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Flex Ltd. (FLEX) 10-Year Financial Performance & Capital Metrics

FLEX • • Industrial / General
TechnologyTech Hardware & EquipmentElectronic Manufacturing Services (EMS)Contract Electronics Manufacturing
AboutFlex 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 Reliability Solutions (FRS), and Nextracker. The company provides cross-industry technologies, including human-machine interface, internet of things platforms, power, sensor fusion, and smart audio. It also offers integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects. In addition, the company provides value-added design and engineering services; and systems assembly and manufacturing services that include enclosures, testing services, and materials procurement and inventory management services. Further, it offers chargers for smartphones and tablets; adapters for notebooks and gaming systems; power supplies for the server, storage, and networking markets; and power solutions, such as switchgear, busway, power distribution, modular power systems, and monitoring solutions and services. Additionally, the company provides after-market and forward supply chain logistics services to computing, consumer digital, infrastructure, industrial, mobile, automotive, and medical industries; and reverse logistics and repair solutions, including returns management, exchange programs, complex repair, asset recovery, recycling, and e-waste management. It serves to cloud, communications, enterprise, automotive, industrial, consumer devices, lifestyle, healthcare, and energy industries. The company was formerly known as Flextronics International Ltd. and changed its name to Flex Ltd. in September 2016. Flex Ltd. was incorporated in 1990 and is based in Singapore.Show more
  • Revenue $25.81B -2.3%
  • EBITDA $1.71B +22.9%
  • Net Income $838M -16.7%
  • EPS (Diluted) 2.11 -7.5%
  • Gross Margin 8.36% +18.5%
  • EBITDA Margin 6.62% +25.7%
  • Operating Margin 4.53% +40.2%
  • Net Margin 3.25% -14.8%
  • ROE 16.23% -11.0%
  • ROIC 13.02% +35.8%
  • Debt/Equity 0.83 +17.7%
  • Interest Coverage 5.36 +1.2%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 56.9%
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Good 3Y average ROE of 16.8%
  • ✓Share count reduced 9.8% through buybacks
  • ✓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

10Y-0.13%
5Y1.29%
3Y1.57%
TTM10.71%

Profit (Net Income) CAGR

10Y3.38%
5Y56.95%
3Y-3.62%
TTM-7.3%

EPS CAGR

10Y7.54%
5Y65.49%
3Y2.84%
TTM0%

ROCE

10Y Avg9.55%
5Y Avg10.71%
3Y Avg10.62%
Latest12.81%

Peer Comparison

Contract Electronics Manufacturing
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
TTMITTM Technologies, Inc.8.05B77.89144.249.41%4.74%7.75%0.64%0.65
CLSCelestica Inc.36.2B314.7087.1721.17%6.2%34.36%0.84%0.42
PLXSPlexus Corp.4.29B160.3739.99-5.93%4.29%11.89%7.95%0.21
JBLJabil Inc.24.35B230.5838.953.18%2.26%52.19%4.81%2.22
SANMSanmina Corporation8.79B161.0136.107.4%3.03%9.68%5.44%0.12
FLEXFlex Ltd.22.98B62.1429.45-2.28%3.33%17.4%4.64%0.83
BHEBenchmark Electronics, Inc.1.64B45.9826.73-6.44%1.43%3.36%9.51%0.33
DSWLDeswell Industries, Inc.55.3M3.474.96-2.53%13.76%18.46%23.88%

