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Flex vs Sanmina: revenue, profit, margins and growth compared

Flex brought in $27.9B of revenue in fiscal 2026, Sanmina $8.1B in fiscal 2025. Revenue changed by +8.1% at Flex and +7.4% at Sanmina on the year before, so Flex grew faster. Flex kept 3.2% of its revenue as net profit, Sanmina 3.0%. Free cash flow was $1.1B at Flex and $473.3M at Sanmina.

Side by side, latest fiscal year

FLEXSANM
Fiscal year endedFY2026 (March 31, 2026)FY2025 (September 27, 2025)
Revenue$27.9B$8.1B
Revenue growth+8.1%+7.4%
Net income$880M$245.9M
Net margin3.2%3.0%
Free cash flow$1.1B$473.3M
Free cash flow margin3.8%5.8%
Earnings per share (diluted)$2.33$4.46
Cash$2.4B$926.3M
Debt$3.8B$300.5M
Price to earnings49.250.4
Market value$42.4B$12B
Dividend yieldn/an/a
Rank by revenue in sector#27 of 530 · Technology#64 of 530 · Technology

Over the years

Revenue
FLEX FY2019: $26.2BFLEX FY2020: $24.2BFLEX FY2021: $24.1BFLEX FY2022: $24.6BFLEX FY2023: $28.5BFLEX FY2024: $26.4BFLEX FY2025: $25.8BFLEX FY2026: $27.9BSANM FY2018: $7.1BSANM FY2019: $8.2BSANM FY2020: $7BSANM FY2021: $6.7BSANM FY2022: $7.9BSANM FY2023: $8.9BSANM FY2024: $7.6BSANM FY2025: $8.1BFY18FY19FY20FY21FY22FY23FY24FY25FY26
FLEX $27.9BSANM $8.1B
Net income
FLEX FY2019: $93MFLEX FY2020: $88MFLEX FY2021: $613MFLEX FY2022: $936MFLEX FY2023: $793MFLEX FY2024: $1BFLEX FY2025: $838MFLEX FY2026: $880MSANM FY2018: -$95.5MSANM FY2019: $141.5MSANM FY2020: $133.2MSANM FY2021: $249.5MSANM FY2022: $240.4MSANM FY2023: $310MSANM FY2024: $222.5MSANM FY2025: $245.9MFY18FY19FY20FY21FY22FY23FY24FY25FY26
FLEX $880MSANM $245.9M
Net margin
FLEX FY2019: 0.4%FLEX FY2020: 0.4%FLEX FY2021: 2.5%FLEX FY2022: 3.8%FLEX FY2023: 2.8%FLEX FY2024: 3.8%FLEX FY2025: 3.2%FLEX FY2026: 3.2%SANM FY2018: -1.3%SANM FY2019: 1.7%SANM FY2020: 1.9%SANM FY2021: 3.7%SANM FY2022: 3.0%SANM FY2023: 3.5%SANM FY2024: 2.9%SANM FY2025: 3.0%FY18FY19FY20FY21FY22FY23FY24FY25FY26
FLEX 3.2%SANM 3.0%
Revenue growth
FLEX FY2020: -7.6%FLEX FY2021: -0.4%FLEX FY2022: +2.1%FLEX FY2023: +15.7%FLEX FY2024: -7.3%FLEX FY2025: -2.3%FLEX FY2026: +8.1%SANM FY2019: +15.8%SANM FY2020: -15.6%SANM FY2021: -3.0%SANM FY2022: +17.5%SANM FY2023: +12.8%SANM FY2024: -15.3%SANM FY2025: +7.4%FY19FY20FY21FY22FY23FY24FY25FY26
FLEX +8.1%SANM +7.4%
Free cash flow
FLEX FY2019: -$3.7BFLEX FY2020: -$2BFLEX FY2021: -$207MFLEX FY2022: $581MFLEX FY2023: $315MFLEX FY2024: $796MFLEX FY2025: $1.1BFLEX FY2026: $1.1BSANM FY2018: $37.5MSANM FY2019: $248.3MSANM FY2020: $234.6MSANM FY2021: $265MSANM FY2022: $192.2MSANM FY2023: $43.8MSANM FY2024: $229MSANM FY2025: $473.3MFY18FY19FY20FY21FY22FY23FY24FY25FY26
FLEX $1.1BSANM $473.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Flex and Sanmina

Which is bigger by revenue, Flex or Sanmina?

Flex is bigger by revenue: $27.9B in fiscal 2026, against $8.1B for Sanmina in fiscal 2025.

Which keeps more of its revenue as profit, Flex or Sanmina?

Flex had a net margin of 3.2% in fiscal 2026; Sanmina had 3.0% in fiscal 2025.

Which grew revenue faster, Flex or Sanmina?

In their latest fiscal years revenue changed by +8.1% at Flex and +7.4% at Sanmina.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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