# Plexus Corp. (PLXS)

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

**Price:** USD 220.78 (-7.51% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 238.71 · day 218.67–233.26 · 52w 132.03–307.06 · market cap $5.88B · NMS

## Key facts
- Last four reported quarters (through Jul 4, 2026): revenue $4.03B, net income $185M (4.6% margin), free cash flow $61.9M (SEC filings).
- Valuation: P/E 31.7x (avg 25.3x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold PLXS (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 16 Form 4 filings, $8.7M; 6 not under a Rule 10b5-1 plan ($4.7M); 0 by opportunistic insiders, 10 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +47.3% vs S&P 500 +14.9%; 5Y +132.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 2.55, revenue estimate $1.36B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.48B | $3.93B | $4.21B | $3.96B | $4.03B | $4.03B |
| Gross profit | $323M | $347M | $395M | $379M | $407M | — |
| Operating income | $176M | $178M | $196M | $168M | $202M | $231M |
| Net income | $139M | $138M | $139M | $112M | $173M | $185M |
| EPS (diluted) | $4.76 | $4.86 | $4.95 | $4.01 | $6.26 | — |
| Free cash flow | $85.5M | -$128M | $61.8M | $341M | $154M | $61.9M |
| Gross margin | 9.3% | 8.8% | 9.4% | 9.6% | 10.1% | — |
| Operating margin | 5.1% | 4.5% | 4.7% | 4.2% | 5.0% | 5.7% |
| Net margin | 4.0% | 3.5% | 3.3% | 2.8% | 4.3% | 4.6% |
| Revenue growth | -0.6% | +12.8% | +7.2% | -5.9% | +1.8% | — |
| Cash + short-term investments | $270M | $275M | $256M | $345M | $306M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 4, 2026)
P/E 31.7x · P/S 1.5x · P/FCF 95.1x · P/B 3.9x · FCF yield 1.05% · Earnings yield 3.15% · Buyback yield (TTM) 1.45%
P/E at fiscal year-ends: Sep 2025 23.1x, Sep 2024 34.1x, Sep 2023 18.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold PLXS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.11% | $11.8M | Reduced -14.4% |
| First Eagle Investment | First Eagle Investment Management | 0.05% | $27.7M | Added +36.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
10 of 16 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-21 | Kelsey Todd P. | President & CEO | 1,500 | $359K | 2.3% | Yes (adopted November 20, 2025) | Routine (sold in Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-09-16 | Kelsey Todd P. | President & CEO | 1,500 | $364K | 2.3% | Yes (adopted November 20, 2025) | Routine (sold in Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-31 | Rapp Karen Marie | Director | 500 | $120K | 6.2% | Yes (adopted February 6, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-19 | Kelsey Todd P. | President & CEO | 1,500 | $376K | 2.2% | Yes (adopted November 20, 2025) | Routine (sold in Aug & Nov each year 2023–2025) |
| 2026-08-11 | Schrock Michael V | Director | 4,000 | $1.1M | 9% | Yes (adopted May 8, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-15 | Kelsey Todd P. | President & CEO | 1,500 | $391K | 2.2% | Yes (adopted November 20, 2025) | Routine (sold in Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-17 | Kelsey Todd P. | President & CEO | 1,500 | $442K | 2.1% | Yes (adopted November 20, 2025) | Routine (sold in Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-05 | Running Michael J. | Regional President - AMER | 510 | $139K | 43.4% | No | Too little history (no open-market trades in 2023) |
| 2026-06-03 | Kelsey Todd P. | President & CEO | 1,000 | $290K | 1.4% | No | Routine (sold in Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-01 | Rapp Karen Marie | Director | 500 | $135K | 5.9% | Yes (adopted February 2, 2026) | Too little history (no open-market trades in 2023) |
| 2026-05-27 | Kelsey Todd P. | President & CEO | 1,000 | $275K | 1.4% | No | Routine (sold in Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-20 | Kelsey Todd P. | President & CEO | 1,500 | $379K | 2% | Yes (adopted November 20, 2025) | Routine (sold in Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-11 | Tan Victor (pang Hau) | Regional President - APAC | 3,000 | $814K | 22.3% | No | Too little history (no open-market trades in 2023) |
| 2026-05-07…2026-05-08 | Ninivaggi Angelo Michael Jr | EVP, Chief Legal & PAO & Secy | 5,568 | $1.5M | 25.5% | No | Too little history (no open-market trades in 2023) |
| 2026-05-04…2026-05-06 | Kelsey Todd P. | President & CEO | 6,403 | $1.7M | 8% | No | Routine (sold in Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-04-15 | Kelsey Todd P. | President & CEO | 1,500 | $336K | 1.8% | Yes (adopted November 20, 2025) | Routine (sold in Aug & Nov each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-22 | Keybanc | Upgrade | Sector Weight → Overweight | $300 |
| 2026-08-14 | Needham | Reiterated | Buy | $310 |
| 2026-07-31 | Sidoti & Co. | Upgrade | Neutral → Buy | $308 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +47.3% | +132.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +47.5% | +18.3% |
| Volatility (annualized) | 41.3% | 32.5% |
| Max drawdown | -27.3% (Jun 2026→Oct 2026) | -32.9% (Jan 2025→Mar 2025) |

