more margin details: FLEX Operating Income Comparison | SANM Operating Income Comparison
But do these numbers tell the full story? Read Buy or Sell SANM Stock to see if Sanmina’s edge holds up under the hood or if Flex still has cards to play (see Buy or Sell FLEX Stock).
That is one way to look at stocks. Trefis High Quality Portfolio evaluates much more, and is designed to reduce stock-specific risk while giving upside exposure
Historical Market Performance
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | Avg | Best | |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| FLEX Return | 42% | 2% | 17% | 42% | 72% | 54% | 533% | <=== | |
| SANM Return | -7% | 30% | 38% | -10% | 47% | 56% | 246% | ||
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 14% | 106% | ||
| Monthly Win Rates [3] | |||||||||
| FLEX Win Rate | 67% | 58% | 58% | 50% | 83% | 62% | 63% | <=== | |
| SANM Win Rate | 42% | 42% | 67% | 50% | 50% | 75% | 54% | ||
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 62% | 63% | ||
| Max Drawdowns [4] | |||||||||
| FLEX Max Drawdown | -53% | -12% | -23% | -8% | -1% | -31% | -21% | ||
| SANM Max Drawdown | -45% | -2% | -14% | -21% | -4% | -11% | -16% | ||
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | -12% | <=== | |
[1] Cumulative total returns since the beginning of 2020
[2] 2025 data is for the year up to 9/22/2025 (YTD)
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
No matter how good the numbers, stock investment is never a smooth ride. There is a risk you must factor in. Read SANM Dip Buyer Analyses and FLEX Dip Buyer Analyses to see how these stocks have fallen and recovered in the past.