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Sanmina Corporation (SANM) 10-Year Financial Performance & Capital Metrics

SANM • • Industrial / General
TechnologyTech Hardware & EquipmentElectronic Manufacturing Services (EMS)Contract Electronics Manufacturing
AboutSanmina Corporation provides integrated manufacturing solutions, components, products and repair, logistics, and after-market services worldwide. It operates in two businesses, Integrated Manufacturing Solutions; and Components, Products and Services. The company offers product design and engineering, including concept development, detailed design, prototyping, validation, preproduction, manufacturing design release, and product industrialization; assembly and test services; direct order fulfillment and logistics services; after-market product service and support; and supply chain management services, as well as engages in the manufacturing of components, subassemblies, and complete systems. In addition, the company provides interconnect systems, such as printed circuit board fabrication, backplane, cable assemblies, and plastic injection moldings; mechanical systems comprising enclosures and precision machining; memory, storage platforms, radio frequency, optical, and microelectronic solutions; defense and aerospace products; and cloud-based manufacturing execution software. It offers its products and services primarily to original equipment manufacturers in the industrial, medical, defense and aerospace, automotive, communications networks, and cloud solutions industries. Sanmina Corporation was founded in 1980 and is headquartered in San Jose, California.Show more
  • Revenue $8.13B +7.4%
  • EBITDA $474M +3.5%
  • Net Income $246M +10.5%
  • EPS (Diluted) 4.46 +14.1%
  • Gross Margin 8.81% +4.1%
  • EBITDA Margin 5.83% -3.6%
  • Operating Margin 4.36% -1.6%
  • Net Margin 3.03% +2.9%
  • ROE 10.04% +5.5%
  • ROIC 13.19% +9.9%
  • Debt/Equity 0.12 -27.2%
  • Interest Coverage 82.53 +617.9%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓Momentum leader: RS Rating 84 (top 16%)
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Share count reduced 3.1% through buybacks
  • ✓Trading near 52-week high
  • ✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.46%
5Y3.18%
3Y0.87%
TTM7.3%

Profit (Net Income) CAGR

10Y-4.19%
5Y13.05%
3Y0.76%
TTM10.94%

EPS CAGR

10Y0.11%
5Y17.75%
3Y3.18%
TTM14.65%

ROCE

10Y Avg11.22%
5Y Avg13.33%
3Y Avg13.74%
Latest11.98%

Peer Comparison

Contract Electronics Manufacturing
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Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
TTMITTM Technologies, Inc.10.43B100.90186.859.41%4.74%7.75%0.49%0.65
CLSCelestica Inc.36.07B313.5386.8521.17%6.2%34.36%0.84%0.42
PLXSPlexus Corp.4.81B179.7344.82-5.93%4.29%11.89%7.1%0.21
JBLJabil Inc.26.73B253.1842.773.18%2.26%52.19%4.38%2.22
SANMSanmina Corporation9.52B174.4039.107.4%3.03%9.68%5.03%0.12
FLEXFlex Ltd.24.62B66.5931.56-2.28%3.33%17.4%4.33%0.83
BHEBenchmark Electronics, Inc.1.77B49.5328.80-6.44%1.43%3.36%8.83%0.33
DSWLDeswell Industries, Inc.54.98M3.454.93-2.53%13.76%18.46%24.01%

