Flex Ltd FLEX

Information TechnologyElectronic Equipment & PartsUnited States of America

Last close 86.48 USD on Nov 1, 2026, +43.1% year to date

Quant rating

Quant rating A Rank 49 of 389 in Information Technology

Growth C 167 of 389
Valuation B 73 of 389
Quality B 76 of 389
Revisions A 47 of 389
Momentum C 216 of 389

Wall Street consensus Buy (1.71)Average target 155.25 USD +79.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 32.0B
Enterprise value: 34.1B
52-week range: 53.07 – 166.81
3-year range: 18.33 – 166.81
Dividend yield: –
Beta (5 years): 1.80
Shares outstanding: 369M
Next earnings: Feb 1, 2027

About the company

Flex Ltd. is an end-to-end manufacturing partner that helps a diverse customer base design, build, deliver and manage products. Its specialized capabilities include design and engineering, supply chain, manufacturing, and integrated services, plus a portfolio of power and cooling products. Its segment includes Integrated Technology Solutions (ITS), Regulated Manufacturing Solutions (RMS), and Cloud and Power Infrastructure (CPI). ITS segment serves customers building technology-driven, intelligent products that require fast innovation cycles. Its end market includes communications and lifestyle. RMS segment focuses on regulated, safety-critical markets requiring a high level of precision, compliance, and reliability. Its end market includes industrial, automotive and healthcare. CPI segment is focused on delivering integrated compute systems, power, and cooling technologies that support large-scale cloud, data center, and artificial intelligence (AI)-enabled infrastructure deployments.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	27,914	25,813	26,415	28,502	24,633	–
Revenue growth	8.1%	−2.3%	−7.3%	15.7%	2.1%	3.0%
EPS (basic, normalized)	3.30	2.65	2.15	2.39	1.96	–
EPS growth	24.5%	23.3%	−10.0%	21.9%	–	–
Gross margin	9.4%	8.6%	7.6%	7.0%	7.3%	8.0%
Net margin	3.2%	3.2%	3.3%	2.4%	3.5%	3.1%
ROE	17.3%	16.2%	16.3%	14.4%	23.1%	17.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,083
Current ratio	1.34x
Long-term debt (mil)	5,213
Net debt (mil)	2,130
Total equity (mil)	5,807
Net debt / equity	0.37x
Net debt / EBITDA	0.94x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	27,914	+8.1%	1.2x	2,259	+16.7%	15.1x	3.30	+24.5%	26.2x
2027	35,091	+25.7%	1.0x	3,189	+41.2%	10.7x	4.86	+47.3%	17.8x
2028	46,084	+31.3%	0.7x	4,717	+47.9%	7.2x	7.52	+54.7%	11.5x
2029	54,282	+17.8%	0.6x	5,901	+25.1%	5.8x	10.18	+35.3%	8.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	35,091	+1.4%	+2.1%	+20.4%	4.86	+3.9%	+3.6%	+33.0%
2028	46,084	+2.4%	+2.9%	+48.5%	7.52	+6.4%	+6.0%	+84.7%
2029	54,282	+2.6%	+5.6%	–	10.18	+6.9%	+5.3%	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	6,169	6,314	6,545	6,556	6,398	6,575	6,804	7,058	7,477	7,928
Sales mean (mil)	6,100	5,904	6,511	6,204	6,237	6,263	6,684	6,844	6,962	7,557
Surprise	+1.1%	+6.9%	+0.5%	+5.7%	+2.6%	+5.0%	+1.8%	+3.1%	+7.4%	+4.9%
EPS reported	0.57	0.51	0.64	0.77	0.73	0.72	0.79	0.87	0.93	1.00
EPS mean	0.56	0.41	0.56	0.63	0.69	0.63	0.75	0.79	0.87	0.91
Surprise	+2.7%	+24.0%	+13.6%	+21.6%	+5.0%	+15.0%	+4.7%	+10.7%	+6.4%	+10.0%

Peer comparison Electronic Equipment & Parts

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FLEX Flex Ltd	32.0B	0.94x	3.2%	5.50x	17.8x	11.5x	10.7x	7.2x
APH Amphenol Corp	195.6B	1.84x	18.5%	11.42x	29.8x	22.3x	17.1x	14.1x
GLW Corning Incorporated	106.2B	1.39x	10.2%	8.17x	36.6x	27.3x	19.6x	15.4x
TEL TE Connectivity PLC	61.7B	0.79x	10.7%	4.51x	15.9x	14.0x	10.9x	10.0x
CLS Celestica Inc.	33.3B	−3.10x	6.7%	5.36x	23.1x	12.1x	15.7x	7.8x
JBL Jabil Inc.	28.1B	0.62x	2.9%	17.66x	15.4x	12.3x	8.6x	7.2x
Mean		0.41x	8.7%	8.77x	23.1x	16.6x	13.8x	10.3x
Median		0.87x	8.5%	6.84x	20.4x	13.2x	13.3x	8.9x

