olivLaw · US equity research
Flex Ltd. FLEX
Printed Circuit Boards · SIC 3672 · Vertical: Printed Circuit Boards (SIC 3672)
Flex is a contract manufacturer (EMS) operating in about 30 countries that designs and builds everything from networking gear and medical devices to automotive modules and power infrastructure for data centers. It matters now because its cloud and power infrastructure segment is growing fastest and the company is preparing to separate it into its own public company.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Flex Ltd. (FLEX) stock was 77.24 USD (−12.33% on the day), with market capitalisation 28.5 bn USD, P/E 27.9 on diluted EPS of 2.77 USD over the last 12 months, beta 2.10, 52-week range 54.51–162.07 USD. Latest reported quarter (Q2 2027): revenue of 8.5 bn USD (+24.8% YoY), net income of 263.0 m USD (+32.2% YoY), diluted EPS 0.70 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.5
- weak (30–45)
- Bollinger (20, 2)
- 65.73 – 119.16
- in the lower half of the band · %B 0.22 · band width 57.8%
- SMA 50 / 200
- 104.16 / 103.39
- mixed trend
- MACD (12, 26, 9)
- -7.06 / -6.95
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −33.8% | −1.1% | −32.7 pp | — |
| 3 months | −36.6% | −0.5% | −36.2 pp | — |
| 6 months | −42.7% | +4.4% | −47.1 pp | — |
| Year to date | +27.8% | +12.3% | +15.5 pp | — |
| 1 year | +25.0% | +13.5% | +11.4 pp | −7.9% |
| 3 years | +292.3% | +76.4% | +215.8 pp | +102.9% |
| 5 years | +462.6% | +63.7% | +398.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 25 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.6 bn | 6.4 bn | 6.6 bn | 6.8 bn | 7.1 bn | 7.5 bn | 7.9 bn | 8.5 bn |
| Cost of revenue | 6.0 bn | 5.8 bn | 6.0 bn | 6.2 bn | 6.4 bn | 6.7 bn | 7.2 bn | 7.7 bn |
| Gross profit | 594.0 m | 563.0 m | 572.0 m | 614.0 m | 679.0 m | 702.0 m | 747.0 m | 812.0 m |
| SG&A | 241.0 m | 234.0 m | 233.0 m | 260.0 m | 270.0 m | 289.0 m | 334.0 m | 371.0 m |
| Operating income | 334.0 m | 305.0 m | 311.0 m | 296.0 m | 389.0 m | 372.0 m | 392.0 m | 414.0 m |
| Depreciation & amortisation | 144.0 m ≈ | — | 142.0 m | 156.0 m ≈ | 135.0 m ≈ | — | 140.0 m | 156.0 m ≈ |
| Interest expense | 57.0 m | 52.0 m | 51.0 m | 52.0 m | 58.0 m | 54.0 m | 60.0 m | 69.0 m |
| Pre-tax income | 288.0 m | 279.0 m | 246.0 m | 262.0 m | — | — | — | — |
| Income tax | 25.0 m | 57.0 m | 54.0 m | 63.0 m | 81.0 m | 65.0 m | 92.0 m | 107.0 m |
| Net income | 263.0 m | 222.0 m | 192.0 m | 199.0 m | 239.0 m | 250.0 m | 285.0 m | 263.0 m |
| Diluted EPS | 0.67 | 0.57 | 0.50 | 0.52 | 0.64 | 0.67 ≈ | 0.76 | 0.70 |
| Operating cash flow | 413.0 m ≈ | 433.0 m | 399.0 m | 453.0 m ≈ | 420.0 m ≈ | 413.0 m | 276.0 m | 501.0 m ≈ |
| Capex | 112.0 m ≈ | 112.0 m | 133.0 m | 150.0 m ≈ | 148.0 m ≈ | 202.0 m | 236.0 m | 241.0 m ≈ |
| Share repurchases | 201.0 m ≈ | 299.0 m | 247.0 m | 297.0 m ≈ | 200.0 m ≈ | 200.0 m | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 83 percentile of its own 42-quarter history (min 5.6, median 14.3, max 180.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 26.2 bn | 24.2 bn | 24.1 bn | 24.6 bn | 28.5 bn | 26.4 bn | 25.8 bn | 27.9 bn |
