NASDAQ: FLEX
Flex
Technology · Printed Circuit Boards
52-week range
$53.07$166.86
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 25, 2026. Hover or tap a column for another year.$42.4B
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| Period | Market cap |
|---|---|
| FY2017, ended Mar 31, 2017 | $8.90B |
| FY2018, ended Mar 31, 2018 | $8.63B |
| FY2019, ended Mar 31, 2019 | $5.14B |
| FY2020, ended Mar 31, 2020 | $4.17B |
| FY2021, ended Mar 31, 2021 | $8.99B |
| FY2022, ended Mar 31, 2022 | $8.49B |
| FY2023, ended Mar 31, 2023 | $10.2B |
| FY2024, ended Mar 31, 2024 | $11.5B |
| FY2025, ended Mar 31, 2025 | $12.3B |
| FY2026, ended Mar 31, 2026 | $24.0B |
| Trailing 12 months to Sep 25, 2026 (through Q2 FY2027) | $42.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 25, 2026. Hover or tap a column for another year.$31.0B
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| Period | Revenue |
|---|---|
| FY2017, ended Mar 31, 2017 | $23.9B |
| FY2018, ended Mar 31, 2018 | $25.4B |
| FY2019, ended Mar 31, 2019 | $26.2B |
| FY2020, ended Mar 31, 2020 | $24.2B |
| FY2021, ended Mar 31, 2021 | $24.1B |
| FY2022, ended Mar 31, 2022 | $24.6B |
| FY2023, ended Mar 31, 2023 | $28.5B |
| FY2024, ended Mar 31, 2024 | $26.4B |
| FY2025, ended Mar 31, 2025 | $25.8B |
| FY2026, ended Mar 31, 2026 | $27.9B |
| Trailing 12 months to Sep 25, 2026 (through Q2 FY2027) | $31.0B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 25, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2017, ended Mar 31, 2017 | $320M | −$4.35B |
| FY2018, ended Mar 31, 2018 | $429M | −$4.43B |
| FY2019, ended Mar 31, 2019 | $93.0M | −$3.70B |
| FY2020, ended Mar 31, 2020 | $88.0M | −$2.00B |
| FY2021, ended Mar 31, 2021 | $613M | −$207M |
| FY2022, ended Mar 31, 2022 | $936M | $581M |
| FY2023, ended Mar 31, 2023 | $793M | $315M |
| FY2024, ended Mar 31, 2024 | $1.01B | $796M |
| FY2025, ended Mar 31, 2025 | $838M | $1.07B |
| FY2026, ended Mar 31, 2026 | $880M | $1.05B |
| Trailing 12 months to Sep 25, 2026 (through Q2 FY2027) | $1.04B | $783M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 25, 2026. Hover or tap a column for another year.$3.08B
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| Period | Cash and cash equivalents |
|---|---|
| FY2017, ended Mar 31, 2017 | $1.83B |
| FY2018, ended Mar 31, 2018 | $1.47B |
| FY2019, ended Mar 31, 2019 | $1.70B |
| FY2020, ended Mar 31, 2020 | $1.92B |
| FY2021, ended Mar 31, 2021 | $2.64B |
| FY2022, ended Mar 31, 2022 | $2.96B |
| FY2023, ended Mar 31, 2023 | $3.16B |
| FY2024, ended Mar 31, 2024 | $2.47B |
| FY2025, ended Mar 31, 2025 | $2.29B |
| FY2026, ended Mar 31, 2026 | $2.39B |
| Trailing 12 months to Sep 25, 2026 (through Q2 FY2027) | $3.08B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 25, 2026. Hover or tap a column for another year.$5.21B
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| Period | Total debt |
|---|---|
| FY2017, ended Mar 31, 2017 | $2.97B |
| FY2018, ended Mar 31, 2018 | $2.95B |
| FY2019, ended Mar 31, 2019 | $3.07B |
| FY2020, ended Mar 31, 2020 | $2.85B |
| FY2021, ended Mar 31, 2021 | $3.80B |
| FY2022, ended Mar 31, 2022 | $4.20B |
| FY2023, ended Mar 31, 2023 | $3.69B |
| FY2024, ended Mar 31, 2024 | $3.26B |
| FY2025, ended Mar 31, 2025 | $3.69B |
