FLEXNasdaqPrinted Circuit BoardsFiscal year ends March 31
FLEX LTD.
Financials through Q1 FY2027, quarter ended Jun 26, 2026Last filing: 10-Q on Jul 31, 2026
$87.54−2.92 (-3.23%)
Close on Oct 19, 2026
- Market cap
- $32.74B
- P/E (TTM)
- 33.8
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
9.2%+2.2 pts over 5 years
Operating margin
4.9%+1.6 pts over 5 years
Net margin
3.2%+0.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +8.1% | -0.7% | +3.0% | +1.3% | |
| Gross profit | +18.9% | +9.1% | +8.8% | +4.8% | |
| Operating income | +17.0% | +10.4% | +11.5% | – | |
| Net income | +5.0% | +3.5% | +7.5% | +7.1% | |
| EPS, diluted | +10.4% | +10.6% | +14.0% | +11.4% | |
| Free cash flow | -1.4% | +49.5% | – | +5.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 12.3% | 19.6% | 17.3% | |
| Return on assets | 2.6% | 4.2% | 4.4% | |
| Current ratio | 1.29 | 1.45 | 1.36 | |
| Debt to equity | 1.12 | 1.10 | 0.73 | |
| Interest coverage | – | 5.3× | 6.4× | |
| Inventory turnover | 6.5× | 5.8× | 4.6× | |
| Capex to revenue | 2.2% | 1.5% | 2.3% | |
| Diluted shares | 546M | 506M | 378M |
Where the cash went
Fiscal 2022 to 2026, five years combined
FLEX generated $6.49B from operations and spent $7.20B on capital expenditure, dividends and share buybacks. 37% of that went back into the business.
Generated
$6.49B
Used
$7.20B
Capital expenditure$2.68B37%Dividends$00%Share buybacks$4.52B63%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin3.2%
×Asset turnover1.38×
×Equity multiplier3.99×
=Return on equity, FY202617.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 3.2% | 1.38× | 3.99× | 17.3% |
| FY2025 | 3.2% | 1.41× | 3.55× | 16.2% |
| FY2024 | 3.8% | 1.33× | 3.72× | 18.8% |
| FY2023 | 2.8% | 1.40× | 4.30× | 16.7% |
| FY2022 | 3.8% | 1.40× | 4.65× | 24.7% |
| FY2021 | 2.5% | 1.63× | 4.71× | 19.6% |
| FY2020 | 0.4% | 1.78× | 4.69× | 3.0% |
| FY2019 | 0.4% | 1.93× | 4.54× | 3.1% |
| FY2018 | 1.7% | 1.93× | 4.65× | 15.1% |
| FY2017 | 1.3% | 1.91× | 4.79× | 12.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
8of 9 tests passed in fiscal 2026. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$880.00M
- Cash generatingOperating cash flow above zero$1.69B
- Return on assets improvedROA up on the prior year4.6% → 4.8%
- Earnings backed by cashOperating cash flow above net income$1.69B vs $880.00M
- Less leverageLong-term debt to assets fell13.5% → 17.0%
- Better liquidityCurrent ratio rose1.30 → 1.36
- No dilutionShare count did not rise398M → 378M
- Gross margin improvedGross margin up on the prior year8.36% → 9.20%
- More efficientAsset turnover rose1.41 → 1.52