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PLXS

Plexus Corp.

PLXS

Plexus Corp. • NASDAQ
$142.95 ▼ -0.63% (-0.90)
Market Cap $3.86 B
52w High $172.89
52w Low $103.43
Dividend Yield 0%
P/E 22.84
Volume 86.12K
Outstanding Shares 26.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $1.058B ▲ $51.671M ▲ $51.429M ▲ 4.859% ▲ $1.91 ▲ $52.078M ▼
Q3-2025 $1.018B ▲ $49.68M ▲ $45.116M ▲ 4.43% ▲ $1.67 ▲ $71.921M ▲
Q2-2025 $980.17M ▲ $48.96M ▼ $39.073M ▲ 3.986% ▲ $1.44 ▲ $67.677M ▲
Q1-2025 $976.122M ▼ $53.832M ▼ $37.267M ▼ 3.818% ▼ $1.38 ▼ $66.456M ▼
Q4-2024 $1.051B $54.054M $41.221M 3.924% $1.52 $70.589M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $306.758M ▲ $3.137B ▲ $1.683B ▼ $1.455B ▲
Q3-2025 $237.567M ▼ $3.106B ▲ $1.687B ▼ $1.419B ▲
Q2-2025 $310.531M ▼ $3.086B ▲ $1.734B ▼ $1.352B ▲
Q1-2025 $317.161M ▼ $3.071B ▼ $1.752B ▼ $1.319B ▼
Q4-2024 $345.109M $3.154B $1.829B $1.325B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $51.429M ▲ $0 ▼ $0 ▲ $0 ▲ $69.141M ▲ $0 ▼
Q3-2025 $45.116M ▲ $26.883M ▼ $-14.099M ▲ $-90.187M ▼ $-72.945M ▼ $13.168M ▼
Q2-2025 $39.073M ▲ $36.693M ▼ $-20.273M ▲ $-25.332M ▲ $-7.287M ▲ $16.495M ▼
Q1-2025 $37.267M ▼ $53.637M ▼ $-26.481M ▼ $-52.763M ▲ $-29.613M ▼ $27.109M ▼
Q4-2024 $41.221M $220.131M $-26.202M $-121.281M $77.572M $193.823M

Five-Year Company Overview

Income Statement

Income Statement Plexus shows a pattern of steady, if sometimes uneven, growth in its sales and profit over the past several years. Revenue has generally moved upward, even with a brief pause, which is typical in hardware-related businesses tied to industrial and aerospace cycles. Profitability looks reasonably healthy and consistent. Gross profit has inched higher over time, suggesting the company is getting paid for its specialized work and managing costs fairly well. Operating profit has been steady rather than spectacular, which fits an engineering-heavy manufacturing model. Net income and earnings per share have trended upward over the longer run, with a soft patch and then a strong rebound more recently. Overall, the income statement reflects a business that is stable, disciplined, and gradually improving, but still exposed to swings in customer demand and program timing.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and controlled. Total assets and shareholders’ equity have grown over time, which points to a company building its base of operations and reinvesting earnings rather than stretching aggressively. Debt rose a few years ago as Plexus invested in the business, but has since been brought back down, which reduces financial risk and interest burden. Cash levels are modest rather than large, indicating management prefers to keep capital working in the business while still maintaining a reasonable buffer. Overall, the company appears sensibly leveraged with a balance sheet that supports its strategy without obvious signs of strain, though it is not sitting on an unusually large cash cushion.

Cash Flow

Cash Flow Cash generation has improved meaningfully after a period of weaker performance. There was a year where operating cash flow dipped close to zero, largely reflecting working capital swings that are common in manufacturing and supply-chain intensive businesses. Since then, operating cash flow and free cash flow have strengthened, showing better alignment between reported profits and real cash coming in the door. Investment in equipment and facilities has been steady but not excessive, indicating a disciplined approach to capital spending. The recent pattern suggests Plexus is now converting more of its earnings into surplus cash, which gives it more flexibility for debt reduction, strategic investments, or shareholder returns in the future. The main ongoing risk is that cash flow can remain somewhat volatile as inventory and receivables move with customer programs and supply chain conditions.

Competitive Edge

Competitive Edge Plexus occupies a differentiated niche in the electronics manufacturing space. Instead of chasing high-volume consumer gadgets, it focuses on complex, lower-volume products in demanding markets like medical devices, industrial equipment, and aerospace and defense. These areas require strict quality, regulatory approvals, and deep engineering know‑how, which raises the bar for competitors. The company’s main edge comes from offering an end-to-end solution: design, engineering, manufacturing, supply chain, and aftermarket services all integrated together. This deep involvement in the full product lifecycle makes it hard and costly for customers to switch vendors. Certifications, regulatory expertise, and long qualification cycles in healthcare and aerospace further strengthen switching costs. On the flip side, this strategy can create dependence on a smaller number of large, sophisticated customers and long-lived programs. Delays, cancellations, or budget cuts in these markets can have an outsized impact. Overall, Plexus appears to have a meaningful moat in its chosen segments, built on specialization, integration, and trust-based relationships rather than price competition.

Innovation and R&D

Innovation and R&D Plexus’s innovation is less about inventing consumer products and more about mastering complex engineering and manufacturing challenges for its clients. It invests in advanced manufacturing (such as high-density circuit boards and high-level assemblies), miniaturization, and rugged designs that can withstand harsh environments—capabilities that are especially valuable in medical, industrial, and defense applications. The company also leans heavily into design and user experience, with teams focused on user-centered design, interface design, and product strategy. This moves Plexus upstream in the value chain, from being a contractor to being a co-designer and strategic partner. On the process side, Plexus uses sophisticated supply chain tools and data analytics, including predictive systems to manage component risk and logistics. Looking forward, its innovation priorities seem centered on aerospace and defense, industrial automation, AI-enabled devices, and more sustainable, circular manufacturing and refurbishment solutions. The key challenge will be maintaining this technical edge and retaining specialized engineering talent as technologies and customer needs evolve.

Summary

Overall, Plexus looks like a steady, specialized operator rather than a high-flying growth story. Its income statement shows gradual improvement in sales and profitability, its balance sheet is reasonably strong with reduced debt, and its cash flow profile has strengthened after past volatility. Strategically, the company is positioned in demanding, regulated markets where its combination of design, engineering, manufacturing, and aftermarket services creates high switching costs and long-term customer relationships. This integrated model and focus on complexity rather than volume form the core of its competitive strength. Key things to watch include: how well it sustains cash generation, how it manages working-capital swings, its exposure to large customer programs, and its ability to keep advancing its engineering, digital, and sustainability capabilities. If it continues to execute on these fronts, Plexus appears well-set up to pursue steady, long-term growth within its chosen niches, while still facing the usual cyclicality and execution risks inherent in industrial technology manufacturing.

NEWS

November 6, 2025 · 8:00 AM UTC

Evolv Technology Selects Plexus as New Strategic Contract Manufacturing Partner

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October 1, 2025 · 4:15 PM UTC

Plexus Sets Fiscal Fourth Quarter and Fiscal Year 2025 Earnings Release Date

Read more