## Peers (Electronic Components)
RAL (Ralliant Corporation) USD 65.64 -5.27% · TTMI (TTM Technologies, Inc.) USD 73.89 -27.67% · SANM (Sanmina Corporation) USD 154.47 -10.23% · VICR (Vicor Corporation) USD 179.99 -15.66% · OLED (Universal Display Corporation) USD 87.45 +4.29% · LFUS (Littelfuse, Inc.) USD 350.28 -10.10%

## More
Full page: https://nexqual.com/PLXS · 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)


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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Beyond Air, Inc. (XAIR) | 10-K 2026-06-26 | "have contracted with third-party contract manufacturers, Spartronics LLC ("Spartronics"), Plexus Corp." |
| customer | Evolv Technologies Holdings, Inc. (EVLV) | 10-K 2026-03-10 | "On November 5, 2025, we entered into a non-exclusive contract manufacturing agreement with Plexus Corp. ("Plexus")." |
| customer | TERADYNE, INC (TER) | 10-K 2026-02-19 | "If we experience a problem with our supply of products from Flex, Plexus, SAM Meerkat, or our other contract manufacturers, it may take us significant time to either manufacture the product or find an…" |
| customer | IMPINJ INC (PI) | 10-K 2026-02-09 | "Plexus Corp., or Plexus, manufactures our readers and gateways in Asia and has been our supplier since 2005." |

## Revenue by business segment (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| APAC | $773.7M | 59.3% | +30.4% | $107.2M | 13.9% |
| AMER | $427.6M | 32.8% | +37.2% | $36.3M | 8.5% |
| EMEA | $109.4M | 8.4% | -6.6% | $7.0M | 6.4% |
| Total revenue | $1.30B | 100% | — | $61.3M | 4.7% |

## Revenue by region (fiscal year ended 2025-09-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Malaysia | $1.87B | 46.4% | +6.3% |
| United States | $690.9M | 17.1% | -3.9% |
| Mexico | $525.8M | 13.0% | +5.0% |
| China | $413.6M | 10.3% | +7.7% |
| Romania | $333.6M | 8.3% | -21.4% |
| Thailand | $106.8M | 2.6% | +58.8% |
| United Kingdom | $106.1M | 2.6% | -4.5% |
| Germany | $12,000 | 0.0% | -99.6% |
| Total revenue | $4.03B | 100% | — |

## Customer concentration

Period ended 2023-09-30: 10.3% of revenue from unnamed direct customers (10-K, filed 2025-11-14).

## Company outlook (8-K filed 2026-07-29)

- "(2) Excludes stock-based compensation expense of approximately 160 bps for Q3F26 results, 180 bps for Q3F26 guidance and 60 bps for Q4F26 guidance."
- "(3) Excludes stock-based compensation expense, net of tax, of $0.74 for Q3F26 results, $0.77 for Q3F26 guidance and $0.29 for Q4F26 guidance."
- "Fiscal third quarter revenue of $1.305 billion exceeded guidance, increasing 12% sequentially and 28% year over year."
- "In addition, non-GAAP operating margin of 6.3% met the high end of guidance, non-GAAP EPS of $2.32 exceeded guidance and we again delivered healthy working capital efficiency." Mr."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.55 | $2.29 | +11.4% | $1.36B | 5 |
| Next quarter (ends 2026-12-31) | $2.42 | $2.25 | +7.4% | $1.36B | 5 |
| Current fiscal year (ends 2026-09-30) | $8.69 | $8.26 | +5.2% | $4.90B | 5 |
| Next fiscal year (ends 2027-09-30) | $10.12 | $9.47 | +6.8% | $5.63B | 5 |