NASDAQ: FLEX · Electronic Manufacturing Services
Flex Ltd.
Flex is a Singapore-incorporated, Austin-headquartered contract manufacturer that designs, builds and manages products for other companies, with about 150,000 employees in roughly 30 countries. Fiscal 2026 (year ended March 31, 2026) revenue was $27,914 million: Integrated Technology Solutions $11,109 million, Regulated Manufacturing Solutions $10,191 million and Cloud and Power Infrastructure (data center compute, liquid cooling and power) $6,614 million, the fastest-growing segment. Net income was $880 million. Flex plans to spin off Cloud and Power Infrastructure as Axiom Solutions International in Q1 2027, and in October 2026 bought power-conversion maker EPC Power for $4.4 billion to add to that business.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 24, 2026 09:54 (SEC EDGAR) · Source 10-K filed: May 20, 2026
Built on10-K FY2026 · filed 2026-05-2010-Q (quarter ended 2026-09-25) · filed 2026-10-30Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 3.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 4.9%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +1.5 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 0.7x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.91x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 33.7x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.65
Higher than 13% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 14% of 311 non-financial companies
Latest fiscal year (FY2026)
Higher than 43% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 32% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 69% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; fiscal FY2026
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$81.15close on 2026-11-04
Market cap$29.68B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 33.7x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 5.8x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 17.0x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 3.5%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2026 year-end: 28.1x
Earnings: fiscal FY2026
At FY2026 year-end: 4.7x
Book value at FY2026 year-end
At FY2026 year-end: 13.9x
EBITDA for FY2026
At FY2026 year-end: 4.4%
Free cash flow for FY2026
Dividends per share for FY2026
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 25, 2026.
- Revenue$6.8B → $8.49B (vs. a year earlier)↑ +24.8%$6.8B → $8.49B (vs. a year earlier)
- Operating margin4.4% → 4.9% (vs. a year earlier)↑ +0.5 pts4.4% → 4.9% (vs. a year earlier)
- Diluted EPS$0.52 → $0.70 (vs. a year earlier)↑ +34.6%$0.52 → $0.70 (vs. a year earlier)
- Cash$2.84B → $3.08B (vs. previous quarter-end)↑ +8.6%$2.84B → $3.08B (vs. previous quarter-end)
- Long-term debt$5.22B → $5.21B (vs. previous quarter-end)→ −0.1%$5.22B → $5.21B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Key changes
Q2 GAAP operating margin 4.9%, adjusted 7.1%. Source sentence
Delivered Q2 GAAP operating margin of 4.9%, and adjusted operating margin of 7.1%.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- FLEX LTD.
- Headquarters
- AUSTIN, TX
- Incorporated in
- U0
- Fiscal year end
- 03/31
- Exchange & ticker
- NASDAQ: FLEX
- Industry
- Electronic Manufacturing Services
- CIK
- 866374
- Website
- https://flex.com/ ↗
Workforce (as of FY2026 year-end)
Employees
150,000
Source: Form 10-K (FY2026) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q3 FY2027
Quarter end: December 2026. In past years, Q3 results were released 29–35 days after quarter end (Feb 4, 2026; Jan 29, 2025; Jan 31, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around March 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 26–37 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2027 | Sep 25, 2026 | Oct 28, 2026 (+33 days) | Oct 30, 2026 10-Q (+35 days) |
| Q1 FY2027 | Jun 26, 2026 | Jul 29, 2026 (+33 days) | Jul 31, 2026 10-Q (+35 days) |
| Q4 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 20, 2026 10-K (+50 days) |
| Q3 FY2026 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 6, 2026 10-Q (+37 days) |
| Q2 FY2026 | Sep 26, 2025 | Oct 29, 2025 (+33 days) | Oct 31, 2025 10-Q (+35 days) |
| Q1 FY2026 | Jun 27, 2025 | Jul 24, 2025 (+27 days) | Jul 25, 2025 10-Q (+28 days) |
| Q4 FY2025 | Mar 31, 2025 | May 7, 2025 (+37 days) | May 21, 2025 10-K (+51 days) |
| Q3 FY2025 | Dec 31, 2024 | Jan 29, 2025 (+29 days) | Jan 31, 2025 10-Q (+31 days) |
| Q2 FY2025 | Sep 27, 2024 | Oct 30, 2024 (+33 days) | Oct 31, 2024 10-Q (+34 days) |
| Q1 FY2025 | Jun 28, 2024 | Jul 24, 2024 (+26 days) | Jul 26, 2024 10-Q (+28 days) |
| Q4 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 17, 2024 10-K (+47 days) |
| Q3 FY2024 | Dec 31, 2023 | Jan 31, 2024 (+31 days) | Feb 2, 2024 10-Q (+33 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
ITS
Communications
High-speed networking, enterprise and satellite communications systems.
ITS
Lifestyle
Premium commercial, home and personal products.
RMS
Industrial
Mission-critical automation, energy and industrial infrastructure.
RMS
Automotive
Compute and power electronics platforms and integrated systems.
RMS
Healthcare
Regulated manufacturing of medical devices, drug delivery and equipment.
CPI
Cloud and Cooling
Integrated compute systems and advanced liquid cooling for power-dense data centers.
CPI
Power
Utility- and facility-level electrical infrastructure and rack- and board-level power systems; EPC Power added October 2026.
From the Form 10-K, FY2026, year ended 2026-03-31.
U.S. and worldwide share of flagship products/services
Flex gives no market share; the 10-K describes competition with global and regional EMS providers and ODMs.
Reviewed: Form 10-K (FY2026, year ended 2026-03-31) · Form 10-Q (quarter ended 2026-09-25)
07
Recent strategic focusSite analysis
Recent developments.
Q2 fiscal 2027
Net sales $8.5B (+25%); GAAP operating margin 4.9% (adjusted 7.1%); GAAP EPS $0.70 and record adjusted EPS $1.18; free cash flow $261M. Q3 guidance calls for net sales of $8.87–9.17B (+28% at the midpoint).
Source: Q2 FY2027 earnings release
EPC Power
Agreed September 3, 2026 and completed October 14, 2026: $4.4B in cash for EPC Power, now part of Cloud and Power Infrastructure.
Source: Form 8-K (2026-10-14) — Items 1.01, 2.01 bridge loan; EPC Power acquisition completed
Axiom preferred
General Catalyst and other investors agreed to buy $2.0B of Axiom Series A convertible preferred; Flex must guarantee redemption if the spin-off is not completed by the agreed date.
Source: Form 8-K (2026-10-05) — Item 1.01 Axiom Series A convertible preferred investment
Capex ÷ D&A (FY2026)
1.39x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$633M ÷ $457M = 1.39x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$982M
Latest year: $40M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $351M in FY2021 to $633M in FY2026
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-20
08
Key figures at a glanceFrom SEC data
FY2021–FY2026, 6 years.
Revenue (FY2026)
$27.91B
As reported in the 10-K
Revenue CAGR (5 years)
+3.0%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($27,914M ÷ $24,124M) ^ (1÷5) − 1 = 3.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
4.9%▲favorable
+1.6pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,368M ÷ $27,914M × 100 = 4.9%
ROE (FY2026)
17.3%▲favorable
6-year average: 18.6%
As reported in the 10-K
P/B (FY2026 end)
4.65x
formulafiscal year-end closing price ÷ book value per share
e.g.$65.46 ÷ $14.07 = 4.65x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
13.9x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($23,938M + $3,751M − $2,389M) ÷ ($1,368M + $457M) = 13.9x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +3.0% a year over 5 years (modest growth)
From $24.12B in FY2021 to $27.91B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 3.3% → 4.9%
How much operating profit is left per $100 of revenue. It moved +1.6 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 23.3% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 5 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 18.6% over 6 years (latest: 17.3%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- EPC Power Corp.
