Flex Ltd.
- Open
- 110.35
- Day high
- 111.55
- Day low
- 108.86
- Prev close
- 110.50
- Volume
- 2.8M
- Mkt cap
- $40.4B
- P/E (TTM)
- 42.2
- EPS (TTM)
- $2.59
- P/B
- 7.3
- P/S
- 1.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$67.0M over the last 3 months (0 open-market buys, 92 sales)
- 🏛Institutions accumulating (13F)
Flex Ltd. (FLEX) is a Technology company listed on NASDAQ. The stock is up 104% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 92 sales (SEC Form 4). Drillr has 2 published research articles covering FLEX.
Flex Ltd. (FLEX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FLEX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $0.90 | $1.00 | +11.2% | $7.9B | +5.3% |
| May 6, 2026 | $0.88 | $0.93 | +6.3% | $7.5B | +7.3% |
| Feb 4, 2026 | $0.79 | $0.87 | +9.7% | $7.1B | +1.3% |
| Oct 29, 2025 | $0.75 | $0.79 | +4.8% | $6.8B | +1.8% |
| Jul 24, 2025 | $0.63 | $0.72 | +14.6% | $6.6B | +6.5% |
| May 7, 2025 | $0.69 | $0.73 | +5.0% | $6.4B | +2.6% |
| Jan 29, 2025 | $0.64 | $0.77 | +20.3% | $6.6B | +6.6% |
| Oct 30, 2024 | $0.56 | $0.64 | +14.3% | $6.5B | +0.3% |
| Jul 24, 2024 | $0.41 | $0.51 | +23.9% | $4.7B | -21.0% |
| May 1, 2024 | $0.55 | $0.57 | +2.9% | $6.2B | +1.1% |
| Jan 31, 2024 | $0.62 | $0.71 | +14.5% | $7.1B | +14.2% |
| Oct 25, 2023 | $0.58 | $0.68 | +17.2% | $7.5B | +4.4% |
FLEX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | Hartung Michael Pofficer: Chief Commercial Officer | Sell | 196 | $122.60 |
| Aug 20, 2026 | Hartung Michael Pofficer: Chief Commercial Officer | Sell | 272 | $121.76 |
| Aug 20, 2026 | Hartung Michael Pofficer: Chief Commercial Officer | Sell | 8 | $123.25 |
| Aug 20, 2026 | Hartung Michael Pofficer: Chief Commercial Officer | Sell | 1,007 | $119.79 |
| Aug 20, 2026 | Hartung Michael Pofficer: Chief Commercial Officer | Sell | 1,272 | $120.74 |
| Aug 7, 2026 | HURLSTON MICHAEL E.director | Grant | 1,928 | — |
| Aug 7, 2026 | WATKINS WILLIAM Ddirector | Grant | 820 | — |
| Aug 7, 2026 | HARRIS JOHN Ddirector | Grant | 1,928 | — |
| Aug 7, 2026 | Stevens Charles K. IIIdirector | Grant | 1,928 | — |
| Aug 7, 2026 | Sylvester Maryrosedirector | Grant | 1,928 | — |
| Aug 7, 2026 | WATKINS WILLIAM Ddirector | Grant | 410 | — |
| Aug 7, 2026 | Sylvester Maryrosedirector | Grant | 410 | — |
| Aug 7, 2026 | Ward Patdirector | Grant | 410 | — |
| Aug 7, 2026 | WATKINS WILLIAM Ddirector | Grant | 1,928 | — |
| Aug 7, 2026 | Stevens Charles K. IIIdirector | Grant | 1,230 | — |
Source: FLEX SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full FLEX insider & 13F page →FLEX research & analysis
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Flex Ltd. company profile
Overview
Flex Ltd. (NASDAQ:FLEX) is a Singapore-based multinational electronics manufacturing services company founded in 1969 and publicly traded since 1994. Originally known as Flextronics International Ltd., the company rebranded to Flex Ltd. in 2016. Flex operates as one of the world's largest contract manufacturers, providing design, engineering, manufacturing, and supply chain services to original equipment manufacturers across multiple industries including technology, automotive, healthcare, and industrial sectors.
Business
Flex operates in the electronics manufacturing services (EMS) industry, which involves companies that provide manufacturing and related services to original equipment manufacturers (OEMs) who design products but outsource their production. The EMS industry allows companies like Apple, automotive manufacturers, and medical device companies to focus on product design and marketing while leveraging specialized manufacturers for production efficiency and scale. The company operates through two primary business segments: Flex Agility Solutions (FAS) generates approximately 55% of total revenue and focuses on high-mix, low-to-medium volume manufacturing. This segment serves markets requiring rapid product development cycles and customization, including communications and enterprise compute (data centers, networking equipment), consumer devices (smartphones, tablets, gaming systems), and lifestyle products (wearables, smart home devices). The "agility" refers to the segment's ability to quickly adapt to changing customer requirements and market demands. Flex Reliability Solutions (FRS) accounts for roughly 45% of revenue and specializes in high-volume, standardized manufacturing where consistency and reliability are paramount. This segment serves automotive (electric vehicle components, advanced driver assistance systems), health solutions (medical devices, diagnostic equipment), and industrial markets (power systems, renewable energy equipment). The focus here is on long product lifecycles, stringent quality requirements, and regulatory compliance. The company also previously owned Nextracker, a solar tracking systems business that was spun off as an independent public company, though Flex retains some involvement in solar infrastructure projects. Flex's core value proposition centers on what management calls "EMS plus products plus services" - combining traditional contract manufacturing with proprietary products and value-added services like supply chain management, after-market support, and reverse logistics.
