Flex Ltd. (FLEX) financials
NASDAQ · Technology · Hardware, Equipment & Parts · 149,686 employees · CEO Revathi Advaithi
- Price
- $86.48 -7.08%
- Market cap
- $32B
- Enterprise value
- $34.9B
- Last report
- Q2 '27 filed 2026-10-30
- Next report
- 2027-01-27 EPS est. $1.25
Revenue (TTM)$31B+17.5% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)5.3%+0.5 pp vs a year agoOperating income $1.63B
Net income (TTM)$1.04B+18.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.03B-13.9% vs a year agoCapex $827M
Diluted EPS (TTM)$2.77+22.6% vs a year agoSum of the last 4 quarters
Net cash-$2.9B-41.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $32B EV $34.9B
- Revenue
- $31B Trailing 12 months
- Revenue growth
- +27% FY2027 consensus
- Profit margin
- 3.4% Net income / revenue, TTM
- P/E
- 31.2× Forward 17.5× (FY2027)
- P/S
- 1.0× Price / sales, TTM
- EV / EBITDA
- 16.2× TTM
- Free cash flow
- $1.03B Trailing 12 months
- Net income
- $1.04B Trailing 12 months
- Revenue estimate
- $35.4B FY2027 consensus
- Earnings
- 2027-01-27 Revenue est. $9.05B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-28): revenue beat by 3.9%, EPS beat by 11.3%Revenue $8.49B vs $8.17B expected (+3.9%); EPS $1.18 vs $1.06 (+11.3%).
- Revenue growth accelerating: 24.8% year on yearQ2 '27 revenue $8.49B, against an average of 12.3% over the four quarters before.
- Operating margin 5.3% (TTM), +0.5 pp on a year agoOperating income grew 30.9% while revenue grew 17.5%.
- 18.0% of pre-tax profit is eaten by non-operating lossesPre-tax income $1.38B vs operating income $1.63B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 2.7% of revenue (a year ago 1.9%)$827M invested in the last 4 quarters (+63.1% on a year earlier). Free cash flow $1.03B = 98.9% of net income.
- Returned $1.34B to shareholders = 131.0% of free cash flowBuybacks $1.34B (a year earlier $1.04B), dividends $0, stock-based pay $213M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 1.6% in a year374M diluted shares in Q2 '27, 380M a year earlier.
- Net debt $2.9BCash + short-term investments $3.08B, debt incl. leases $5.98B; a year ago net debt $2.04B.
Last quarter: Q2 '27
Quarter ended 2026-09-25. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '27 | Year ago | Change | |
|---|---|---|---|
| Revenue | $8.49B | $6.8B | +24.8% |
| Gross margin | 9.6% | 9.0% | +0.5 pp |
| Operating income | $414M | $296M | +39.9% |
| Operating margin | 4.9% | 4.4% | +0.5 pp |
| Net income | $263M | $199M | +32.2% |
| Diluted EPS | $0.70 | $0.52 | +34.6% |
| Operating cash flow | $501M | $453M | +10.6% |
| Capex | $241M | $150M | +60.7% |
| Free cash flow | $260M | $303M | -14.2% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $37M | -100.0% |
Reported vs consensus
2026-10-28| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $8.49B | $8.17B | +3.9% |
| EPS (as estimated) | $1.18 | $1.06 | +11.3% |
From the report of 2026-10-28 for Q2 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Flex Agility Solutions (FAS) | $3.82B | +6.1% | 54.1% | $14.8B | -15.1% | |
| Flex Reliability Solutions (FRS) | $3.24B | +9.6% | 45.9% | $12.1B | -20.0% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '25
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Flex Agility Solutions FAS | – | – | $227M | – | – | – | – |
| Flex Reliability Solutions FRS | – | – | $198M | – | – | – | – |
