At a glance
Flex Ltd is worth $31.11B, about 36 times its fiscal 2026 earnings. Revenue grew 8.1% to $27.91B in fiscal 2026, with 3.2% kept as profit; over 4 years it has grown 3.2% a year. It pays no dividend; it spent $4.52B buying back its shares over FY2022–FY2026. The stock returned +34.7% over the past year with dividends reinvested and +43.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.5% in the 2020 crash (S&P 500: 33.7%) and 24.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 1 month after the lows.
The business in plain English
Flex is a contract manufacturer: other companies hire it to design, build, ship and service their products instead of running their own factories. It also offers its own power and cooling products. Flex works from more than 100 sites in about 30 countries, serving data center, healthcare, industrial, automotive, communications and consumer customers. In the fiscal year ended March 31, 2026, its ten largest customers made up 45% of net sales, though none topped 10%.
Flex reports three segments (business units). Integrated Technology Solutions (ITS) brought in about 40% of fiscal 2026's $27.9 billion in revenue. It builds networking, enterprise and satellite communications gear plus premium consumer products. Regulated Manufacturing Solutions (RMS), about 37%, serves industrial, automotive and healthcare customers, where safety and quality rules are strict. Cloud and Power Infrastructure (CPI), about 24%, supplies computing systems, liquid cooling and electrical power equipment for large data centers, including those built for artificial intelligence.
Contract manufacturing pays thin margins. In fiscal 2026, Flex earned about 5 cents of operating profit, before interest and taxes, per dollar of sales. On May 5, 2026, Flex announced plans to split into two public companies: one holding CPI, the other holding ITS and RMS. It aims to finish in the first quarter of calendar 2027, pending approvals, with no guarantee the split happens.
Price history
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FLEX +34.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| ITS | $11.11B | 39.8% |
| RMS | $10.19B | 36.5% |
| CPI | $6.61B | 23.7% |
By geography
| Americas | $13.82B | 49.5% |
| Europe | $5.69B | 20.4% |
| U.S. | $5.19B | 18.6% |
| Malaysia | $2.97B | 10.6% |
| Singapore | $194.0M | 0.7% |
Latest results
- In Q2 FY2027 (ended Sep 25, 2026), revenue was $8.49B, up 24.8% from a year earlier, and net income was $263.0M (+32.2%).
- For fiscal 2026, revenue was $27.91B (+8.1% year over year; +3.2% a year from FY2022 to FY2026) with a 3.2% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2026) | +3.2% watch |
|---|---|
| Operating margin | 4.9% weak |
| Free cash flow margin | 3.8% watch |
| Return on equity (FY2026) | 17.1% good |
| Return on assets (FY2026) | 4% watch |
| Net cash (cash minus debt) | $-2.13B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $24.12B | $613.0M | $-207.0M |
| FY2022 | $24.63B | $936.0M | $581.0M |
| FY2023 | $28.50B | $793.0M | $315.0M |
| FY2024 | $26.41B | $1.01B | $796.0M |
| FY2025 | $25.81B | $838.0M | $1.07B |
| FY2026 | $27.91B | $880.0M | $1.05B |
Valuation snapshot
| Market value | $31.11B |
|---|---|
| P/E ratio | 36.1 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Flex Ltd’s market value went from $7.76B at the end of 2016 to $31.11B on Nov 2, 2026, about 4.0 times as much; since the end of 2025 it is up 39%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $31.11B | +39.2% |
| 2025 | $22.34B | +50.1% |
| 2024 | $14.89B | +12.4% |
| 2023 | $13.25B | +36.3% |
| 2022 | $9.72B | +12.6% |
| 2021 | $8.63B | -4.3% |
| 2020 | $9.01B | +40.5% |
| 2019 | $6.41B | +60.1% |
| 2018 | $4.01B | -57.8% |
| 2017 | $9.51B | +22.5% |
| 2016 | $7.76B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FLEX price data to Nov 2, 2026 | +39.4% | +34.7% | +61.2% | +43.3% | +22.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +39.4% |
| 2025 | +57.4% |
| 2024 | +59.1% |
| 2023 | +41.9% |
| 2022 | +17.1% |
| 2021 | +1.9% |
| 2020 | +42.5% |
| 2019 | +65.8% |
| 2018 | -57.7% |
| 2017 | +25.2% |
| 2016 | +28.2% |
| 2015 | +0.3% |
| 2014 | +43.9% |
| 2013 | +25.1% |
| 2012 | +9.7% |
| 2011 | -27.9% |
| 2010 | +7.4% |
| 2009 | +185.6% |
| 2008 | -78.8% |
| 2007 | +5.0% |
| 2006 | +10.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 83.9% over that stretch · deepest drop along the way 88%, back to its old high 93.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 50% over that stretch · deepest drop along the way 57.5%, back to its old high 7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.2% over that stretch · deepest drop along the way 24.2%, back to its old high 1 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 69 sales ($52.9M), 28 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 17, 2026 | Revathi Advaithi Chief Executive Officer, Director | sell (plan) | $5.6M |
| Jun 17, 2026 | Revathi Advaithi Chief Executive Officer, Director | sell (plan) | $4.8M |
| Jun 17, 2026 | Revathi Advaithi Chief Executive Officer, Director | sell (plan) | $4.1M |
| Jun 17, 2026 | Revathi Advaithi Chief Executive Officer, Director | sell (plan) | $3.8M |
| Jun 17, 2026 | Revathi Advaithi Chief Executive Officer, Director | sell (plan) | $3.5M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.8% | Jun 30, 2026 |
| Vanguard Capital Management | 7.56% | Jun 30, 2026 |
| PRIMECAP MANAGEMENT CO/CA/ | 6.38% | Jun 30, 2026 |
| JANUS HENDERSON GROUP PLC | 6% | Dec 31, 2025 |
| FMR LLC | 5.3% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.27% | Mar 31, 2026 |
| Wellington Management Group LLP | 4.9% | Jun 30, 2026 |
| Boston Partners | 4.44% | Sep 30, 2025 |
| JANUS HENDERSON GROUP Ltd. | 3.8% | Jun 30, 2026 |
ETFs with the most weight in FLEX
| BUSA Brandes U.S. Value ETF | 1.95% |
| LOPP Gabelli Love Our Planet & People ETF | 1.93% |
| CALF Pacer US Small Cap Cash Cows ETF | 1.83% |
| LCLG Logan Capital Broad Innovative Growth ETF | 1.74% |
| XMMO Invesco S&P MidCap Momentum ETF | 1.57% |
| VLLU Harbor AlphaEdge Large Cap Value ETF | 1.53% |
| QQJG Invesco ESG NASDAQ Next Gen 100 ETF | 1.49% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 1.32% |
What could go wrong
- The planned split may stall or disappoint. Flex aims to spin off its Cloud and Power Infrastructure unit as a separate public company in early 2027. The deal needs board, shareholder and Singapore court approval, and may not deliver the expected benefits.