Revenue model
Flex generates revenue primarily through contract manufacturing fees charged to OEM customers who outsource their production. The company typically operates on relatively thin gross margins (around 9-10%) but achieves profitability through operational efficiency, scale, and value-added services. Revenue models vary by engagement type - some contracts involve Flex purchasing components and billing customers for finished products, while others operate under consignment models where customers provide materials and Flex charges manufacturing fees. The company's customers span major technology companies (hyperscale cloud providers like Amazon, Google, Microsoft), automotive manufacturers (both traditional OEMs and electric vehicle companies), medical device companies, and industrial equipment manufacturers. Flex's scale allows it to negotiate favorable component pricing and pass some of these savings to customers while retaining margins. Several factors influence Flex's profitability margins. Positive margin drivers include the ongoing shift toward higher-value markets like data centers and electric vehicles, which command premium pricing due to technical complexity and quality requirements. The company's expanding portfolio of proprietary power management and cooling solutions also generates higher margins than pure contract manufacturing. Geographic diversification and automation investments help reduce labor costs and improve operational efficiency. Margin pressures come from commodity component price volatility, particularly semiconductors and metals, which can squeeze margins if not properly managed through customer contracts. Competitive pricing pressure in mature markets like consumer electronics continues to challenge profitability. Geopolitical tensions and trade policies can increase costs through tariffs or force expensive supply chain relocations. Labor cost inflation in key manufacturing regions and the need for continuous capital investment in new technologies also pressure margins.
Competitive moat
Flex's competitive moat is moderate but multifaceted, built primarily on operational scale, manufacturing expertise, and customer relationships rather than proprietary technology or strong brand recognition. The company's primary defensive characteristics include its massive global manufacturing footprint with facilities strategically located across Asia, Americas, and Europe, which provides geographic diversification and helps customers navigate trade restrictions and supply chain disruptions. The company has developed deep technical expertise in complex manufacturing processes, particularly in power management, thermal solutions, and system integration for data centers and automotive applications. This technical knowledge, combined with significant capital investments in specialized equipment, creates switching costs for customers who would need to re-qualify alternative suppliers and potentially redesign products. Long-term customer relationships, some spanning decades, provide stability and make it difficult for competitors to displace Flex on existing programs. However, Flex's moat faces meaningful challenges. The EMS industry is highly competitive with several large global players including Foxconn, Jabil, and Celestica, limiting pricing power. Most of Flex's manufacturing processes, while complex, are not proprietary and can be replicated by competitors with sufficient investment. Customer concentration risk exists, as losing a major program can significantly impact revenue. Additionally, customers continuously evaluate cost reduction opportunities and may shift production to lower-cost regions or bring manufacturing in-house during economic downturns. The company's strongest moat elements are emerging in its higher-value product areas, particularly data center power infrastructure and automotive electronics, where technical expertise and quality requirements create higher barriers to entry. However, these markets also attract well-funded competitors, and technological disruption could potentially erode these advantages over time.
Risks & safety
Flex demonstrates a solid financial position with manageable risks, though typical of asset-heavy manufacturing businesses. • Liquidity and Debt: Strong cash position of $2.3 billion with current ratio of 1.30, indicating adequate short-term liquidity. Debt-to-equity ratio of 0.33 is conservative for a manufacturing company. No immediate solvency concerns. • Cash Generation: Positive free cash flow of $1.1 billion annually demonstrates healthy cash conversion. Operating cash flow of $1.5 billion provides cushion for capital expenditures and debt service. • Valuation Metrics: Trading at P/E of 14.5x and EV/EBITDA of 9.2x, representing reasonable but not deeply discounted valuations. Price-to-book of 2.6x reflects asset-intensive business model. • Other Considerations: Working capital intensive business model creates cash flow volatility. Customer concentration and cyclical end markets pose revenue risks. Geographic diversification provides some protection against regional economic downturns.
Recent development
Over the past several years, Flex has executed a strategic transformation focused on shifting toward higher-value, higher-margin markets while maintaining its core EMS capabilities. The most significant development has been the dramatic expansion of the company's data center and cloud infrastructure business, which has grown from under $1 billion to approximately $3.5 billion in annual revenue, representing 50% year-over-year growth in recent periods. This growth has been driven by AI infrastructure buildout and the company's unique "grid-to-chip" power capabilities that integrate both IT solutions and comprehensive power infrastructure. The company has pursued strategic acquisitions to enhance its technological capabilities, notably acquiring JetCool for direct-to-chip liquid cooling technology and Crown Technical Systems to expand power distribution capabilities. These acquisitions support Flex's strategy to offer integrated solutions rather than just manufacturing services. Additionally, the company formed a partnership with Musashi Energy Solutions to further strengthen its power infrastructure offerings. Flex has also been expanding its North American manufacturing footprint in response to customer demand for supply chain regionalization and potential trade policy changes. This includes increased capacity in Mexico and the United States, positioning the company to serve customers seeking alternatives to Asian manufacturing. The company completed the spin-off of Nextracker, its solar tracking business, allowing it to focus resources on core EMS operations while maintaining some exposure to renewable energy markets. Management has consistently pursued a "EMS plus products plus services" strategy, expanding beyond pure contract manufacturing into proprietary products and value-added services that command higher margins. Recent quarters have shown Flex achieving record operating margins above 6%, reaching management's target a year ahead of schedule, driven by improved business mix and operational efficiency initiatives.
FLEX company profile · for informational purposes only — not investment advice.
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