Profit & Loss

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Sales/Revenue+6.48B6.87B7.11B8.23B6.95B6.74B7.92B8.94B7.57B8.13B
Revenue Growth %0.02%0.06%0.04%0.16%-0.16%-0.03%0.18%0.13%-0.15%0.07%
Cost of Goods Sold+5.97B6.35B6.65B7.64B6.43B6.21B7.3B8.19B6.93B7.41B
COGS % of Revenue0.92%0.92%0.93%0.93%0.93%0.92%0.92%0.92%0.92%0.91%
Gross Profit+514.28M519.91M463.78M591.94M517.16M526.44M622.21M743.21M640.43M716.36M
Gross Margin %0.08%0.08%0.07%0.07%0.07%0.08%0.08%0.08%0.08%0.09%
Gross Profit Growth %0.06%0.01%-0.11%0.28%-0.13%0.02%0.18%0.19%-0.14%0.12%
Operating Expenses+285.8M288.96M284.59M287.58M298.02M270.5M272.73M287.55M304.94M361.79M
OpEx % of Revenue0.04%0.04%0.04%0.03%0.04%0.04%0.03%0.03%0.04%0.04%
Selling, General & Admin244.6M251.57M250.92M260.03M240.93M234.54M244.57M255.07M266.19M290.22M
SG&A % of Revenue0.04%0.04%0.04%0.03%0.03%0.03%0.03%0.03%0.04%0.04%
Research & Development37.75M33.72M30.75M27.55M22.56M20.91M21.34M26.43M28.51M31.09M
R&D % of Revenue0.01%0%0%0%0%0%0%0%0%0%
Other Operating Expenses4.06M7.68M4.56M034.52M15.06M6.82M6.05M10.23M40.48M
Operating Income+224.78M226.47M119.44M177.67M219.14M255.94M349.48M455.66M335.49M354.57M
Operating Margin %0.03%0.03%0.02%0.02%0.03%0.04%0.04%0.05%0.04%0.04%
Operating Income Growth %0.11%0.01%-0.47%0.49%0.23%0.17%0.37%0.3%-0.26%0.06%
EBITDA+336.69M345.22M238.26M294.62M333.36M365.59M458.26M573.89M457.91M474.03M
EBITDA Margin %0.05%0.05%0.03%0.04%0.05%0.05%0.06%0.06%0.06%0.06%
EBITDA Growth %0.64%0.03%-0.31%0.24%0.13%0.1%0.25%0.25%-0.2%0.04%
D&A (Non-Cash Add-back)111.91M118.75M118.82M116.95M114.22M109.66M108.78M118.24M122.42M119.47M
EBIT228.49M227.81M179.2M299.87M221.12M301.19M324.79M449.1M346.72M343.72M
Net Interest Income+-24.23M-20.67M-26.47M-29.65M-26.58M-18.63M-20.84M-22.7M-16.74M11.56M
Interest Income680K1.26M1.27M1.11M2.32M925K1.63M13.6M12.44M15.86M
Interest Expense24.91M21.93M27.73M30.76M28.9M19.55M22.47M36.29M29.18M4.3M
Other Income/Expense-20.17M-12.99M-21.9M-40.5M-26.93M25.7M-47.16M-42.85M-17.96M-15.14M
Pretax Income+204.62M213.48M97.54M245.62M192.22M281.64M302.32M412.81M317.54M339.43M
Pretax Margin %0.03%0.03%0.01%0.03%0.03%0.04%0.04%0.05%0.04%0.04%
Income Tax+16.78M74.65M193.07M104.1M59.05M32.09M61.94M85.29M79.78M73.17M
Effective Tax Rate %0.92%0.65%-0.98%0.58%0.69%0.89%0.8%0.75%0.7%0.72%
Net Income+187.84M138.83M-95.53M141.51M133.17M249.55M240.38M309.97M222.54M245.89M
Net Margin %0.03%0.02%-0.01%0.02%0.02%0.04%0.03%0.03%0.03%0.03%
Net Income Growth %-0.5%-0.26%-1.69%2.48%-0.06%0.87%-0.04%0.29%-0.28%0.1%
Net Income (Continuing)187.84M138.83M-95.53M141.51M133.17M249.55M240.38M327.51M237.75M266.26M
Discontinued Operations0000000000
Minority Interest0000000149.68M164.89M185.26M
EPS (Diluted)+2.381.78-1.371.971.974.014.065.183.914.46
EPS Growth %-0.46%-0.25%-1.77%2.44%0%1.04%0.01%0.28%-0.25%0.14%
EPS (Basic)2.501.86-1.372.052.024.124.185.364.004.56
Diluted Shares Outstanding78.79M78.13M69.83M71.68M70.79M68.8M63.12M59.81M56.97M55.18M
Basic Shares Outstanding75.09M74.48M69.73M69.13M69.04M67.33M61.31M57.85M55.59M55.13M
Dividend Payout Ratio----------

