Plexus Corp.
- Open
- 241.93
- Day high
- 242.66
- Day low
- 236.60
- Prev close
- 240.87
- Volume
- 206K
- Mkt cap
- $6.4B
- P/E (TTM)
- 34.6
- EPS (TTM)
- $6.92
- P/B
- 4.2
- P/S
- 1.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.7M over the last 3 months (0 open-market buys, 12 sales)
- 🏛Institutions accumulating (13F)
Plexus Corp. (PLXS) is a Technology company listed on NASDAQ. The stock is up 76% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 12 sales (SEC Form 4). Drillr has 2 published research articles covering PLXS.
Plexus Corp. (PLXS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PLXS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $2.13 | $2.32 | +8.8% | $1.3B | +6.7% |
| Apr 30, 2026 | $1.87 | $2.05 | +9.6% | $1.2B | +2.9% |
| Jan 28, 2026 | $1.77 | $1.78 | +0.6% | $1.1B | -5.4% |
| Oct 22, 2025 | $1.87 | $2.14 | +14.4% | $1.1B | +1.2% |
| Jul 23, 2025 | $1.71 | $1.90 | +11.1% | $1.0B | -6.0% |
| Apr 23, 2025 | $1.54 | $1.66 | +7.8% | $980M | -4.9% |
| Jan 22, 2025 | $1.59 | $1.73 | +8.8% | $976M | -0.6% |
| Oct 23, 2024 | $1.55 | $1.85 | +19.4% | $1.1B | +4.2% |
| Jul 24, 2024 | $1.28 | $1.45 | +13.3% | $961M | -2.1% |
| Jan 24, 2024 | $1.08 | $1.04 | -3.7% | $983M | -0.5% |
| Oct 25, 2023 | $1.26 | $1.44 | +14.3% | $1.0B | +0.4% |
| Jul 26, 2023 | $1.15 | $1.32 | +14.8% | $1.0B | -4.1% |
PLXS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | Kelsey Todd P.director, officer: President & CEO | Sell | 500 | $252.23 |
| Aug 20, 2026 | Kelsey Todd P.director, officer: President & CEO | Sell | 681 | $251.09 |
| Aug 20, 2026 | Kelsey Todd P.director, officer: President & CEO | Sell | 319 | $248.79 |
| Aug 13, 2026 | SCHROCK MICHAEL Vdirector | Sell | 4,000 | $275.00 |
| Jul 16, 2026 | Kelsey Todd P.director, officer: President & CEO | Sell | 500 | $260.51 |
| Jul 16, 2026 | Kelsey Todd P.director, officer: President & CEO | Sell | 1,000 | $261.07 |
| Jun 18, 2026 | Kelsey Todd P.director, officer: President & CEO | Sell | 352 | $296.09 |
| Jun 18, 2026 | Kelsey Todd P.director, officer: President & CEO | Sell | 100 | $292.11 |
| Jun 18, 2026 | Kelsey Todd P.director, officer: President & CEO | Sell | 300 | $294.19 |
| Jun 18, 2026 | Kelsey Todd P.director, officer: President & CEO | Sell | 748 | $295.15 |
| Jun 8, 2026 | Running Michael J.officer: Regional President - AMER | Sell | 510 | $272.17 |
| Jun 4, 2026 | Kelsey Todd P.director, officer: President & CEO | Sell | 1,000 | $290.00 |
| May 29, 2026 | Kelsey Todd P.director, officer: President & CEO | Sell | 1,000 | $274.75 |
| May 22, 2026 | Kelsey Todd P.director, officer: President & CEO | Sell | 800 | $253.26 |
| May 22, 2026 | Kelsey Todd P.director, officer: President & CEO | Sell | 700 | $252.20 |
Source: PLXS SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full PLXS insider & 13F page →PLXS research & analysis
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Plexus Corp. company profile
Overview
Plexus Corp. (NASDAQ:PLXS) is a Wisconsin-based electronic manufacturing services company founded in 1979 and publicly traded since 1986. The company provides comprehensive design, manufacturing, and aftermarket services to technology companies across multiple industries, operating manufacturing facilities in the Americas, Europe, the Middle East, Africa, and Asia-Pacific. Plexus has evolved from a regional contract manufacturer into a global provider of sophisticated electronic manufacturing solutions, serving customers in healthcare, aerospace, industrial, and communications sectors.
Business
Plexus operates in the electronic manufacturing services (EMS) industry, which involves providing outsourced manufacturing and related services for original equipment manufacturers (OEMs) who design electronic products but prefer to outsource the actual production. The EMS industry serves as a critical link in the global electronics supply chain, allowing companies to focus on product design and marketing while leveraging specialized manufacturing expertise. The company's core offering is Design for Manufacturability (DfM) services combined with full-scale electronic manufacturing. This means Plexus not only manufactures electronic products designed by customers but also helps optimize those designs for efficient, cost-effective production. Their services span the entire product lifecycle from initial design consultation through end-of-life support. Plexus operates across four primary market sectors with distinct revenue contributions: 1. Industrial/Commercial sector (approximately 40% of revenue): This includes semiconductor capital equipment used in chip manufacturing, test and measurement instruments, industrial automation equipment, and communications infrastructure. The semiconductor capital equipment subsector has been particularly strong, showing mid-teens growth rates. 2. Healthcare/Life Sciences sector (approximately 30% of revenue): Manufacturing medical devices, diagnostic equipment, surgical instruments, and life sciences research tools. This sector has shown robust growth, expanding 18-20% in recent years as healthcare technology adoption accelerates. 3. Aerospace and Defense sector (approximately 20% of revenue): Producing electronic systems for commercial and military aircraft, satellites, defense communications, and space exploration equipment. This sector provides stable, long-term contracts with high reliability requirements. 4. Communications sector (approximately 10% of revenue): Manufacturing networking equipment, telecommunications infrastructure, and related electronic components, though this represents the smallest portion of their business.