| Revenue YoY | +3.0% | −7.6% | −0.4% | +2.1% | +15.7% | −7.3% | −2.3% | +8.1% |
| Net income | 93.0 m | 88.0 m | 613.0 m | 936.0 m | 793.0 m | 1.0 bn | 838.0 m | 880.0 m |
| Net income YoY | −78.3% | −5.4% | +596.6% | +52.7% | −15.3% | +26.9% | −16.7% | +5.0% |
| Diluted EPS | 0.18 | 0.17 | 1.21 | 1.94 | 1.72 | 2.28 | 2.11 | 2.33 |
| Diluted EPS YoY | −77.5% | −5.6% | +611.8% | +60.3% | −11.3% | +32.6% | −7.5% | +10.4% |
| net % | 0.4% | 0.4% | 2.5% | 3.8% | 2.8% | 3.8% | 3.2% | 3.2% |
| Free cash flow | -3.7 bn | -2.0 bn | -207.0 m | 581.0 m | 315.0 m | 796.0 m | 1.1 bn | 1.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 2.4 bn USD
- Financial debt
- 3.8 bn USD
- Net debt
- 1.4 bn USD
- Equity
- 5.1 bn USD
- Total assets
- 22.1 bn USD
- Debt / equity
- 0.73x
- Current ratio
- 1.36x
- ROE
- 17.3%
- ROA
- 4.4%
- FCF margin
- 3.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 24.1 bn | 24.6 bn | 28.5 bn | 26.4 bn | 25.8 bn | 27.9 bn | SEC (XBRL)· 20 May 2026verified |
| Cost of revenue | 22.3 bn | 22.8 bn | 26.5 bn | 24.4 bn | 23.6 bn | 25.3 bn | SEC (XBRL)· 20 May 2026verified |
| Gross profit | 1.7 bn | 1.8 bn | 2.0 bn | 1.9 bn | 2.2 bn | 2.6 bn | SEC (XBRL)· 20 May 2026verified |
| SG&A | 817.0 m | 830.0 m | 874.0 m | 922.0 m | 904.0 m | 1.1 bn | SEC (XBRL)· 20 May 2026verified |
| Operating income | 795.0 m | 890.0 m | 1.0 bn | 853.0 m | 1.2 bn | 1.4 bn | SEC (XBRL)· 20 May 2026verified |
| Interest expense | 150.0 m | 166.0 m | 230.0 m | 207.0 m | 218.0 m | 215.0 m | SEC (XBRL)· 20 May 2026verified |
| Pre-tax income | 714.0 m | 964.0 m | 807.0 m | 666.0 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 20 May 2026verified |
| Income tax | 101.0 m | 92.0 m | 124.0 m | -206.0 m | 185.0 m | 263.0 m | SEC (XBRL)· 20 May 2026verified |
| Net income | 613.0 m | 936.0 m | 793.0 m | 1.0 bn | 838.0 m | 880.0 m | SEC (XBRL)· 20 May 2026verified |
| Diluted EPS | 1.21 | 1.94 | 1.72 | 2.28 | 2.11 | 2.33 | SEC (XBRL)· 20 May 2026verified |
| Weighted average diluted shares | 506.0 m | 483.0 m | 462.0 m | 441.0 m | 398.0 m | 378.0 m | SEC (XBRL)· 20 May 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.6 bn | 3.0 bn | 3.2 bn | 2.5 bn | 2.3 bn | 2.4 bn | SEC (XBRL)· 20 May 2026verified |
| Receivables | 4.0 bn | 3.4 bn | 3.5 bn | 3.0 bn | 3.7 bn | 4.7 bn | SEC (XBRL)· 20 May 2026verified |
| Inventories | 3.9 bn | 6.6 bn | 7.4 bn | 6.2 bn | 5.1 bn | 5.8 bn | SEC (XBRL)· 20 May 2026verified |
| Current assets | 11.4 bn | 14.3 bn | 16.0 bn | 13.0 bn | 12.8 bn | 16.3 bn | SEC (XBRL)· 20 May 2026verified |
| Property, plant & equipment, net | 2.1 bn | 2.1 bn | 2.3 bn | 2.3 bn | 2.3 bn | 2.5 bn | SEC (XBRL)· 20 May 2026verified |
| Goodwill | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 20 May 2026verified |
| Intangibles (excl. goodwill) | 213.0 m | 411.0 m | 315.0 m | 245.0 m | 343.0 m | 283.0 m | SEC (XBRL)· 20 May 2026verified |
