olivLaw · US equity research
Sanmina Corporation SANM
Printed Circuit Boards · SIC 3672 · Vertical: Printed Circuit Boards (SIC 3672)
Sanmina is a global provider of integrated electronics manufacturing solutions for OEMs in industrial, medical, defense, automotive and cloud and AI infrastructure markets. The company completed the ZT Systems acquisition in October 2025, extending its position in data center infrastructure at a time when demand for artificial intelligence is driving activity.
At the close of 04 Nov 2026, Sanmina Corporation (SANM) stock was 143.77 USD (−12.60% on the day), with market capitalisation 7.7 bn USD, P/E 25.7 on diluted EPS of 5.59 USD over the last 12 months, beta 1.68, 52-week range 122.86–282.72 USD. Latest reported quarter (Q3 2026): revenue of 3.5 bn USD (+69.7% YoY), net income of 117.1 m USD (+70.7% YoY), diluted EPS 2.12 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)
- 30.7
- weak (30–45)
- Bollinger (20, 2)
- 135.68 – 219.66
- in the lower half of the band · %B 0.10 · band width 47.3%
- SMA 50 / 200
- 196.00 / 191.59
- mixed trend
- MACD (12, 26, 9)
- -12.99 / -11.21
- 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 | −36.1% | −1.1% | −35.0 pp | — |
| 3 months | −27.8% | −0.5% | −27.4 pp | — |
| 6 months | −39.7% | +4.4% | −44.1 pp | — |
| Year to date | −4.2% | +12.3% | −16.5 pp | — |
| 1 year | −12.1% | +13.5% | −25.7 pp | +4.6% |
| 3 years | +169.4% | +76.4% | +93.0 pp | +102.9% |
| 5 years | +232.9% | +63.7% | +169.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 27 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 2.0 bn | 2.0 bn | 2.0 bn | 2.1 bn | 3.2 bn | 4.0 bn | 3.5 bn |
| Cost of revenue | 1.8 bn | 1.8 bn | 1.8 bn | 1.9 bn | 1.9 bn | 2.9 bn | 3.7 bn | 3.1 bn |
| Gross profit | 171.3 m | 167.9 m | 176.2 m | 181.1 m | 191.2 m | 242.4 m | 353.8 m | 363.3 m |
| Research & development | 8.2 m | 7.0 m | 7.3 m | 8.1 m | 8.7 m | 8.7 m | 8.0 m | 8.3 m |
| SG&A | 70.5 m | 70.8 m | 76.3 m | 69.5 m | 73.5 m | 114.9 m | 113.5 m | 109.3 m |
| Operating income | 89.6 m | 88.6 m | 91.6 m | 95.9 m | 78.5 m | 73.6 m | 157.0 m | 221.2 m |
| Depreciation & amortisation | 31.7 m | 31.8 m | 28.2 m | 29.8 m | 29.7 m | 39.5 m | 47.1 m | 48.2 m |
| Interest expense | 5.0 m | 5.0 m | 5.0 m | 5.0 m | 5.2 m | 24.7 m | 32.1 m | 32.5 m |
| Pre-tax income | 86.8 m | 86.3 m | 88.4 m | 91.4 m | 73.3 m | 61.6 m | 131.1 m | 191.8 m |
| Income tax | 19.4 m | 15.4 m | 17.9 m | 18.5 m | 21.4 m | 9.8 m | 33.3 m | 66.4 m |
| Net income | 61.4 m | 65.0 m | 64.2 m | 68.6 m | 48.1 m | 49.3 m | 93.6 m | 117.1 m |
| Diluted EPS | 1.09 ≈ | 1.16 | 1.16 | 1.26 | 0.88 ≈ | 0.89 | 1.70 | 2.12 |
| Operating cash flow | 51.9 m | 63.9 m | 156.9 m ≈ | 200.8 m ≈ | 199.1 m | 178.7 m | 398.8 m ≈ | 124.5 m ≈ |
| Capex | 23.0 m | 17.1 m | 30.7 m ≈ | 37.1 m ≈ | 62.5 m | 86.8 m | 56.7 m ≈ | 100.9 m ≈ |
≈ 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 91 percentile of its own 35-quarter history (min 9.8, median 15.8, max 42.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.1 bn | 8.2 bn | 7.0 bn | 6.7 bn | 7.9 bn | 8.9 bn | 7.6 bn | 8.1 bn |