Revenue model
Plexus generates revenue primarily through contract manufacturing fees charged to OEM customers who outsource their electronic product manufacturing. The company operates on a cost-plus model, where they purchase components and materials on behalf of customers, then add manufacturing labor, overhead, and a profit margin. Revenue is recognized when products are shipped to customers or their designated locations. The business model creates multiple revenue streams: design and engineering services fees, component procurement and inventory management, manufacturing and assembly services, testing and quality assurance, and aftermarket support including repairs and spare parts. Customers typically enter multi-year agreements, providing revenue visibility and long-term relationships. Paying customers are primarily mid-to-large technology companies that design electronic products but lack manufacturing scale or expertise. These include medical device companies, aerospace manufacturers, industrial equipment makers, and telecommunications firms. Recent program wins have averaged $200-280 million in annual revenue potential, indicating substantial customer relationships. Several factors influence Plexus's margins and profitability. Positive margin drivers include operational efficiency improvements, higher-value engineering services, favorable product mix toward complex assemblies, and the ability to pass through component cost increases to customers. The company has demonstrated margin expansion, achieving their 6.2% operating margin target ahead of schedule. Margin pressures come from component cost inflation, supply chain disruptions, labor cost increases, competitive pricing pressure, and customer inventory corrections that can cause demand volatility. Tariffs and trade tensions can also impact costs, though Plexus's global manufacturing footprint provides flexibility to shift production between regions. The cyclical nature of some end markets, particularly semiconductor capital equipment, creates revenue and margin variability.
Competitive moat
Plexus possesses a moderate but meaningful competitive moat built primarily on customer switching costs and specialized manufacturing capabilities. Once customers integrate Plexus into their supply chain and transfer manufacturing processes, switching to competitors involves significant time, cost, and risk. The company's deep integration into customer product development cycles creates stickiness, as changing manufacturers often requires redesigning products for different manufacturing processes. The company's engineering expertise and Design for Manufacturability services create additional competitive advantages. Plexus doesn't just manufacture products but helps optimize designs for production efficiency, which requires specialized knowledge and close customer collaboration. Their quality certifications in regulated industries like aerospace and medical devices represent barriers to entry, as competitors must invest years obtaining similar certifications. However, the moat faces several challenges. The EMS industry is highly competitive with numerous global players including Foxconn, Flex, Jabil, and Sanmina. Competition primarily comes from larger EMS providers who can offer greater scale economies, lower-cost manufacturing locations, and broader service capabilities. Additionally, some customers may choose to bring manufacturing in-house or select multiple suppliers to reduce dependency. Potential disruption could arise from automation and artificial intelligence reducing the importance of manufacturing expertise, customers consolidating suppliers to achieve better pricing, or geopolitical tensions forcing supply chain restructuring. The company's relatively smaller size compared to industry leaders like Foxconn limits their ability to compete for the largest manufacturing contracts, though this also allows them to focus on higher-complexity, lower-volume products where their engineering expertise provides greater value.
Risks & safety
Plexus demonstrates solid financial stability with manageable debt levels and improving cash generation, though working capital intensity creates some volatility. • Cash and liquidity: $311 million in cash and short-term investments as of Q2 2025, providing adequate liquidity buffer • Debt levels: Debt-to-equity ratio of 0.18, indicating conservative leverage with total debt well-managed • Cash flow: Strong improvement in free cash flow generation, achieving $341 million in FY 2024 (more than double previous record) and targeting $50-100 million annually • Working capital: Cash cycle days around 68, improved from previous year but still representing significant working capital requirements tied to inventory and receivables • Solvency risk: Low, given strong balance sheet and improving cash generation • Valuation metrics: Trading at P/E ratio of 22x, EV/EBITDA of 12.5x, and price-to-book of 2.6x - representing reasonable but not cheap valuations • Current ratio: 1.53x indicating adequate short-term liquidity coverage • Profitability: ROE of 2.9% appears low but reflects seasonal timing; full-year ROE typically runs 8-11% • Other considerations: Cyclical end markets create earnings volatility, supply chain disruptions can impact working capital, and customer concentration in certain sectors creates revenue risk
Recent development
Over the past several years, Plexus has executed a focused strategy to diversify its market exposure and enhance operational capabilities. The company has successfully expanded beyond traditional communications markets into higher-growth sectors, with Healthcare/Life Sciences becoming a major revenue contributor through 18-20% annual growth rates. This diversification has reduced dependence on cyclical communications markets. Geographic expansion has been a key strategic initiative, with the company investing in new facilities including a Malaysia expansion that opened in summer 2025. This global footprint provides manufacturing flexibility to navigate trade tensions and tariffs while serving customers in multiple regions. The company has also invested heavily in trade compliance capabilities to manage increasing regulatory complexity. Operational excellence initiatives have driven significant margin improvement, with the company achieving its 6.2% operating margin target one year ahead of schedule. This improvement came through manufacturing efficiency gains, engineering services expansion, and working capital optimization. The company has also invested in AI and process automation to enhance productivity. Market positioning enhancements include expanding their Engineering Solutions capabilities and focusing on higher-complexity, lower-volume products where their expertise commands premium pricing. Recent program wins averaging $200-280 million annually demonstrate success in capturing larger, more strategic customer relationships. The company has also launched sustainability initiatives and "Plexus Sustaining Services" to support circular economy trends, positioning for ESG-focused customer requirements.
PLXS company profile · for informational purposes only — not investment advice.
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