Flex Ltd. (FLEX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.92	$1	+8.7%	—	—	—
Q4 26	$0.88	$0.93	+5.7%	—	$7.5B	—
Q2 26	$0.45	$0.51	+13.3%	—	$6.8B	—
Q1 26	$0.64	$0.72	+12.5%	—	$6.6B	—
Q4 25	$0.69	$0.73	+5.8%	—	$6.4B	—
Q3 25	$0.63	$0.77	+22.2%	—	$6.6B	—
Q2 25	$0.56	$0.64	+14.3%	—	$6.5B	—
Q1 25	$0.41	$0.51	+24.4%	—	$6.3B	—
Q4 24	$0.55	$0.57	+3.6%	—	$4.5B	—
Q3 24	$0.61	$0.71	+16.4%	—	$7.1B	—
Q2 24	$0.58	$0.68	+17.2%	—	$6.9B	—
Q1 24	$0.51	$0.57	+11.8%	—	$6.9B	—
Q4 23	$0.51	$0.6	+17.6%	—	$7.5B	—
Q3 23	$0.6	$0.62	+3.3%	—	$7.8B	—
Q2 23	$0.51	$0.63	+23.5%	—	$7.8B	—
Q1 23	$0.48	$0.54	+12.5%	—	$7.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$2.41	—	—	$27.9B	—
FY25	—	$2.22	—	—	$25.8B	—
FY24	—	$2.47	—	—	$26.4B	—
FY23	—	$1.75	—	—	$28.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$23.9B	$25.4B	$26.2B	$24.2B	$24.1B	$24.6B	$28.5B	$26.4B	$25.8B	$27.9B
YoY change	-2.28%	+6.61%	+3.03%	-7.63%	-0.36%	+2.11%	+15.7%	-7.32%	-2.28%	+8.14%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	23.9B	25.4B	26.2B	24.2B	24.1B	24.6B	28.5B	26.4B	25.8B	27.9B
Cost of revenue	22.3B	23.8B	24.7B	22.9B	22.4B	22.9B	26.5B	24.6B	23.7B	25.3B
Gross profit	1.5B	1.6B	1.5B	1.3B	1.7B	1.8B	2B	1.9B	2.2B	2.6B
Gross margin	6.37%	6.27%	5.79%	5.53%	6.99%	7.23%	6.93%	7.06%	8.36%	9.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	937.3M	1B	953M	834M	817M	830M	874M	922M	904M	1.1B
Operating expenses	937.3M	1B	953M	834M	817M	830M	874M	922M	904M	1.1B
Operating income	502.2M	497.8M	491M	441M	808M	890M	1B	873M	1.2B	1.4B
Operating margin	2.1%	1.96%	1.87%	1.82%	3.35%	3.61%	3.58%	3.3%	4.59%	5.18%
Non-operating income, net	-20.2M	152.3M	-134M	-108M	54M	226M	-14M	-56M	-5M	-140M
Pretax income	370.8M	520.9M	182M	159M	714M	964M	807M	666M	1B	1.1B
Income tax	51.3M	92.4M	89M	71M	101M	92M	124M	-206M	185M	263M
Net income	319.6M	428.5M	93M	88M	613M	940M	1B	1.2B	838M	880M
Net margin	1.34%	1.68%	0.35%	0.36%	2.54%	3.82%	3.62%	4.71%	3.25%	3.15%
EBITDA	1.1B	1.2B	1.1B	1.1B	1.5B	1.6B	1.5B	1.4B	1.8B	2B
EPS	0.59	0.8	0.18	0.17	1.21	2.03	1.75	2.47	2.22	2.41
Diluted EPS	0.59	0.8	0.18	0.17	1.21	1.94	1.72	2.28	2.11	2.33