- General Catalyst
07 · what it does
Key activities
- Integrated Technology Solutions (communications, lifestyle)
- Regulated Manufacturing Solutions (industrial, automotive, healthcare)
- Cloud and Power Infrastructure (cloud and cooling, power)
06 · what it draws on
Key resources
- About 150,000 employees incl. contractors
- More than 100 facilities in about 30 countries
- Purchased components (large accounts payable of $8.1B)
02 · why customers buy
Value propositions
- Design, engineering, manufacturing and supply chain services, plus its own power and cooling products for data centers.
04 · how it keeps them
Customer relationships
- Manufacturing programs and after-market services.
03 · how it reaches them
Channels
- Serves OEMs and hyperscale customers.
01 · who it serves
Customer segments
- OEMs and hyperscale customers worldwide
- Ten largest customers 45% of sales; none over 10%
09 · where money goes
Cost structure
FY2026, share of revenue ($27.91B)
- Cost of revenue90.6%
- Selling, general & administrative3.8%
- Other operating costs0.7%
Operating profit left: 4.9% of revenue. Depreciation & amortization (inside the costs above): $457M. Capital spending: $633M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- ITS $11,109M
- RMS $10,191M
- CPI $6,614M (fiscal 2026)
Value propositions, channels and customer relationships: Form 10-K (FY2026)
Provides design, engineering, supply chain, manufacturing and after-market services for customers’ products, plus its own power and cooling products for data centers and utilities.
01 what it draws on
Inputs & resources
- About 150,000 employees incl. contractors
- More than 100 facilities in about 30 countries
- Purchased components (large accounts payable of $8.1B)
02 what it does
Activities
- Integrated Technology Solutions (communications, lifestyle)
- Regulated Manufacturing Solutions (industrial, automotive, healthcare)
- Cloud and Power Infrastructure (cloud and cooling, power)
03 who it serves
Customers
- OEMs and hyperscale customers worldwide
- Ten largest customers 45% of sales; none over 10%
04 how money comes in
How it earns
- ITS $11,109M
- RMS $10,191M
- CPI $6,614M (fiscal 2026)
How the business makes money
- CPI sales grew from $3,244M (fiscal 2024) to $6,614M (fiscal 2026).
- Q1 fiscal 2027 sales rose 21% to $7.9B, with CPI up 35%.
- Nextracker was spun off in January 2024 and is shown as discontinued operations.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Flex receives government incentives and is exposed to tariffs and climate rules.
Government funding & tax credits
Government incentives
Accounts for government incentives as reductions of capital cost or expense.
Supports the businessTouches: Inputs & resourcesSource: Form 10-K (FY2026)
Trade & export rules
Tariffs
The U.S. imposed varying tariffs on goods from China and other countries in 2025–2026.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2026)
Revenue by segment (FY2026 (year ended March 31, 2026))
Unit: $M — bar length = revenue, (%) = share of total company revenue
Integrated Technology Solutions
11,109 (40%)Regulated Manufacturing Solutions
10,191 (37%)Cloud and Power Infrastructure
6,614 (24%)
Source: Form 10-K (FY2026, year ended 2026-03-31) — Item 7, net sales by segment Total net sales $27,914M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2026 (year ended March 31, 2026))
Mexico — 25% of revenue
Revenue by country / region (FY2026 (year ended March 31, 2026))
Unit: $M — bar length = revenue, (%) = share of total company revenue
Mexico
6,994 (25%)U.S.
5,186 (19%)China
4,494 (16%)Malaysia
2,967 (11%)Brazil
1,558 (6%)Hungary
1,327 (5%)Other
5,388 (19%)
Source: Form 10-K (FY2026, year ended 2026-03-31) — Item 7, net sales by country By location of the Flex operation; Americas 50%, Asia 30%, Europe 20%.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
EPC Power Corp.
Acquired for $4.4 billion in cash on October 14, 2026 to join Cloud and Power Infrastructure.
Source: Form 8-K (2026-10-14) — Items 1.01, 2.01 bridge loan; EPC Power acquisition completed
Capital tie / equity stake
General Catalyst
$2.0 billion Series A convertible preferred investment in Axiom Solutions International ahead of the spin-off.
Source: Form 8-K (2026-10-05) — Item 1.01 Axiom Series A convertible preferred investment
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
OEMs and hyperscale customers in communications, consumer, industrial, automotive, healthcare and data center markets.
