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FLEX

Flex Ltd.

FLEX

Flex Ltd. • NASDAQ
$59.11 ▲ 1.22% (+0.71)
Market Cap $21.86 B
52w High $67.00
52w Low $25.11
Dividend Yield 0%
P/E 26.04
Volume 1.48M
Outstanding Shares 369.79M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $6.804B ▲ $318M ▲ $199M ▲ 2.925% ▲ $0.52 ▲ $470M ▲
Q1-2026 $6.575B ▲ $261M ▲ $192M ▼ 2.92% ▼ $0.5 ▼ $439M ▼
Q4-2025 $6.398B ▼ $258M ▼ $222M ▼ 3.47% ▼ $0.57 ▼ $469M ▼
Q3-2025 $6.556B ▲ $260M ▲ $263M ▲ 4.012% ▲ $0.68 ▲ $489M ▲
Q2-2025 $6.545B $234M $214M 3.27% $0.54 $448M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $2.249B ▲ $19.546B ▲ $14.511B ▲ $5.035B ▼
Q1-2026 $2.239B ▼ $19.132B ▲ $14.043B ▲ $5.089B ▲
Q4-2025 $2.289B ▼ $18.381B ▲ $13.379B ▲ $5.002B ▲
Q3-2025 $2.313B ▼ $18.272B ▼ $13.28B ▼ $4.992B ▼
Q2-2025 $2.601B $18.586B $13.583B $5.003B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $199M ▲ $453M ▲ $-155M ▲ $-292M ▼ $10M ▲ $303M ▲
Q1-2026 $192M ▼ $399M ▼ $-179M ▲ $-283M ▲ $-50M ▼ $266M ▼
Q4-2025 $222M ▼ $433M ▲ $-197M ▲ $-297M ▼ $-44M ▲ $321M ▲
Q3-2025 $263M ▲ $413M ▲ $-435M ▼ $-203M ▼ $-268M ▼ $301M ▲
Q2-2025 $214M $319M $-124M $147M $358M $216M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Flex Agility Solutions FAS
Flex Agility Solutions FAS
 $3.60Bn ▲$3.50Bn ▼$3.69Bn ▲$3.77Bn ▲
Flex Reliability Solutions FRS
Flex Reliability Solutions FRS
 $2.96Bn ▲$2.89Bn ▼$2.88Bn ▼$3.04Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Flex’s revenue has been fairly steady over the past several years, with a small pullback after a recent peak. The more important story is that profitability has generally improved even without strong top-line growth. Gross and operating margins have inched higher, suggesting better mix, more value-added work, and tighter cost control. Net income rose meaningfully compared with a few years ago, although the most recent year shows a step down from the prior year’s high. Earnings per share follow the same pattern: structurally better than earlier in the period, but not on a smooth upward path. Overall, the income statement shows a mature manufacturer slowly upgrading its profitability profile, but still exposed to demand swings and execution risk.

Balance Sheet

Balance Sheet Flex’s balance sheet looks reasonably solid for a manufacturing-heavy business. Total assets have come down slightly from an earlier peak, which likely reflects some portfolio pruning and tighter working capital management rather than distress. Debt levels are meaningful but not extreme, and they have generally trended down from earlier highs, while shareholders’ equity has built up over time. That combination points to a healthier capital structure than a few years ago. Cash on hand is sizable, though somewhat lower than at its recent peak, so the company still has a liquidity cushion but somewhat less excess slack. Overall, leverage appears manageable, with a balance sheet that can likely support ongoing investment and selective growth initiatives.

Cash Flow

Cash Flow Cash generation is a clear bright spot. Operating cash flow has strengthened over the period, moving from relatively modest levels to consistently robust figures in the last couple of years. This indicates better cash conversion from earnings and more disciplined management of inventory and receivables. Free cash flow has shifted from occasionally negative to comfortably positive, even after steady, ongoing capital spending. That suggests Flex has been able to fund investments in its facilities and technology while still generating surplus cash. The pattern is consistent with a business that has moved past a heavier build-out phase and is now harvesting more cash from its installed base and higher-value programs.

Competitive Edge

Competitive Edge Flex operates in a notoriously competitive contract manufacturing and hardware services market, where price pressure is constant and switching costs can be modest. Against that backdrop, the company’s advantages come from its global scale, wide geographic footprint, and ability to serve large customers across many regions and product types. Its diversification across end markets—auto, healthcare, industrial, and more—reduces reliance on any single sector or customer. Just as important, Flex does more than basic assembly: it offers design support, supply-chain management, and after-market services. This end-to-end model deepens customer relationships and makes Flex harder to replace. Still, the moat is better described as narrow but durable: strong enough to support above-average positioning in a tough industry, but not immune to cycles, customer bargaining power, or aggressive competitors.

Innovation and R&D

Innovation and R&D Flex is pushing to move up the value chain through technology and specialized capabilities rather than relying solely on low-cost manufacturing. It is investing in factory automation, robotics, and data-driven operations to improve quality and efficiency, which can both support margins and attract complex programs. Strategically, Flex is leaning into high-growth areas: advanced data center infrastructure (including AI-focused power and cooling platforms), power electronics for electric and hybrid vehicles, and sophisticated healthcare and drug-delivery devices. Partnerships with leading chip and technology companies in AI and power components, along with proprietary tools for circular-economy and sustainability services, signal an innovation agenda that goes beyond traditional contract work. The risk is execution: success depends on scaling these newer, higher-margin solutions without overextending capital or diluting focus.

Summary

Flex comes across as a mature, operationally disciplined manufacturing and technology services company that is gradually reshaping itself for higher-value opportunities. Financially, revenue growth has been muted, but profitability and cash generation have improved compared with earlier years, and the balance sheet appears sound with manageable leverage and a decent cash buffer. Strategically, Flex’s strengths lie in its global footprint, diversified customer base, and ability to offer integrated design-to-aftermarket solutions. Its push into AI data centers, EV power electronics, and healthcare devices—combined with sustainability and circular-economy services—positions it in several long-term growth themes. The main tensions to watch are: the inherently competitive, low-margin nature of contract manufacturing; exposure to global supply-chain and demand cycles; and the challenge of scaling more innovative, proprietary offerings while keeping capital intensity and execution risk under control. Overall, Flex looks like a company steadily improving its quality of earnings and strategic positioning within a demanding industry, rather than one relying on rapid top-line expansion.

NEWS

November 20, 2025 · 4:04 PM UTC

Flex to Participate in Upcoming Investor Conferences

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November 13, 2025 · 9:05 AM UTC

Flex and Merck KGaA, Darmstadt, Germany, Win 2025 PDA Drug Delivery Innovation Award

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November 12, 2025 · 9:05 AM UTC

Flex Expands Liquid Cooling Footprint at Equinix Co-Innovation Facility

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November 12, 2025 · 1:22 AM UTC

Flex LNG - Third Quarter 2025 Earnings Release

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November 12, 2025 · 1:16 AM UTC

Flex LNG - Third Quarter 2025 Presentation

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