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	6.9B	7.1B	4.5B	6.3B	6.5B	6.6B	6.4B	6.6B	6.8B	7.1B	7.5B	—
Cost of revenue	6.4B	6.5B	4.5B	5.8B	6B	6B	5.8B	6B	6.2B	6.4B	6.8B	—
Gross profit	519M	642M	-29M	471M	531M	594M	563M	572M	614M	679M	702M	—
Gross margin	7.49%	9.04%	-0.64%	7.46%	8.11%	9.06%	8.8%	8.7%	9.02%	9.62%	9.39%	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	221M	264M	116M	213M	216M	241M	234M	233M	260M	270M	289M	—
Operating expenses	221M	264M	116M	213M	216M	241M	234M	233M	260M	270M	289M	—
Operating income	281M	361M	-161M	242M	299M	336M	308M	318M	338M	394M	397M	—
Operating margin	4.05%	5.08%	-3.57%	3.83%	4.57%	5.13%	4.81%	4.84%	4.97%	5.58%	5.31%	—
Non-operating income, net	-14M	-18M	-5M	-10M	2M	-7M	10M	-34M	-34M	-31M	-41M	—
Pretax income	233M	307M	-205M	192M	264M	288M	279M	246M	262M	320M	315M	—
Income tax	32M	74M	-227M	53M	50M	25M	57M	54M	63M	81M	65M	—
Net income	406M	233M	395M	139M	214M	263M	222M	192M	199M	239M	250M	—
Net margin	5.86%	3.28%	8.77%	2.2%	3.27%	4.01%	3.47%	2.92%	2.92%	3.39%	3.34%	—
EBITDA	409M	503M	-15M	383M	450M	491M	472M	446M	512M	518M	524M	—
EPS	0.51	0.46	0.97	0.35	0.55	0.68	0.59	0.51	0.54	0.65	0.68	0.77
Diluted EPS	0.51	0.45	0.93	0.34	0.54	0.67	0.57	0.5	0.52	0.64	0.67	0.76

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	6.9B	6.6B	3.9B	3.3B	7B	6.4B	7.9B	—	12.5B	23.9B	45.3B
Enterprise value	8B	8.1B	5.3B	4.7B	8.7B	8.2B	8.9B	—	14.4B	25.9B	46.5B
Shares outstanding	541.6M	535.7M	518.9M	515.2M	506.6M	460.6M	454M	408.1M	377.8M	365.7M	365.7M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	21.5	15.4	42	37	11.4	6.85	7.62	—	14.9	27.2	47.1
P/S	0.29	0.26	0.15	0.13	0.29	0.26	0.28	—	0.48	0.86	1.54
P/B	2.56	2.18	1.32	1.15	2.03	1.53	1.38	—	2.5	4.65	8.19
EV/EBITDA	7.37	6.67	4.76	4.3	5.97	5.09	5.78	—	7.99	12.9	21.9
EV/Sales	0.33	0.32	0.2	0.19	0.36	0.33	0.31	—	0.56	0.93	1.59
Earnings yield	4.66%	6.5%	2.38%	2.7%	8.77%	14.6%	13.1%	—	6.7%	3.68%	2.13%
FCF yield	-63.4%	-67.2%	-94.5%	-61.3%	-2.96%	9.02%	4%	—	8.54%	4.39%	1.38%
PEG	—	—	—	—	—	—	—	—	—	—	0.92

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	6.37%	6.27%	5.79%	5.53%	6.99%	7.23%	6.93%	7.06%	8.36%	9.2%	9.2%
Operating margin	2.1%	1.96%	1.87%	1.82%	3.35%	3.61%	3.58%	3.3%	4.59%	5.18%	4.97%
Net margin	1.34%	1.68%	0.35%	0.36%	2.54%	3.82%	3.62%	4.71%	3.25%	3.15%	3.33%
ROE	11.9%	14.2%	3.13%	3.11%	17.8%	22.3%	18.1%	23.4%	16.8%	17.1%	18.4%
ROA	2.54%	3.12%	0.69%	0.64%	3.87%	4.86%	4.83%	6.82%	4.56%	3.99%	4.42%
ROIC	11.4%	9.13%	5.79%	5.71%	13.5%	13.4%	12.8%	13.2%	14.1%	15.8%	15.8%
Return on tangible assets	3.23%	4.03%	0.87%	0.8%	4.63%	5.94%	5.58%	8.03%	5.58%	4.69%	4.69%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.29	1.26	1.2	1.26	1.45	1.34	1.48	1.52	1.3	1.36	1.38
Quick ratio	0.77	0.74	0.71	0.74	0.95	0.72	0.8	0.79	0.79	0.87	0.87
Debt / equity	1.1	0.97	1.03	1.19	1.26	1.13	0.74	0.7	0.83	0.84	1.08
Debt / assets	0.23	0.21	0.23	0.25	0.27	0.25	0.2	0.21	0.23	0.2	0.2
Net debt / EBITDA	1.04	1.22	1.23	1.32	1.17	1.11	0.67	0.89	1.04	0.96	0.96
Interest coverage	4.43	5.23	2.25	3.02	5.43	6.81	4.51	4.22	5.69	6.32	6.32
Effective tax rate	13.8%	17.7%	48.9%	44.7%	14.1%	9.54%	15.4%	0%	18.1%	23%	23%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	44.1	47.5	50.5	47	47.6	53.5	62.8	64.7	68.3	76.3	79.3
EPS (basic)	0.59	0.8	0.18	0.17	1.21	2.03	1.75	2.47	2.22	2.41	2.41
EPS (diluted)	0.59	0.8	0.18	0.17	1.21	1.94	1.72	2.28	2.11	2.33	2.59
Book value per share	4.94	5.64	5.73	5.5	6.78	9.13	12.6	13	13.2	14.1	14.9
FCF per share	-8.03	-8.27	-7.12	-3.87	-0.41	1.26	0.69	1.95	2.82	2.88	2.81
Cash per share	3.38	2.75	3.27	3.73	5.21	6.44	6.97	6.06	6.06	6.53	7.69
Capex per share	0.9	0.97	1.22	0.69	0.53	0.94	1.35	1.24	1.12	—	1.67

