Flex Ltd. (FLEX)

Information Technology · Electronic Manufacturing Services · US stock · S&P 500 component

$76.69 ▼ -9.56 (11.08%)

At close 22 Oct 2026 · USD · Volume 11,005,835

Compare with TEL

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueFair

$66 −14.5% to fair value

$33fair band $56–$80$98

Day's range

$76.21 – $83.19

52-week range

$53.07 – $166.86

About Flex Ltd.

Flex is a contract manufacturer and design partner that builds electronic products and related systems for other companies. Its customers span cloud and data centre operators, automotive, industrial, communications, consumer and healthcare businesses. The group runs a global network of factories and design centres, offering product design, engineering, manufacturing, supply chain management and after-sales services, so that customers can outsource much of their hardware production.

Flex is paid by customers for the products it designs, builds and services on their behalf. Revenue is $29.3 billion over the last twelve months, with revenue growth over three years of -0.7% a year. The operating margin is 5.0%, while the business earns a profit of 15% on the capital invested in it. The company has net debt of 1.6 times EBITDA and pays no dividend. On the site's X-Ray Score it receives 41 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $53.07 – $166.86Volume 11,005,835Daily, split-adjusted

Vitals

Market cap$28.7B

52-week range$53.07 – $166.86

Volume (last day)11,005,835

P/E (TTM)29.7

EBIT / EV yield4.7%

Free-cash-flow yield2.9%

Dividend yieldNo dividend

Revenue (TTM)$29.3B

Net income (TTM)$973M

Operating margin5.0%

Return on capital14.5%

Debt incl. leases$5.2B

Cash & securities$2.8B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$66middle half of models $53 – $70

Fair −14.5% to fair value

Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Price $77

Undervalued < $56Fair $56 – $80Overvalued > $80

P/E multiple

$71

P/B multiple

$53

P/S multiple

$117

EV/EBITDA multiple

$67

EV/EBIT multiple

$65

EV/revenue multiple

$108

10-year DCF, EBITDA exit

$53

5-year DCF, EBITDA exit

$63

10-year DCF, revenue exit

$60

5-year DCF, revenue exit

$70

10-year DCF, growth exit

$34

5-year DCF, growth exit

$39

Earnings power value

$55

Growth the price implies

18.6%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Weak business, fairly priced

The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better 37 The price is not above fair value $66 fair value Debt looks manageable 1.6× EBITDA Revenue has been growing -0.7% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Weak

48/100

Expensive against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield4.7%

Free-cash-flow yield2.9%

Fair value vs price0.9×

Growth Weak

41/100

Growing slower than most of its sector.

See the numbers →

Revenue growth (3y)-0.7%

EPS growth (3y)10.6%

Growth consistency70%

Profitability Weak

34/100

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital14.5%

Operating margin5.0%

Gross profitability10.9%

Financial health Weak

39/100

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score7 / 9

Net debt / EBITDA1.6×

Interest cover6.5×

Dividends None

–/100

Pays no dividend.

See the numbers →

Quarterly results: last 6 quarters

+3.7%

Mar '25

+4.1%

Jun '25

+4.0%

Sep '25

+7.7%

Dec '25

+16.9%

Mar '26

+20.6%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $7.9B, diluted EPS $0.76.

Compare with peers

TEL TE Connectivity plc54 JBL Jabil Inc43

Other Electronic Manufacturing Services companies by X-Ray Score.

SWOT analysis: Flex Ltd.

Strengthsinside the company

Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.

Weaknessesinside the company

Operating margin of 5.0% is thin against 21.7% for sector peers.
Revenue has fallen 0.7% a year over three years while sector peers grew 9.8%.

Opportunitiesvaluation and setting

Revenue growth picked up to 8.1% last year from -0.7% a year over three years.
Our Market Compass rates the backdrop for Information Technology as favourable.

Threatsvaluation and setting

Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare FLEX with peers and sector

Medians of 74 Information Technology peers and of 74 Information Technology stocks in our universe. Largest peers (X-Ray Score): NVDA 67, AAPL 53, MSFT 61, AVGO 60, MU 79, AMD 48.

