SANMINA CORP SANM
Sanmina Corporation ("we" or "Sanmina" or the "Company") is a leading global provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. We provide these comprehensive offerings primarily to original equipment manufacturers ("OEMs") in the following industries: industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure. Our customer-focused organization with 39,000 employees, including 4,000 temporary employees, supports our customers from 20 countries on four continents. We locate our facilities near our customers and their end markets in major centers for the electronics industry or in lower-cost locations. The combination of our advanced technologies, extensive manufacturing expertise and economies of scale enables us to meet the specialized needs of our customers. All references in this report to years refer to our fiscal years unless otherwise noted.
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 | $8.13B | $7.57B | $8.94B | $7.92B | $6.74B | $6.95B | $8.23B | $7.11B | $6.87B | $6.48B |
| Cost of revenue | $7.41B | $6.93B | $8.19B | $7.30B | $6.21B | $6.43B | $7.64B | $6.65B | $6.35B | $5.97B |
| Gross profit | $716.4M | $640.4M | $743.2M | $622.2M | $526.4M | $517.2M | $591.9M | $463.8M | $519.9M | $514.3M |
| R&D | $31.1M | $28.5M | $26.4M | $21.3M | $20.9M | $22.6M | $27.6M | $30.8M | $33.7M | $37.7M |
| SG&A | $290.2M | $266.2M | $255.1M | $244.6M | $234.5M | $240.9M | $260.0M | $250.9M | $251.6M | $244.6M |
| Total operating expenses | $361.8M | $304.9M | $287.6M | $272.7M | $270.5M | $298.0M | $305.8M | $344.3M | $293.4M | $289.5M |
| Operating income | $354.6M | $335.5M | $455.7M | $349.5M | $255.9M | $219.1M | $286.1M | $119.4M | $226.5M | $224.8M |
| Interest expense | $20.2M | $29.2M | $36.3M | $22.5M | $19.6M | $28.9M | $30.8M | $27.7M | $21.9M | $24.9M |
| Pre-tax income | $339.4M | $317.5M | $412.8M | $302.3M | $281.6M | $192.2M | $245.6M | $97.5M | $213.5M | $204.6M |
| Income tax | $73.2M | $79.8M | $85.3M | $61.9M | $32.1M | $59.0M | $104.1M | $193.1M | $74.6M | $16.8M |
| Net income | $245.9M | $222.5M | $310.0M | $240.4M | $249.5M | $133.2M | $141.5M | -$95.5M | $138.8M | $187.8M |
| EPS, basic | 4.56 | 4.00 | 5.36 | 3.92 | 3.82 | 1.93 | 2.05 | -1.37 | 1.86 | 2.50 |
| EPS, diluted | 4.46 | 3.91 | 5.18 | 3.81 | 3.72 | 1.88 | 1.97 | -1.37 | 1.78 | 2.38 |
| Shares, diluted (wtd. avg.) | $55.2M | $57.0M | $59.8M | $63.1M | $67.1M | $70.8M | $71.7M | $69.8M | $78.1M | $78.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $926.3M | $625.9M | $667.6M | $529.9M | $650.0M | $480.5M | $454.7M | $419.5M | $406.7M | $398.3M |
| Inventory | $1.99B | $1.44B | $1.48B | $1.68B | $892.6M | $819.5M | $900.6M | $1.37B | $1.05B | $946.2M |
| Total current assets | $4.87B | $3.87B | $3.88B | $3.89B | $3.06B | $2.86B | $2.92B | $3.01B | $2.62B | $2.38B |
| Property, plant and equipment | $682.4M | $616.1M | $632.8M | $575.2M | $535.7M | $526.6M | $630.6M | $642.9M | $640.3M | $617.5M |
| Goodwill | — | — | — | — | — | — | $28.5M | $28.5M | $59.1M | $59.1M |
| Other intangibles | — | — | — | — | — | — | — | $2.7M | $9.2M | $16.5M |
| Total assets | $5.86B | $4.82B | $4.87B | $4.84B | $4.00B | $3.79B | $3.91B | $4.09B | $3.85B | $3.63B |
| Accounts payable | $1.58B | $1.44B | $1.56B | $2.04B | $1.30B | $1.14B | $1.34B | $1.55B | $1.28B | $1.12B |
| Short-term debt | $17.5M | $17.5M | $25.9M | $17.5M | $18.8M | $18.8M | $38.4M | $593.3M | $88.4M | $28.4M |
| Total current liabilities | $2.82B | $1.94B | $2.03B | $2.47B | $1.61B | $1.49B | $1.68B | $2.40B | $1.62B | $1.40B |
| Long-term debt | $283.0M | $299.8M | $312.3M | $329.2M | $316.0M | $324.8M | $347.0M | $14.3M | $391.4M | $434.1M |
| Retained earnings | -$2.46B | -$2.71B | -$2.93B | -$3.24B | -$3.48B | -$3.72B | -$3.86B | -$4.03B | -$3.98B | -$4.12B |
| Total equity | $2.54B | $2.36B | $2.32B | $1.82B | $1.85B | $1.62B | $1.65B | $1.47B | $1.65B | $1.61B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $620.7M | $340.2M | $235.2M | $330.9M | $338.3M | $300.6M | $383.0M | $156.4M | $251.0M | $390.1M |
| Depreciation and amortisation | $119.5M | $122.4M | $118.2M | $108.8M | $109.7M | $114.2M | $116.9M | $118.8M | $118.8M | $111.9M |
| Stock-based compensation | $63.4M | $57.4M | $50.4M | $39.6M | $35.0M | $26.2M | $30.8M | $32.8M | $37.9M | $26.9M |
| Capital expenditure | $147.4M | $111.2M | $191.4M | $138.6M | $73.3M | $66.0M | $134.7M | $118.9M | $111.8M | $120.4M |
| Investing cash flow | -$108.2M | -$114.4M | -$192.5M | -$132.2M | -$91.3M | -$64.4M | -$127.6M | -$116.2M | -$107.9M | -$174.5M |
| Financing cash flow | -$173.8M | -$269.7M | $94.5M | -$314.3M | -$77.3M | -$210.3M | -$220.2M | -$28.3M | -$135.5M | -$231.4M |
| Buybacks | $111.9M | $228.5M | $84.8M | $331.1M | $64.1M | $179.0M | $12.6M | $157.6M | $176.9M | $142.2M |
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 0000897723-25-000042.
Others in SIC 3672
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| JBL | JABIL INC | $32.54B | 52.5x | 3.2% |
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| PLXS | PLEXUS CORP | $6.56B | 39.3x | 1.8% |
| BHE | BENCHMARK ELECTRONICS INC | $2.61B | 106.8x | -0.4% |
| CTS | CTS CORP | $1.63B | 26.1x | 5.2% |
| KE | Kimball Electronics, Inc. | $599.9M | 22.2x | -3.7% |