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FLEXFlex Ltd.

Technology · Electronic Components · Nasdaq
FLEX quote by TradingView
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FY2026 at a glance

Sales up 8.1%, free cash flow down to $1.1B

XBRL, from each 10-K
RevenueStatements ↓
$27.9B
from $25.8B in FY2025
FY2017FY2026
Net incomeStatements ↓
$880.0M
from $838.0M in FY2025
FY2017FY2026
Free cash flowStatements ↓
$1.1B
from $1.1B in FY2025
FY2017FY2026
EPS (diluted)Statements ↓
$2.33
from $2.11 in FY2025
FY2017FY2026
Operating marginStatements ↓
4.9%
from 4.5% in FY2025
FY2017FY2026
Total debtStatements ↓
$3.8B
from $3.7B in FY2025
FY2017FY2026
Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)2.77Sales (ttm)31.0BNet income (ttm)1.0BSales growth+8.1%EPS growth+10.4%Sales Q/Q+24.8%
Free cash flow783.0MGross margin9.5%Oper. margin5.1%Net margin3.4%FCF margin2.5%ROE17.9%
ROA3.8%R&D / sales-Dividend-Debt/Eq0.90Curr. ratio1.34Cash3.1B
Op. cash flow (ttm)1.6BEBITDA1.8BEBITDA margin6.5%Net debt2.1BQuick ratio0.95Interest cover6.36
ROIC9.6%Tax rate23.0%Stock pay / sales0.5%Shares out.369.5MShares Y/Y-5.0%Book / share15.72
Cash / share8.34Sales / share83.78Asset turnover1.13Inventory turns4.33Days sales out.61Sales 3Y CAGR-0.7%
Sales 5Y CAGR+3.0%EPS 3Y CAGR+10.6%EPS 5Y CAGR+14.0%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025
  • Revenue growth sped up to +8.1%-2.3% → +8.1% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

FLEX against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
FLEXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+8.1%55th of 75 · median +14.1%
Net margin
3.4%69th of 75 · median 19.1%
Return on equity
17.9%42nd of 69 · median 23.9%
Free cash flow margin
2.5%68th of 71 · median 22.3%
Debt / equity (less is better)
0.9049th of 61 · median 0.46
FLEX and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
FLEX Flex Ltd.$31.0B +8.1%9.5%3.4%17.9%2.5%0.90
APH Amphenol$33.0B +51.7%38.8%18.0%34.6%15.5%1.04
AMAT Applied Materials$30.8B +4.4%49.4%30.1%36.2%18.2%0.30
SNDK Sandisk$29.0B +175%80.0%67.0%107.1%59.9%0.00
LRCX Lam Research$26.1B +26.0%51.1%32.3%60.8%25.0%0.27
ADBE Adobe Inc.$26.0B +10.5%89.3%28.0%61.9%40.8%0.54
Where each dollar goes

From $24.6B of sales to $936.0M of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $1.8BRevenue to Cost of revenue: $22.9BGross profit to Operating profit: $890.0MGross profit to Operating expenses: $890.0MOperating profit to Net profit: $798.0MOperating profit to Tax: $92.0MOther income to Net profit: $138.0M Revenue: $24.6B Revenue$24.6B +2% Y/Y Gross profit: $1.8B · 7% margin Gross profit$1.8B7% margin +6% Y/Y Cost of revenue: $22.9B · 93% of revenue Cost of revenue$22.9B93% of revenue Operating profit: $890.0M · 4% margin Operating profit$890.0M4% margin +12% Y/Y Other income: $138.0M · 1% of revenue Other income$138.0M1% of revenue Operating expenses: $890.0M · 4% of revenue Operating expenses$890.0M4% of revenue Net profit: $936.0M · 4% margin Net profit$936.0M4% margin +53% Y/Y Tax: $92.0M · 0% of revenue Tax$92.0M0% of revenue