| Revenue YoY | +3.5% | +15.8% | −15.6% | −3.0% | +17.5% | +12.8% | −15.3% | +7.4% |
| Net income | -95.5 m | 141.5 m | 133.2 m | 249.5 m | 240.4 m | 310.0 m | 222.5 m | 245.9 m |
| Net income YoY | −168.8% | unavailable | −5.9% | +87.4% | −3.7% | +28.9% | −28.2% | +10.5% |
| Diluted EPS | -1.37 | 1.97 | 1.88 | 3.72 | 3.81 | 5.18 | 3.91 | 4.46 |
| Diluted EPS YoY | −177.0% | unavailable | −4.6% | +97.9% | +2.4% | +36.0% | −24.5% | +14.1% |
| net % | -1.3% | 1.7% | 1.9% | 3.7% | 3.0% | 3.5% | 2.9% | 3.0% |
| Free cash flow | 37.5 m | 248.3 m | 234.6 m | 265.0 m | 192.2 m | 43.8 m | 229.0 m | 473.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 27 Sept 2025
- Cash
- 926.3 m USD
- Financial debt
- 300.5 m USD
- Net debt
- -625.8 m USD
- Equity
- 2.5 bn USD
- Total assets
- 5.9 bn USD
- Debt / equity
- 0.12x
- Current ratio
- 1.72x
- ROE
- 10.0%
- ROA
- 4.6%
- FCF margin
- 5.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.0 bn | 6.7 bn | 7.9 bn | 8.9 bn | 7.6 bn | 8.1 bn | SEC (XBRL)· 13 Nov 2025verified |
| Cost of revenue | 6.4 bn | 6.2 bn | 7.3 bn | 8.2 bn | 6.9 bn | 7.4 bn | SEC (XBRL)· 13 Nov 2025verified |
| Gross profit | 517.2 m | 526.4 m | 622.2 m | 743.2 m | 640.4 m | 716.4 m | SEC (XBRL)· 13 Nov 2025verified |
| Research & development | 22.6 m | 20.9 m | 21.3 m | 26.4 m | 28.5 m | 31.1 m | SEC (XBRL)· 13 Nov 2025verified |
| SG&A | 240.9 m | 234.5 m | 244.6 m | 255.1 m | 266.2 m | 290.2 m | SEC (XBRL)· 13 Nov 2025verified |
| Operating income | 219.1 m | 255.9 m | 349.5 m | 455.7 m | 335.5 m | 354.6 m | SEC (XBRL)· 13 Nov 2025verified |
| Depreciation & amortisation | 114.2 m | 109.7 m | 108.8 m | 118.2 m | 122.4 m | 119.5 m | SEC (XBRL)· 13 Nov 2025verified |
| EBITDA | 333.4 m ≈ | 365.6 m ≈ | 458.3 m ≈ | 573.9 m ≈ | 457.9 m ≈ | 474.0 m ≈ | SEC (XBRL)· 13 Nov 2025derived |
| Interest expense | 28.9 m | 19.6 m | 22.5 m | 36.3 m | 29.2 m | 20.2 m | SEC (XBRL)· 13 Nov 2025verified |
| Pre-tax income | 192.2 m | 281.6 m | 302.3 m | 412.8 m | 317.5 m | 339.4 m | SEC (XBRL)· 13 Nov 2025verified |
| Income tax | 59.0 m | 32.1 m | 61.9 m | 85.3 m | 79.8 m | 73.2 m | SEC (XBRL)· 13 Nov 2025verified |
| Net income | 133.2 m | 249.5 m | 240.4 m | 310.0 m | 222.5 m | 245.9 m | SEC (XBRL)· 13 Nov 2025verified |
| Diluted EPS | 1.88 | 3.72 | 3.81 | 5.18 | 3.91 | 4.46 | SEC (XBRL)· 13 Nov 2025verified |
| Weighted average diluted shares | 70.8 m | 67.1 m | 63.1 m | 59.8 m | 57.0 m | 55.2 m | SEC (XBRL)· 13 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 480.5 m | 650.0 m | 529.9 m | 667.6 m | 625.9 m | 926.3 m | SEC (XBRL)· 13 Nov 2025verified |
| Inventories | 861.3 m | 1.0 bn | 1.7 bn | 1.5 bn | 1.4 bn | 2.0 bn | SEC (XBRL)· 13 Nov 2025verified |
| Current assets | 2.8 bn | 3.3 bn | 3.9 bn | 3.9 bn | 3.9 bn | 4.9 bn | SEC (XBRL)· 13 Nov 2025verified |
| Property, plant & equipment, net | 559.2 m | 533.0 m | 575.2 m | 632.8 m | 616.1 m | 682.4 m | SEC (XBRL)· 13 Nov 2025verified |
| Goodwill | — | — | — | — | — | 30.4 m | SEC (XBRL)· 26 Jan 2026verified |