| FY2026, ended Mar 31, 2026 | $3.75B |
| Trailing 12 months to Sep 25, 2026 (through Q2 FY2027) | $5.21B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 30.3% since 2017.Figures shown are for the trailing 12 months to Sep 25, 2026. Hover or tap a column for another year.369M
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| Period | Shares outstanding |
|---|---|
| FY2017, ended Mar 31, 2017 | 530M |
| FY2018, ended Mar 31, 2018 | 528M |
| FY2019, ended Mar 31, 2019 | 514M |
| FY2020, ended Mar 31, 2020 | 498M |
| FY2021, ended Mar 31, 2021 | 491M |
| FY2022, ended Mar 31, 2022 | 458M |
| FY2023, ended Mar 31, 2023 | 444M |
| FY2024, ended Mar 31, 2024 | 402M |
| FY2025, ended Mar 31, 2025 | 373M |
| FY2026, ended Mar 31, 2026 | 366M |
| Trailing 12 months to Sep 25, 2026 (through Q2 FY2027) | 369M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 25, 2026. Hover or tap a column for another year.Net: $235M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2017, ended Mar 31, 2017 | $350M | $77.3M | — |
| FY2018, ended Mar 31, 2018 | $180M | $81.3M | — |
| FY2019, ended Mar 31, 2019 | $189M | $76.0M | — |
| FY2020, ended Mar 31, 2020 | $260M | $71.0M | — |
| FY2021, ended Mar 31, 2021 | $183M | $79.0M | $0 |
| FY2022, ended Mar 31, 2022 | $686M | $91.0M | $0 |
| FY2023, ended Mar 31, 2023 | $337M | $133M | $694M |
| FY2024, ended Mar 31, 2024 | $1.30B | $152M | $552M |
| FY2025, ended Mar 31, 2025 | $1.26B | $125M | $0 |
| FY2026, ended Mar 31, 2026 | $944M | $142M | $0 |
| Trailing 12 months to Sep 25, 2026 (through Q2 FY2027) | $400M | $165M | — |
Revenue (TTM)
$31.0B
+17.5% YoY
Net income (TTM)
$1.04B
+18.4% YoY
Cash
$3.08B
+37.1% YoY
Total debt
$5.21B
+41.3% YoY
Valuation
At current price- Market Cap
- $32.0B
- P/E
- 30.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.0×
- Price / Book
- 5.5×
- EV / EBITDA
- 16.1×
Growth
Trailing 12 months- Revenue (TTM)
- $31.0B
- Revenue Growth YoY
- 17.5%
- Revenue CAGR 3Y
- −0.7%
- Revenue CAGR 5Y
- 3.0%
- EPS Growth YoY
- 22.0%
- Net Income Growth YoY
- 18.4%
Profitability
Trailing 12 months- Gross Margin
- 9.5%
- Operating Margin
- 5.1%
- Net Margin
- 3.4%
- FCF Margin
- 2.5%
- Return on Equity
- 19.1%
Earnings
Trailing 12 months- Net Income
- $1.04B
- EPS (diluted)
- $2.77
- EBITDA
- $2.12B
- Operating Income
- $1.57B
Balance Sheet
As of Sep 25, 2026- Cash and cash equivalents
- $3.08B
- Total Debt
- $5.21B
- Net Debt
- $2.13B
- Total Assets
- $27.4B
- Total Liabilities
- $21.6B
- Shareholders' Equity
- $5.81B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.61B
- Capital Expenditure
- $827M
- Free Cash Flow
- $783M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.67
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 17.5% year over year, at $31.0B.
Note
Net margin of 3.4% over the last 12 months.
Note
Net debt of $2.13B is 1.0× EBITDA, a manageable load.
Note
Free cash flow of $783M, 2.5% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 25, 2026 · filed Oct 30, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2026 · 10-K65Mildly positive
65Mildly positive
10-K for the fiscal year ended Mar 31, 2026
Filed May 20, 2026 · Read the filing on EDGAR
- Sales rose 8% to $27.9 billion, led by a 38% jump in the data center business (CPI). Net income from continuing operations rose 5% to $880 million.
