FLEX · Flex Ltd. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Revenue | $27.91B | $25.81B | $26.41B | $30.35B | $26.04B | $24.12B |
| Cost of Revenue | $25.29B | $23.58B | $24.39B | $28.06B | $24.09B | $22.35B |
| Gross Profit | $2.57B | $2.16B | $1.86B | $2.27B | $1.93B | $1.69B |
| R&D | - | - | - | - | - | - |
| SG&A | $1.05B | $904.00M | $922.00M | $995.00M | $892.00M | $817.00M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $457.00M | $439.00M | $431.00M | $414.00M | $408.90M | $422.30M |
| Operating Income | $1.37B | $1.17B | $853.00M | $1.18B | $415.00M | $714.00M |
| Interest Expense | $197.00M | $185.00M | $207.00M | $187.00M | $153.00M | $150.00M |
| Income Tax | $263.00M | $185.00M | ($206.00M) | ($59.00M) | $105.00M | $101.00M |
| Net Income | $880.00M | $838.00M | $1.01B | $793.00M | $936.00M | $613.00M |
| EPS - Basic | $2.37 | $2.14 | $2.31 | $1.32 | $1.48 | $0.93 |
| EPS - Diluted | $2.33 | $2.11 | $2.28 | $1.30 | $1.46 | $0.91 |
Balance Sheet
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.39B | $2.29B | $2.47B | $3.29B | $2.96B | $2.64B |
| Accounts Receivable | $4.68B | $3.67B | $3.03B | $3.74B | $3.37B | $4.11B |
| Inventory | $5.84B | $5.07B | $6.21B | $7.53B | $6.58B | $3.90B |
| Accounts Payable | $8.05B | $5.15B | $4.47B | $5.93B | $6.25B | $5.25B |
| Current Assets | $16.33B | $12.84B | $12.99B | $16.02B | $14.34B | $11.36B |
| Total Assets | $22.06B | $18.38B | $18.26B | $21.39B | $19.32B | $15.84B |
| Current Liabilities | $12.02B | $9.85B | $8.54B | $10.86B | $10.71B | $7.83B |
| Long-term Debt | $3.75B | $2.48B | $3.26B | $3.69B | $3.25B | $3.52B |
| Total Liabilities | $16.92B | $13.38B | $12.93B | $15.69B | $12.40B | - |
| Stockholders' Equity | $5.14B | $5.00B | $5.33B | $5.35B | $4.13B | $3.44B |
| Retained Earnings | $2.16B | $1.28B | $446.00M | ($560.00M) | ($1.35B) | ($2.29B) |
Cash Flow
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.69B | $1.50B | $1.33B | $950.00M | $1.02B | $144.00M |
| Investing Cash Flow | ($672.00M) | ($838.00M) | ($492.00M) | ($604.00M) | ($951.00M) | ($202.00M) |
| Financing Cash Flow | ($924.00M) | ($821.00M) | ($1.66B) | $2.00M | $280.00M | $743.00M |
| CapEx | $633.00M | $438.00M | $530.00M | $635.00M | $443.00M | $351.00M |
| Free Cash Flow | $1.05B | $1.07B | $796.00M | $315.00M | $581.00M | ($207.00M) |
Ratios
| Metric | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 9.2% | 8.4% | 7.1% | 7.5% | 7.4% | 7.0% |
| Operating margin | 4.9% | 4.5% | 3.2% | 3.9% | 1.6% | 3.0% |
| EBITDA margin | 6.5% | 6.2% | 4.9% | 5.3% | 3.2% | 4.7% |
| Net margin | 3.2% | 3.2% | 3.8% | 2.6% | 3.6% | 2.5% |
| Free cash flow margin | 3.8% | 4.1% | 3.0% | 1.0% | 2.2% | -0.9% |
| FCF / Net income | 1.20 | 1.27 | 0.79 | 0.40 | 0.62 | -0.34 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 3.8% | 3.5% | 3.5% | 3.3% | 3.4% | 3.4% |
| Effective tax rate | 23.0% | 18.1% | -25.8% | -8.0% | 10.1% | 14.1% |
