FirmAtlas
Company handbook · FLEX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
FLEX · CIK 866374 · LATEST FILING: 10-Q JUN '26 · FILED JUL 31, 2026
FLEX LTD.
$90.46
−8.04 (−8.16%)
Close, Oct 16, 2026 · 52-week $53–167
Last fiscal year
FLEX LTD. reported revenue of $27.9B for the year ended Mar 31, 2026 (FY25), up 8.1% from FY24. Net income was $880M, operating cash flow $1.7B and free cash flow $1.1B. Source: 10-K filed May 20, 2026.
Market cap
$33.1B
P/E
34.0
EV/EBITDA
18.9x
P/B
6.0
ROIC
14.9%
Revenue 1Y
8.1%/yr
EPS 1Y
10.4%/yr
Shares 1Y
−3%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEORevathi Advaithi
HQAustin, TX
AuditorDeloitte & Touche LLP
Employees150,000
Year endsMarch
Revenue by segment · FY25
Integrated Technology Solutions ITS40%
Regulated Manufacturing Solutions RMS37%
Cloud Power Infrastructure CPI24%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
20.8%
36.6%
50.9%
42.8%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$3.7B deployed
Capex
$1.1B
28.8%
Acquisitions
$445M
12.0%
Buybacks
$2.2B
59.2%
Operating cash flow over the period: $3.2B. Total debt changed by −$1.1B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
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Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Mar 31, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
25,813
27,914+8.1%
29,267
YoY
+8.1%
Gross profit
2,159
2,567+18.9%
2,742
Gross margin
8.4%
9.2%+0.8 pp
—
Operating income
1,169
1,368+17.0%
1,449
Operating margin
4.5%
4.9%+0.4 pp
—
EBITDA
1,608
1,825+13.5%
—
EBITDA margin
6.2%
6.5%+0.3 pp
—
Interest expense
185
197+6.5%
—
Interest coverage
8.69x
9.26x+0.57x
—
Net income
838
880+5.0%
973
YoY
+5.0%
Net margin
3.2%
3.2%−0.1 pp
—
EPS (diluted, $)
2.11
2.33+10.4%
2.60
YoY
+10.4%
Balance sheet
Total assets
18,381
22,060+20.0%
25,198
Cash & short-term investments
2,289
2,389+4.4%
—
Accounts receivable
3,671
4,679+27.5%
—
Inventory
5,071
5,845+15.3%
—
Net PP&E
2,330
2,505+7.5%
—
Other assets
5,020
6,642+32.3%
—
Total liabilities
13,379
16,916+26.4%
19,698
Accounts payable
5,147
8,055+56.5%
—
Total debt
4,901
3,751−23.5%
5,219
Other liabilities
3,331
5,110+53.4%
—
Shareholders’ equity
5,002
5,144+2.8%
5,500
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,505
1,685+12.0%
1,562
Net income
838
880+5.0%
—
Depreciation & amortization
439
457+4.1%
—
Stock-based compensation
125
142+13.6%
—
Working capital & other
103
206+100.0%
—
Cash from investing
(838)
(672)n/m
—
Capex
(438)
(633)n/m
—
PP&E sold
15
8−46.7%
—
Acquisitions
(405)
(40)n/m
—
Other investing
(10)
(7)n/m
—
Cash from financing
(821)
(924)n/m
—
Debt raised
499
1,251+150.7%
—
Buybacks
(1,257)
(944)n/m
—
Shares issued
0
0n/m
—
Other financing
(63)
(1,231)n/m
—
Net change in cash
(185)
100n/m
—
Free cash flow (OCF − capex)
1,067
1,052−1.4%
826
Where the cash went
Operating cash flow
1,505
1,685+12.0%
1,562
Reinvested in the business
843
673−20.2%
—
% of operating cash flow
56.0%
39.9%
Capex
438
633+44.5%
736
Acquisitions
405
40−90.1%
—
Free cash flow
1,067
1,052−1.4%
826
YoY
−1.4%
Returned to shareholders
1,257
944−24.9%
—
% of free cash flow
117.8%
89.7%
Buybacks
1,257
944−24.9%
—
Change in total debt
—
(1,150)
—
Cash left over
—
(1,082)
—
FCF conversion (FCF ÷ net income)
127.3%
119.5%−7.8 pp
—
Owner earnings
—
1,830
—
Owner earnings margin
—
6.6%
—
Returns & ratios
ROIC (all capital)
12.6%
14.9%+2.3 pp
—
ROIC (operating)
16.2%
19.3%+3.2 pp
—
Net debt / EBITDA
1.62x
0.75x−0.88x
—
Debt / equity
0.98x
0.73x−0.25x
—
Cash conversion cycle (days)
51
29−21 d
—
ROE
16.8%
17.1%+0.4 pp
—
ROA
4.6%
4.0%−0.6 pp
—
ROCE
13.7%
13.6%−0.1 pp
—
NOPAT
958
1,053+10.0%
—
Invested capital (operating)
5,925
4,974−16.1%
—
Invested capital (all)
7,614
6,506−14.6%
—
Reinvestment rate
—
−90.3%
—
Debtor days
52
61+9 d
—
Inventory days
78
84+6 d
—
Days payable
79
116+37 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
6,804
7,058
7,477
7,928
vs year-ago quarter
Gross profit
614
679
702
747
Gross margin
9.0%
9.6%
9.4%
9.4%
Operating income
296
389
372
392
Net income
199
239
250
285
vs year-ago quarter
Net margin
2.9%
3.4%
3.3%
3.6%
EPS (diluted, $)
0.52
0.64
0.68
0.76
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
19,546
20,820
22,060
25,198
Cash & equivalents
2,249
3,057
2,389
2,840
Total debt
4,365
5,110
3,751
5,219
Shareholders’ equity
5,035
5,121
5,144
5,500
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
453
420
413
276
Capex
150
148
202
236
Free cash flow
303
272
211
40
vs year-ago quarter