- In May 2026 Flex announced plans to spin off its Cloud and Power Infrastructure (CPI) business as a separate public company, expected in early 2027. The CEO will move to run the new company.
- A missile strike on its Ukraine plant cost $51 million. Spin-off costs added $44 million to overhead expenses.
- Flex took on a new $1.45 billion term loan after year-end, gave Amazon a warrant to buy shares, and kept free cash flow flat at $1.1 billion.
Business momentum
Improving
“Net sales for fiscal year 2026 increased 8%, or $2.1 billion, to $27.9 billion from the prior year.”
Outlook
Neutral
“We believe that our strategy is positioning us to take advantage of the long-term, future growth prospects for outsourcing of advanced manufacturing capabilities”
Financial stress
Low
“As of March 31, 2026, we had cash and cash equivalents of $2.4 billion and bank and other borrowings of $3.8 billion.”
Tone against the previous report
More positive
Red flags
- Minor
Other
“we recognized $51 million in asset impairments, inventory write-downs and other charges as a result of a missile strike on our Mukachevo, Ukraine facility”
Positives
Fast growth in the data center business
“Net sales in our CPI segment increased by $1.8 billion, or 38% from fiscal year 2025, driven by a 29% increase in our Cloud and Cooling business and 61% growth in our Power business.”
Higher gross profit and profit margins
“Our fiscal year 2026 gross profit totaled $2.6 billion, representing an increase of $0.4 billion, or 19%, from the prior year.”
Steady cash generation
“Our free cash flow was $1.1 billion for both fiscal years 2026 and 2025.”
Concerns
Data center profit margin fell
“CPI segment margin decreased 100 basis points, to 9.2% for fiscal year 2026.”
Weaker consumer and auto demand
“mainly due to a 9% decrease in our Lifestyle business as demand weakened in consumer end markets.”
Higher overhead from spin-off costs
“as well as a $44 million increase in legal and other costs associated with portfolio optimization projects, including the anticipated spin-off of the CPI segment.”
New risks since the previous report
Planned spin-off of the data center business
“The planned spin-off of our Cloud and Power Infrastructure businesses may not be completed on the terms or timeline currently contemplated, if at all, and involves significant costs and risks.”
Data center rules and power and water shortages
“certain jurisdictions have imposed or are considering moratoria or pauses on new data center development”
Big cloud customers making products themselves
“certain hyperscale customers have developed, or may develop, internal design, engineering, or manufacturing capabilities that compete with our offerings.”
CEO change tied to the spin-off
“Revathi Advaithi, our CEO, will become the chief executive officer of the separated company”
New borrowing after year-end
“the Company entered into, and fully drew down, a credit agreement which provides a senior delayed draw term loan credit facility in an aggregate commitment amount of $1.45 billion.”
Biggest risks named
- CPI spin-off execution and costs
- Dependence on spending by big cloud and AI data center customers
- US tariffs and trade policy
- Reliance on a small group of large customers
- Geopolitical conflicts, including Ukraine and the Middle East
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −2 | |
| Score | 65 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 30, 2026 | Pro | |||
| 10-K | May 20, 2026 | 65 | Improving | 1 minor | |
| 10-K | May 21, 2025 | 61 | Improving | 1 minor | |
| 10-K | May 17, 2024 | 54 | Mixed | 1 minor | |
| 10-K | May 19, 2023 | 62 | Improving | None | |
| 10-K | May 20, 2022 | 67 | Strong improvement | 1 minor | |
| 10-K | May 19, 2021 | 70 | Improving | None | |
| 10-K | May 28, 2020 | 45 | Weakening | 1 medium | |
| 10-K | May 21, 2019 | 33 | Sharp deterioration | 2 medium | |
| 10-K | Jun 14, 2018 | 32 | Mixed | 1 serious2 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2027 (period ended Sep 25, 2026), filed Oct 30, 2026. View filings on SEC EDGAR