| Total assets | 15.8 bn | 19.3 bn | 21.4 bn | 18.3 bn | 18.4 bn | 22.1 bn | SEC (XBRL)· 20 May 2026verified |
| Accounts payable | 5.2 bn | 6.3 bn | 5.7 bn | 4.5 bn | 5.1 bn | 8.1 bn | SEC (XBRL)· 20 May 2026verified |
| Short-term debt | 268.0 m | 949.0 m | 150.0 m | 0 | 1.2 bn | 0 | SEC (XBRL)· 20 May 2026verified |
| Long-term debt | 3.5 bn | 3.2 bn | 3.5 bn | 3.3 bn | 2.5 bn | 3.8 bn | SEC (XBRL)· 20 May 2026verified |
| Current liabilities | 7.8 bn | 10.7 bn | 10.9 bn | 8.5 bn | 9.9 bn | 12.0 bn | SEC (XBRL)· 20 May 2026verified |
| Total liabilities | 12.4 bn | 15.1 bn | 15.7 bn | 12.9 bn | 13.4 bn | 16.9 bn | SEC (XBRL)· 20 May 2026verified |
| Equity | 3.4 bn | 4.1 bn | 5.7 bn | 5.3 bn | 5.0 bn | 5.1 bn | SEC (XBRL)· 20 May 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 144.0 m | 1.0 bn | 950.0 m | 1.3 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 20 May 2026verified |
| Capex | 351.0 m | 443.0 m | 635.0 m | 530.0 m | 438.0 m | 633.0 m | SEC (XBRL)· 20 May 2026verified |
| Free cash flow | -207.0 m ≈ | 581.0 m ≈ | 315.0 m ≈ | 796.0 m ≈ | 1.1 bn ≈ | 1.1 bn ≈ | SEC (XBRL)· 20 May 2026derived |
| Investing cash flow | -202.0 m | -951.0 m | -604.0 m | -492.0 m | -838.0 m | -672.0 m | SEC (XBRL)· 20 May 2026verified |
| Financing cash flow | 743.0 m | 280.0 m | 2.0 m | -1.7 bn | -821.0 m | -924.0 m | SEC (XBRL)· 20 May 2026verified |
| Share repurchases | 183.0 m | 686.0 m | 337.0 m | 1.3 bn | 1.3 bn | 944.0 m | SEC (XBRL)· 20 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 29 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 28.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation40
- Returns57
- Quality23
- Balance sheet32
- Growth18
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 27.42 – 59.30 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)27.42 – 47.55 (Mid 34.99)WACC 8.5% · starting FCFF 951.3 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 32.8%
- Peers: EV/Sales35.82 – 59.30 (Mid 51.93)6 companies used · median multiple 0.7x · quartiles 0.5x – 0.8xBHE, CLS, JBL, KE, KTCC, SANM
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 29/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 9.5% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 5.1% | 64 (vs peers) | 9% |
| FCF margin · Quality | 2.5% | 10 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -0.7% | 0 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | 8.1% | 55 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 32 (on a fixed band) | 7% |
| EV/Sales · Valuation | 1.0x | 29 (vs peers) | 18% |
| FCF yield · Valuation | 2.7% | 55 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 1.4% | 57 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial32/100 · 1/2 factors with a value
- Growth18/100 · 2/2 factors with a value
- Quality23/100 · 3/3 factors with a value
- Returns57/100 · 1/1 factors with a value
- Valuation40/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FLEX LTD. (FLEX). Latest full fiscal year: 2026; data up to 2026-09-25.
