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SANM

Sanmina Corporation

SANM

Sanmina Corporation • NASDAQ
$156.16 ▲ 0.37% (+0.57)
Market Cap $8.42 B
52w High $178.39
52w Low $63.67
Dividend Yield 0%
P/E 34.94
Volume 256.66K
Outstanding Shares 53.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $2.096B ▲ $112.692M ▲ $48.066M ▼ 2.293% ▼ $0.9 ▼ $107.971M ▼
Q3-2025 $2.042B ▲ $85.173M ▲ $68.616M ▲ 3.361% ▲ $1.28 ▲ $126.151M ▲
Q2-2025 $1.984B ▼ $84.619M ▲ $64.208M ▼ 3.236% ▼ $1.18 ▼ $121.592M ▼
Q1-2025 $2.006B ▼ $79.305M ▼ $65.003M ▲ 3.24% ▲ $1.2 ▲ $123.122M ▼
Q4-2024 $2.018B $81.703M $61.381M 3.042% $1.12 $123.479M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $926.267M ▲ $5.858B ▲ $3.319B ▲ $2.354B ▲
Q3-2025 $837.72M ▲ $5.222B ▲ $2.747B ▲ $2.294B ▲
Q2-2025 $686.72M ▲ $4.967B ▲ $2.571B ▲ $2.218B ▼
Q1-2025 $642.402M ▲ $4.812B ▼ $2.391B ▼ $2.25B ▲
Q4-2024 $625.86M $4.823B $2.461B $2.197B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $48.066M ▼ $199.079M ▼ $-62.644M ▼ $-8.224M ▲ $88.547M ▼ $141.493M ▼
Q3-2025 $72.888M ▲ $200.782M ▲ $-32.664M ▼ $-18.758M ▲ $151M ▲ $163.688M ▲
Q2-2025 $70.515M ▼ $156.858M ▲ $4.322M ▲ $-118.027M ▼ $44.318M ▲ $126.147M ▲
Q1-2025 $70.884M ▲ $63.938M ▲ $-17.221M ▲ $-28.831M ▲ $16.542M ▲ $46.853M ▲
Q4-2024 $67.34M $51.875M $-25.897M $-60.412M $-31.849M $29.278M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
CPS Third Party Revenue
CPS Third Party Revenue
 $420.00M ▲$410.00M ▼$420.00M ▲$370.00M ▼
IMS
IMS
 $1.62Bn ▲$1.60Bn ▼$1.65Bn ▲$1.64Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Sanmina has grown meaningfully over the past several years, but the most recent year shows a step back from peak levels. Revenue climbed steadily through 2023, then pulled back in 2024, though it remains above where it was a few years ago. Profitability followed a similar pattern: operating profit and EBITDA improved as the company scaled, then eased off more recently. Net income and earnings per share are clearly down from their high point and now sit closer to mid‑range levels of the past few years. Overall, this looks like a solidly profitable business facing a softer demand or pricing environment in the latest year, rather than a structural collapse, but the direction of the next year or two will matter a lot for confirming that view.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative and stable. Total assets have grown from earlier years and then leveled off, suggesting the company has already built much of the capacity it needs. Cash balances are healthy and have stayed fairly steady over time, providing a useful liquidity cushion. Debt is modest relative to the size of the business and has drifted slightly down in the most recent year, which reduces financial risk. Shareholders’ equity has been trending upward after a dip a few years ago, indicating that, over time, the company has been adding value and keeping leverage in check. Overall, financial flexibility appears solid for a manufacturing business in a cyclical industry.

Cash Flow

Cash Flow Sanmina’s cash generation profile is generally sound, with one weaker patch followed by a rebound. Operating cash flow has been consistently positive, with the most recent year recovering from a softer prior year and returning to levels seen earlier in the period. Free cash flow dipped sharply in 2023, likely reflecting heavier investment needs and working capital swings, but bounced back strongly in 2024 as spending normalized and cash generation improved. Capital expenditures have been meaningful but not excessive, with a notable spike in 2023 that has since eased. This pattern suggests the company has been investing in capacity and technology while still ending up with positive cash after investments, especially in the latest year.

Competitive Edge

Competitive Edge Sanmina sits in a tough, price‑sensitive contract manufacturing industry but has carved out a more defensible niche. Its key strengths are deep vertical integration, the ability to handle complex, high‑reliability products, and long‑standing relationships in demanding sectors such as medical, defense, aerospace, and advanced networking. By offering end‑to‑end services—from design support through manufacturing, logistics, and after‑market repairs—the company becomes deeply embedded with customers, which can increase switching costs and make relationships stickier. Its presence in regulated, high‑barrier markets and its capabilities in advanced data center and cloud infrastructure add further differentiation. At the same time, Sanmina still faces intense global competition, customer concentration risk, and the usual margin pressure of the EMS industry, so maintaining this edge will require continuous execution and cost discipline.

Innovation and R&D

Innovation and R&D Innovation at Sanmina is less about flashy consumer products and more about advanced manufacturing, complex components, and digital factory capabilities. The Advanced Microsystems Technologies division focuses on cutting‑edge areas like optical, RF, microelectronics, silicon photonics, and advanced packaging—critical for 5G, high‑speed networking, and AI infrastructure. The company’s Industry 4.0 program, branded Sanmina 4.0, and its cloud‑based 42Q manufacturing execution system show a strong push into smart, data‑driven factories, which can improve quality, traceability, and efficiency for both Sanmina and its customers. Strategic moves into AI data centers, liquid‑cooled infrastructure, and robotics manufacturing (through partnerships and acquisitions) position the company in several high‑growth, technology‑intensive niches. The main risks are execution—successfully integrating new businesses like the ZT Systems data center unit—and the need to keep investing to stay ahead in fast‑moving technologies without overstretching resources.

Summary

Sanmina presents as a mature, technically capable manufacturing partner that has moved up the value chain into more complex and higher‑reliability products. Financially, it shows a pattern of steady growth and improving profitability through 2023, followed by a clear slowdown and earnings step‑down in 2024, though still within a profitable and manageable range. The balance sheet is relatively clean, with modest debt and solid liquidity, and cash flow has recovered well after a weaker investment‑heavy year. Competitively, the company benefits from vertical integration, deep expertise in regulated and mission‑critical industries, and a growing foothold in cloud, AI, and robotics, all supported by ongoing process and technology innovation. Future outcomes will depend on how well it converts these strategic initiatives into sustained, higher‑quality earnings while navigating the usual EMS pressures of cyclicality, customer demands, and global competition.

NEWS

November 3, 2025 · 4:01 PM UTC

SANMINA REPORTS FOURTH QUARTER AND FISCAL 2025 FINANCIAL RESULTS

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October 27, 2025 · 8:30 AM UTC

SANMINA COMPLETES ACQUISITION OF ZT SYSTEMS DATA CENTER INFRASTRUCTURE MANUFACTURING BUSINESS FROM AMD

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October 21, 2025 · 5:10 PM UTC

SANMINA CORPORATION INVITES YOU TO JOIN ITS FOURTH QUARTER AND FISCAL YEAR 2025 EARNINGS CONFERENCE CALL

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