Named by the company
No customer is named; none exceeded 10% of fiscal 2026 sales.
What the filings disclose
Suppliers
Component and materials suppliers worldwide.
Named by the company
No supplier is named.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Flex competes with global and regional EMS providers and ODMs and with customers’ in-house manufacturing; the 10-K names no companies.
Competitors named in the 10-K
The 10-K names competitor types only.
Peer group the company chose
Fiscal 2026 compensation peer group (14 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Flex’s compensation peers (marked with an asterisk in the proxy’s TSR peer list); Axiom has a separate peer group.
- Sanminasite ↗
- Arrow Electronicssite ↗
- Hewlett Packard Enterprisesite ↗
- Seagate Technologysite ↗
- Avnetsite ↗
- TD SYNNEXsite ↗
- Textronsite ↗
- Jabilsite ↗
- Western Digitalsite ↗
- Corningsite ↗
- PACCARsite ↗
- Cumminssite ↗
- Parker-Hannifinsite ↗
- Xeroxsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-20
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-20
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-20
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-20
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 24,124 | 24,633 | 28,502 | 26,415 | 25,813 | 27,914 |
| Operating income | 795 | 890 | 1,017 | 853 | 1,169 | 1,368 |
| Pretax income | 714 | 964 | 807 | 666 | 1,023 | 1,143 |
| Net income (attributable) | 613 | 936 | 793 | 1,006 | 838 | 880 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 2.1% | 15.7% | -7.3% | -2.3% | 8.1% |
| Operating margincalcoperating income ÷ revenue × 100 | 3.3% | 3.6% | 3.6% | 3.2% | 4.5% | 4.9% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 2.5% | 3.8% | 2.8% | 3.8% | 3.2% | 3.2% |
| Balance sheet ($M) | ||||||
| Total assets | 15,836 | 19,325 | 21,407 | 18,257 | 18,381 | 22,060 |
| Total equity | 3,436 | 4,129 | 5,706 | 5,325 | 5,002 | 5,144 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 3,804 | 4,197 | 3,694 | 3,261 | 3,692 | 3,751 |
| Equity ratio | 21.7% | 21.4% | 25.0% | 29.2% | 27.2% | 23.3% |
| ROE | 17.8% | 24.7% | 16.7% | 18.8% | 16.2% | 17.3% |
| Cash flow ($M) | ||||||
| Operating CF | 144 | 1,024 | 950 | 1,326 | 1,505 | 1,685 |
| Investing CF | -202 | -951 | -604 | -492 | -838 | -672 |
| Financing CF | 743 | 280 | 2 | -1,656 | -821 | -924 |
| Free cash flowcalccash flow from operations − capital expenditures | -207 | 581 | 315 | 796 | 1,067 | 1,052 |
| Cash and equivalents | 2,637 | 2,964 | 3,164 | 2,474 | 2,289 | 2,389 |
| Per share & other | ||||||
| EPS ($) | 1.21 | 1.94 | 1.72 | 2.28 | 2.11 | 2.33 |
| BVPS ($) | 6.98 | 8.97 | 11.89 | 13.05 | 13.24 | 14.07 |
| P/E (x) | 11.4 | 7.2 | 10.1 | 12.6 | 15.7 | 28.1 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 6.5 | 5.9 | 5.8 | 9.7 | 8.6 | 13.9 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.98 | 1.56 | 1.46 | 2.19 | 2.50 | 4.65 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-25 | $8.49B+24.8% | $414M+39.9% | — | $0.70 |
| 2026-06-26 | $7.93B+20.6% | $392M+26.0% | — | $0.76 |
| 2026-03-31 † | $7.48B+16.9% | $372M+22.0% | $250M+12.6% | — |
| 2025-12-31 | $7.06B+7.7% | $389M+16.5% | $239M-9.1% | $0.64 |
| 2025-09-26 | $6.8B | $296M | $199M | $0.52 |
| 2025-06-27 | $6.58B | $311M | $192M | $0.50 |
| 2025-03-31 | $6.4B | $305M | $222M | $0.57 |
| 2024-12-31 | $6.56B | $334M | $263M | $0.67 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2026)
14.2%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,368M × (1 − 8.5%) ÷ $8,795M × 100 = 14.2%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
12.78%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $23.94B ÷ ($23.94B + $3.75B) = 86.5%
e.g.Debt weight: $3.75B ÷ ($23.94B + $3.75B) = 13.5%
e.g.WACC: 14.0% × 86.5% + 5.3% × (1 − 8.5%) × 13.5% = 12.78%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 10.6%–15.3% and ROIC − WACC runs −1.1 to +3.7 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 12.78% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.65 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 14.02%