Swipe sideways for the whole flow →

From $28.5B of sales to $793.0M of profit

FY2023, from the 10-K income statement and revenue by segment
Flex Agility Solutions FAS to Revenue: $15.8BFlex Reliability Solutions FRS to Revenue: $12.7BRevenue to Gross profit: $2.0BRevenue to Cost of revenue: $26.5BGross profit to Operating profit: $1.0BGross profit to Operating expenses: $959.0MOperating profit to Net profit: $793.0MOperating profit to Tax & other: $224.0M Flex Agility Solutions FAS: $15.8B · 55% Flex Agility Solutions…$15.8B55% Flex Reliability Solutions FRS: $12.7B · 45% Flex Reliability Soluti…$12.7B45% Revenue: $28.5B Revenue$28.5B +16% Y/Y Gross profit: $2.0B · 7% margin Gross profit$2.0B7% margin +11% Y/Y Cost of revenue: $26.5B · 93% of revenue Cost of revenue$26.5B93% of revenue Operating profit: $1.0B · 4% margin Operating profit$1.0B4% margin +14% Y/Y Operating expenses: $959.0M · 3% of revenue Operating expenses$959.0M3% of revenue Net profit: $793.0M · 3% margin Net profit$793.0M3% margin −15% Y/Y Tax & other: $224.0M · 1% of revenue Tax & other$224.0M1% of revenue

Swipe sideways for the whole flow →

From $26.4B of sales to $1.0B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $1.9BRevenue to Cost of revenue: $24.6BGross profit to Operating profit: $853.0MGross profit to Operating expenses: $1.0BOperating profit to Net profit: $853.0MOther income to Net profit: $153.0M Revenue: $26.4B Revenue$26.4B −7% Y/Y Gross profit: $1.9B · 7% margin Gross profit$1.9B7% margin −6% Y/Y Cost of revenue: $24.6B · 93% of revenue Cost of revenue$24.6B93% of revenue Operating profit: $853.0M · 3% margin Operating profit$853.0M3% margin −16% Y/Y Other income: $153.0M · 1% of revenue Other income$153.0M1% of revenue Operating expenses: $1.0B · 4% of revenue Operating expenses$1.0B4% of revenue Net profit: $1.0B · 4% margin Net profit$1.0B4% margin +27% Y/Y

Swipe sideways for the whole flow →

From $25.8B of sales to $838.0M of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $2.2BRevenue to Cost of revenue: $23.7BGross profit to Operating profit: $1.2BGross profit to Operating expenses: $990.0MOperating profit to Net profit: $838.0MOperating profit to Tax & other: $331.0M Revenue: $25.8B Revenue$25.8B −2% Y/Y Gross profit: $2.2B · 8% margin Gross profit$2.2B8% margin +16% Y/Y Cost of revenue: $23.7B · 92% of revenue Cost of revenue$23.7B92% of revenue Operating profit: $1.2B · 5% margin Operating profit$1.2B5% margin +37% Y/Y Operating expenses: $990.0M · 4% of revenue Operating expenses$990.0M4% of revenue Net profit: $838.0M · 3% margin Net profit$838.0M3% margin −17% Y/Y Tax & other: $331.0M · 1% of revenue Tax & other$331.0M1% of revenue