Balance Sheet

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Total Current Assets+2.38B2.62B3.01B2.92B2.82B3.28B3.89B3.88B3.87B4.87B
Cash & Short-Term Investments398.29M406.66M419.53M454.74M480.53M650.03M529.86M667.57M625.86M926.27M
Cash Only398.29M406.66M419.53M454.74M480.53M650.03M529.86M667.57M625.86M926.27M
Short-Term Investments0000000000
Accounts Receivable973.68M1.11B1.18B1.52B1.44B1.54B1.61B1.68B1.72B1.83B
Days Sales Outstanding54.835960.4367.5975.6283.4874.4168.4983.0382
Inventory946.24M1.05B1.37B900.56M861.28M1.04B1.68B1.48B1.44B1.99B
Days Inventory Outstanding57.8860.4675.4643.0148.8760.984.2365.8276.0697.92
Other Current Assets57.45M47.59M43.68M40.95M053.95M62.04M58.25M79.3M124.66M
Total Non-Current Assets+1.25B1.23B1.07B984.58M953.21M925.05M944.92M994.4M952.42M992.72M
Property, Plant & Equipment617.52M640.27M642.91M630.65M611.79M601M654.66M728.59M693.68M682.35M
Fixed Asset Turnover10.50x10.73x11.06x13.06x11.36x11.21x12.10x12.26x10.91x11.91x
Goodwill0000000000
Intangible Assets0031.22M0000000
Long-Term Investments0000000021K0
Other Non-Current Assets117.73M114.28M52.45M74.13M67.95M88.94M80.7M88.21M98.01M139.14M
Total Assets+3.63B3.85B4.09B3.91B3.77B4.21B4.84B4.87B4.82B5.86B
Asset Turnover1.79x1.79x1.74x2.11x1.84x1.60x1.64x1.83x1.57x1.39x
Asset Growth %0.04%0.06%0.06%-0.04%-0.03%0.12%0.15%0.01%-0.01%0.21%
Total Current Liabilities+1.4B1.62B2.4B1.68B1.52B1.76B2.47B2.03B1.94B2.82B
Accounts Payable1.12B1.28B1.55B1.34B1.21B1.46B2.04B1.61B1.44B1.58B
Days Payables Outstanding68.5873.684.9863.8568.6686.06102.1171.8675.9777.75
Short-Term Debt28.42M88.42M593.32M38.35M35.41M35.97M34.2M48.29M39.77M17.5M
Deferred Revenue (Current)0000000001000K
Other Current Liabilities124.39M116.58M136.43M180.11M155.1M144.68M264.9M244.8M325.8M179.6M
Current Ratio1.70x1.62x1.26x1.74x1.85x1.86x1.57x1.91x1.99x1.72x
Quick Ratio1.02x0.97x0.68x1.20x1.29x1.27x0.89x1.18x1.25x1.02x
Cash Conversion Cycle44.1445.8750.9146.7555.8358.3256.5462.4483.12102.17
Total Non-Current Liabilities+614.16M583.64M210.39M579.92M620.15M565.1M544.57M522.01M520.66M497M
Long-Term Debt434.06M391.45M14.35M346.97M329.25M311.57M329.24M312.33M299.82M282.97M
Capital Lease Obligations000037.02M38.59M48.57M60.66M44.51M0
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities180.1M192.19M196.05M232.95M253.89M214.94M166.77M149.02M176.32M214.02M
Total Liabilities2.02B2.2B2.61B2.26B2.14B2.33B3.02B2.56B2.46B3.32B
Total Debt+462.48M479.86M607.67M385.32M401.67M386.13M412M421.28M384.11M300.47M
Net Debt64.19M73.2M188.14M-69.42M-78.85M-263.9M-117.86M-246.29M-241.75M-625.79M
Debt / Equity0.29x0.29x0.41x0.23x0.25x0.21x0.23x0.18x0.16x0.12x
Debt / EBITDA1.37x1.39x2.55x1.31x1.20x1.06x0.90x0.73x0.84x0.63x
Net Debt / EBITDA0.19x0.21x0.79x-0.24x-0.24x-0.72x-0.26x-0.43x-0.53x-1.32x
Interest Coverage9.02x10.32x4.31x5.78x7.58x13.09x15.55x12.56x11.50x82.53x
Total Equity+1.61B1.65B1.47B1.64B1.63B1.88B1.82B2.32B2.36B2.54B
Equity Growth %0.06%0.02%-0.11%0.12%-0.01%0.15%-0.03%0.27%0.02%0.08%
Book Value per Share20.4321.0921.0922.9223.0227.3128.8338.7641.4546.02
Total Shareholders' Equity1.61B1.65B1.47B1.64B1.63B1.88B1.82B2.17B2.2B2.35B
Common Stock730K717K678K697K650K643K574K568K539K534K
Retained Earnings-4.12B-3.98B-4.03B-3.86B-3.72B-3.45B-3.24B-2.93B-2.71B-2.46B
Treasury Stock-456.8M-633.74M-791.37M-804.12M-983.14M-1.05B-1.38B-1.49B-1.74B-1.9B
Accumulated OCI65.38M76.79M73.94M42.26M34.89M40.69M56.33M70.88M66.74M69.62M
Minority Interest0000000149.68M164.89M185.26M