- Cost of debt
- 5.25%
- Tax rate
- 8.5% (effective rate, FY2024–FY2026)
- Capital structure (equity : debt)
- 86% : 14%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 12.78%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.65 (price-derived adjusted beta. Raw β 1.97, R² 0.25, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.974 + 0.33 = 1.652
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.65 × 5.5% = 14.0%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
9.4%
Perpetual FCF growth: g = r − FCF ÷ EV = 12.8% − 3.4%
Past FCF growth (FY2021–FY2026)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2021–FY2026)
+3.0%
Compound annual rate, 5 years
Inputs (FY2026): free cash flow $1.05B (operating CF − capex); enterprise value $31.04B = market cap $29.68B (latest close, 2026-11-04) + debt $3.75B − cash and short-term investments $2.39B; r = WACC of 12.8% using this page’s default assumptions (β 1.65, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$30.94B
FCF $1.05B ÷ (12.8% − 9.4%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 10.8% | 11.8% | 12.8% | 13.8% | 14.8% |
|---|---|---|---|---|---|
| 0% | 0.31x | 0.29x | 0.26x | 0.25x | 0.23x |
| 2% | 0.39x | 0.35x | 0.31x | 0.29x | 0.26x |
| 4% | 0.50x | 0.43x | 0.39x | 0.35x | 0.31x |
| 6% | 0.71x | 0.58x | 0.50x | 0.43x | 0.39x |
| 8% | 1.21x | 0.89x | 0.71x | 0.58x | 0.50x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.26x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.0%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 120%
Most profit comes from core operations.
- ✓
Days sales outstanding: 60 → 55 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-20
Profit bridge (FY2026)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-05-20
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,685M ÷ $880M = 1.91x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,368M ÷ $1,143M × 100 = 120%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($3,671M + $4,679M) ÷ 2 ÷ $27,914M × 365 = 55 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($5,071M + $5,845M) ÷ 2 ÷ $25,288M × 365 = 79 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 94.4%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 5.6%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 131 of 416
- Beta (adjusted)
- 1.65
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 31% of covered companies have more
above 1 = swings more than the market
- 348.7M shares reported by 1,115 13F filers ÷ 369.4M shares outstanding on 2026-07-24. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-10-05 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
20
Strengths & weaknessesSite analysis
Strengths
1. Diversified customers
No customer exceeded 10% of fiscal 2026 sales; the ten largest were 45%.
Evidence: Form 10-K (FY2026, year ended 2026-03-31)
2. Data center growth
CPI segment sales roughly doubled in two years to $6,614M.
Evidence: Form 10-K (FY2026, year ended 2026-03-31)
3. Global footprint
Operations in about 30 countries, with large campuses in Mexico, China, Malaysia, Brazil and Hungary.
Evidence: Form 10-K (FY2026, year ended 2026-03-31)
Weaknesses
1. Thin margins
Operating income of $1,368M on $27,914M of sales (4.9%) in fiscal 2026.
Evidence: SEC EDGAR XBRL
2. Rising debt for EPC Power
Borrowed $1.1B under a bridge loan on October 14, 2026 to help fund the $4.4B EPC Power purchase.
Evidence: Form 8-K (2026-10-14) — Items 1.01, 2.01 bridge loan; EPC Power acquisition completed
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2026)
28.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
4.4%
(Operating CF − capex) ÷ market cap
1. Buybacks
Share count fell from 493M (fiscal 2021) to 366M (fiscal 2026); a new $2.0B repurchase authorization was approved in August 2026.