Metric	FLEX	Peers	Sector
X-Ray Score (out of 100)	41	50	50
Valuation	47	52	52
Growth	41	54	54
Profitability	34	50	50
Financial health	39	50	50
Dividends	–	50	50

Sector leaders: highest X-Ray Score in Information Technology

FLEX ranks #59 of 75 in Information Technology by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 MU Micron Technology Inc	79
#2 ADBE Adobe Inc.	77
#3 SNDK Sandisk Corp	73
#4 INTU Intuit Inc.	71
#5 FICO Fair Isaac Corp	71
…
#59 FLEX Flex Ltd. (this stock)	41

Metric	FLEX	Peers	Sector
P/E ratio	29.5x	34.1x	34.1x
PEG ratio	2.77	2.19	2.19
Price / book	5.2x	8.3x	8.3x
Price / sales	1.0x	7.1x	7.1x
EV / EBITDA	21.4x	24.8x	24.8x
Price / free cash flow	34.7x	28.7x	28.7x
Dividend yield	–	1.0%	1.0%
Gap to our fair value	−14.5%	−6.6%	−6.6%

Metric	FLEX	Peers	Sector
Price change, 1 month	−33.0%	−2.0%	−2.0%
Price change, 3 months	−39.6%	+3.5%	+3.5%
Price change, 6 months	−10.2%	+13.4%	+13.4%
Price change, 1 year	+25.0%	+18.6%	+18.6%

Metric	FLEX	Peers	Sector
Market value	$28.7B	$80.1B	$80.1B
Revenue (last 12 months)	$29.3B	$11.0B	$11.0B
EBITDA (last 12 months)	$1.4B	$2.6B	$2.6B
Net income (last 12 months)	$973M	$1.7B	$1.7B
Free cash flow (last 12 months)	$826M	$2.7B	$2.7B

Metric	FLEX	Peers	Sector
Revenue growth, last year	+8.1%	+13.8%	+13.8%
Revenue growth, 3 years a year	−0.7%	+9.8%	+9.8%
EPS growth, 3 years a year	+10.6%	+5.6%	+5.6%
Free cash flow growth, 3 years a year	+49.5%	+15.3%	+15.3%
Dividend growth	–	+5.8%	+5.8%

Metric	FLEX	Peers	Sector
Gross margin	9.4%	58.1%	58.1%
EBITDA margin	5.0%	27.0%	27.0%
Operating margin	5.0%	21.7%	21.7%
Net margin	3.3%	18.5%	18.5%
Return on invested capital	14.5%	19.7%	19.7%
Return on equity	17.7%	21.4%	21.4%

Metric	FLEX	Peers	Sector
Net debt / EBITDA	1.6x	0.8x	0.8x
Interest cover	6.5x	23.5x	23.5x
Current ratio	1.4x	1.6x	1.6x
Piotroski F-score (0 to 9)	7	6	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for FLEX

Each factor is rated by where FLEX stands among the 75 Information Technology stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 4 Good · 10 Average · 9 Bad of 23 Growth: 0 · 1 · 2 Profitability: 0 · 2 · 3 Financial strength: 1 · 1 · 2 Valuation: 2 · 3 · 0 Cash flow: 1 · 1 · 2 Efficiency: 0 · 2 · 0