Cash Flow

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Cash from Operations+390.12M250.96M156.42M382.96M300.56M338.34M330.85M235.17M340.22M620.66M
Operating CF Margin %0.06%0.04%0.02%0.05%0.04%0.05%0.04%0.03%0.04%0.08%
Operating CF Growth %1.23%-0.36%-0.38%1.45%-0.22%0.13%-0.02%-0.29%0.45%0.82%
Net Income187.84M138.83M-95.53M141.51M139.71M269M240.38M327.51M237.75M245.89M
Depreciation & Amortization111.91M118.75M118.82M116.95M114.22M109.66M108.78M118.24M122.42M119.47M
Stock-Based Compensation26.91M37.92M32.83M30.84M26.23M34.98M39.61M50.4M57.41M0
Deferred Taxes-16.83M37.89M173.59M54.67M13.57M33.72M27.91M28.75M30.35M0
Other Non-Cash Items1.59M4.19M32.39M2.22M8.17M-24.63M10.11M1.77M-1.12M66.29M
Working Capital Changes78.7M-86.62M-105.67M36.77M-1.35M-84.38M-95.94M-291.5M-106.59M189.01M
Change in Receivables-36.91M-136.07M-69.08M54.95M83.62M-146.52M-96.05M-59.5M-42.71M0
Change in Inventory5.61M-104.47M-324.17M121.38M39.56M-167.19M-651.12M210.22M35.7M0
Change in Payables95.19M130.65M268.42M-182.52M-106.64M236.27M508.99M-418.19M-111.55M0
Cash from Investing+-174.54M-107.9M-116.18M-127.64M-64.41M-91.33M-132.21M-192.46M-114.4M-108.21M
Capital Expenditures-120.4M-111.83M-118.88M-134.67M-64.41M-72.21M-138.64M-191.37M-111.23M-142.48M
CapEx % of Revenue0.02%0.02%0.02%0.02%0.01%0.01%0.02%0.02%0.01%0.02%
Acquisitions----------
Investments----------
Other Investing4.74M3.94M4.72M7.53M-30M5M8.43M1.41M2.03M0
Cash from Financing+-231.42M-135.49M-28.34M-220.22M-210.28M-77.32M-314.3M94.5M-269.71M-173.84M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing024.87M2.71M-2.73M02.5M500K207.24M0-43.02M
Net Change in Cash----------
Free Cash Flow+269.72M139.13M37.54M248.29M236.15M266.13M192.22M43.8M228.99M478.18M
FCF Margin %0.04%0.02%0.01%0.03%0.03%0.04%0.02%0%0.03%0.06%
FCF Growth %3.83%-0.48%-0.73%5.61%-0.05%0.13%-0.28%-0.77%4.23%1.09%
FCF per Share3.421.780.543.463.343.873.050.734.028.67
FCF Conversion (FCF/Net Income)2.08x1.81x-1.64x2.71x2.26x1.36x1.38x0.76x1.53x2.52x
Interest Paid21.32M17.98M26.16M30.14M20.48M15.26M18.24M32.49M26.1M0
Taxes Paid29.34M20.42M34.82M32.13M30.7M33.36M48.13M57.34M69.41M0