| Total assets | 3.8 bn | 4.2 bn | 4.8 bn | 4.9 bn | 4.8 bn | 5.9 bn | SEC (XBRL)· 13 Nov 2025verified |
| Accounts payable | 1.2 bn | 1.5 bn | 2.0 bn | 1.6 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 13 Nov 2025verified |
| Short-term debt | 18.8 m | 18.8 m | 17.5 m | 25.9 m | 17.5 m | 17.5 m | SEC (XBRL)· 13 Nov 2025verified |
| Long-term debt | 329.2 m | 311.6 m | 329.2 m | 312.3 m | 299.8 m | 283.0 m | SEC (XBRL)· 13 Nov 2025verified |
| Current liabilities | 1.5 bn | 1.8 bn | 2.5 bn | 2.0 bn | 1.9 bn | 2.8 bn | SEC (XBRL)· 13 Nov 2025verified |
| Equity | 1.6 bn | 1.9 bn | 1.8 bn | 2.3 bn | 2.4 bn | 2.5 bn | SEC (XBRL)· 13 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 300.6 m | 338.3 m | 330.9 m | 235.2 m | 340.2 m | 620.7 m | SEC (XBRL)· 13 Nov 2025verified |
| Capex | 66.0 m | 73.3 m | 138.6 m | 191.4 m | 111.2 m | 147.4 m | SEC (XBRL)· 13 Nov 2025verified |
| Free cash flow | 234.6 m ≈ | 265.0 m ≈ | 192.2 m ≈ | 43.8 m ≈ | 229.0 m ≈ | 473.3 m ≈ | SEC (XBRL)· 13 Nov 2025derived |
| Investing cash flow | -64.4 m | -91.3 m | -132.2 m | -192.5 m | -114.4 m | -108.2 m | SEC (XBRL)· 13 Nov 2025verified |
| Financing cash flow | -210.3 m | -77.3 m | -314.3 m | 94.5 m | -269.7 m | -173.8 m | SEC (XBRL)· 13 Nov 2025verified |
| Share repurchases | 179.0 m | 64.1 m | 331.1 m | — | — | — | SEC (XBRL)· 10 Nov 2022verified |
≈ 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: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet71
- Growth17
- Valuation84
- Quality14
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: 119.15 – 278.95 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)166.07 – 278.95 (Mid 207.74)WACC 8.2% · starting FCFF 661.6 m USD · terminal value share of EV 76%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): -13.5%
- Peers: EV/Sales119.15 – 217.64 (Mid 176.54)6 companies used · median multiple 0.8x · quartiles 0.5x – 0.9xBHE, CLS, FLEX, JBL, KE, KTCC
- Peers: EV/EBITDA129.13 – 185.48 (Mid 165.34)4 companies used · median multiple 13.2x · quartiles 10.4x – 14.8xBHE, CLS, JBL, KE
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
Neutral profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 9.0% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 4.2% | 27 (vs peers) | 9% |
| FCF margin · Quality | 4.7% | 19 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 0.9% | 3 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | 7.4% | 45 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 0.5x | 84 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.8x | 58 (on a fixed band) | 7% |
| EV/Sales · Valuation | 0.6x | 71 (vs peers) | 18% |
| FCF yield · Valuation | 7.7% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet71/100 · 2/2 factors with a value
- Growth17/100 · 2/2 factors with a value
- Quality14/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation84/100 · 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
Sanmina Corporation (SANM). Latest full fiscal year: 2025; data up to 2026-06-27.
Figures computed from the financial statements: revenue 8.1 bn USD in 2025; YoY growth 7.4%; net margin 2.4%; ROE 11.8%; net debt/EBITDA 0.5x.
The estimated value range is 129.13–217.64 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 176.54 USD, the price of 143.77 USD leaves a potential of 22.8% (value / price − 1) and a margin of safety of 18.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: 0.5x
- EV/Sales: 0.6x
- FCF yield: 7.7%
What contradicts it
- Gross margin: 9.0%
- EBIT margin: 4.2%
- FCF margin: 4.7%
- Revenue CAGR 3Y: 0.9%
Not assessed (insufficient data or a ratio without meaning): Shareholder yield (distributions).
Versus the vertical median
Printed Circuit Boards (SIC 3672) · same industry (4-digit SIC) · compared with 11 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% | +31% / +303% |
| 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% | −12% / +169% |
| 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 SANM 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.
The engine has no published run for this company yet.
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 | 84.27 Total return -41% · Per year -41% | 149.25 Total return 4% · Per year 4% | 225.18 Total return 57% · Per year 57% |
| 3 years | 75.93 Total return -47% · Per year -19% | 151.86 Total return 6% · Per year 2% | 252.39 Total return 76% · Per year 21% |
| 5 years | 68.41 Total return -52% · Per year -14% | 154.51 Total return 7% · Per year 1% | 282.90 Total return 97% · Per year 14% |
- Exit P/E± 37.96
- Net margin± 26.58
- Annual revenue growth± 22.60
- Annual dilution± 2.23
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sanmina is a global provider of integrated electronics manufacturing solutions for OEMs in industrial, medical, defense, automotive and cloud and AI infrastructure markets. The company completed the ZT Systems acquisition in October 2025, extending its position in data center infrastructure at a time when demand for artificial intelligence is driving activity.
SWOT
Strengths
- The end-to-end offering, covering design, manufacturing, delivery and after-market services, makes the company hard to replace for large customers.
- Vertically integrated technology and a global factory network allow geographic flexibility and adaptation to tariffs.
- Its position in AI and data center infrastructure, reinforced by the ZT Systems acquisition, gives access to an expanding market.
Weaknesses
- Customer concentration is high, and losing a large customer could affect revenue and margins.
- The lower-margin IMS segment dominates the portfolio more and more, which may limit overall profitability.
- Integrating a large acquisition and contingent payments can pressure cash flow and net income.
Opportunities
- Demand signaled for fiscal 2027 and 2028 could grow if AI infrastructure projects expand.
- Capacity expansion and vertical integration synergies could improve margins over time.
- A larger share of engineering services and CPS products could lift margins.
Threats
- Tariffs and trade restrictions could reduce customer orders or create unrecovered costs.
- Geopolitical tensions and regional conflicts can disrupt supply chains and staffing.
- Intense price competition, especially from larger firms, may limit margin expansion.
Risks
- Dependence on large customershigh
A small number of customers generate a significant share of sales; a reduction in orders could quickly affect results.
- Tariffs and trade policyhigh
Tariffs can raise costs, and delayed recovery from customers could weigh on operating cash flow.
- International operations risksmedium
Plants across several countries are exposed to political instability, labor unrest, currency swings and staffing restrictions.
- Integration of ZT Systemsmedium
Synergies and expected benefits could be delayed or smaller than estimated, while integration costs may persist.
- Order cancellations and reductionslow
Customers can cancel or push out orders without firm long-term commitments, which could raise inventory and reduce liquidity.
Investment thesis
What would need to be true (bull case)
- If demand for AI infrastructure and data centers continues, the ZT Systems acquisition could become a growth driver in the coming years.
- The end-to-end offering and presence in highly regulated segments could support long customer relationships and better margins.
- The raised fiscal 2026 guidance points to improving operational execution, if the trend holds.
What would break the thesis
- Customer concentration and dependence on a few large cloud customers could make revenue sensitive to a change in their strategy.
- Higher debt after the acquisition and integration costs could limit financial flexibility and reduce net income.
- Tariffs and geopolitical tensions could make the supply chain more expensive and harder to plan.
What to watch
- Fourth quarter results and fiscal 2027 guidanceQ4 2026
- Progress of the ZT Systems integration and realization of synergies2027
- Share of the ten largest customers in net salesnext 10-K
- Impact of tariffs on margins and their recovery from customers2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sanmina offers product design and engineering, manufacturing of components and subassemblies, high-level assembly and test, direct order fulfillment, logistics, repair and global supply chain management. Its customers are mainly OEMs, and it locates facilities near their markets or in lower-cost locations. According to the fiscal 2025 annual report, the company had 39,000 employees, including 4,000 temporary employees, and supported customers from 20 countries on four continents.
Operations are organized into two businesses: Integrated Manufacturing Solutions (IMS), covering printed circuit board assembly and test, high-level assembly and direct order fulfillment, and Components, Products and Services (CPS), including advanced components, optical, RF and memory products, defense and aerospace products through the SCI subsidiary, and engineering and repair services. According to the 10-K for fiscal 2025, IMS represented about 80% of revenue and CPS about 20%.
Strategy focuses on long-term customers in growth industries and diversification into markets with complex, regulated products or rapid technological change, where margins can be better. The company invests in automation, robotics and artificial intelligence for factory efficiency, and the ZT Systems acquisition added data center infrastructure capabilities, as described in the fiscal 2025 10-K and later updates.
Segments
Integrated Manufacturing Solutions (IMS)
This is the only reportable segment and represented about 80% of revenue in fiscal 2025 and about 90% of revenue in the first nine months of fiscal 2026 12. Its growing weight reflects the consolidation of assembly work for large customers, but also greater dependence on this segment.
Components, Products and Services (CPS)
It includes advanced components, memory, storage, optical, RF, defense and aerospace products, as well as manufacturing execution software and engineering services. According to the 10-K, these lines carry higher margins than IMS but require significant investment in development and equipment 1.
Market context
Sanmina's core customers operate in industrial and energy, medical, defense and aerospace, automotive and transportation, communications networks and cloud and AI infrastructure. The company reported that its ten largest customers accounted for 67% of net sales in the first nine months of fiscal 2026 2, indicating high customer concentration.
Trends
- Demand for AI and data center infrastructuretailwind
Expansion into cloud and AI infrastructure, reinforced by the ZT Systems acquisition, could support revenue and margin growth if integration and synergies proceed as planned.
- Tariffs and trade policyheadwind
US tariffs could raise costs and lead customers to reduce orders in certain locations; if they cannot be fully recovered, margins could narrow.
- Integration of ZT Systemsmixed
Expected financial benefits could take longer to materialize than anticipated, and acquisition and integration costs have weighed on quarterly results; outcomes depend on operational execution.
- Higher financing costsheadwind
Increased debt after the acquisition and elevated interest rates could reduce net income, while liquidity remains a support if operating cash flows hold.
Competitive position
Sanmina competes with several companies in each key end market, including firms much larger than itself and smaller providers focused on niche products, services or markets. Intense competition often constrains profitable revenue growth, especially in high-volume, lower-complexity manufacturing.
The company cites end-to-end solutions, vertically integrated technology capabilities and a global factory network as advantages, allowing regional manufacturing alongside lower-cost locations. The annual report compares these with competitor offerings without quantifying them.
- Larger EMS providers
Competitors described in the 10-K as much larger, offering similar electronics manufacturing services.
- Niche circuit board and component suppliers
Smaller firms focused on a particular product or segment, relevant for comparison on CPS components.
- Design and engineering service providers
Companies offering services similar to the engineering and repair work in the CPS portfolio.
- Data center infrastructure manufacturers
Players in servers and racks that may compete in the cloud and AI segment.
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.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report15 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report27 Jul 2026
- Current report27 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report27 Apr 2026
- Current report27 Apr 2026Results of operations · Financial statements and exhibits
- Current report12 Mar 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report26 Jan 2026
- Current report26 Jan 2026Results of operations · Financial statements and exhibits
- Proxy statement23 Jan 2026
- Current report (amendment)12 Jan 2026Acquisition or disposition of assets · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-27 · SEC / Sanmina Corporation · 13 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Sanmina Corporation · 27 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Sanmina Corporation · 27 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.