FLEX

MKT CAP:$34B

Flex Ltd.

Market Cap

$34B

Technology·Hardware, Equipment & Parts·🇸🇬 Singapore·NASDAQ

Technology·Hardware,·🇸🇬·NASDAQ

Stock Price

$91.52+$27.84 (+43.72%)

Apr 24, 2026

Company Details

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Rel...

CEO

Revathi Advaithi

IPO Date

Mar 18, 1994

Website

www.flex.com

Key Metrics TTM

Revenue

$26.8B

+12.2% YoY

Net Income

$852M

EPS (Diluted)

$2.23

Free Cash Flow

$1.2B

Revenue / Share

$71.37

Gross Margin

9.1%

Operating Margin

4.9%

Net Margin

3.2%

FCF Margin

4.3%

P/S

1.3x

P/E

39.7x

Earnings Reports

Q4 2026

May 6, 2026

PENDING

Q3 2026

Feb 6, 2026

$7.1B+7.7%EPS $0.64

Q2 2026

Oct 31, 2025

$6.8B+4.0%EPS $0.52

Q1 2026

Jul 25, 2025

$6.6B+4.1%EPS $0.50

FY 2025

May 21, 2025

$25.8BEPS $2.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$6.3B	$510M	$284M
Q1 22	$6.3B	$471M	$255M
Q2 22	$6.2B	$465M	$237M
Q3 22	$6.6B	$491M	$251M
Q4 22	$6.9B	$504M	$227M
Q1 23	$7.3B	$535M	$272M
Q2 24	$6.9B	$519M	$281M
Q3 24	$6.4B	$433M	$198M
Q4 24	$4.5B	-$29M	-$162M
Q1 25	$6.3B	$471M	$233M
Q2 25	$6.5B	$531M	$297M
Q3 25	$6.6B	$594M	$334M
Q4 25	$6.4B	$563M	$305M
Q1 26	$6.6B	$572M	$311M
Q2 26	$6.8B	$614M	$296M
Q3 26	$7.1B	$685M	$400M

Valuation

Quarter	P/S	P/E
Q4 21	0.4x	14.3x
Q1 22	0.3x	11.4x
Q2 22	0.3x	8.4x
Q3 22	0.3x	8.5x
Q4 22	0.3x	8.5x
Q1 23	0.3x	7.7x
Q2 24	0.4x	14.2x
Q3 24	0.4x	12.8x
Q4 24	0.5x	11.3x
Q1 25	0.5x	12.2x
Q2 25	0.5x	13.7x
Q3 25	0.6x	14.8x
Q4 25	0.5x	15.0x
Q1 26	0.7x	21.3x
Q2 26	0.8x	25.0x
Q3 26	0.9x	27.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$161M	$71M
Q1 22	$334M	$216M
Q2 22	$180M	$88M
Q3 22	$150M	$27M
Q4 22	$360M	$250M
Q1 23	$38M	-$69M
Q2 24	$357M	$205M
Q3 24	$284M	$154M
Q4 24	$679M	$598M
Q1 25	$340M	$229M
Q2 25	$319M	$216M
Q3 25	$413M	$301M
Q4 25	$433M	$321M
Q1 26	$399M	$266M
Q2 26	$453M	$303M
Q3 26	$420M	$272M

Capital Expenditures

Quarter	CapEx
Q4 21	$90M
Q1 22	$118M
Q2 22	$92M
Q3 22	$123M
Q4 22	$110M
Q1 23	$107M
Q2 24	$152M
Q3 24	$130M
Q4 24	$81M
Q1 25	$111M
Q2 25	$103M
Q3 25	$112M
Q4 25	$112M
Q1 26	$133M
Q2 26	$150M
Q3 26	$148M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-3.0%	-4.5%
Q1 22	+23.1%	+20.4%
Q2 22	+4.1%	+3.1%
Q3 22	-1.5%	-1.7%
Q4 22	+9.3%	+10.7%
Q1 23	+15.8%	+16.2%
Q2 24	+11.3%	+11.0%
Q3 24	-3.0%	-2.3%
Q4 24	-34.2%	-29.5%
Q1 25	-14.1%	-14.0%
Q2 25	-5.6%	-6.1%
Q3 25	+2.1%	-0.0%
Q4 25	+42.0%	+30.6%
Q1 26	+4.1%	+3.0%
Q2 26	+4.0%	+4.2%
Q3 26	+7.7%	+7.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$17M	0.3%
Q1 22	$20M	0.3%
Q2 22	$24M	0.4%
Q3 22	$25M	0.4%
Q4 22	$22M	0.3%
Q1 23	$26M	0.4%
Q2 24	$45M	0.6%
Q3 24	$39M	0.6%
Q4 24	$66M	1.5%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$32M	0.5%
Q1 26	$0	0.0%
Q2 26	$0	0.0%
Q3 26	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 21	$211M
Q1 22	$201M
Q2 22	$213M
Q3 22	$225M
Q4 22	$254M
Q1 23	$241M
Q2 24	$221M
Q3 24	$205M
Q4 24	$116M
Q1 25	$213M
Q2 25	$216M
Q3 25	$241M
Q4 25	$234M
Q1 26	$233M
Q2 26	$260M
Q3 26	$270M

Revenue Segments

Quarter	Flex Agility Solutions F A S	Flex Reliability Solutions F R S	Flex Agility Solutions (FAS)	Flex Reliability Solutions (FRS)
Q4 21	$3.4B	$2.8B	—	—
Q1 22	—	—	$3.4B	$2.9B
Q2 22	—	—	$3.4B	$2.8B
Q3 22	—	—	$3.6B	$3.0B
Q2 24	—	—	$3.6B	$3.3B
Q3 24	—	—	$3.5B	$3.0B
Q1 25	—	—	$3.4B	$2.9B
Q2 25	—	—	$3.6B	$2.9B
Q3 25	—	—	$3.6B	$3.0B
Q4 25	—	—	$3.5B	$2.9B
Q1 26	—	—	$3.7B	$2.9B
Q2 26	—	—	$3.8B	$3.0B
Q3 26	—	—	$3.8B	$3.2B

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$3.0B	$0	$3.0B
Q1 23	$2.6B	$0	$2.6B
Q2 23	$2.5B	$0	$2.5B
Q3 23	$2.6B	$0	$2.6B
Q4 23	$3.2B	$0	$3.2B
Q1 24	$2.7B	$0	$2.7B
Q2 24	$2.9B	$0	$2.9B
Q3 24	$2.8B	$0	$2.8B
Q4 24	$2.5B	$0	$2.5B
Q1 25	$2.2B	$0	$2.2B
Q2 25	$2.6B	$0	$2.6B
Q3 25	$2.3B	$0	$2.3B
Q4 25	$2.3B	$0	$2.3B
Q1 26	$2.2B	$0	$2.2B
Q2 26	$2.2B	$0	$2.2B
Q3 26	$3.1B	$0	$3.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	511M	+0.5%	+0.1%
Q1 22	499M	-2.3%	-0.5%
Q2 22	487M	-2.4%	-3.4%
Q3 22	474M	-2.7%	-6.7%
Q4 22	471M	-0.6%	-7.8%
Q1 23	468M	-0.6%	-6.2%
Q2 24	448M	-4.3%	-8.0%
Q3 24	436M	-2.7%	-8.0%
Q4 24	425M	-2.5%	-9.8%
Q1 25	411M	-3.3%	-12.2%
Q2 25	400M	-2.7%	-10.7%
Q3 25	394M	-1.5%	-9.6%
Q4 25	389M	-1.3%	-8.5%
Q1 26	381M	-2.1%	-7.3%
Q2 26	380M	-0.3%	-5.0%
Q3 26	376M	-1.1%	-4.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$37.5K	167K
Q1 22	$37.9K	167K
Q2 22	$37.3K	167K
Q3 22	$39.6K	167K
Q4 22	$39.7K	173K
Q1 23	$42.6K	173K
Q2 24	$40.3K	172K
Q3 24	$37.3K	172K
Q4 24	$30.4K	148K
Q1 25	$42.7K	148K
Q2 25	$44.2K	148K
Q3 25	$44.3K	148K
Q4 25	$43.2K	148K
Q1 26	$44.4K	148K
Q2 26	$46.0K	148K
Q3 26	$47.7K	148K

Revenue / Employee