Plexus Corp

Plexus Corp, headquartered in Wisconsin, is a contract manufacturer. It designs, builds and services complex products that other companies sell under their own names, such as medical devices, aerospace and defense equipment, industrial automation systems and the machines used to make semiconductors. It does not sell branded products of its own. In fiscal 2025, which ended September 27, 2025, it served about 190 customers, and none accounted for more than 10% of sales.

Plexus gets paid for work across a product's whole life: design and development, supply chain management, launching new products, full-scale manufacturing, and after-sale repair, refurbishment and spare parts. Most work is done on a turnkey basis, meaning Plexus buys and stores all the parts itself. On some jobs, customers supply the parts and Plexus provides the labor. Margins are thin. In fiscal 2025, revenue was $4.03 billion. Gross margin, the share of sales left after direct production costs, was 10.1%, and net profit was 4.3% of sales.

By market, industrial customers made up 43% of fiscal 2025 sales, healthcare and life sciences 40%, and aerospace and defense 17%. However, Plexus manages and reports its business by region. Asia-Pacific was the largest segment at 59.3% of sales, followed by the Americas at 30.2% and Europe, the Middle East and Africa at 10.9%. Malaysia alone accounted for 46.4%.

• In Q3 FY2026 (ended Jul 4, 2026), revenue was $1.30B, up 28.1% from a year earlier, and net income was $43.0M (-4.7%).
• For fiscal 2025, revenue was $4.03B (+1.8% year over year; +2.9% a year from FY2020 to FY2025) with a 4.3% net margin.

• Over FY2021–FY2025: $320.8M in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -4.8% from Nov 15, 2021 to Aug 4, 2026.

Rank among 1514 US companies

Market value at each year end

Plexus’s market value went from $1.81B at the end of 2016 to $6.38B on Oct 28, 2026, about 3.5 times as much; since the end of 2025 it is up 62%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 38 sales ($9.4M), 20 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in PLXS

1. Customers can cancel or change orders. Customers generally make no firm long-term commitments and can cancel, delay or change orders. Plexus buys parts and plans staffing around their forecasts, and some costs are fixed, so a demand drop can hurt profits.
2. Dependence on few customers and sectors. Most sales come from a relatively small number of customers in three sectors: industrial, healthcare and aerospace/defense. Losing a major customer or program, or a slump in one sector, could cut sales sharply.
3. Heavy concentration in Malaysia and Asia. The Asia-Pacific region accounted for 59.3% of fiscal 2025 sales, and Malaysia alone for 46.4%. Operating across many countries adds risks from differing laws, trade rules and events such as natural disasters.
4. Parts shortages and unsold inventory. Plexus buys components such as advanced semiconductors and memory modules based on customer forecasts. Shortages, long lead times or price swings can delay production, and a sudden drop in demand can leave excess inventory.
5. Strict rules for medical and defense products. Products such as medical devices and defense equipment face extensive regulations and quality standards. Compliance failures or defects in what Plexus designs, builds or services could bring liability claims, lost business and reputational damage.
6. Competitors and customers doing it themselves. Plexus competes with global and regional manufacturers, some with greater resources or lower costs. Customers may also bring design, manufacturing or service work in-house, which could reduce demand or force lower prices.

• Oct 28, 2026 Quarterly results released
• Aug 24, 2026 Other company announcement
• Jul 29, 2026 Quarterly results released
• Jun 8, 2026 Major agreement signed; New debt or financial obligation
• Apr 29, 2026 Quarterly results released; Executive or board change
• Feb 19, 2026 Shareholder vote results
• Jan 28, 2026 Quarterly results released

Plexus does not pay a dividend, and it paid none from fiscal 2021 through fiscal 2025. For an income investor, that means the shares produce no regular cash. Any return depends on the share price, and turning the holding into spending money means selling shares. Instead of dividends, the company has returned cash through buybacks, spending about $321 million on its own stock over those five years. Shares outstanding fell 4.8%, from about 28.0 million in November 2021 to about 26.7 million as of August 4, 2026.

The stock has fallen sharply in past slumps. It dropped 66.8% during the 2008 financial crisis and did not recover until January 2010. In the 2020 COVID crash it fell 49.9% in under a month, then recovered by July 2020. In early 2022 it lost 23.8% before recovering that October. Single stocks carry more risk than diversified funds, since one company's troubles are not offset by other holdings.