Sanmina Corporation

Sanmina is an electronics manufacturing services (EMS) company: it builds products that other companies design and market under their own names. Customers are mainly original equipment manufacturers (OEMs) in industrial, medical, defense and aerospace, automotive, and communications and cloud infrastructure markets. It covers a product's whole life, from design and prototypes to volume production, final assembly and testing, shipping orders directly to end buyers, and repairs. The company's annual report (10-K) for the fiscal year ended September 27, 2025 lists 39,000 employees, including 4,000 temporary workers, in 20 countries.

It runs two businesses. Integrated Manufacturing Solutions (IMS), about 80% of fiscal 2025 revenue, assembles and tests printed circuit boards (the boards that hold a device's chips) and builds complete systems. Components, Products and Services (CPS), about 20%, makes parts such as advanced circuit boards, cable assemblies and machined metal parts. It also offers its own products, including memory and storage from its Viking divisions, defense and aerospace equipment from its SCI Technology subsidiary, and factory software from 42Q. Sanmina's margin goals lean on CPS.

Margins were thin in fiscal 2025: on revenue of $8.13 billion, Sanmina kept 8.8 cents per dollar after production costs and 3 cents as net profit. The Americas produced 57.2% of revenue, Asia Pacific 32.1%, and Europe, the Middle East and Africa 10.7%.

• In Q3 FY2026 (ended Jun 27, 2026), revenue was $3.46B, up 69.7% from a year earlier, and net income was $117.1M (+70.7%).
• For fiscal 2025, revenue was $8.13B (+7.4% year over year; +3.2% a year from FY2020 to FY2025) with a 3% net margin.

• Over FY2021–FY2025: $395.2M in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -17.7% from Jul 28, 2021 to Jul 20, 2026.

Rank among 1514 US companies

Market value at each year end

Sanmina’s market value went from $2.69B at the end of 2016 to $9.42B on Oct 28, 2026, about 3.5 times as much; since the end of 2025 it is up 15%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 19 sales ($42.9M), 6 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in SANM

1. Absorbing the ZT Systems acquisition. The 10-K warns that the company may not successfully integrate ZT Systems. If acquired businesses underperform, Sanmina could have to write down goodwill (the premium paid over asset value), a charge against earnings.
2. Exposure to cloud and data center buyers. A substantial portion of revenue comes from communications equipment customers, including cloud service providers and data center operators. This market competes hard on price, and a struggling customer could cut orders sharply.
3. A few customers drive much of sales. Sanmina relies on a relatively small number of customers for a substantial portion of sales. Losing one, or a drop in its orders, could significantly reduce revenue and net income.
4. Margin goals hinge on the CPS unit. Sanmina's plan to earn higher margins depends partly on its CPS components and products businesses. Gross margin was just 8.8% in fiscal 2025, so a CPS stumble leaves little cushion.
5. Tariffs and overseas operations. Most net sales come through operations outside the U.S. Tariffs, export limits and U.S.–China tensions could raise costs or lead customers to order less, and tariffs Sanmina cannot pass on would reduce gross margins.
6. Order cancellations and delays. Customers can cancel, delay or shrink orders. Sanmina orders components based on customer forecasts, so sudden changes can cut sales and leave it holding extra inventory, which ties up cash.

• Sep 15, 2026 Executive or board change
• Jul 27, 2026 Quarterly results released
• Apr 27, 2026 Quarterly results released
• Mar 12, 2026 Executive or board change; Shareholder vote results
• Jan 26, 2026 Quarterly results released
• Dec 12, 2025 Executive or board change
• Nov 3, 2025 Quarterly results released
• Oct 31, 2025 Major agreement signed; Major agreement ended; Acquisition or sale of assets completed; New debt or financial obligation; Unregistered sale of shares

Sanmina paid no dividends in fiscal 2021 through 2025 and had no dividend yield as of October 28, 2026. For an income investor, that means no regular cash: returns come only from price changes, and raising money means selling shares. Instead, the company spent about $395 million on buybacks over fiscal 2021–2025, and its share count fell 17.7% between July 2021 and July 2026, giving each remaining share a larger claim on profits.

The shares swing hard. They fell 92.4% in the 2008 financial crisis and took about 11 months after the March 2009 low to regain their September 2008 level. In the 2020 COVID crash they dropped 38.2%, recovering by August 2020. In the 2022 bear market they dipped 15.7% but ended the market's slide 17.7% higher. In the year to October 28, 2026, they fell as much as 45.4% from a high. Single stocks carry more risk than diversified funds.