SANM
NASDAQ · Technology · Hardware, Equipment & Parts · US
Research · Oct 29, 2026
AI Rack Contract Manufacturing Boosts Capex for Liquid-Cooled Testing
Celestica capex rose to 4.7% of revenue from 1.2% as contract manufacturers add factory power to test liquid-cooled AI racks, while ASMPT SMT bookings rose 122%.
Research · Sep 3, 2026
[SANM] Sanmina Thesis 2026: Defense + Optical Mix Drives Margin Differentiation
Sanmina FY2025 (Sep 2025) revenue ~$8.05B (-3-5% YoY) with adj. operating margin expanding to 5.7% (from 5.5%) — favorable mix shift toward defense (~28%) and medical (~21%) offsetting communications networking weakness (~26%). Net debt ~$325M at ~0.7x EBITDA — strongest balance sheet in Tier 1 EMS; ~$250-300M annual buybacks reduced shares ~5%. FY2026 thesis: defense end-market continues 10-12% growth on US defense procurement and prime supply chain reshoring; optical networking cycle inflection as AI data center customers re-accelerate orders; medical device demand stable; key risk: customer pricing pressure as supply chain crisis premium fades.