Upside case
Bull case
$190+28.6%
FLEX would need investors to value it at roughly 58x earnings — about 13x more generous than today's 45x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 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
$150
+1.6% vs today
Scenario Range
$91 – $190
Model bear to bull value window
Coverage
25
Published analyst ratings
Valuation Context
45.5x
Forward P/E · Market cap $54.3B
FLEX price targets
Three scenarios for where FLEX stock could go
Current
~$148
Confidence
50 / 100
Updated
Jun 18, 2026
Where we are now
Current · $148
Bear
$91
Base
$144
Bull
$190
Market caseClosest to today
Base case
$144-2.4%
This is close to how the market is already pricing FLEX — at roughly 44x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
$91-38.5%
If investor confidence fades or macro conditions deteriorate, a 18x multiple contraction could push FLEX down roughly 39% 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
$54.3B
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
$28.4B
+5.8% YoY
FY2
$30.6B
+7.8% YoY
EPS Outlook
FY1
$2.70
+19.2% YoY
FY2
$3.20
+18.5% YoY
Trailing FCF (TTM)$1.2B
FCF Margin: 4.3%
Next Earnings
July 23, 2026
Expected EPS
$0.93
Expected Revenue
$7.5B
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
Expensive versus peers
Fair value est. $114 — implies -22.8% from today's price.
Premium to Fair Value
22.8%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
FLEX
70.0x
vs
S&P 500
24.4x
+186% premium
vs Technology Trailing P/E
FLEX
70.0x
vs
Technology
29.0x
+141% premium
vs FLEX 5Y Avg P/E
Today
70.0x
vs
5Y Average
13.3x
+428% premium
Forward PE
45.5x
S&P 500
18.8x
+142%
Technology
22.3x
+104%
5Y Avg
—
—
Trailing PE
70.0x
S&P 500
24.4x
+186%
Technology
29.0x
+141%
5Y Avg
13.3x
+428%
PEG Ratio
1.07x
S&P 500
1.66x
-36%
Technology
1.51x
-29%
5Y Avg
—
—
EV/EBITDA
32.9x
S&P 500
15.2x
+116%
Technology
16.6x
+98%
5Y Avg
8.5x
+288%
Price/FCF
50.9x
S&P 500
20.7x
+146%
Technology
19.2x
+165%
5Y Avg
19.3x
+163%
Price/Sales
2.1x
S&P 500
3.1x
-32%
Technology
2.4x
-14%
5Y Avg
0.4x
+399%
Dividend Yield
—
S&P 500
1.91%
—
Technology
1.11%
—
5Y Avg
—
—
| Metric | FLEX | S&P 500 | Technology | 5Y Avg FLEX |
|---|---|---|---|---|
| Forward PE | 45.5x | 18.8x+142% | 22.3x+104% | — |
| Trailing PE | 70.0x | 24.4x+186% | 29.0x+141% | 13.3x+428% |
| PEG Ratio | 1.07x | 1.66x-36% | 1.51x-29% | — |
| EV/EBITDA | 32.9x | 15.2x+116% | 16.6x+98% | 8.5x+288% |
| Price/FCF | 50.9x | 20.7x+146% | 19.2x+165% | 19.3x+163% |
| Price/Sales | 2.1x | 3.1x-32% | 2.4x-14% | 0.4x+399% |
| Dividend Yield | — | 1.91% | 1.11% | — |
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 2.3% 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
2.3%
Dividend
—
Buyback
2.3%
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 June 17, 2026
Medium
Revenue Concentration
Flex's reliance on being a manufacturing partner for streamlined product lifecycles could expose it to client concentration risks.
High Risk
Market Volatility
Stock forecasts and analyst predictions show significant variability, indicating potential market volatility and uncertainty in Flex's valuation.
Medium
Operational Execution
Disciplined execution and strategic acquisitions are highlighted, but failure to integrate or execute could negatively impact growth.
Lower
Credit Risk
Flex's financial services like splitting bills may introduce credit risk, though it is not a core business focus.
High Risk
Economic Sensitivity
As a manufacturing partner, Flex is vulnerable to economic downturns affecting client demand and product lifecycles.
Medium
Competitive Pressure
Being the 'manufacturing partner of choice' requires continuous innovation and efficiency to maintain competitive advantage.
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 June 17, 2026
Strategic Spin-Off
Flex's board approved spinning off its Power and Cloud portfolio into a separate public company, which could unlock shareholder value and streamline operations.
Strong Financial Performance
Flex reported higher sales and net income year over year, with upbeat fourth-quarter sales expectations and lifted full-year revenue guidance.
Global Manufacturing Leadership
Flex is a leading end-to-end manufacturing partner with a global footprint, serving diverse customers across 30 countries with innovative solutions.
Operational Efficiency
Flex's streamlined product lifecycle services optimize efficiency from design to end of life, making it a preferred manufacturing partner.
Experienced Leadership
Flex is led by industry innovators, with a clear leadership transition plan ensuring continuity and strategic execution.
Collaborative Culture
Flex fosters a company-wide culture of collaboration and execution, driving innovation and operational excellence across its global workforce.
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
$147.61
52W Range Position
84%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$45.31
+225.8% from the low
52-Week High
$166.86
-11.5% from the high
1 Month
+13.78%
3 Month
+132.64%
YTD
+131.8%
1 Year
+219.6%
3Y CAGR
+75.8%
5Y CAGR
+54.4%
10Y CAGR
+27.5%
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
45.5x
vs 33.4x median
+36% above peer median
Revenue Growth
+5.8%
vs +5.7% median
+1% above peer median
Net Margin
3.2%
vs 2.6% median
+24% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
FLE FLEX Flex Ltd. | $54.3B | 45.5x | +5.8% | 3.2% | Buy | +1.6% |
JBL JBL Jabil Inc. | $39.2B | 29.5x | +5.4% | 2.6% | Buy | +22.1% |
CLS CLS Celestica Inc. | $42.8B | 37.1x | +17.2% | 6.9% | Buy | +23.2% |
BHE BHE Benchmark Electronics, Inc. | $3.3B | 33.4x | +5.5% | 1.3% | Hold | -6.7% |
SAN SANM Sanmina Corporation | $13.2B | 21.6x | +9.9% | 2.3% | Hold | -17.2% |
PLX PLXS Plexus Corp. | $8.0B | 36.6x | +5.7% | 4.4% | Buy | -11.7% |
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 2.3% annually — null% through dividends and 2.3% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
2.3%
Dividend + buyback return per year
Buyback Yield
2.3%
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
2.3%
Shares Outstanding
Current diluted share count from the screening snapshot
368M
At 2.3%/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 $150, implying +1.6% from the current price of $148. The bear case scenario is $91 and the bull case is $190.
02What is the FLEX stock price target for 2026?
The Wall Street consensus price target for FLEX is $150 based on 25 analyst estimates. The high-end target is $203 (+37.5% from today), and the low-end target is $80 (-45.8%). The base case model target is $144.
03Is Flex Ltd. (FLEX) stock overvalued in 2026?
FLEX trades at 45.5x 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 expensive versus peers. 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) Market Volatility — Stock forecasts and analyst predictions show significant variability, indicating potential market volatility and uncertainty in Flex's valuation. (2) Economic Sensitivity — As a manufacturing partner, Flex is vulnerable to economic downturns affecting client demand and product lifecycles. (3) Revenue Concentration — Flex's reliance on being a manufacturing partner for streamlined product lifecycles could expose it to client concentration risks. 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 $28.4B (+5.8% year-over-year) and EPS of $2.70 (+19.2% year-over-year) for the upcoming fiscal year. The following year, analysts project $30.6B in revenue.
06When does Flex Ltd. (FLEX) report its next earnings?
Flex Ltd. is expected to report its next earnings on approximately 2026-07-23. Consensus expects EPS of $0.93 and revenue of $7.5B. 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).