Profit & Loss

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales/Revenue+24.42B23.86B25.44B26.21B24.21B24.12B24.63B28.5B26.41B25.81B
Revenue Growth %-0.07%-0.02%0.07%0.03%-0.08%-0%0.02%0.16%-0.07%-0.02%
Cost of Goods Sold+22.81B22.34B23.85B24.69B22.87B22.44B22.85B26.53B24.55B23.65B
COGS % of Revenue0.93%0.94%0.94%0.94%0.94%0.93%0.93%0.93%0.93%0.92%
Gross Profit+1.61B1.52B1.6B1.52B1.34B1.69B1.78B1.98B1.86B2.16B
Gross Margin %0.07%0.06%0.06%0.06%0.06%0.07%0.07%0.07%0.07%0.08%
Gross Profit Growth %0.04%-0.05%0.05%-0.05%-0.12%0.26%0.06%0.11%-0.06%0.16%
Operating Expenses+1.02B1.02B1.1B1.03B924M892M890M959M1.01B990M
OpEx % of Revenue0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.03%0.04%0.04%
Selling, General & Admin954.89M937.34M1.02B953M834M817M830M874M922M904M
SG&A % of Revenue0.04%0.04%0.04%0.04%0.03%0.03%0.03%0.03%0.03%0.04%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses65.97M81.4M78.64M74M90M75M60M85M90M86M
Operating Income+587.21M502.21M497.84M491M415M795M890M1.02B853M1.17B
Operating Margin %0.02%0.02%0.02%0.02%0.02%0.03%0.04%0.04%0.03%0.05%
Operating Income Growth %-0.12%-0.14%-0.01%-0.01%-0.15%0.92%0.12%0.14%-0.16%0.37%
EBITDA+1.1B1.11B1.05B1.26B1.04B1.36B1.37B1.52B1.39B1.71B
EBITDA Margin %0.05%0.05%0.04%0.05%0.04%0.06%0.06%0.05%0.05%0.07%
EBITDA Growth %-0.09%0.01%-0.05%0.19%-0.17%0.31%0.01%0.1%-0.08%0.23%
D&A (Non-Cash Add-back)515.37M609.66M555.36M765M626M569M484M501M537M539M
EBIT539.47M478.83M643.99M328M441M875M1.13B1.04B873M1.24B
Net Interest Income+-85.7M-95.9M-104.3M-126.16M-126.6M-136M-146M-161M-105M-157M
Interest Income12.3M12.1M18.8M19.5M19.38M14M14M30M56M61M
Interest Expense98M108M123.1M145.66M145.98M150M160M191M161M218M
Other Income/Expense-132.53M-131.36M23.05M-309M-256M-81M74M-210M-187M-146M
Pretax Income+454.68M370.85M520.89M182M159M714M964M807M666M1.02B
Pretax Margin %0.02%0.02%0.02%0.01%0.01%0.03%0.04%0.03%0.03%0.04%
Income Tax+10.59M51.28M92.36M89M71M101M92M124M-206M185M
Effective Tax Rate %0.98%0.86%0.82%0.51%0.55%0.86%0.97%0.98%1.51%0.82%
Net Income+444.08M319.56M428.53M93M88M613M936M793M1.01B838M
Net Margin %0.02%0.01%0.02%0%0%0.03%0.04%0.03%0.04%0.03%
Net Income Growth %-0.26%-0.28%0.34%-0.78%-0.05%5.97%0.53%-0.15%0.27%-0.17%
Net Income (Continuing)444.08M319.56M428.53M93M88M613M872M683M872M838M
Discontinued Operations00000068M350M373M0
Minority Interest34.66M33.74M000078M355M00
EPS (Diluted)+0.790.590.800.180.171.211.941.722.282.11
EPS Growth %-0.23%-0.25%0.36%-0.78%-0.06%6.12%0.6%-0.11%0.33%-0.07%
EPS (Basic)0.800.590.810.180.171.231.971.752.312.14
Diluted Shares Outstanding564.87M546.22M536.6M530.07M512.44M506M483M462M441M398M
Basic Shares Outstanding557.67M540.5M529.78M518.88M508.77M499M476M454M408.1M391M
Dividend Payout Ratio----------

