# Sanmina Corporation (SANM)

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

**Price:** USD 154.47 (-10.23% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 172.07 · day 153.12–166.91 · 52w 118.1–288.68 · market cap $8.28B · NMS

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $12.8B, net income $308M (2.4% margin), free cash flow $594M (SEC filings).
- Valuation: P/E 26.9x (avg 17.9x at the last 3 fiscal year-ends), EV/EBITDA 12.4x, net debt $327M.
- 3 of 80 tracked superinvestors hold SANM (13F, Q2 2026): 3 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $38.0M; 6 not under a Rule 10b5-1 plan ($33.5M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +16.3% vs S&P 500 +14.9%; 5Y +307.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 3.27, revenue estimate $3.48B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.74B | $7.92B | $8.94B | $7.57B | $8.13B | $12.8B |
| Gross profit | $526M | $622M | $743M | $640M | $716M | — |
| Operating income | $256M | $349M | $456M | $335M | $355M | $530M |
| Net income | $250M | $240M | $310M | $223M | $246M | $308M |
| EPS (diluted) | $3.72 | $3.81 | $5.18 | $3.91 | $4.46 | — |
| Free cash flow | $265M | $192M | $43.8M | $229M | $473M | $594M |
| Gross margin | 7.8% | 7.9% | 8.3% | 8.5% | 8.8% | — |
| Operating margin | 3.8% | 4.4% | 5.1% | 4.4% | 4.4% | 4.2% |
| Net margin | 3.7% | 3.0% | 3.5% | 2.9% | 3.0% | 2.4% |
| Revenue growth | -3.0% | +17.5% | +12.8% | -15.3% | +7.4% | — |
| Cash + short-term investments | $650M | $530M | $668M | $626M | $926M | — |
| Total debt | $330M | $347M | $338M | $317M | $300M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 26.9x · P/S 0.7x · EV/EBITDA 12.4x · EV/Sales 0.7x · P/FCF 13.9x · P/B 3.0x · FCF yield 7.18% · Earnings yield 3.72% · Net debt $327M · EV $8.61B
P/E at fiscal year-ends: Sep 2025 25.8x, Sep 2024 17.5x, Sep 2023 10.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold SANM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 0.01% | $582K | New position |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $810K | New position |
| Polen Capital | Polen Capital Management | <0.01% | $224K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 11 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 |
|---|---|---|---|---|---|---|---|
| 2026-09-17 | Johnson Susan A | Director | 120 | $24K | 1.2% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-28 | Johnson Susan A | Director | 120 | $24K | 1.2% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-29 | Faust Jonathan P | EVP & CFO | 10,076 | $2.7M | 11.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26 | Reid Alan McWilliams | EVP, Global Human Resources | 5,000 | $1.3M | 17% | Yes | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-08 | Reid Alan McWilliams | EVP, Global Human Resources | 1,000 | $249K | 3.3% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-06 | Sola Jure | Chairman & CEO | 118,368 | $27.1M | 7.6% | No | Too little history (no open-market trades in 2025) |
| 2026-05-04 | Reid Alan McWilliams | EVP, Global Human Resources | 1,000 | $225K | 3.2% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-01 | Hedley David V Iii | Director | 500 | $110K | 6.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Reid Alan McWilliams | EVP, Global Human Resources | 1,000 | $218K | 3.1% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-04-30 | Venkatesh Vishnu | See Remarks | 2,275 | $484K | 11% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-29 | Licata Joseph G Jr | Director | 26,565 | $5.6M | 48.9% | No | Too little history (no open-market trades in 2023 or 2025) |
% 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 |
|---|---|---|---|---|
| 2026-07-28 | JP Morgan | Target lowered | Neutral | $275 → $260 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +16.3% | +307.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +16.4% | +32.3% |
| Volatility (annualized) | 70.8% | 43.3% |
| Max drawdown | -45.4% (Jun 2026→Oct 2026) | -40.5% (May 2026→Oct 2026) |

## Peers (Electronic Components)
VICR (Vicor Corporation) USD 179.99 -15.66% · LFUS (Littelfuse, Inc.) USD 350.28 -10.10% · TTMI (TTM Technologies, Inc.) USD 73.89 -27.67% · RAL (Ralliant Corporation) USD 65.64 -5.27% · FN (Fabrinet) USD 317.67 -10.78% · PLXS (Plexus Corp.) USD 220.78 -7.51%

