# Flex Ltd. (FLEX)

> Source: Nexqual · https://nexqual.com/FLEX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Flex Ltd. (FLEX), nexqual.com/FLEX" · informational, not investment advice.

**Price:** USD 76.69 (-11.08% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 86.25 · day 76.21–83.19 · 52w 53.07–166.86 · market cap $28.3B · NMS

## Key facts
- Last four reported quarters (through Jun 26, 2026): revenue $29.3B, net income $973M (3.3% margin), free cash flow $826M (SEC filings).
- Valuation: P/E 29.1x (avg 18.8x at the last 3 fiscal year-ends), EV/EBITDA 16.7x, net debt $2.38B.
- 3 of 80 tracked superinvestors hold FLEX (13F, Q2 2026): 2 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 1.73 on a 1–5 scale) (11 analysts), mean target USD 158.9 (range 135–180).
- Total return with dividends: 1Y +20.0% vs S&P 500 +14.9%; 5Y +445.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 1.06, revenue estimate $8.18B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $24.6B | $28.5B | $26.4B | $25.8B | $27.9B | $29.3B |
| Gross profit | $1.78B | $1.98B | $1.86B | $2.16B | $2.57B | — |
| Operating income | $890M | $1.02B | $853M | $1.17B | $1.37B | $1.45B |
| Net income | $936M | $793M | $1.01B | $838M | $880M | $973M |
| EPS (diluted) | $1.94 | $1.72 | $2.28 | $2.11 | $2.33 | — |
| Free cash flow | $581M | $315M | $796M | $1.07B | $1.05B | $826M |
| Gross margin | 7.2% | 6.9% | 7.1% | 8.4% | 9.2% | — |
| Operating margin | 3.6% | 3.6% | 3.2% | 4.5% | 4.9% | 5.0% |
| Net margin | 3.8% | 2.8% | 3.8% | 3.2% | 3.2% | 3.3% |
| Revenue growth | +2.1% | +15.7% | -7.3% | -2.3% | +8.1% | — |
| Cash + short-term investments | $2.96B | $3.16B | $2.47B | $2.29B | $2.39B | — |
| Total debt | $4.20B | $3.69B | $3.26B | $3.69B | $3.75B | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 26, 2026)
P/E 29.1x · P/S 1.0x · EV/EBITDA 16.7x · EV/Sales 1.1x · P/FCF 34.3x · P/B 5.2x · FCF yield 2.92% · Earnings yield 3.43% · Buyback yield (TTM) 2.46% · Net debt $2.38B · EV $30.7B
P/E at fiscal year-ends: Mar 2026 28.1x, Mar 2025 15.7x, Mar 2024 12.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold FLEX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Daniel Loeb | Third Point | 3.60% | $167M | New position |
| Lee Ainslie | Maverick Capital | 0.01% | $857K | New position |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $2.7M | Reduced -17.9% |

## Analysts
Consensus Buy (mean 1.73 on a 1–5 scale), 11 analysts; mean target USD 158.9 (low 135, high 180).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-28 | Freedom Capital Markets | Maintained | Buy | $150 |
| 2026-09-08 | Freedom Capital Markets | Maintained | Buy | $150 |
| 2026-07-30 | Goldman Sachs | Target lowered | Buy | $177 → $154 |
| 2026-07-30 | Barclays | Target lowered | Overweight | $203 → $144 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +20.0% | +445.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +20.1% | +40.3% |
| Volatility (annualized) | 68.4% | 45.3% |
| Max drawdown | -52.7% (Jun 2026→Oct 2026) | -49.5% (Jun 2026→Oct 2026) |

## Peers (Electronic Components)
JBL (Jabil Inc.) USD 267.41 -4.83% · CLS (Celestica, Inc.) USD 269.01 -11.69% · TEL (TE Connectivity plc) USD 208.42 -2.65% · FN (Fabrinet) USD 317.67 -10.78% · TTMI (TTM Technologies, Inc.) USD 73.89 -27.67% · LFUS (Littelfuse, Inc.) USD 350.28 -10.10%

## More
Full page: https://nexqual.com/FLEX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FLEX's own 10-K filed 2026-05-20 (https://www.sec.gov/Archives/edgar/data/866374/000086637426000012/flex-20260331.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Ford (F) | "We also received recognition from our customers, including being named a top-performing supplier at Ford's annual Supplier" |