Balance Sheet

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Total Current Assets+8.32B8.39B9.17B9.1B9.09B11.36B14.34B16.03B12.99B12.84B
Cash & Short-Term Investments1.61B1.83B1.47B1.7B1.92B2.64B2.96B3.16B2.47B2.29B
Cash Only1.61B1.83B1.47B1.7B1.92B2.64B2.96B3.16B2.47B2.29B
Short-Term Investments0000000000
Accounts Receivable2.04B2.19B2.52B2.83B2.72B4.24B3.89B3.72B3.28B4.29B
Days Sales Outstanding30.5633.5436.1239.440.9864.1757.6447.6845.3560.62
Inventory3.49B3.4B3.8B3.72B3.79B3.9B6.58B7.39B6.21B5.07B
Days Inventory Outstanding55.8755.4958.1655.0360.4163.36105.09101.6692.2578.25
Other Current Assets1.17B967.93M1.38B854.79M660M590M903M1.76B1.03B1.19B
Total Non-Current Assets+4.07B4.21B4.55B4.4B4.6B4.47B4.99B5.37B5.26B5.54B
Property, Plant & Equipment2.26B2.32B2.24B2.34B2.82B2.74B2.76B2.95B2.87B2.89B
Fixed Asset Turnover10.82x10.30x11.36x11.22x8.58x8.81x8.92x9.67x9.20x8.93x
Goodwill942.07M984.87M1.12B1.07B1.06B1.09B1.34B1.14B1.14B1.34B
Intangible Assets403.75M362.18M424.43M331M262M213M411M315M245M343M
Long-Term Investments000000000119M
Other Non-Current Assets466.4M541.51M760.33M655.67M456M431M473M973M1.01B845M
Total Assets+12.38B12.59B13.72B13.5B13.69B15.84B19.32B21.41B18.26B18.38B
Asset Turnover1.97x1.89x1.85x1.94x1.77x1.52x1.27x1.33x1.45x1.40x
Asset Growth %0.06%0.02%0.09%-0.02%0.01%0.16%0.22%0.11%-0.15%0.01%
Total Current Liabilities+6.57B6.5B7.27B7.6B7.21B7.83B10.71B10.87B8.54B9.85B
Accounts Payable4.25B4.48B5.12B5.15B5.11B5.25B6.25B5.72B4.47B5.15B
Days Payables Outstanding67.9873.2778.4176.0881.5285.3699.8978.7666.4379.42
Short-Term Debt65.17M61.53M43.01M632.61M149M268M949M150M01.21B
Deferred Revenue (Current)000001000K1000K1000K1000K1000K
Other Current Liabilities1.91B1.61B1.72B1.43B1.59B998M1.04B1.53B968M977M
Current Ratio1.27x1.29x1.26x1.20x1.26x1.45x1.34x1.48x1.52x1.30x
Quick Ratio0.73x0.77x0.74x0.71x0.74x0.95x0.72x0.80x0.79x0.79x
Cash Conversion Cycle18.4615.7615.8818.3419.8642.1762.8570.5771.1859.45
Total Non-Current Liabilities+3.21B3.41B3.43B2.93B3.65B4.57B4.41B4.83B4.39B3.53B
Long-Term Debt2.71B2.89B2.9B2.42B2.69B3.52B3.25B3.54B3.26B2.48B
Capital Lease Obligations0000529M562M551M504M490M456M
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities497.86M519.85M531.59M507.59M430M489M608M786M642M590M
Total Liabilities9.78B9.92B10.7B10.53B10.86B12.4B15.12B15.7B12.93B13.38B
Total Debt+2.77B2.95B2.94B3.05B3.37B4.34B4.75B4.2B3.75B4.15B
Net Debt1.17B1.12B1.47B1.36B1.44B1.71B1.78B1.03B1.28B1.86B
Debt / Equity1.06x1.10x0.97x1.03x1.19x1.26x1.13x0.74x0.70x0.83x
Debt / EBITDA2.52x2.66x2.79x2.43x3.23x3.19x3.46x2.77x2.70x2.43x
Net Debt / EBITDA1.06x1.01x1.39x1.08x1.39x1.25x1.30x0.68x0.92x1.09x
Interest Coverage5.99x4.65x4.04x3.37x2.84x5.30x5.56x5.32x5.30x5.36x
Total Equity+2.61B2.68B3.02B2.97B2.83B3.44B4.21B5.71B5.33B5B
Equity Growth %0.09%0.03%0.13%-0.02%-0.05%0.21%0.22%0.36%-0.07%-0.06%
Book Value per Share4.614.905.635.615.526.798.7112.3512.0712.57
Total Shareholders' Equity2.57B2.64B3.02B2.97B2.83B3.44B4.13B5.35B5.33B5B
Common Stock6.99B6.73B6.64B6.52B6.34B6.23B6.05B6.49B5.07B4.14B
Retained Earnings-3.89B-3.57B-3.14B-3.01B-2.9B-2.29B-1.35B-560M446M1.28B
Treasury Stock-388.21M-388.21M-388.21M-388.21M-388M-388M-388M-388M0-200M
Accumulated OCI-135.91M-128.14M-85.84M-151.16M-215M-119M-182M-194M-195M-224M
Minority Interest34.66M33.74M000078M355M00