## More
Full page: https://nexqual.com/SANM · 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 SANM's own 10-K filed 2025-11-13 (https://www.sec.gov/Archives/edgar/data/897723/000089772325000042/sanm-20250927.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | AMD (AMD) | "manufacturing business of ZT Systems from Advanced Micro Devices, Inc., and in October 2022, we entered into a joint venture with a wholly owned subsidiary of Reliance Strategic Business Ventures Limited ("RSBVL")." |
| Competitor | Celestica (CLS) | "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 well as other compani…" |
| Competitor | Flex (FLEX) | "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 well as other compani…" |
| Competitor | Hon Hai (Foxconn) | "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 well as other compani…" |
| Competitor | Jabil (JBL) | "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 well as other compani…" |

Other companies that name SANM in their own reports (relationship from SANM'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…" |
| competitor | Fabrinet (FN) | 10-K 2026-08-18 | "Competitors in the market for optical manufacturing services include Benchmark Electronics, Inc., Celestica Inc., InnoLight Technology (Suzhou) Ltd., Jabil Inc., Sanmina Corporation, Venture Corporati…" |
| customer | Lifeward Ltd. (LFWD) | 10-K 2026-03-18 | "During 2025, we terminated our contract manufacturing agreement with Sanmina Corporation for the manufacture of our ReWalk exoskeletons" |
| customer | Orchestra BioMed Holdings, Inc. (OBIO) | 10-K 2026-03-12 | "Currently, the workstation component of our Pure-Vu® System is manufactured by Sanmina Corporation at their facilities in Israel." |
| 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…" |
| 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." |
| partner | Arista Networks, Inc. (ANET) | 10-K 2026-02-17 | "Our primary manufacturing partners are Jabil Inc., Sanmina Corporation and Foxconn Hon Hai." |
| competitor | TTM TECHNOLOGIES INC (TTMI) | 10-K 2026-02-17 | "Our principal competitors for our A&D segment include BAE Systems plc, Curtiss-Wright Corporation, Leonardo DRS, Inc., Mercury Systems, Inc., and Sanmina Corporation." |
| partner | ADVANCED MICRO DEVICES INC (AMD) | 10-K 2026-02-04 | "Sanmina will also be our preferred partner for manufacturing capabilities in building complex AI solutions." |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Reportable Segment - IMS | $2.96B | 85.4% | +79.4% |
| IMS Third Party Revenue | $2.95B | 85.1% | +79.8% |
| Other Segments - CPS | $545.8M | 15.8% | +29.2% |
| CPS Third Party Revenue | $516.4M | 14.9% | +28.4% |
| Total revenue | $3.46B | 100% | — |
The lines above cover 201.1% of total revenue.

## Revenue by region (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $2.39B | 69.1% | +97.5% |
| Asia Pacific | $725.2M | 20.9% | +18.4% |
| EMEA | $346.7M | 10.0% | +58.8% |
| Total revenue | $3.46B | 100% | — |

## Customer concentration

Period ended 2025-09-27: 10.1% of revenue from unnamed direct customers (10-K, filed 2025-11-13).

## Company outlook (8-K filed 2026-07-27)

- "Safe Harbor Statement The statements above relating to anticipated demand during fiscal 2027 and into fiscal 2028, and our financial outlook for the fourth quarter fiscal 2026 and fiscal year 2026, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.27 | $2.95 | +11.0% | $3.48B | 4 |
| Next quarter (ends 2026-12-31) | $2.95 | $3.00 | -1.6% | $3.55B | 4 |
| Current fiscal year (ends 2026-09-30) | $12.11 | $11.22 | +7.9% | $14.15B | 5 |
| Next fiscal year (ends 2027-09-30) | $14.08 | $13.02 | +8.1% | $16.70B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±18.5%; last 8 reports averaged ±12.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 82.2% | ±18.5% |
| 2026-12-18 | 56 | 73.0% | ±23.0% |
| 2027-01-15 | 84 | 67.8% | ±26.0% |
| 2027-04-16 | 175 | 66.9% | ±36.6% |