FLEX LTD. FLEX
Flex is the advanced, end-to-end manufacturing partner of choice that helps a diverse customer base design, build, deliver and manage products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, we deliver technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets.
The Company's full suite of specialized capabilities includes design and engineering, supply chain, manufacturing, and integrated services, plus a portfolio of power and cooling products. Over time, we have built differentiated scale and expertise across both technology-driven and regulated markets, enabling us to support customers with increasingly complex product, infrastructure, and compliance requirements. We partner with customers across a diverse set of industries including data center, healthcare, industrial, automotive, communications, and lifestyle.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.91B | $25.81B | $26.41B | $28.50B | $24.63B | $24.12B | $24.21B | $26.21B | $25.44B | $23.86B |
| Cost of revenue | $25.29B | $23.58B | $24.39B | $26.50B | $22.84B | $22.35B | $22.68B | $24.59B | $23.78B | $22.30B |
| Gross profit | $2.57B | $2.16B | $1.86B | $1.98B | $1.78B | $1.69B | $1.34B | $1.52B | $1.60B | $1.52B |
| R&D | — | — | — | — | — | — | — | — | $78.2M | $65.6M |
| SG&A | $1.05B | $904.0M | $922.0M | $874.0M | $830.0M | $817.0M | $834.0M | $953.0M | $1.02B | $937.3M |
| Operating income | $1.37B | $1.17B | $853.0M | $1.02B | $890.0M | $795.0M | $415.0M | — | — | — |
| Interest expense | $215.0M | $218.0M | $207.0M | $230.0M | $166.0M | $148.0M | $7.2M | — | $123.1M | $108.0M |
| Pre-tax income | $1.14B | $1.02B | $666.0M | $807.0M | $964.0M | $714.0M | $159.0M | $182.0M | $520.9M | $370.8M |
| Income tax | $263.0M | $185.0M | $206.0M | $124.0M | $92.0M | $101.0M | $71.0M | $89.0M | $92.4M | $51.3M |
| Net income | $880.0M | $838.0M | $872.0M | $793.0M | $936.0M | $613.0M | $88.0M | $93.0M | $428.5M | $319.6M |
| EPS, basic | 2.37 | 2.14 | 2.31 | 1.75 | 1.97 | 1.23 | 0.17 | 0.18 | 0.81 | 0.59 |
| EPS, diluted | 2.33 | 2.11 | 2.28 | 1.72 | 1.94 | 1.21 | 0.17 | 0.18 | 0.80 | 0.59 |
| Shares, diluted (wtd. avg.) | $378.0M | $398.0M | $441.0M | $462.0M | $483.0M | $506.0M | $512.0M | $530.0M | $536.6M | $546.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.39B | $2.29B | $2.47B | $3.29B | $2.96B | $2.64B | $1.92B | $1.70B | $1.47B | $1.83B |
| Receivables | $4.68B | $3.67B | $3.03B | $3.48B | $3.37B | $3.96B | $2.44B | $2.61B | $2.52B | $2.19B |
| Inventory | $5.84B | $5.07B | $6.21B | $7.39B | $6.58B | $3.90B | $3.79B | $3.72B | $3.80B | $3.40B |
| Total current assets | $16.33B | $12.84B | $12.99B | $16.03B | $14.34B | $11.36B | $9.09B | $9.10B | $9.17B | $8.39B |
| Property, plant and equipment | $2.50B | $2.33B | $2.27B | $2.34B | $2.12B | $2.10B | $2.22B | $2.34B | $2.24B | $2.32B |
| Goodwill | $1.37B | $1.34B | $1.14B | $1.14B | $1.14B | $1.09B | $1.06B | $1.07B | $1.12B | $984.9M |
| Other intangibles | $283.0M | $343.0M | $245.0M | $315.0M | $411.0M | $213.0M | $262.0M | $331.0M | $424.4M | $362.2M |
| Total assets | $22.06B | $18.38B | $18.26B | $21.41B | $19.32B | $15.84B | $13.69B | $13.50B | $13.72B | $12.59B |
| Accounts payable | $8.05B | $5.15B | $4.47B | $5.72B | $6.25B | $5.25B | $5.11B | $5.15B | $5.12B | $4.48B |
| Short-term debt | $0 | $1.21B | $0 | $150.0M | $949.0M | $268.0M | $149.0M | $632.6M | $43.0M | $61.5M |
| Total current liabilities | $12.02B | $9.85B | $8.54B | $10.87B | $10.71B | $7.83B | $7.21B | $7.60B | $7.27B | $6.50B |
| Long-term debt | $3.75B | $2.48B | $3.26B | $3.54B | $3.25B | $3.52B | $2.69B | $2.42B | $2.90B | $2.89B |
| Total liabilities | $16.92B | $13.38B | $12.93B | $15.70B | $15.12B | $12.40B | — | — | — | — |
| Retained earnings | $2.16B | $1.28B | $446.0M | -$560.0M | -$1.35B | -$2.29B | -$2.90B | -$3.01B | -$3.14B | -$3.57B |
| Total equity | $5.14B | $5.00B | $5.33B | $5.71B | $4.13B | $3.44B | $2.83B | $2.97B | $3.02B | $2.68B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.69B | $1.50B | $1.33B | $950.0M | $1.02B | $144.0M | -$1.53B | -$2.97B | -$3.87B | -$3.82B |
| Depreciation and amortisation | $457.0M | $439.0M | $431.0M | $414.0M | $409.0M | $422.0M | $422.4M | $433.4M | $434.4M | $432.2M |
| Stock-based compensation | $142.0M | $125.0M | $152.0M | $133.0M | $91.0M | $79.0M | $71.0M | $76.0M | $81.3M | $77.3M |
| Capital expenditure | $633.0M | $438.0M | $530.0M | $635.0M | $443.0M | $351.0M | $462.0M | $726.0M | $562.0M | $525.1M |
| Investing cash flow | -$672.0M | -$838.0M | -$492.0M | -$604.0M | -$951.0M | -$202.0M | $2.28B | $3.25B | $3.71B | $4.27B |
| Financing cash flow | -$924.0M | -$821.0M | -$1.66B | $2.0M | $280.0M | $743.0M | -$508.0M | -$30.0M | -$187.8M | -$242.1M |
| Buybacks | $944.0M | $1.26B | $1.30B | $337.0M | $686.0M | $183.0M | $260.0M | $189.0M | $180.1M | $349.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000365.
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