Swipe sideways for the whole flow →

From $27.9B of sales to $880.0M of profit

FY2026, from the 10-K income statement and revenue by segment
Integrated Technology Solutions ITS to Revenue: $11.1BRegulated Manufacturing Solutions RMS to Revenue: $10.2BCloud Power Infrastructure CPI to Revenue: $6.6BRevenue to Gross profit: $2.6BRevenue to Cost of revenue: $25.3BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $1.2BOperating profit to Net profit: $880.0MOperating profit to Tax & other: $488.0M Integrated Technology Solutions ITS: $11.1B · 40% Integrated Technology S…$11.1B40% Regulated Manufacturing Solutions RMS: $10.2B · 37% Regulated Manufacturing…$10.2B37% Cloud Power Infrastructure CPI: $6.6B · 24% Cloud Power Infrastruct…$6.6B24% Revenue: $27.9B Revenue$27.9B +8% Y/Y Gross profit: $2.6B · 9% margin Gross profit$2.6B9% margin +19% Y/Y Cost of revenue: $25.3B · 91% of revenue Cost of revenue$25.3B91% of revenue Operating profit: $1.4B · 5% margin Operating profit$1.4B5% margin +17% Y/Y Operating expenses: $1.2B · 4% of revenue Operating expenses$1.2B4% of revenue Net profit: $880.0M · 3% margin Net profit$880.0M3% margin +5% Y/Y Tax & other: $488.0M · 2% of revenue Tax & other$488.0M2% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
FY2026
  • Cost of revenue
  • Sales, admin & other
  • Net profit
  • Tax & other

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • !
    Net margin below the peer median3.4% vs 19.1%
  • ✓
    Gross margin up over 5 years7.0% → 9.2%
  • ✓
    Return on equity above 15%17.9%
  • ✓
    A profit in every one of 10 years
Net margin, FY2017 to FY2026: 1.3% → 3.2%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 6.4× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.90 on the latest balance sheet (peer median 0.46)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.34
  • ✓
    Net debt under 3 years of free cash flow$2.1B net debt, 2.7 years
Debt / equity at each year end, FY2017 to FY2026: 1.12 → 0.73
What the debt is made of ↓

Cash and shareholders

2 of 3
  • !
    Free cash flow positive in 5 of 10 years$1.1B last year
  • ✓
    Share count down over 5 years−25.3%
  • ✓
    Cash from operations above net income$1.7B vs $880.0M
Free cash flow, FY2017 to FY2026: -4.3B → 1.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$3.8B of principal due, schedule of Sep 25, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2017 to FY2026

Revenue 27.9B Net income 880.0M
FY2017 revenue 23.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000866374-19-000006 FY2017 net income 319.6M · NetIncomeLoss, 0000866374-19-000006 23.9B FY2017 FY2018 revenue 25.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000866374-20-000009 FY2018 net income 428.5M · NetIncomeLoss, 0000866374-20-000009 25.4B FY2018 FY2019 revenue 26.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000866374-21-000030 FY2019 net income 93.0M · NetIncomeLoss, 0000866374-21-000030 26.2B FY2019 FY2020 revenue 24.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000866374-22-000035 FY2020 net income 88.0M · NetIncomeLoss, 0000866374-22-000035 24.2B FY2020 FY2021 revenue 24.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000866374-23-000028 FY2021 net income 613.0M · NetIncomeLoss, 0000866374-23-000028 24.1B FY2021 FY2022 revenue 24.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000866374-24-000021 FY2022 net income 936.0M · NetIncomeLoss, 0000866374-24-000021 24.6B FY2022 FY2023 revenue 28.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000866374-25-000027 FY2023 net income 793.0M · NetIncomeLoss, 0000866374-25-000027 28.5B FY2023 FY2024 revenue 26.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000866374-26-000012 FY2024 net income 1.0B · NetIncomeLoss, 0000866374-26-000012 26.4B FY2024 FY2025 revenue 25.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000866374-26-000012 FY2025 net income 838.0M · NetIncomeLoss, 0000866374-26-000012 25.8B FY2025 FY2026 revenue 27.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000866374-26-000012 FY2026 net income 880.0M · NetIncomeLoss, 0000866374-26-000012 27.9B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