- What has to hold
- Cash flow stays strong.
- The other side
- Spin-off and acquisition funding.
Evidence: SEC EDGAR XBRL
2. Separating a data center business
The CPI spin-off would create a standalone cloud and power infrastructure company.
- What has to hold
- Market values the parts more than the whole.
- The other side
- Separation costs and execution risk.
Evidence: Form 10-K (FY2026, year ended 2026-03-31)
Fiscal years end March 31. Flex has never paid a dividend. Nextracker (spun off January 2024) is presented as discontinued operations.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2026)
Cash & short-term investments ÷ debt due within a year
No debt due
$2.39B vs. $0
Interest coverage (operating income ÷ interest expense)
6.9x
$1.37B vs. $197M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -7.3% in FY2024 ($28.5B → $26.42B) | Not yet, as of FY2026 |
| Operating income | -16.1% in FY2024 ($1.02B → $853M) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2021–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Customer diversification
No customer above 10% of sales.
Source: Form 10-K (FY2026, year ended 2026-03-31)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Flex reports ordinary-course legal matters and tax disputes; a Brazilian tax assessment was largely resolved, and a separate tax matter was settled for $50 million in fiscal 2026.
1 open matter · 1 settled or closed
Brazilian tax assessment annulment actions
On appealRegulatory proceedingFlex Brazil subsidiary v. Brazilian tax authorities
A Brazilian court ruled in Flex’s favor on the first annulment action on March 7, 2025, cancelling the assessment, subject to appeal.
Source: Form 10-K (FY2026, year ended 2026-03-31) — Note on commitments and contingencies
Tax authority settlement
SettledRegulatory proceedingFlex and tax authority
Flex and a tax authority agreed to a $50 million settlement covering all open fiscal years and assessed amounts; the definitive agreement was executed February 3, 2026 and the final $20 million paid in Q4 fiscal 2026.
- Amounts
- $50 million
Source: Form 10-K (FY2026, year ended 2026-03-31) — Note on commitments and contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-25) — Legal Proceedings, reviewed 2026-10-24. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1M&A & integration
Spin-off execution
- Company disclosure (summarized from the 10-K)
- The Axiom spin-off may not be completed on the planned terms or timeline or deliver its intended benefits.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Geopolitics & supply chain
Tariffs and trade policy
- Company disclosure (summarized from the 10-K)
- Tariffs, trade restrictions and export controls have hurt and could hurt results given manufacturing in Mexico, China and elsewhere.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Competition & technology shift
Competition and in-sourcing
- Company disclosure (summarized from the 10-K)
- Competes with global and regional EMS providers and ODMs; customers, including hyperscalers, may in-source or re-allocate volumes.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 4Demand & macro
Consumer demand
- Company disclosure (summarized from the 10-K)
- Lifestyle sales fell 9% in fiscal 2026 as consumer demand weakened.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Supply chain
Component shortages
- Company disclosure (summarized from the 10-K)
- Depends on component supply and pricing for customers’ products.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 6Funding & liquidity
Acquisition debt
- Company disclosure (summarized from the 10-K)
- New bridge and term loans for EPC Power increase leverage.
- Company’s stated mitigation
- We maintain a commercial paper program which provides short-term financing under which there were no borrowings outstanding as of March 31, 2026.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
• Our industry is highly competitive, and customers may in-source production or modify sourcing strategies; Read more
our Cloud and Power Infrastructure businesses are subject to rapid technological change which requires that we make continuing investments to remain competitive.
• A breach of our IT or physical security systems, or a cybersecurity incident affecting our operations, products, or third parties upon which we rely, could materially disrupt our business, damage our reputation, and expose us to significant costs and liability.
Customer order cancellations, production changes, and demand variability could adversely affect our business.
materials, including higher‑value or longer‑lead‑time components used in certain of our components and data center power offerings.