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)12%8.52%-6.12%9.08%8.14%14.22%13%14.98%9.51%10.04%
Return on Invested Capital (ROIC)10.16%10.01%5.3%8.24%10.52%12.13%15.81%18.11%12%13.19%
Gross Margin7.94%7.57%6.52%7.19%7.44%7.81%7.86%8.32%8.46%8.81%
Net Margin2.9%2.02%-1.34%1.72%1.92%3.7%3.04%3.47%2.94%3.03%
Debt / Equity0.29x0.29x0.41x0.23x0.25x0.21x0.23x0.18x0.16x0.12x
Interest Coverage9.02x10.32x4.31x5.78x7.58x13.09x15.55x12.56x11.50x82.53x
FCF Conversion2.08x1.81x-1.64x2.71x2.26x1.36x1.38x0.76x1.53x2.52x
Revenue Growth1.67%5.98%3.52%15.8%-15.59%-3.05%17.53%12.82%-15.3%7.4%

Revenue by Segment

2016201720182019202020212022202320242025
IMS5.3B5.65B5.85B6.91B-5.45B6.37B7.33B6.03B6.51B
IMS Growth-6.56%3.59%18.11%--16.83%15.01%-17.67%7.94%
CPS Third Party Revenue----1.3B1.3B1.5B1.75B1.53B1.62B
CPS Third Party Revenue Growth-----0.00%15.38%16.52%-12.21%5.28%
IMS Third Party Revenue----5.7B-----
IMS Third Party Revenue Growth----------
Others1.37B1.42B1.46B1.56B1.37B-----
Others Growth-3.63%2.57%6.61%-12.18%-----

Revenue by Geography

2016201720182019202020212022202320242025
Americas---4.19B3.45B3.18B3.72B4.43B3.96B4.65B
Americas Growth-----17.74%-7.76%16.86%19.01%-10.48%17.37%
Asia Pacific---2.99B2.51B2.52B3.01B3.19B2.56B2.61B
Asia Pacific Growth-----15.86%0.16%19.46%5.95%-19.73%2.07%
EMEA---1.05B995.84M1.06B1.16B1.32B1.05B866.39M
EMEA Growth-----5.27%6.02%10.16%13.61%-20.72%-17.30%
MEXICO1.87B1.94B2.07B-------
MEXICO Growth-3.53%6.84%-------
UNITED STATES1.05B1.23B1.34B-------
UNITED STATES Growth-18.04%8.39%-------
CHINA1.42B1.34B1.2B-------
CHINA Growth--6.02%-10.47%-------
MALAYSIA-743.36M687.81M-------
MALAYSIA Growth---7.47%-------

Frequently Asked Questions

Valuation & Price

Sanmina Corporation (SANM) has a price-to-earnings (P/E) ratio of 39.1x. This suggests investors expect higher future growth.

Growth & Financials

Sanmina Corporation (SANM) reported $8.13B in revenue for fiscal year 2025. This represents a 33% increase from $6.09B in 2012.

Sanmina Corporation (SANM) grew revenue by 7.4% over the past year. This is steady growth.

Yes, Sanmina Corporation (SANM) is profitable, generating $245.9M in net income for fiscal year 2025 (3.0% net margin).

Dividend & Returns

Sanmina Corporation (SANM) has a return on equity (ROE) of 10.0%. This is reasonable for most industries.

Sanmina Corporation (SANM) generated $478.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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