FLEX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue27.9B
FY2017: 23.9BFY2018: 25.4BFY2019: 26.2BFY2020: 24.2BFY2021: 24.1BFY2022: 24.6BFY2023: 28.5BFY2024: 26.4BFY2025: 25.8BFY2026: 27.9B FY2018FY2020FY2022FY2024FY2026
Net income880.0M
FY2017: 319.6MFY2018: 428.5MFY2019: 93.0MFY2020: 88.0MFY2021: 613.0MFY2022: 936.0MFY2023: 793.0MFY2024: 1.0BFY2025: 838.0MFY2026: 880.0M FY2018FY2020FY2022FY2024FY2026
Free cash flow1.1B
FY2017: -4.3BFY2018: -4.4BFY2019: -3.7BFY2020: -2.0BFY2021: -207.0MFY2022: 581.0MFY2023: 315.0MFY2024: 796.0MFY2025: 1.1BFY2026: 1.1B FY2018FY2020FY2022FY2024FY2026
EPS (diluted)2.33
FY2017: 0.59FY2018: 0.80FY2019: 0.18FY2020: 0.17FY2021: 1.21FY2022: 1.94FY2023: 1.72FY2024: 2.28FY2025: 2.11FY2026: 2.33 FY2018FY2020FY2022FY2024FY2026
Diluted shares378.0M
FY2017: 546.2MFY2018: 536.6MFY2019: 530.0MFY2020: 512.0MFY2021: 506.0MFY2022: 483.0MFY2023: 462.0MFY2024: 441.0MFY2025: 398.0MFY2026: 378.0M FY2018FY2020FY2022FY2024FY2026

The segments changed

10-K filed 2026-05-20

Compared with the 10-K of May 21, 2025: new segments Cloud Power Infrastructure CPI, Integrated Technology Solutions ITS, Regulated Manufacturing Solutions RMS; no longer reported: Flex Agility Solutions FAS, Flex Reliability Solutions FRS.

As a result, the Company reorganized its operating structure and established a new operating and reportable segment, Cloud and Power Infrastructure (“CPI”) and updated its former segments from Flex Agility Solutions and Flex Reliability Solutions to Integrated Technology Solutions (“ITS”) and Regulated Manufacturing Solutions (“RMS”). 10-K

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Mar 31, 2026
RevenueSharevs year before
Integrated Technology Solutions ITS 11.1B39.8% -2.0%
Regulated Manufacturing Solutions RMS 10.2B36.5% +5.3%
Cloud Power Infrastructure CPI 6.6B23.7% +37.8%

10-K 0000866374-26-000012, segment and revenue notes (XBRL).

Revenue by region

year to Mar 31, 2026
RevenueSharevs year before
Americas 13.8B49.5% +9.2%
Asia 8.4B30.1% +9.1%
MX 7.0B25.1% +2.0%
Europe 5.7B20.4% +4.3%
United States 5.2B18.6% +24.6%
China 4.5B16.1% +4.1%
MY 3.0B10.6% +24.7%
Singapore 194.0M0.7% -27.1%

10-K 0000866374-26-000012, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue23.9B25.4B26.2B24.2B24.1B24.6B28.5B26.4B25.8B27.9B
Cost of revenue22.3B23.8B24.6B22.7B22.3B22.8B26.5B24.4B23.6B25.3B
Gross profit1.5B1.6B1.5B1.3B1.7B1.8B2.0B1.9B2.2B2.6B
R&D65.6M78.2M--------
SG&A937.3M1.0B953.0M834.0M817.0M830.0M874.0M922.0M904.0M1.1B
Operating income---415.0M795.0M890.0M1.0B853.0M1.2B1.4B
Interest expense108.0M123.1M146.0M7.2M150.0M166.0M230.0M207.0M218.0M215.0M
Pretax income370.8M520.9M182.0M159.0M714.0M964.0M807.0M666.0M1.0B1.1B
Income tax51.3M92.4M89.0M71.0M101.0M92.0M124.0M-206.0M185.0M263.0M
Net income319.6M428.5M93.0M88.0M613.0M936.0M793.0M1.0B838.0M880.0M
EPS (diluted)0.590.800.180.171.211.941.722.282.112.33
Diluted shares546.2M536.6M530.0M512.0M506.0M483.0M462.0M441.0M398.0M378.0M
Depreciation & amortization432.2M434.4M433.4M422.4M422.0M409.0M414.0M431.0M439.0M457.0M
EBITDA---837.4M1.2B1.3B1.4B1.3B1.6B1.8B
Gross margin6.4%6.3%5.8%5.5%7.0%7.2%6.9%7.1%8.4%9.2%
Operating margin---1.7%3.3%3.6%3.6%3.2%4.5%4.9%
Net margin1.3%1.7%0.4%0.4%2.5%3.8%2.8%3.8%3.2%3.2%
Revenue growth-+6.6%+3.0%-7.6%-0.4%+2.1%+15.7%-7.3%-2.3%+8.1%
EPS growth-+35.6%-77.5%-5.6%+612%+60.3%-11.3%+32.6%-7.5%+10.4%