Customer concentration is particularly pronounced in our Cloud and Power Infrastructure businesses, where a limited number of hyperscale cloud providers, colocation companies, and large enterprise data center operators represent a substantial portion of demand. Hyperscale customers typically have substantial purchasing power and negotiating leverage, which they may use to obtain favorable pricing, extended payment terms, volume flexibility, or other concessions that could reduce our margins or adversely affect our cash flows. As these customers grow larger through consolidation or organic growth, their bargaining power may increase further. In addition, certain hyperscale customers have developed, or may develop, internal design, engineering, or manufacturing capabilities that compete with our offerings. These customers may choose to reduce their reliance on third-party providers like…
Investments in our Cloud and Power Infrastructure businesses may adversely affect our margins, and demand for these offerings is subject to factors outside our control.
well as start-up, customer qualification and production ramp-up costs. Read more
We may not be able to achieve or maintain market acceptance for any of our offerings in any of our current or target markets. Our success will also depend upon the level of market acceptance of our customers' end products, which incorporate our products, and over which we have no control. In particular, demand for our cloud and power infrastructure solutions serving data center applications is significantly influenced by continued investment in AI, machine learning, and high-performance computing infrastructure by our customers, particularly hyperscale cloud providers. Capital expenditure cycles among hyperscale cloud providers and other data center operators can be volatile and are influenced by factors outside our control. While overall market trends toward increased demand for compute capacity and power…
Demand for our cloud and power infrastructure solutions also depends on our customers and third-party data center operators securing sufficient and reliable electrical power and water at acceptable costs and within required timelines. Read more
The development and expansion of data center capacity is power-intensive and requires significant water resources for cooling, and both power and water availability have become critical factors in determining deployment speed and location for our customers. Limitations on power generation, transmission, and distribution capacity, utility interconnection lead times, planned and unplanned outages, curtailments, and volatility in energy markets can delay the energization of customer facilities, restrict available capacity, increase operating costs, and materially affect project economics and our customers’ ability to deploy our products. Similarly, water…
No longer in the text (4)
• The recently announced U.S. tariffs, together with other countries’ potential retaliatory tariffs and import/export restrictions, may materially increase our product input costs and negatively affect global economic conditions contracting customer demand. To the extent we are unsuccessful in passing tariff costs to some customers, our results of operations and cash flows would be negatively impacted.
• Our customers have in the past and may in the future cancel their orders, change production quantities or locations, or delay production, any of which could harm our business; Read more
the short-term nature of our customers’ commitments and rapid changes in demand have in the past caused, and may in the future cause, supply chain and other issues which could adversely affect our operating results.
• Supply chain disruptions, logistical constraints, manufacturing interruptions or delays, or the failure to accurately forecast customer demand, have in the past affected, and may in the future affect, our ability to meet customer demand, lead to higher costs, or result in excess or obsolete inventory.
• Our business has in the past been, and may in the future be, adversely affected by delays and increased costs resulting from issues that our common carriers deal with in transporting our materials, our products, or both.
128 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed May 20, 2026 ↗ with the 10-K filed May 21, 2025 ↗.
26
What to watch going forwardSite analysis
- Completion of the Axiom Solutions International spin-off (targeted Q1 2027) and General Catalyst’s $2.0B preferred investment in Axiom.
- Integration of EPC Power into Cloud and Power Infrastructure.
- Refinancing of the $1.1B bridge loan maturing October 13, 2027.
- Tariff and trade policy changes affecting Mexico and China operations.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
- Form 10-K (FY2026, year ended 2026-03-31)
- Form 10-Q (quarter ended 2026-09-25)
- Proxy statement (2026)
- Form 8-K (2026-09-04) — Item 1.01 EPC Power purchase agreement
- Form 8-K (2026-10-14) — Items 1.01, 2.01 bridge loan; EPC Power acquisition completed
- Form 8-K (2026-10-05) — Item 1.01 Axiom Series A convertible preferred investment
- Form 8-K (2026-10-28) — Q2 FY2027 earnings release
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 24, 2026 09:54 (SEC EDGAR) · Source 10-K filed: May 20, 2026
Built on10-K FY2026 · filed 2026-05-20Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Flex Ltd.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.