| Corporate (unallocated) | – | – | -$26M | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $1.85B
- Capex
- -$827M
- Buybacks
- -$1.34B
- Dividends
- $0
- Acquisitions
- -$1.13B
- Net debt issued
- $87M
- Stock-based compensation
- $213M
- Free cash flow
- $1.03B
- Returned to shareholders / FCF
- 131.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 31.2× | 15.5× | 9.4× – 28.1× |
| EV / EBITDA | 16.2× | 9.1× | 6.6× – 13.7× |
| EV / Sales | 1.1× | 0.6× | 0.4× – 0.9× |
| Price / FCF | 31.1× | 19.7× | 12.1× – 33.2× |
| Price / Book | 5.6× | 2.7× | 2.0× – 4.8× |
| FCF yield | 3.2% | 5.8% | 3.0% – 8.2% |
| Return on invested capital | 9.9% | 9.3% | 8.1% – 11.5% |
| Return on equity | 19.2% | 18.0% | 14.8% – 22.7% |
Analysts
Consensus target $154.00 (+78.1%)
range $128.00 – $180.00 · rating Buy
Strong buy0
Buy19
Hold7
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $35.4B | +26.8% | $4.95 | +112.6% | 17.5× | 4 |
| FY2028 | $46.2B | +30.7% | $7.59 | +53.2% | 11.4× | 5 |
| FY2029 | $53.8B | +16.3% | $10.04 | +32.3% | 8.6× | 2 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 268 figures Flex Ltd. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| – | – | – | $0 | – | – | |
| $14M | $15M | -6.7% | $53M | $79M | -32.9% | |
| Accounts Payable, Current | $9.71B | $6.13B | +58.5% | $8.06B | $5.15B | +56.5% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $5.78B | $3.86B | +49.8% | $4.68B | $3.67B | +27.5% |
| Accounts Receivable, Allowance for Credit Loss, Current | $8M | $9M | -11.1% | $8M2023-03-31 | $56M | -85.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $4.8B2026-03-31 | $4.62B | +3.9% | $4.8B | $4.62B | +3.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$151M | -$111M | -36.0% | -$167M | -$224M | +25.4% |
| Acquired Finite-lived Intangible Asset, Residual Value | $02026-03-31 | $0 | – | $0 | $0 | – |
| Adjustment of Warrants Granted for Services | $3M | – | – | – | – | – |
| Amortization of Intangible Assets | $27M | $16M | +68.8% | $68M | $70M | -2.9% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $43M | $37M | +16.2% | $142M | $125M | +13.6% |
| Asset Impairment Charges | $1M | – | – | $2M2025-03-31 | $14M | -85.7% |
| Assets | $27.4B | $19.5B | +40.1% | $22.1B | $18.4B | +20.0% |
| Assets, Current | $20.2B | $13.8B | +45.7% | $16.3B | $12.8B | +27.2% |
| Business Combination, Acquisition Related Costs | $19M | – | – | $8M2016-03-31 | – | – |
| Business Combination, Bargain Purchase, Gain Recognized, Amount | – | – | – | $0 | $19M | -100.0% |
| Business Combination, Contingent Consideration, Liability | $02026-06-26 | – | – | $2M | $5M | -60.0% |
| Capital Expenditures Incurred but Not yet Paid | $86M | $6M | +1,333.3% | $174M | $136M | +27.9% |
| Cash | $745M2026-03-31 | $754M | -1.2% | $745M | $754M | -1.2% |
| Cash and Cash Equivalents, at Carrying Value | $3.08B | $2.25B | +37.1% | $2.39B | $2.29B | +4.4% |
| Cash and Cash Equivalents, Fair Value Disclosure | $2.69B | – | – | $1.64B | $1.54B | +7.1% |
| Cash Equivalents, at Carrying Value | $1.64B2026-03-31 | $1.54B | +7.1% | $1.64B | $1.54B | +7.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.08B | $2.25B | +37.1% | $2.39B | $2.29B | +4.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $243M | $10M | +2,330.0% | $100M | -$185M | +154.1% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | $51.29 | – | – | – | – | – |
| Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3.86M | – | – | – | – | – |
| Common Stock, No Par Value | $0.00 | $0.00 | – | $0.00 | $0.00 | – |
| Common Stock, Shares, Issued | 375M | 376M | -0.4% | 371M | 383M | -3.2% |
| Common Stock, Shares, Outstanding | 369M | 371M | -0.4% | 366M | 378M | -3.2% |
| Common Stock, Value, Outstanding | $3.45B | $3.67B | -6.1% | $3.35B | $4.14B | -19.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | – | – | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $262M | $204M | +28.4% | $937M | $809M | +15.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | – | – | – | $937M | $809M | +15.8% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $1.44B | $819M | +76.2% | $1.06B | $616M | +72.6% |
| Contract with Customer, Liability | $538M | $429M | +25.4% | $431M | $377M | +14.3% |
| Cost of Goods and Services Sold | $7.66B | $6.18B | +24.0% | $25.3B | $23.6B | +7.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $2M | $2M | 0.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $223M | $128M | +74.2% |
| Current Income Tax Expense (Benefit) | – | – | – | $225M | $130M | +73.1% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $10M2026-03-31 | $15M | -33.3% | $10M | $15M | -33.3% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $0 | $3M | -100.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $38M | $52M | -26.9% |
| Deferred Income Tax Assets, Net | $538M2026-03-31 | $577M | -6.8% | $538M | $577M | -6.8% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $38M | $55M | -30.9% |
| Deferred Income Tax Liabilities, Net | $111M2026-03-31 | $149M | -25.5% | $111M | $149M | -25.5% |
| Deferred Income Taxes and Other Assets, Noncurrent | $547M | $575M | -4.9% | $538M | $577M | -6.8% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $1M2026-03-31 | $3M | -66.7% | $1M | $3M | -66.7% |
| Deferred Tax Assets, Gross | $1.4B2026-03-31 | $1.43B | -2.3% | $1.4B | $1.43B | -2.3% |
| Deferred Tax Assets, Inventory | $29M2026-03-31 | $32M | -9.4% | $29M | $32M | -9.4% |
| Deferred Tax Assets, Investment in Subsidiaries | $70M2026-03-31 | $74M | -5.4% | $70M | $74M | -5.4% |
| Deferred Tax Assets, Net | $427M2026-03-31 | $428M | -0.2% | $427M | $428M | -0.2% |
| Deferred Tax Assets, Net of Valuation Allowance | $603M2026-03-31 | $652M | -7.5% | $603M | $652M | -7.5% |
| Deferred Tax Assets, Operating Loss Carryforwards | $943M2026-03-31 | $1.02B | -7.7% | $943M | $1.02B | -7.7% |
| Deferred Tax Assets, Other | $235M2026-03-31 | $186M | +26.3% | $235M | $186M | +26.3% |
| Deferred Tax Assets, Property, Plant and Equipment | $76M2026-03-31 | $76M | 0.0% | $76M | $76M | 0.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $44M2026-03-31 | $37M | +18.9% | $44M | $37M | +18.9% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | $2M2026-03-31 | $3M | -33.3% | $2M | $3M | -33.3% |
| Deferred Tax Assets, Valuation Allowance | $797M2026-03-31 | $781M | +2.0% | $797M | $781M | +2.0% |
| Deferred Tax Liabilities, Intangible Assets | $45M2026-03-31 | $52M | -13.5% | $45M | $52M | -13.5% |
| Deferred Tax Liabilities, Net | $176M2026-03-31 | $224M | -21.4% | $176M | $224M | -21.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-25, 10-Q 2026-06-26, 10-K 2026-03-31, 10-Q 2025-12-31, 10-Q 2025-09-26, 10-Q 2025-06-27, 10-K 2025-03-31, 10-Q 2024-12-31, 10-Q 2024-09-27
Data as of 2026-11-02