Figures computed from the financial statements: revenue 27.9 bn USD in 2026; YoY growth 8.1%; net margin 3.4%; ROE 19.1%.
The estimated value range is 31.62–53.42 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 43.46 USD, the price of 77.24 USD leaves a potential of -43.7% (value / price − 1) and a margin of safety of -77.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 29/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Gross margin: 9.5%
- FCF margin: 2.5%
- Revenue CAGR 3Y: -0.7%
- EV/Sales: 1.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.
Versus the vertical median
Printed Circuit Boards (SIC 3672) · same industry (4-digit SIC) · compared with 11 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CLSCelestica Inc. | 29.8 bn | 22.4 | 30.2% | 6.8% | +28.5% | −31% / +777% |
| FLEXFlex Ltd. | 28.5 bn | 27.9 | 19.1% | 3.4% | +8.1% | +25% / +292% |
| JBLJabil Inc | 26.6 bn | 26.5 | 66.7% | 2.9% | +20.6% | +23% / +124% |
| TTMITtm Technologies, Inc. | 7.7 bn | 29.3 | 14.3% | 7.0% | +19.0% | +5% / +389% |
| SANMSanmina Corporation | 7.7 bn | 25.7 | 11.8% | 2.4% | +7.4% | −8% / +187% |
| PLXSPlexus Corp. | 5.5 bn | 30.5 | 12.6% | 4.6% | +1.8% | +45% / +103% |
| BHEBenchmark Electronics, Inc. | 2.3 bn | 42.2 | 5.0% | 1.9% | +0.1% | +45% / +162% |
| CTSCts Corporation | 1.8 bn | 24.4 | 13.0% | 12.9% | +5.2% | +46% / +60% |
| KEKimball Electronics, Inc. | 619.8 m | 22.9 | 4.8% | 2.0% | −3.7% | −11% / +5% |
| NNDMNano Dimension Ltd. | 278.3 m | — | -28.7% | -135.2% | +77.3% | −25% / −43% |
| ELTKEltek Ltd. | 42.0 m | 52.1 | 1.9% | 1.6% | +11.3% | −27% / −49% |
| KTCCKey Tronic Corp | 16.2 m | — | -51.3% | -12.4% | −17.4% | −44% / −64% |
1- and 3-year price returns: for FLEX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 43.90 Total return -43% · Per year -43% | 77.81 Total return 1% · Per year 1% | 117.49 Total return 52% · Per year 52% |
| 3 years | 38.27 Total return -50% · Per year -21% | 76.74 Total return -1% · Per year -0% | 127.83 Total return 65% · Per year 18% |
| 5 years | 33.37 Total return -57% · Per year -15% | 75.68 Total return -2% · Per year -0% | 139.08 Total return 80% · Per year 12% |
- Exit P/E± 19.19
- Net margin± 13.43
- Annual revenue growth± 11.60
- Annual dilution± 1.13
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 26 Oct 2026 · Model: claude-sonnet-5-5.
Possibly outdated: the newest document it read is from 14 Oct 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Flex is a contract manufacturer (EMS) operating in about 30 countries that designs and builds everything from networking gear and medical devices to automotive modules and power infrastructure for data centers 1. It matters now because its cloud and power infrastructure segment is growing fastest and the company is preparing to separate it into its own public company.
SWOT
Strengths
Weaknesses
- Structurally thin EMS margins, so sensitivity to costs and volume.
- Free cash flow was only 41 mn USD in the quarter ended June, with higher capital spending and 24 mn USD of separation costs 3.
Opportunities
Risks
- Separation executionhigh
The split depends on approvals from the board, shareholders and the Singapore court and may be delayed or abandoned 1.
- Acquisition financinghigh
EPC Power was funded mainly with a 3.3 bn USD term loan, to be prepaid when the separation is financed, and a 1.1 bn USD bridge loan, both drawn in October 2026 4. Market conditions can affect the cost.
- AI spending cyclemedium
Part of the growth depends on hyperscaler data-center investment.
- Tariffs and trademedium
Shifting trade policy can affect costs and margins 1.