Technical analysis

1M−23.5%
3M−23.7%
1Y+34.6%
3Y+362.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Flex Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	27,914	25,813	26,415	28,502	24,633	24,124
Cost of revenue	25,288	23,584	24,395	26,503	22,838	22,349
Gross profit	2,626	2,229	2,020	1,999	1,795	1,775
Selling, general & administrative expenses	1,052	904	922	874	830	817
Research & development	–	–	–	–	–	–
Depreciation/amortization	68.0	70.0	70.0	81.0	60.0	62.0
Interest expense (income), operating	–	–	–	–	–	−104
Unusual expense (income)	159	86.0	175	27.0	15.0	138
Other operating expenses	0	0	0	0	0	0
Operating income	1,347	1,169	853	1,017	890	862
Net interest income (expense)	−212	−160	−143	−204	−91.0	−136
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	8.0	14.0	−44.0	−6.0	165	−12.0
Net income before taxes	1,143	1,023	666	807	964	714
Provision for taxes	263	185	−206	124	92.0	101
Minority interest	0	0	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	880	838	872	683	872	613
Extraordinary items	0	0	134	110	64.0	–
Net income	880	838	1,006	793	936	613
EBIT, normalized	1,557	1,266	1,087	1,050	922	890
EBITDA, normalized	2,082	1,775	1,624	1,551	1,406	1,374
Basic EPS, normalized	3.30	2.65	2.15	2.39	1.96	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Flex Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	2,389	2,289	2,474	3,164	2,964	2,637
Receivables	5,742	4,287	3,282	3,723	3,890	4,241
Total inventory	5,845	5,071	6,205	7,388	6,580	3,895
Prepaid expenses	–	–	–	–	–	–
Other current assets	2,356	1,194	1,031	1,758	903	590
Total current assets	16,332	12,841	12,992	16,033	14,337	11,363
Property, plant & equipment	3,164	2,892	2,870	2,947	2,762	2,739
Goodwill	1,369	1,341	1,135	1,139	1,342	1,090
Intangibles	283	343	245	315	411	213
Long-term investments	67.0	119	123	–	131	103
Note receivable	–	–	–	–	–	–
Other long-term assets	845	845	892	973	342	328
Total assets	22,060	18,381	18,257	21,407	19,325	15,836
Liabilities
Accounts payable	8,055	5,147	4,468	5,724	6,254	5,247
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,175	941	901	931	848	862
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0	1,209	0	150	949	268
Other current liabilities	2,786	2,553	3,170	4,062	2,660	1,457
Total current liabilities	12,016	9,850	8,539	10,867	10,711	7,834
Long-term debt	3,751	2,483	3,261	3,544	3,248	3,515
Minority interest	–	–	0	355	78.0	–
Other liabilities	1,149	1,046	1,132	1,290	1,159	1,051
Total liabilities	16,916	13,379	12,932	16,056	15,196	12,400
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,347	4,142	5,074	6,493	6,052	6,232
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	2,164	1,284	446	−560	−1,353	−2,289
Treasury stock	−200	−200	0	−388	−388	−388
Other equity	−167	−224	−195	−194	−182	−119
Total equity	5,144	5,002	5,325	5,351	4,129	3,436
Total liabilities & shareholders' equity	22,060	18,381	18,257	21,407	19,325	15,836

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Flex Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	880	838	1,245	1,033	936	613
Depreciation, depletion & amortization	563	539	537	501	484	569
Deferred taxes	1.0	23.0	−480	−192	−44.0	−12.0
Non-cash items	370	270	275	223	164	89.0
Changes in working capital	−129	−165	−251	−615	−516	−1,115
Cash from operations	1,685	1,505	1,326	950	1,024	144
Investing activities
Capital expenditures	−633	−438	−530	−635	−443	−351
Other investing cash flows	−39.0	−400	38.0	31.0	−508	149
Cash from investing	−672	−838	−492	−604	−951	−202
Financing activities
Financing cash flow items	−14.0	−5.0	−446	−49.0	3.0	3.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−910	−816	−1,210	51.0	277	740
Cash from financing	−924	−821	−1,656	2.0	280	743
Foreign exchange effects	11.0	−31.0	2.0	−18.0	−26.0	29.0
Net change in cash	100	−185	−820	330	327	714
Free cash flow	1,052	1,067	796	315	581	−207

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.