| Return on assets | 4.0% | 4.6% | 5.5% | 3.7% | 4.8% | 3.9% |
| Return on equity | 17.1% | 16.8% | 18.9% | 14.8% | 22.7% | 17.8% |
| Return on invested capital | 11.8% | 12.8% | 9.9% | 13.1% | 5.1% | 8.8% |
| Liquidity | ||||||
| Current ratio | 1.36 | 1.30 | 1.52 | 1.48 | 1.34 | 1.45 |
| Quick ratio | 0.87 | 0.79 | 0.79 | 0.78 | 0.72 | 0.95 |
| Cash ratio | 0.20 | 0.23 | 0.29 | 0.30 | 0.28 | 0.34 |
| Leverage | ||||||
| Debt / Equity | 0.73 | 0.50 | 0.61 | 0.69 | 0.79 | 1.02 |
| Debt / Assets | 0.17 | 0.14 | 0.18 | 0.17 | 0.17 | 0.22 |
| Debt / EBITDA | 2.06 | 1.54 | 2.54 | 2.31 | 3.94 | 3.09 |
| Interest coverage | 6.9x | 6.3x | 4.1x | 6.3x | 2.7x | 4.8x |
| Equity multiplier | 4.29 | 3.67 | 3.43 | 4.00 | 4.68 | 4.61 |
| Liabilities / Assets | 0.77 | 0.73 | 0.71 | 0.73 | 0.64 | - |
| Efficiency | ||||||
| Asset turnover | 1.27 | 1.40 | 1.45 | 1.42 | 1.35 | 1.52 |
| Inventory turnover | 4.33 | 4.65 | 3.93 | 3.73 | 3.66 | 5.74 |
| Days sales outstanding | 61d | 52d | 42d | 45d | 47d | 62d |
| Days inventory outstanding | 84d | 78d | 93d | 98d | 100d | 64d |
| Days payable outstanding | 116d | 80d | 67d | 77d | 95d | 86d |
| Cash conversion cycle | 29d | 51d | 68d | 66d | 52d | 40d |
| Valuation | ||||||
| P / E | 28.1x | 15.7x | 12.5x | 13.4x | 9.6x | 15.1x |
| P / B | 4.8x | 2.6x | 2.4x | 1.5x | 1.6x | 2.0x |
| P / S | 0.9x | 0.5x | 0.5x | 0.3x | 0.3x | 0.3x |
| EV / EBITDA | 14.3x | 8.3x | 10.4x | 5.3x | 8.5x | 6.9x |
| Growth | ||||||
| Revenue growth (YoY) | 8.1% | -2.3% | -13.0% | 16.5% | 7.9% | -0.4% |
| Revenue CAGR (3y) | -2.7% | -0.3% | 3.1% | 7.8% | 3.0% | -1.8% |
| Revenue CAGR (5y) | 3.0% | 1.3% | 2.1% | 3.6% | 1.8% | -0.2% |
| Gross profit growth (YoY) | 18.9% | 15.8% | -17.7% | 17.2% | 14.5% | 26.1% |
| Operating income growth (YoY) | 17.0% | 37.0% | -28.0% | 185.3% | -41.9% | 350.5% |
| Net income growth (YoY) | 5.0% | -16.7% | 26.9% | -15.3% | 52.7% | 599.9% |
| EPS growth (YoY) | 10.4% | -7.5% | 75.9% | -11.3% | 60.3% | 436.4% |
| EPS CAGR (3y) | 21.6% | 13.0% | 35.7% | 96.8% | 101.0% | 4.5% |
| EPS CAGR (5y) | 20.6% | 65.5% | 66.2% | 10.1% | 19.9% | 2.9% |
| FCF growth (YoY) | -1.4% | 34.0% | 152.7% | -45.8% | - | 89.6% |
| FCF CAGR (5y) | - | - | - | 10.5% | -1.4% | - |
| Book value growth (YoY) | 2.8% | -6.1% | -0.5% | 29.6% | 20.2% | 21.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2026-03-31.
Business segments
$19.01B totalIntegrated Technology Solutions ITS$6.98B · 36.7%
Cloud Power Infrastructure CPI$6.16B · 32.4%
Regulated Manufacturing Solutions RMS$5.87B · 30.9%
Geographic
$47.75B totalAmericas$13.82B · 28.9%
Asia$8.40B · 17.6%
MX$6.99B · 14.6%
Europe$5.69B · 11.9%
US$5.19B · 10.9%
CN$4.49B · 9.4%
MY$2.97B · 6.2%
SG$194.00M · 0.4%
Stability scores
Altman Z′
FY 2026 · bankruptcy risk
1.81
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2026 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Printed Circuit Boards
Comparing FLEX LTD. against the 5 most active filers in the same SIC group.