Other companies that name FLEX in their own reports (relationship from FLEX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | Kimball Electronics, Inc. (KE) | 10-K 2026-08-19 | "Our competition includes EMS companies such as Benchmark Electronics, Inc., Flex Ltd., Jabil Inc., Plexus Corp., and Sanmina Corporation as well as specialized providers of medical device manufacturin…" |
| customer | T3 Defense Inc. (DFNS) | 10-K 2026-04-09 | "of Israeli and international engineering and contract manufacturing companies, including Flex Ltd. (a global electronics manufacturing" |
| competitor | CELESTICA INC (CLS) | 10-K 2026-02-27 | "Our competitors in the EMS industry include Benchmark Electronics, Inc., Flex Ltd., Hon Hai Precision Industry Co., Ltd., Jabil Inc., Plexus Corp., and Sanmina Corporation, as well as smaller EMS comp…" |
| customer | TERADATA CORP /DE/ (TDC) | 10-K 2026-02-27 | "Given our strategy to outsource product assembly activities to Flex and to source certain components from single suppliers, a disruption in production at Flex or at a supplier, a global shortage of co…" |
| customer | SOLAREDGE TECHNOLOGIES, INC. (SEDG) | 10-K 2026-02-25 | "We currently contract to have our solar products manufactured by two of the world's leading global electronics manufacturing service providers, Jabil Inc. ("Jabil") and Flex Ltd. ("Flex")." |
| competitor | BENCHMARK ELECTRONICS INC (BHE) | 10-K 2026-02-24 | "Our competitors include Celestica Inc., Flex Ltd., Jabil Inc., Kimball Electronics Inc., Plexus Corp, and Sanmina Corporation." |
| customer | TERADYNE, INC (TER) | 10-K 2026-02-19 | "We depend on Flex Ltd. ("Flex") to manufacture and test our FLEX and J750 family of products from its facility in Malaysia;" |
| customer | Enphase Energy, Inc. (ENPH) | 10-K 2026-02-17 | "We utilize Flex Ltd. and affiliates ("Flex"), Salcomp Manufacturing India PVT and Sunwoda Electric Co. Ltd. to assemble and test certain of our IQ microinverters, IQ Battery storage systems, EV charge…" |
| competitor | TD SYNNEX CORP (SNX) | 10-K 2026-01-27 | "We also compete against companies who participate within the hyperscale computing infrastructure market including Jabil Inc., Celestica, Flex Ltd., Quanta Computer Inc. and Wiwynn Corporation." |
| customer | F5, INC. (FFIV) | 10-K 2025-11-25 | "We outsource the manufacturing of our products to various manufacturing partners, including our primary third-party manufacturer service provider, Flex Ltd. ("Flex"), to manufacture our hardware syste…" |
| competitor | SANMINA CORP (SANM) | 10-K 2025-11-13 | "Our competitors include major global EMS providers, including Benchmark Electronics, Inc., Celestica, Inc., Flex Ltd., Hon Hai Precision Industry Co., Ltd. (Foxconn), Jabil Inc. and Plexus Corp., as w…" |

## Revenue by business segment (quarter ended 2026-06-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| ITS | $3.06B | 38.5% | +19.5% |
| Integrated Technology Solutions | $3.06B | 38.5% | +19.5% |
| RMS | $2.67B | 33.7% | +11.7% |
| Regulated Manufacturing Solutions | $2.67B | 33.7% | +11.7% |
| CPI | $2.20B | 27.8% | +35.4% |
| Cloud and Power Infrastructure | $2.20B | 27.8% | +35.4% |
| Total revenue | $7.93B | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by region (fiscal year ended 2026-03-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $13.82B | 49.5% | +9.2% |
| — Europe (part of Americas) | $5.69B | 20.4% | +4.3% |
| — United States (part of Americas) | $5.19B | 18.6% | +24.6% |
| — Malaysia (part of Americas) | $2.97B | 10.6% | +24.7% |
| Asia | $8.40B | 30.1% | +9.1% |
| Mexico | $6.99B | 25.1% | +2.0% |
| China | $4.49B | 16.1% | +4.1% |
| Singapore | $194.0M | 0.7% | -27.1% |
| Total revenue | $27.91B | 100% | — |
The lines above cover 121.5% of total revenue.

## Customer concentration

Period ended 2026-06-26: 12% of revenue from unnamed direct customers (10-Q, filed 2026-07-31).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.06 | $1.00 | +5.6% | $8.18B | 10 |
| Next quarter (ends 2026-12-31) | $1.18 | $1.19 | -0.9% | $9.07B | 2 |
| Current fiscal year (ends 2027-03-31) | $4.63 | $4.55 | +1.7% | $35.06B | 2 |
| Next fiscal year (ends 2028-03-31) | $7.38 | $6.92 | +6.6% | $46.09B | 2 |