Balance sheet

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash1.8B1.5B1.7B1.9B2.6B3.0B3.2B2.5B2.3B2.4B
Receivables2.2B2.5B2.6B2.4B4.0B3.4B3.5B3.0B3.7B4.7B
Inventory3.4B3.8B3.7B3.8B3.9B6.6B7.4B6.2B5.1B5.8B
Current assets8.4B9.2B9.1B9.1B11.4B14.3B16.0B13.0B12.8B16.3B
Property & equipment2.3B2.2B2.3B2.2B2.1B2.1B2.3B2.3B2.3B2.5B
Goodwill984.9M1.1B1.1B1.1B1.1B1.1B1.1B1.1B1.3B1.4B
Total assets12.6B13.7B13.5B13.7B15.8B19.3B21.4B18.3B18.4B22.1B
Accounts payable4.5B5.1B5.1B5.1B5.2B6.3B5.7B4.5B5.1B8.1B
Current liabilities6.5B7.3B7.6B7.2B7.8B10.7B10.9B8.5B9.8B12.0B
Total debt3.0B3.0B3.1B2.9B3.8B4.2B3.7B3.3B3.7B3.8B
Total liabilities----12.4B15.1B15.7B12.9B13.4B16.9B
Shareholders' equity2.6B3.0B3.0B2.8B3.4B4.1B5.4B5.3B5.0B5.1B
Retained earnings-3.6B-3.1B-3.0B-2.9B-2.3B-1.4B-560.0M446.0M1.3B2.2B

Cash flow

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow-3.8B-3.9B-3.0B-1.5B144.0M1.0B950.0M1.3B1.5B1.7B
Capital spending525.1M562.0M726.0M462.0M351.0M443.0M635.0M530.0M438.0M633.0M
Free cash flow-4.3B-4.4B-3.7B-2.0B-207.0M581.0M315.0M796.0M1.1B1.1B
Stock-based pay (added back)77.3M81.3M76.0M71.0M79.0M91.0M133.0M152.0M125.0M142.0M
Buybacks349.5M180.1M189.0M260.0M183.0M686.0M337.0M1.3B1.3B944.0M
Acquisitions189.1M268.4M13.0M1.0M0539.0M-2.0M0405.0M40.0M
Debt raised312.7M1.4B3.2B1.1B2.1B759.0M718.0M2.0M499.0M1.3B
Investing cash flow4.3B3.7B3.3B2.3B-202.0M-951.0M-604.0M-492.0M-838.0M-672.0M
Financing cash flow-242.1M-187.8M-30.0M-508.0M743.0M280.0M2.0M-1.7B-821.0M-924.0M

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Stock-based pay (expense)77.3M81.3M76.0M71.0M79.0M91.0M133.0M152.0M125.0M142.0M
Stock-based pay / revenue0.3%0.3%0.3%0.3%0.3%0.4%0.5%0.6%0.5%0.5%
Operating lease cost---163.0M152.0M156.0M149.0M167.0M173.0M179.0M
Operating lease cash paid---150.0M152.0M158.0M149.0M160.0M168.0M175.0M
Right-of-use assets--0605.0M642.0M637.0M605.0M601.0M562.0M659.0M
Operating lease liabilities---643.0M690.0M683.0M628.0M626.0M591.0M714.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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