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

Plexus brought in $4B of revenue in fiscal 2025, Sanmina $8.1B in fiscal 2025. Revenue changed by +1.8% at Plexus and +7.4% at Sanmina on the year before, so Sanmina grew faster. Plexus kept 4.3% of its revenue as net profit, Sanmina 3.0%. Free cash flow was $154M at Plexus and $473.3M at Sanmina.

Side by side, latest fiscal year

PLXSSANM
Fiscal year endedFY2025 (September 27, 2025)FY2025 (September 27, 2025)
Revenue$4B$8.1B
Revenue growth+1.8%+7.4%
Net income$172.9M$245.9M
Net margin4.3%3.0%
Free cash flow$154M$473.3M
Free cash flow margin3.8%5.8%
Earnings per share (diluted)$6.26$4.46
Cash$306.5M$926.3M
Debtn/a$300.5M
Price to earnings42.050.4
Market value$7B$12B
Dividend yieldn/an/a
Rank by revenue in sector#106 of 530 · Technology#64 of 530 · Technology

Over the years

Revenue
PLXS FY2018: $2.9BPLXS FY2019: $3.3BPLXS FY2020: $3.5BPLXS FY2021: $3.5BPLXS FY2022: $3.9BPLXS FY2023: $4.2BPLXS FY2024: $4BPLXS FY2025: $4BSANM FY2018: $7.1BSANM FY2019: $8.2BSANM FY2020: $7BSANM FY2021: $6.7BSANM FY2022: $7.9BSANM FY2023: $8.9BSANM FY2024: $7.6BSANM FY2025: $8.1BFY18FY19FY20FY21FY22FY23FY24FY25
PLXS $4BSANM $8.1B
Net income
PLXS FY2018: $13MPLXS FY2019: $108.6MPLXS FY2020: $117.5MPLXS FY2021: $138.9MPLXS FY2022: $138.2MPLXS FY2023: $139.1MPLXS FY2024: $111.8MPLXS FY2025: $172.9MSANM FY2018: -$95.5MSANM FY2019: $141.5MSANM FY2020: $133.2MSANM FY2021: $249.5MSANM FY2022: $240.4MSANM FY2023: $310MSANM FY2024: $222.5MSANM FY2025: $245.9MFY18FY19FY20FY21FY22FY23FY24FY25
PLXS $172.9MSANM $245.9M
Net margin
PLXS FY2018: 0.5%PLXS FY2019: 3.3%PLXS FY2020: 3.4%PLXS FY2021: 4.0%PLXS FY2022: 3.5%PLXS FY2023: 3.3%PLXS FY2024: 2.8%PLXS FY2025: 4.3%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%FY18FY19FY20FY21FY22FY23FY24FY25
PLXS 4.3%SANM 3.0%
Revenue growth
PLXS FY2019: +14.7%PLXS FY2020: +6.2%PLXS FY2021: -0.6%PLXS FY2022: +12.8%PLXS FY2023: +7.2%PLXS FY2024: -5.9%PLXS FY2025: +1.8%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%FY19FY20FY21FY22FY23FY24FY25
PLXS +1.8%SANM +7.4%
Free cash flow
PLXS FY2018: $4.1MPLXS FY2019: $24.7MPLXS FY2020: $160.3MPLXS FY2021: $85.5MPLXS FY2022: -$127.9MPLXS FY2023: $61.8MPLXS FY2024: $341.3MPLXS FY2025: $154MSANM FY2018: $37.5MSANM FY2019: $248.3MSANM FY2020: $234.6MSANM FY2021: $265MSANM FY2022: $192.2MSANM FY2023: $43.8MSANM FY2024: $229MSANM FY2025: $473.3MFY18FY19FY20FY21FY22FY23FY24FY25
PLXS $154MSANM $473.3M

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

Questions about Plexus and Sanmina

Which is bigger by revenue, Plexus or Sanmina?

Sanmina is bigger by revenue: $8.1B in fiscal 2025, against $4B for Plexus in fiscal 2025.

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

Plexus had a net margin of 4.3% in fiscal 2025; Sanmina had 3.0% in fiscal 2025.

Which grew revenue faster, Plexus or Sanmina?

In their latest fiscal years revenue changed by +1.8% at Plexus 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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