Cash Flow

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operations+1.14B1.15B753.6M-2.97B-1.53B144M1.02B950M1.33B1.5B
Operating CF Margin %0.05%0.05%0.03%-0.11%-0.06%0.01%0.04%0.03%0.05%0.06%
Operating CF Growth %0.43%0.01%-0.34%-4.94%0.48%1.09%6.11%-0.07%0.4%0.13%
Net Income444.08M319.56M428.53M93.4M88M613M936M1.03B1.25B838M
Depreciation & Amortization515.37M609.66M555.36M507.81M626M569M484M501M537M539M
Stock-Based Compensation77.58M77.33M81.35M76.03M71M79M91M133M152M125M
Deferred Taxes-64.35M-20.04M0-13.86M6M-12M-44M-192M-480M23M
Other Non-Cash Items96.82M6.67M-201.57M301.19M107M10M73M90M123M145M
Working Capital Changes66.95M156.72M-153.26M-3.93B-2.43B-1.11B-516M-615M-251M-165M
Change in Receivables317.95M-164.24M-296.91M-3.63B-2.19B-1.51B398M-415M339M-966M
Change in Inventory84.79M85.05M-354.32M-360.15M-66M-96M-2.65B-974M1.1B1.18B
Change in Payables-365.05M268.69M623.15M68.07M-15M103M969M-341M-986M630M
Cash from Investing+-1.4B-702.19M-908.99M3.25B2.28B-202M-951M-604M-492M-838M
Capital Expenditures-510.63M-525.11M-562M-725.61M-462M-351M-443M-635M-530M-438M
CapEx % of Revenue0.02%0.02%0.02%0.03%0.02%0.01%0.02%0.02%0.02%0.02%
Acquisitions----------
Investments----------
Other Investing25.05M12.01M-75.66M3.72B2.74B152M31M27M26M5M
Cash from Financing+249.64M-242.11M-187.78M-29.7M-508M743M280M2M-1.66B-821M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing-24.52M-63.59M47.24M20.3M-2M3M3M645M49M-5M
Net Change in Cash----------
Free Cash Flow+625.81M624.8M191.6M-3.7B-2B-207M581M315M796M1.07B
FCF Margin %0.03%0.03%0.01%-0.14%-0.08%-0.01%0.02%0.01%0.03%0.04%
FCF Growth %0.4%-0%-0.69%-20.29%0.46%0.9%3.81%-0.46%1.53%0.34%
FCF per Share1.111.140.36-6.97-3.89-0.411.200.681.802.68
FCF Conversion (FCF/Net Income)2.56x3.60x1.76x-31.95x-17.42x0.23x1.09x1.20x1.32x1.80x
Interest Paid0000000227M226M214M
Taxes Paid000000122M124M243M184M

