Upside case
Bull case
$229+69.8%
FLEX would need investors to value it at roughly 70x earnings — about 29x more generous than today's 42x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Flex Ltd. (FLEX) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
25
analysts
18 bullish · 0 bearish · 25 covering FLEX
Strong Buy
0
Buy
18
Hold
7
Sell
0
Strong Sell
0
Consensus Target
$80
-40.6% vs today
Scenario Range
$71 – $229
Model bear to bull value window
Coverage
25
Published analyst ratings
Valuation Context
41.5x
Forward P/E · Market cap $49.5B
FLEX price targets
Three scenarios for where FLEX stock could go
Current
~$135
Confidence
65 / 100
Updated
May 1, 2026
Where we are now
Current · $135
Bear
$71
Base
$167
Bull
$229
Market caseClosest to today
Base case
$167+24.1%
At 51x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$71-47.5%
If investor confidence fades or macro conditions deteriorate, a 20x multiple contraction could push FLEX down roughly 47% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Flex Ltd.
FLEX · NASDAQTechnologyHardware, Equipment & PartsMarch year-end
Flex Ltd. is a global electronics manufacturing services provider that designs, engineers, and manufactures products for technology companies across multiple industries. It generates revenue primarily through manufacturing services contracts — with its Flex Agility Solutions segment (roughly 60% of revenue) serving high-mix, lower-volume customers and its Flex Reliability Solutions segment (roughly 40%) focusing on high-volume, lower-mix production. The company's competitive advantage lies in its global scale, end-to-end supply chain capabilities, and deep engineering expertise that allows it to handle complex manufacturing challenges for diverse clients.
Market Cap
$49.5B
Revenue TTM
$26.8B
Net Income TTM
$852M
Net Margin
3.2%
FLEX Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
100%Exceptional
12 quarters tracked
Revenue Beat Rate
92%Exceptional
vs consensus estimates
Avg EPS Surprise
+12.3%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$0.72/$0.63
Revenue
$6.6B/$6.3B
Q4 2025
EPS
$0.79/$0.75
Revenue
$6.8B/$6.7B
Q1 2026
EPS
$0.87/$0.78
Revenue
$7.1B/$6.8B
Q2 2026
EPS
$0.93/$0.87
Revenue
$7.5B/$7.0B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.72/$0.63 | +14.3% | $6.6B/$6.3B | +4.6% |
| Q4 2025 | $0.79/$0.75 | +4.8% | $6.8B/$6.7B | +1.8% |
| Q1 2026 | $0.87/$0.78 | +11.7% | $7.1B/$6.8B | +3.3% |
| Q2 2026 | $0.93/$0.87 | +6.4% | $7.5B/$7.0B | +7.4% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$26.8B
+0.0% YoY
FY2
$27.0B
+0.6% YoY
EPS Outlook
FY1
$2.46
+8.3% YoY
FY2
$2.62
+6.6% YoY
Trailing FCF (TTM)$1.2B
FCF Margin: 4.3%
Next Earnings
May 6, 2026
Expected EPS
$0.86
Expected Revenue
$7.0B
FLEX beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
FLEX Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $25.8B
Product Mix
Latest annual revenue by segment or product family
Flex Agility Solutions (FAS)
54.5%
+1.1% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Americas
48.5%
+3.5% YoY
Tap, hover, or focus a slice to inspect segment detail.
Flex Agility Solutions (FAS) is the largest disclosed segment at 54.5% of FY 2025 revenue, up 1.1% YoY.
Americas is the largest reported region at 48.5%, up 3.5% YoY.
FLEX Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Undervalued
Fair value est. $110 — implies +19.8% from today's price.
Upside to Fair Value
19.8%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
FLEX
63.9x
vs
S&P 500
25.2x
+153% premium
vs Technology Trailing P/E
FLEX
63.9x
vs
Technology
27.5x
+132% premium
vs FLEX 5Y Avg P/E
Today
63.9x
vs
5Y Average
13.3x
+382% premium
Forward PE
41.5x
S&P 500
19.1x
+118%
Technology
21.7x
+91%
5Y Avg
—
—
Trailing PE
63.9x
S&P 500
25.2x
+153%
Technology
27.5x
+132%
5Y Avg
13.3x
+382%
PEG Ratio
0.97x
S&P 500
1.75x
-44%
Technology
1.47x
-33%
5Y Avg
—
—
EV/EBITDA
30.1x
S&P 500
15.3x
+97%
Technology
17.4x
+73%
5Y Avg
8.5x
+255%
Price/FCF
46.4x
S&P 500
21.3x
+118%
Technology
19.8x
+135%
5Y Avg
19.3x
+140%
Price/Sales
1.9x
S&P 500
3.1x
-39%
Technology
2.4x
-20%
5Y Avg
0.4x
+355%
Dividend Yield
—
S&P 500
1.88%
—
Technology
1.18%
—
5Y Avg
—
—
| Metric | FLEX | S&P 500 | Technology | 5Y Avg FLEX |
|---|---|---|---|---|
| Forward PE | 41.5x | 19.1x+118% | 21.7x+91% | — |
| Trailing PE | 63.9x | 25.2x+153% | 27.5x+132% | 13.3x+382% |
| PEG Ratio | 0.97x | 1.75x-44% | 1.47x-33% | — |
| EV/EBITDA | 30.1x | 15.3x+97% | 17.4x+73% | 8.5x+255% |
| Price/FCF | 46.4x | 21.3x+118% | 19.8x+135% | 19.3x+140% |
| Price/Sales | 1.9x | 3.1x-39% | 2.4x-20% | 0.4x+355% |
| Dividend Yield | — | 1.88% | 1.18% | — |
FLEX trades above S&P 500 benchmarks on 4 of 6 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolFLEX Financial Health
Verdict
Adequate
FLEX 13.0% ROIC signals a durable competitive advantage — returns 2.5% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$26.8B
Revenue Growth
TTM vs prior year
+12.2%
Gross Margin
Gross profit as a share of revenue
9.1%
Operating Margin
Operating income divided by revenue
4.9%
Net Margin
Net income divided by revenue
3.2%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$2.27
Free Cash Flow (TTM)
Cash generation after capex
$1.2B
FCF Margin
FCF as share of revenue — the primary cash quality signal
4.3%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
13.0%
ROA
Return on assets, trailing twelve months
4.4%
Cash & Equivalents
Liquid assets on the balance sheet
$2.3B
Net Debt
Total debt minus cash
$1.9B
Debt Serviceability
Net debt as a multiple of annual free cash flow
1.6× FCF
~1.6 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
16.8%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
2.5%
Dividend
—
Buyback
2.5%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$1.3B
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
368M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageFLEX Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Customer Concentration
Flex relies on a few large customers for a significant portion of revenue. Loss of any of these customers or changes in long‑term supply agreements could materially reduce top line and margin.
High Risk
Intense Competition
The contract manufacturing industry is highly competitive, with constant pressure to reduce costs and innovate. Flex faces competition from established players and new entrants, leading to price erosion and margin compression.
High Risk
Customer Loss
Flex's revenue is concentrated among a limited number of key customers. Losing a major customer could have a disproportionate impact on revenue and profitability.
High Risk
Stock Price Volatility
The market price of Flex's ordinary shares is subject to fluctuations due to operating results, industry news, currency exchange rates, and macroeconomic conditions. Such volatility can affect investor sentiment and capital raising ability.
Medium
Supply Chain Disruptions
Global economic uncertainty, geopolitical tensions, and trade uncertainties can disrupt supply chains and affect operations. Tariffs related to raw material sourcing can also pressure margins.
Medium
Regulatory Environment
Flex is subject to various legal and regulatory risks, including compliance costs related to climate disclosure and carbon border adjustments. Non‑compliance could result in penalties and increased operating costs.
Medium
Interest Rate Risk
Flex is exposed to interest rate risk on its cash balances and factoring activities. Rising rates could increase borrowing costs and reduce cash flow.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why FLEX Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Agility Segment Revenue Growth
Flex expects the Agility segment to deliver quarter‑over‑quarter and year‑over‑year revenue growth, and it has lifted its fiscal 2026 revenue and adjusted EPS guidance to reflect this momentum. This growth is driven by expanding demand for flexible manufacturing solutions across automotive, healthcare, and industrial sectors.
AI & Data Center Demand Surge
Demand for AI and data‑center infrastructure, including liquid cooling and high‑density AI racks, is accelerating. Flex’s partnership with NVIDIA to build modular AI data centers positions it to capture a significant share of this expanding market.
Strategic NVIDIA Collaboration
Flex’s collaboration with NVIDIA enables the design and deployment of modular AI data centers, leveraging NVIDIA’s GPU expertise and Flex’s manufacturing capabilities. This partnership accelerates Flex’s entry into high‑performance AI infrastructure, a segment projected to contribute substantially to revenue.
Record Cash Position & Flexibility
Flex has achieved a record cash balance thanks to successful refinancings, providing financial flexibility for growth initiatives. The strong liquidity base supports continued investment in manufacturing automation and new product development.
Diversified Market Exposure
Flex’s diversified customer base—spanning automotive, healthcare, and industrial markets—reduces sensitivity to the data‑center cycle and contributes a significant portion of revenue. This diversification underpins stable earnings and mitigates sector‑specific risks.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
FLEX Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$134.73
52W Range Position
100%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$34.94
+285.6% from the low
52-Week High
$134.99
-0.2% from the high
1 Month
+99.01%
3 Month
+110.58%
YTD
+111.6%
1 Year
+266.4%
3Y CAGR
+86.3%
5Y CAGR
+49.2%
10Y CAGR
+27.2%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
FLEX vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
41.5x
vs 31.3x median
+32% above peer median
Revenue Growth
+0.0%
vs +2.6% median
-100% below peer median
Net Margin
3.2%
vs 2.5% median
+28% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
FLE FLEX Flex Ltd. | $49.5B | 41.5x | +0.0% | 3.2% | Buy | -40.6% |
JBL JBL Jabil Inc. | $40.0B | 30.2x | +1.5% | 2.5% | Buy | -26.7% |
CLS CLS Celestica Inc. | $47.6B | 41.2x | +27.6% | 6.9% | Buy | +10.9% |
BHE BHE Benchmark Electronics, Inc. | $3.1B | 31.3x | +1.4% | 1.3% | Hold | -0.7% |
SAN SANM Sanmina Corporation | $13.0B | 21.4x | +7.6% | 2.3% | Hold | -16.2% |
PLX PLXS Plexus Corp. | $7.1B | 34.4x | +2.6% | 4.4% | Buy | -5.2% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
FLEX Dividend and Capital Return
FLEX returns 2.5% annually — null% through dividends and 2.5% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
2.5%
Dividend + buyback return per year
Buyback Yield
2.5%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
—
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$1.3B
Estimated Shares Retired
9M
Approx. Share Reduction
2.5%
Shares Outstanding
Current diluted share count from the screening snapshot
368M
At 2.5%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
FAQ
7 questionsFLEX Investor Questions
Common questions answered from live analyst data and company financials.
01Is Flex Ltd. (FLEX) stock a buy or sell in 2026?
Flex Ltd. (FLEX) is rated Buy by Wall Street analysts as of 2026. Of 25 analysts covering the stock, 18 rate it Buy or Strong Buy, 7 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $80, implying -40.6% from the current price of $135. The bear case scenario is $71 and the bull case is $229.
02What is the FLEX stock price target for 2026?
The Wall Street consensus price target for FLEX is $80 based on 25 analyst estimates. The high-end target is $95 (-29.5% from today), and the low-end target is $71 (-47.3%). The base case model target is $167.
03Is Flex Ltd. (FLEX) stock overvalued in 2026?
FLEX trades at 41.5x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Flex Ltd. (FLEX) stock in 2026?
The primary risks for FLEX in 2026 are: (1) Customer Concentration — Flex relies on a few large customers for a significant portion of revenue. (2) Intense Competition — The contract manufacturing industry is highly competitive, with constant pressure to reduce costs and innovate. (3) Customer Loss — Flex's revenue is concentrated among a limited number of key customers. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Flex Ltd.'s revenue and earnings forecast?
Analyst consensus estimates FLEX will report consensus revenue of $26.8B (+0.0% year-over-year) and EPS of $2.46 (+8.3% year-over-year) for the upcoming fiscal year. The following year, analysts project $27.0B in revenue.
06When does Flex Ltd. (FLEX) report its next earnings?
Flex Ltd. is expected to report its next earnings on approximately 2026-05-06. Consensus expects EPS of $0.86 and revenue of $7.0B. Over recent quarters, FLEX has beaten EPS estimates 100% of the time.
07How much free cash flow does Flex Ltd. generate?
Flex Ltd. (FLEX) generated $1.2B in free cash flow over the trailing twelve months — a free cash flow margin of 4.3%. FLEX returns capital to shareholders through and share repurchases ($1.3B TTM).