Factor	FLEX	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	−0.7%	Bad beats 17%	+9.7%	–	–
Revenue growth, last year	+8.1%	Bad beats 29%	+13.7%	+2.1%	▲ Better
EPS growth, 3 years a year	+10.6%	Average beats 59%	+5.9%	–	–
Profitability
Gross margin	9.4%	Bad beats 2%	57.8%	7.2%	▲ Better
Operating margin	5.0%	Bad beats 6%	20.3%	3.6%	▲ Better
Net margin	3.3%	Bad beats 9%	17.8%	3.2%	≈ In line
Return on invested capital	14.5%	Average beats 37%	19.4%	–	–
Return on equity	17.7%	Average beats 42%	21.0%	16.8%	≈ In line
Financial strength
Net debt / EBITDA	1.6x	Bad beats 28%	0.8x	1.0x	▼ Worse
Interest cover	6.5x	Bad beats 11%	23.0x	5.4x	▲ Better
Current ratio	1.38	Average beats 42%	1.57	1.36	≈ In line
Piotroski F-score	7 / 9	Good beats 68%	6 / 9	–	–
Valuation
P/E ratio	29.5x	Average beats 60%	33.6x	14.5x	▼ Worse
Price / book	5.2x	Good beats 74%	8.3x	2.4x	▼ Worse
Price / sales	1.0x	Good beats 94%	6.9x	0.5x	▼ Worse
EV / EBITDA	21.4x	Average beats 58%	24.7x	12.5x	▼ Worse
Free cash flow yield	2.9%	Average beats 46%	3.4%	6.3%	▼ Worse
Cash flow
Free cash flow margin	2.8%	Bad beats 5%	22.3%	3.0%	≈ In line
Cash from operations / net income	1.61	Average beats 63%	1.39	1.52	≈ In line
Free cash flow growth, 3 years a year	+49.5%	Good beats 86%	+15.4%	–	–
Accruals (lower is better)	−2.3%	Bad beats 29%	−4.4%	–	–
Efficiency
Inventory turnover	4.1x	Average beats 61%	3.9x	3.9x	≈ In line
Days sales outstanding	63 days	Average beats 52%	63 days	50 days	▼ Worse

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 3 Good · ● 4 Average · ● 9 Bad

Cash quality

Earnings backed by cashBad

Free-cash-flow yieldAverage

Risk models

Altman Z''Bad

Piotroski F-ScoreGood

Growth

EPS growth (3y)Average

Free-cash-flow growth (3y)Good

Revenue growth (3y)Bad

Growth consistencyBad

Balance sheet

Current ratioAverage

Net debt / EBITDABad

Interest coverBad

Valuation

Fair value vs priceBad

EBIT / EV yieldGood

Profitability

Return on invested capitalAverage

Operating marginBad

Gross profitabilityBad

Each check is graded against the company's sector, not a fixed number. Checklist score 35/100.

Financials

	FY22	FY23	FY24	FY25	FY26
Revenue	$24.6B	$28.5B	$26.4B	$25.8B	$27.9B
Operating income	$890M	$1.0B	$853M	$1.2B	$1.4B
Net income	$936M	$793M	$872M	$838M	$880M
Operating cash flow	$1.0B	$950M	$1.3B	$1.5B	$1.7B
Operating margin	3.6%	3.6%	3.2%	4.5%	4.9%
Free cash flow	$581M	$315M	$796M	$1.1B	$1.1B
Diluted EPS	$1.94	$1.72	$2.28	$2.11	$2.33

Fiscal years, from SEC filings.

Technical summary

Daily

Bearish

4 bullish · 0 neutral · 12 bearish

Weekly

Strongly bearish

2 bullish · 1 neutral · 9 bearish

Monthly

Neutral

4 bullish · 1 neutral · 3 bearish

Moving averages (daily)

SMA 10	97.52	Bearish
EMA 10	93.90	Bearish
SMA 20	106.4	Bearish
EMA 20	101.3	Bearish
SMA 50	110.0	Bearish
EMA 50	109.3	Bearish
SMA 100	123.0	Bearish
EMA 100	111.6	Bearish
SMA 200	102.4	Bearish
EMA 200	102.9	Bearish

Oscillators (daily)

RSI (14)	22.38	Bullish
MACD (12, 26)	-7.71	Bearish
Momentum (12)	-36.82	Bearish
Stochastic %K (14)	1.05	Bullish
Williams %R (14)	-98.95	Bullish
CCI (20)	-165.9	Bullish

Pivot points (classic, last session)

67.22

71.72

74.20

Pivot

78.70

81.18

85.68

88.16

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

ETFs that hold FLEX

ETF	Share of the fund
CGMM Capital Group U.S. Small and Mid Cap	1.63%
RSPT Invesco S&P 500 Equal Weight Technolog...	1.11%
AVLV Avantis U.S. Large Cap Value	1.06%
SCHM Schwab U.S. Mid-Cap	1.03%
JHMM John Hancock Multifactor Mid Cap	0.86%
RPG Invesco S&P 500 Pure Growth	0.83%
SMLF iShares MSCI USA Small-Cap Multifactor	0.78%
VOT Vanguard Mid-Cap Growth	0.65%

The eight funds with the largest weight in FLEX among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.