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	2.05%	2.03%	2.41%	1.47%	1.1%	1.75%	2.16%	1.91%	1.64%	—	2.24%
Capex / operating cash flow	-12.8%	-13.9%	-21.6%	-22.9%	191.4%	42.1%	64.9%	38.3%	28.1%	—	43.3%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

Weekly

Last dividend

$0.00

ex-dividend Jun 11, 2014

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 11, 2014	$0.00
Jun 5, 2014	$0.00
May 20, 2014	$0.00
May 16, 2014	$0.00
Apr 2, 2014	$0.00

Split history

Date	Ratio
Jan 3, 2024	1327:1000
Oct 17, 2000	2:1
Dec 23, 1999	2:1
Jan 12, 1999	2:1

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$6.9B	$7.1B	$4.5B	$6.3B	$6.5B	$6.6B	$6.4B	$6.6B	$6.8B	$7.1B	$7.5B	—
YoY change	-10.7%	-8.42%	-39.7%	-8.39%	-5.6%	-7.7%	+42%	+4.13%	+3.96%	+7.66%	+16.9%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	1.8B	1.5B	1.7B	1.9B	2.6B	3B	3.2B	2.5B	2.3B	2.4B
Receivables	2.2B	2.5B	2.6B	2.4B	4B	3.4B	3.5B	3B	3.7B	4.7B
Inventory	3.4B	3.8B	3.7B	3.8B	3.9B	6.6B	7.4B	6.2B	5.1B	5.8B
Total current assets	8.4B	9.2B	9.1B	9.1B	11.4B	14.3B	16B	13B	12.8B	16.3B
Property, plant & equipment	1.1B	1.1B	1.2B	1.7B	1.6B	1.6B	1.8B	1.7B	1.6B	1.8B
Goodwill & intangibles	2.7B	3.1B	2.8B	2.7B	2.6B	3.5B	2.9B	2.8B	3.4B	3.3B
Total assets	12.6B	13.7B	13.5B	13.7B	15.8B	19.3B	21.4B	18.3B	18.4B	22.1B
Accounts payable	4.5B	5.1B	5.1B	5.1B	5.2B	6.3B	5.7B	4.5B	5.1B	8.1B
Short-term debt	61.5M	43M	632.6M	149M	268M	949M	150M	—	1.2B	—
Total current liabilities	6.5B	7.3B	7.6B	7.2B	7.8B	10.7B	10.9B	8.5B	9.8B	12B
Long-term debt	2.9B	2.9B	2.4B	3.2B	4.1B	3.8B	4B	3.8B	2.9B	4.3B
Total liabilities	9.9B	10.7B	10.5B	10.9B	12.4B	15.1B	15.7B	12.9B	13.4B	16.9B
Shareholders' equity	2.7B	3B	3B	2.8B	3.4B	4.2B	5.7B	5.3B	5B	5.1B
Total debt	3B	2.9B	3.1B	3.4B	4.3B	4.7B	4.2B	3.8B	4.1B	4.3B
Net debt	1.1B	1.5B	1.4B	1.4B	1.7B	1.8B	1B	1.3B	1.9B	1.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Cash & short-term investments	2.7B	2.9B	2.8B	2.5B	2.2B	2.6B	2.3B	2.3B	2.2B	2.2B	3.1B	2.4B
Receivables	3.8B	3.8B	3.6B	3B	3B	3.5B	3.4B	3.7B	3.9B	3.9B	3.8B	4.7B
Inventory	7.5B	7.2B	6.8B	6.2B	5.8B	5.5B	5.3B	5.1B	5.2B	5.3B	5.5B	5.8B
Total current assets	15.5B	15.5B	14.9B	13B	12.5B	13.4B	12.8B	12.8B	13.5B	13.8B	15.2B	16.3B
Property, plant & equipment	3B	2.9B	2.9B	1.7B	2.8B	2.8B	2.8B	1.6B	3B	3.1B	3.1B	1.8B
Goodwill & intangibles	3.3B	3.2B	3.2B	2.8B	2.7B	2.7B	3.4B	3.4B	3.4B	3.4B	3.4B	3.3B
Total assets	20.9B	21B	20.4B	18.3B	17.7B	18.6B	18.3B	18.4B	19.1B	19.5B	20.8B	22.1B