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)17.76%12.1%15.04%3.1%3.03%19.56%24.49%16%18.24%16.23%
Return on Invested Capital (ROIC)13.32%9.95%9.01%8.35%7.23%12.66%11.99%11.98%9.59%13.02%
Gross Margin6.59%6.37%6.27%5.79%5.53%6.99%7.23%6.93%7.06%8.36%
Net Margin1.82%1.34%1.68%0.35%0.36%2.54%3.8%2.78%3.81%3.25%
Debt / Equity1.06x1.10x0.97x1.03x1.19x1.26x1.13x0.74x0.70x0.83x
Interest Coverage5.99x4.65x4.04x3.37x2.84x5.30x5.56x5.32x5.30x5.36x
FCF Conversion2.56x3.60x1.76x-31.95x-17.42x0.23x1.09x1.20x1.32x1.80x
Revenue Growth-6.61%-2.28%6.61%3.03%-7.63%-0.36%2.11%15.71%-7.32%-2.28%

Revenue by Segment

2016201720182019202020212022202320242025
Flex Agility Solutions (FAS)--------13.92B14.07B
Flex Agility Solutions (FAS) Growth---------1.08%
Flex Reliability Solutions (FRS)--------12.49B11.74B
Flex Reliability Solutions (FRS) Growth----------6.03%
Flex Agility Solutions F A S-----13.49B----
Flex Agility Solutions F A S Growth----------
Flex Reliability Solutions F R S-----10.63B----
Flex Reliability Solutions F R S Growth----------
C T G7B6.36B6.97B6.18B7.28B-----
C T G Growth--9.08%9.55%-11.29%17.71%-----
Communications and Enterprise Compute8.84B8.38B7.73B4.83B6.99B-----
Communications and Enterprise Compute Growth--5.18%-7.80%-37.52%44.66%-----
I E I4.68B4.97B5.97B8.34B6.99B-----
I E I Growth-6.13%20.23%39.58%-16.20%-----
H R S3.9B4.15B4.77B6.86B5.2B-----
H R S Growth-6.42%14.94%43.89%-24.16%-----

Revenue by Geography

2016201720182019202020212022202320242025
Americas8.35B8.58B9.88B9.89B10.07B9.67B10.84B13.77B12.23B12.66B
Americas Growth-2.82%15.12%0.13%1.74%-3.91%12.07%27.07%-11.19%3.47%
Asia11.79B10.96B11.21B11.47B9.36B9.33B9.6B10.36B8.54B7.7B
Asia Growth--7.01%2.27%2.31%-18.37%-0.39%2.95%7.92%-17.58%-9.82%
Europe4.28B4.32B4.35B4.85B4.78B5.13B5.6B6.21B5.64B5.46B
Europe Growth-0.83%0.73%11.45%-1.35%7.19%9.27%10.91%-9.16%-3.31%
SINGAPORE519.1M-686.9M-574.6M---660M266M
SINGAPORE Growth----------59.70%
CHINA---6.65B------
CHINA Growth----------
MEXICO---4.54B------
MEXICO Growth----------
UNITED STATES---3.11B------
UNITED STATES Growth----------
BRAZIL---2.18B------
BRAZIL Growth----------
MALAYSIA---2B------
MALAYSIA Growth----------

Frequently Asked Questions

Valuation & Price

Flex Ltd. (FLEX) has a price-to-earnings (P/E) ratio of 29.5x. This suggests investors expect higher future growth.

Growth & Financials

Flex Ltd. (FLEX) reported $26.33B in revenue for fiscal year 2025. This represents a 10% decrease from $29.34B in 2012.

Flex Ltd. (FLEX) saw revenue decline by 2.3% over the past year.

Yes, Flex Ltd. (FLEX) is profitable, generating $876.0M in net income for fiscal year 2025 (3.2% net margin).

Dividend & Returns

Flex Ltd. (FLEX) has a return on equity (ROE) of 16.2%. This is reasonable for most industries.

Flex Ltd. (FLEX) generated $1.19B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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