- A few big customers drive sales. Flex's ten largest customers made up 45% of net sales in the fiscal year ended March 31, 2026. Lower sales to any of its largest customers have hurt results before.
- Data center push could squeeze margins. Flex is investing to build its data center power, cooling and computing business. That spending may weigh on margins. Technology there changes fast, and new rules on data centers or energy use could reduce demand.
- Order swings can leave costly leftovers. Customers can cancel orders or change production plans. That can leave Flex with excess or obsolete inventory, or with equipment bought for one customer that loses its value. Forecasting misses have raised costs before.
- Thin margins in a crowded industry. Flex's industry is highly competitive, and customers may bring production in-house. With operating profit of about 5 cents per dollar of sales in fiscal 2026, small cost increases can hit earnings hard.
- Tariffs and trade rules worldwide. Flex makes products in about 30 countries, so tariffs, export controls and shifting trade deals can hit it directly. Flex says these have hurt results before, and breaking trade rules could bring heavy penalties.
Recent events
- Quarterly results released
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Other company announcement
- Unregistered sale of shares
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change; Other company announcement
- Major agreement signed; Other company announcement
- Shareholder vote results; Other company announcement
- Other company announcement
- Quarterly results released
For income and retirement investors
Flex does not pay a dividend and paid none in fiscal years 2022 through 2026. It returned cash through buybacks instead, repurchasing about $4.5 billion of its own shares over those five years. Buybacks shrink the share count, giving each remaining share a larger slice of profits. Flex's share count fell about 24% between July 2021 and July 2026. But buybacks pay holders no cash, so an investor needing income would have to cash out shares.
The stock has swung sharply in downturns. It fell 88% from November 2007 to November 2008 and took until August 2016 to recover. It dropped about 58% in the 2020 COVID crash, recovering in about 7 months, and 24% in the 2022 market slump, recovering within about a month. Even as the shares gained 44.8% in the year to October 28, 2026, they fell as much as 53% from a high along the way. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Flex pay a dividend?
No. Flex does not pay a dividend and paid none in fiscal years 2022 through 2026. Instead, it returned cash through share repurchases, or buybacks, spending about $4.5 billion over those five years. Buybacks reduce the number of shares outstanding, which fell about 24% between July 2021 and July 2026. That raises each remaining share's slice of profits but puts no cash in shareholders' hands. An investor wanting regular income from Flex would have to cash out shares.
How does Flex make money?
Flex makes money by designing, building and shipping products for other companies, and by offering its own power and cooling products. In the fiscal year ended March 31, 2026, revenue was $27.9 billion. About 40% came from technology products such as networking gear and premium consumer goods, 37% from industrial, automotive and healthcare work, and 24% from data center computing, cooling and power systems. Margins are thin: net income was $880 million, about 3 cents per dollar of sales.
Is Flex splitting into two companies?
Flex plans to, but the split is not final. On May 5, 2026, Flex announced it intends to spin off its Cloud and Power Infrastructure segment, which serves data centers, as a separate public company. Its other manufacturing businesses would form the second company. Flex aims to finish in the first quarter of calendar 2027, and the deal is meant to be tax-free for U.S. federal income tax purposes. It still needs approval from Flex's board, its shareholders and Singapore's High Court.
What is Flex's P/E ratio?
It was 39.9 as of October 28, 2026. The price-to-earnings (P/E) ratio divides the share price by yearly profit per share. Flex's figure uses earnings of $2.33 per share for the fiscal year ended March 31, 2026. The multiple followed a sharp rise: the shares gained 44.8% in the year to October 28, 2026. Growth picked up in the quarter ended June 26, 2026, when revenue rose 20.6% and net income 48.4% from a year earlier. A P/E near 40 leaves less room for disappointment if growth slows.
How much debt does Flex have?
Flex had about $5.2 billion of debt as of June 26, 2026, against $2.8 billion in cash and investments, for net debt of about $2.4 billion. Shareholders' equity, or assets minus liabilities, was $5.5 billion. In the fiscal year ended March 31, 2026, Flex generated $1.05 billion of free cash flow, the cash left after running the business and paying for equipment. Flex lists its debt level as a risk, and October 2026 filings reported new debt obligations, so these figures may have changed.