Accounts payable	5.9B	5.7B	5.3B	4.5B	4.7B	5.1B	5B	5.1B	5.8B	6.1B	6.5B	8.1B
Short-term debt	151M	—	3M	—	543M	531M	532M	1.2B	677M	676M	675M	—
Total current liabilities	10.6B	10.1B	9.4B	8.5B	9B	9.3B	9B	9.8B	9.9B	10.4B	10.9B	12B
Long-term debt	4B	3.9B	3.9B	3.8B	3.1B	3.7B	3.6B	2.9B	3.6B	3.6B	4.3B	4.3B
Total liabilities	15.2B	14.6B	13.9B	12.9B	12.7B	13.6B	13.3B	13.4B	14B	14.5B	15.7B	16.9B
Shareholders' equity	5.8B	6.4B	6.4B	5.3B	5B	5B	5B	5B	5.1B	5B	5.1B	5.1B
Total debt	4.1B	3.9B	3.9B	3.8B	3.7B	4.2B	4.2B	4.1B	4.3B	4.3B	5B	4.3B
Net debt	1.4B	1B	1.2B	1.3B	1.4B	1.6B	1.8B	1.9B	2B	2B	2B	1.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	319.6M	428.5M	93M	88M	613M	936M	1B	1.2B	838M	880M
Depreciation & amortization	609.7M	555.4M	765M	626M	569M	484M	501M	537M	539M	563M
Stock-based compensation	77.3M	81.3M	76M	71M	79M	91M	133M	152M	125M	142M
Change in working capital	-4.8B	-4.8B	-3.9B	-2.4B	-1.1B	-516M	-615M	-251M	-165M	-129M
Operating cash flow	-3.8B	-3.7B	-2.9B	-1.6B	139M	1B	947M	1.3B	1.5B	1.7B
Capital expenditure	-489.5M	-517.2M	-632M	-356M	-266M	-432M	-615M	-505M	-423M	—
Investing cash flow	4.3B	3.7B	3.3B	2.3B	-202M	-951M	-604M	-492M	-838M	-47M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-349.5M	-180.1M	-189M	-260M	-183M	-686M	-337M	-1.3B	-1.3B	-944M
Financing cash flow	-254.5M	-187.8M	-30M	-508M	743M	280M	696M	-1.7B	-821M	-924M
Net change in cash	193.4M	-199.8M	297M	214M	680M	356M	1B	-831M	-154M	714M
Free cash flow	-4.3B	-4.4B	-3.7B	-2B	-207M	581M	315M	796M	1.1B	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Net income	211M	406M	233M	395M	139M	214M	263M	222M	192M	199M	239M	250M
Depreciation & amortization	133M	127M	130M	147M	126M	131M	144M	138M	142M	156M	135M	130M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	344M	533M	363M	542M	265M	345M	407M	360M	334M	453M	420M	413M
Capital expenditure	-156M	-144M	-128M	-77M	-108M	-100M	-107M	-108M	-131M	—	—	—
Investing cash flow	-155M	-142M	-117M	-90M	-82M	-124M	-435M	-197M	-179M	-7M	7M	1M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-197M	-309M	-275M	-517M	-457M	-300M	-201M	-299M	-247M	-297M	-200M	-200M
Financing cash flow	-486M	26M	-308M	-888M	-468M	147M	-203M	-297M	-283M	-292M	529M	-878M
Net change in cash	-297M	417M	-62M	-436M	-285M	368M	-231M	-134M	-128M	154M	956M	-464M
Free cash flow	-161M	205M	154M	598M	229M	216M	301M	321M	266M	303M	272M	211M

Flex Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement