SANMINA CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SANMINA CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,481	6,869	7,110	8,234	6,950	6,738	7,920	8,935	7,568	8,128
Cost of revenue	5,967	6,349	6,646	7,642	6,433	6,212	7,297	8,192	6,928	7,412
Gross profit	514	520	464	592	517	526	622	743	640	716
Research and development	37.7	33.7	30.8	27.6	22.6	20.9	21.3	26.4	28.5	31.1
Selling, general and administrative	245	252	251	260	241	235	245	255	266	290
Operating expenses	289	293	344	306	298	271	273	288	305	362
Operating income	225	226	119	286	219	256	349	456	335	355
Interest expense	24.9	21.9	27.7	30.8	28.9	19.6	22.5	36.3	29.2	20.2
Other non-operating income	-20.2	-13	-21.9	-40.5	-26.9	25.7	-47.2	-42.9	-18	-15.1
Pre-tax income	205	213	97.5	246	192	282	302	413	318	339
Income tax	16.8	74.6	193	104	59	32.1	61.9	85.3	79.8	73.2
Net income to minority interests						0	0	17.5	15.2	20.4
Net income	188	139	-95.5	142	133	250	240	310	223	246
EBITDA	337	345	238	403	333	366	458	574	458	474
EPS, basic	2.39	1.78	-1.31	1.96	1.93	3.82	3.92	5.36	4.00	4.56
EPS, diluted	2.27	1.70	-1.31	1.88	1.88	3.72	3.81	5.18	3.91	4.46
Shares, basic (weighted)	78.7	78	73.2	72.4	69	65.3	61.3	57.8	55.6	53.9
Shares, diluted (weighted)	82.6	81.9	73.2	75.1	70.8	67.1	63.1	59.8	57	55.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	398	407	420	455	481	650	530	668	626	926
Inventory	946	1,052	1,374	901	861	1,042	1,684	1,477	1,444	1,988
Other current assets	57.4	47.6	43.7	41	37.7	54	62	58.2	79.3	125
Total current assets	2,376	2,616	3,014	2,921	2,819	3,271	3,891	3,880	3,870	4,865
Property, plant and equipment	618	640	643	631	559	533	575	633	616	682
Lease right-of-use assets						68	79.5	95.8	77.6	67.8
Goodwill	59.1	59.1	28.5	28.5						30.4
Intangible assets	16.5	9.22	2.7
Other non-current assets	118	114	83.7	74.1	121	157	160	184	176	109
Total assets	3,625	3,847	4,085	3,906	3,773	4,204	4,836	4,874	4,823	5,858
Accounts payable	1,121	1,280	1,547	1,337	1,210	1,472	2,041	1,559	1,442	1,579
Accrued liabilities	127	131	125	128	122	118	131	127	133	168
Short-term debt	28.4	88.4	593	38.4	18.8	18.8	17.5	25.9	17.5	17.5
Total current liabilities	1,401	1,616	2,402	1,683	1,523	1,786	2,471	2,033	1,941	2,822
Long-term debt	434	391	14.3	347	329	312	329	312	300	283
Lease liabilities					37	38.6	48.6	60.7	44.5	36
Other non-current liabilities	180	192	196	233	291	254	215	210	221	214
Total liabilities	2,015	2,200	2,612	2,258	2,149	2,351	3,016	2,555	2,461	3,319
Total debt	437	395	393	385	348	312	329	312	300	300
Paid-in capital	6,120	6,184	6,222	6,267	6,301	6,339	6,381	6,513	6,576	6,642
Retained earnings	-4,119	-3,980	-4,033	-3,863	-3,723	-3,480	-3,240	-2,930	-2,707	-2,462
Treasury stock	-457	-634	-791	-804	-983	-1,047	-1,378	-1,485	-1,740	-1,896
Other comprehensive income	65.4	76.8	73.9	42.3	34.9	40.7	56.3	70.9	66.7	69.6
Shareholders' equity	1,610	1,648	1,473	1,647	1,623	1,853	1,820
Total equity	1,610	1,648	1,473	1,647	1,623	1,853	1,820	2,319	2,362	2,539
Total liabilities and equity	3,625	3,847	4,085	3,906	3,773	4,204	4,836	4,874	4,823	5,858
Shares outstanding	76.5	75.1	71	73.1	65	64.3	57.4	56.8	53.9	53.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	188	139	-95.5	142	133	250	240	328	238	266
Depreciation and amortization	112	119	119	117	114	110	109	118	122	119
Stock-based compensation	26.9	37.9	32.8	30.8	26.2	35	39.6	50.4	57.4	63.4
Deferred income tax	-16.8	37.9	174	54.7	11.8	28.4	27.9	28.8	30.3	-11.8
Change in receivables	-36.9	-136	-69.1	54.9	81.9	-146	47.5	-89.5	-104	-63.8
Change in inventory	5.61	-104	-324	121	24.4	-157	-651	210	35.7	-543
Change in payables	95.2	131	268	-183	-107	244	509	-418	-112	99.1
Cash from operations	390	251	156	383	301	338	331	235	340	621
Capital expenditures	-120	-112	-119	-135	-66	-73.3	-139	-191	-111	-147
Acquisitions	-58.9	0	0	0	0	-21.4	0	0
Purchases of investments			-2.02	-0.5	-30	-2.71	-2	-2.5	-5.2	-15
Cash from investing	-175	-108	-116	-128	-64.4	-91.3	-132	-192	-114	-108
Debt issued	0	0	0	375	0	0	350	0
Debt repaid							-333	-17.5	-21.6	-17.5
Share buybacks	-142	-177	-158	-12.6	-179	-64.1	-331
Cash from financing	-231	-135	-28.3	-220	-210	-77.3	-314	94.5	-270	-174
Exchange rate effect	1.88	0.8	0.96	0.11	-0.08	-0.2	-4.51	0.5	2.18	1.75
Net change in cash	-14	8.37	12.9	35.2	25.8	170	-120	138	-41.7	340
Free cash flow	270	139	37.5	248	235	265	192	43.8	229	473
Interest paid	21.3	18	26.2	30.1	20.5	15.3	18.2	32.5	26.1	16.6
Income taxes paid	29.3	20.4	34.8	32.1	30.7	33.4	48.1	57.3	69.4	98.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $224.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	9.0%	Gross profit / revenue.
Operating margin	4.2%	Operating income / revenue.
EBITDA margin	5.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.6%	Pre-tax income / revenue.
Net margin	2.4%	Net income / revenue.
FCF margin	4.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.1%	Cash from operations / revenue.
Effective tax rate	28.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.2%	Net income / average total assets.
R&D / revenue	0.3%	Research and development expense / revenue.
SG&A / revenue	3.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	1.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	0.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	10.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	10.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	0.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	14.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	18.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	82.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	15.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	106.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	35.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	15.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	21.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.78x	Current assets / current liabilities.
Quick ratio	0.42x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.42x	(Cash + short-term investments) / current liabilities.
Debt / assets	22.3%	Total debt / total assets.
Liabilities / assets	71.7%	Total liabilities / total assets.
Net debt	$327.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.47x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.61x	Operating income / interest expense.
Working capital	$3.43B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.3%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.31x	Revenue / average total assets.
Fixed asset turnover	12.1x	Revenue / average property, plant and equipment.
Inventory turnover	3.68x	Cost of revenue / average inventory.
Days inventory	99 days	365 x average inventory / cost of revenue.
Days payables	77 days	365 x average accounts payable / cost of revenue.
FCF conversion	192.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	34.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$231.50	Revenue / diluted weighted shares.
FCF per share	$10.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	$16.34	Cash from operations / diluted weighted shares.
Cash per share	$33.46	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$12.05B	Share price x shares outstanding.
Enterprise value	$12.37B	Market cap + total debt - cash - short-term investments.
P/E	39.1x	Market cap / net income. Only when net income is positive.
P/S	0.94x	Market cap / revenue.
P/FCF	20.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.4x	Market cap / cash from operations, when positive.
EV/Sales	0.97x	Enterprise value / revenue.
EV/EBIT	23.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.9%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
PEG	7.25x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was SANMINA CORP's revenue in fiscal 2025?

SANMINA CORP reported revenue of $8.13B for fiscal 2025, 7.4% higher than the year before.

Was SANMINA CORP profitable in fiscal 2025?

Yes. Net income was $245.9M, a net margin of 3%.

How much free cash flow did SANMINA CORP generate in fiscal 2025?

Cash from operations of $620.7M minus capital expenditures of $147.4M left free cash flow of $473.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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