- Customer concentrationmedium
The top ten customers account for 45% of sales 1.
- Thin marginslow
Any cost pressure shows up quickly in profit, since operating margins are a few percent.
Investment thesis
What would need to be true (bull case)
- AI power and cooling demand keeps CPI growth high.
- Management raised fiscal 2027 guidance to 33.7-35.2 bn USD 3.
- The separation surfaces CPI value without harming the rest.
What to watch
- Fiscal second-quarter 2027 results and guidance updateOctober-November 2026
- Investor Day: structure and targets of the two companiesNovember 2026
- Completion of financing and the CPI separationfirst quarter of 2027
- Adjusted operating margin versus the guided rangequarterly
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 26 Oct 2026 · Model: claude-sonnet-5-5.
Possibly outdated: the newest document it read is from 14 Oct 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Flex builds and designs products for third-party customers, with about 150,000 employees and more than 100 locations in about 30 countries 1. Net sales for the fiscal year ended March 2026 were 27.9 bn USD, up 8% 2.
The customer base is diversified: the top ten customers account for 45% of sales and none exceeds 10% 1. The model runs on thin but steady operating margins; the adjusted margin was 6.3% in fiscal 2026 2.
Segments
Integrated Technology Solutions (ITS)
Communications, networking, enterprise, satellite and lifestyle products 1. A more mature segment, exposed to carrier and enterprise investment cycles.
Regulated Manufacturing Solutions (RMS)
Industrial, automotive and healthcare 1. Contracts are regulated and long-lived, with demand tied to the automotive and industrial cycles.
Cloud and Power Infrastructure (CPI)
Cloud infrastructure, cooling, power and utility infrastructure 1. Sales were 6.6 bn USD in fiscal 2026, up about 38%, the fastest of the segments (ITS declined, RMS grew moderately) 1. This is the segment the company plans to separate, targeted for the first quarter of 2027 1.
Market context
Trends
- Power and cooling for AI data centerstailwind
CPI drives the growth, and in October 2026 the company completed the acquisition of EPC Power for about 4.4 bn USD in cash, folded into CPI 4.
- Separation into two companiesmixed
One company would hold CPI, the other ITS and RMS, targeted for the first quarter of 2027 1. It may clarify valuation but brings costs and execution risk.
- Tariffs and trade policyheadwind
The company lists tariffs and export controls among its principal risks 1. A footprint in about 30 countries cushions some of the effect, but costs may be passed on to customers with a lag.
- Automotive and industrial cyclemixed
RMS depends on automotive and industrial demand, which is softer than cloud.
Competitive position
Flex competes with numerous domestic and foreign manufacturing service providers and names none in its annual report 1. Its edge is scale, diversification and its position in data-center power; the drawback is an operating margin below that of component makers.
- JabilJBL
Direct EMS rival with strong AI infrastructure and consumer exposure.
- CelesticaCLS
Specialized in servers and networking for hyperscalers.
- SanminaSANM
EMS focused on communications, industrial and healthcare.
- PlexusPLXS
Smaller, focused on healthcare and industrial.
- VertivVRT
Competitor in data-center power and cooling, against the CPI segment.
- Hon Hai (Foxconn)
The world's largest contract manufacturer, listed in Taiwan.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report14 Oct 2026Material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report13 Oct 2026Item 3.02 · Financial statements and exhibits
- Proxy statement05 Oct 2026
- Current report05 Oct 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
- Current report02 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report15 Sept 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report04 Sept 2026Material agreement · Other events · Financial statements and exhibits
- Current report07 Aug 2026Shareholder vote · Other events
Sources
- [1] Form 10-K, exercițiul încheiat la 31 martie 2026 · SEC / Flex · 20 May 2026
- [2] Flex Reports Fourth Quarter and Fiscal 2026 Results · SEC / Flex (8-K ex. 99.1) · 05 May 2026
- [3] Flex Reports First Quarter Fiscal 2027 Results · SEC / Flex (8-K ex. 99.1) · 29 Jul 2026
- [4] Form 8-K: achiziția EPC Power și facilitatea de credit · SEC / Flex · 14 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.