Latest Ratios: P/E Ratio 25.2x · EV/EBITDA 12.5x · ROE 17.3%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $25.6B | $24.5B | $13.2B | $12.6B | $10.6B | $9.0B | $9.3B | $4.3B | $5.3B | $8.8B | $9.2B |
| Enterprise Value | $27.5B | $26.4B | $15.0B | $14.0B | $11.7B | $10.7B | $11.0B | $5.7B | $6.7B | $10.2B | $10.3B |
| P/E Ratio → | 25.17 | 28.09 | 15.68 | 12.55 | 13.38 | 9.56 | 15.13 | 49.29 | 55.56 | 20.41 | 28.47 |
| P/S Ratio | 0.83 | 0.88 | 0.51 | 0.48 | 0.37 | 0.36 | 0.38 | 0.18 | 0.20 | 0.34 | 0.38 |
| P/B Ratio | 5.07 | 4.76 | 2.63 | 2.37 | 1.86 | 2.13 | 2.70 | 1.52 | 1.78 | 2.90 | 3.43 |
| P/FCF | 24.92 | 23.27 | 12.34 | 15.85 | 33.75 | 15.42 | — | — | — | 45.73 | 14.69 |
| P/OCF | 15.17 | 14.53 | 8.75 | 9.52 | 11.19 | 8.75 | 64.34 | — | — | 11.63 | 7.98 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.95 | 0.58 | 0.53 | 0.41 | 0.44 | 0.45 | 0.24 | 0.25 | 0.40 | 0.43 |
| EV / EBITDA | 12.54 | 12.76 | 8.80 | 10.09 | 7.68 | 7.82 | 8.04 | 5.51 | 6.67 | 9.71 | 9.26 |
| EV / EBIT | 18.26 | 19.45 | 12.11 | 16.07 | 11.25 | 9.51 | 12.54 | 13.01 | 20.30 | 15.89 | 21.51 |
| EV / FCF | — | 25.10 | 14.08 | 17.63 | 37.03 | 18.49 | — | — | — | 53.40 | 16.48 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.2% | 9.2% | 8.4% | 7.1% | 6.9% | 7.2% | 7.0% | 5.5% | 5.8% | 6.3% | 6.4% |
| Operating Margin | 5.4% | 5.4% | 4.5% | 3.2% | 3.6% | 3.6% | 3.3% | 1.7% | 1.9% | 2.0% | 2.1% |
| Net Profit Margin | 3.2% | 3.2% | 3.2% | 3.8% | 2.8% | 3.8% | 2.5% | 0.4% | 0.4% | 1.7% | 1.3% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.3% | 17.3% | 16.2% | 18.2% | 16.0% | 24.5% | 19.6% | 3.0% | 3.1% | 15.0% | 12.1% |
| ROA | 4.4% | 4.4% | 4.6% | 5.1% | 3.9% | 5.3% | 4.2% | 0.6% | 0.7% | 3.3% | 2.6% |
| ROIC | 16.2% | 16.2% | 12.9% | 9.5% | 12.0% | 12.0% | 12.7% | 7.2% | 8.4% | 9.0% | 9.9% |
| ROCE | 16.2% | 16.2% | 12.8% | 8.4% | 10.6% | 10.7% | 11.0% | 6.7% | 8.0% | 7.9% | 8.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.84 | 0.84 | 0.83 | 0.73 | 0.74 | 1.13 | 1.26 | 1.19 | 1.03 | 0.97 | 1.10 |
| Debt / EBITDA | 2.09 | 2.09 | 2.43 | 2.80 | 2.77 | 3.46 | 3.19 | 3.23 | 3.06 | 2.79 | 2.66 |
| Net Debt / Equity | — | 0.37 | 0.37 | 0.27 | 0.18 | 0.42 | 0.50 | 0.51 | 0.46 | 0.49 | 0.42 |
| Net Debt / EBITDA | 0.93 | 0.93 | 1.09 | 1.02 | 0.68 | 1.30 | 1.25 | 1.39 | 1.36 | 1.39 | 1.01 |
| Debt / FCF | — | 1.83 | 1.74 | 1.78 | 3.28 | 3.07 | — | — | — | 7.66 | 1.79 |
| Interest Coverage | 6.32 | 6.32 | 5.69 | 5.42 | 5.43 | 7.06 | 5.83 | 3.02 | 2.25 | 5.23 | 4.43 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.36 | 1.36 | 1.30 | 1.52 | 1.48 | 1.34 | 1.45 | 1.26 | 1.20 | 1.26 | 1.29 |
| Quick Ratio | 0.87 | 0.87 | 0.79 | 0.79 | 0.80 | 0.72 | 0.95 | 0.74 | 0.71 | 0.74 | 0.77 |
| Cash Ratio | 0.20 | 0.20 | 0.23 | 0.29 | 0.29 | 0.28 | 0.34 | 0.27 | 0.22 | 0.20 | 0.28 |
| Asset Turnover | — | 1.27 | 1.40 | 1.45 | 1.33 | 1.27 | 1.52 | 1.77 | 1.94 | 1.85 | 1.89 |
| Inventory Turnover | 4.34 | 4.34 | 4.66 | 3.96 | 3.59 | 3.47 | 5.76 | 6.04 | 6.63 | 6.28 | 6.58 |
| Days Sales Outstanding | — | 75.08 | 60.62 | 45.35 | 47.68 | 57.64 | 64.17 | 40.98 | 39.40 | 36.12 | 33.54 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.0% | 3.6% | 6.4% | 8.0% | 7.5% | 10.5% | 6.6% | 2.0% | 1.8% | 4.9% | 3.5% |
| FCF Yield | 4.0% | 4.3% | 8.1% | 6.3% | 3.0% | 6.5% | — | — | — | 2.2% | 6.8% |
| Buyback Yield | 3.7% | 3.9% | 9.5% | 10.3% | 3.2% | 7.7% | 2.0% | 6.1% | 3.6% | 2.1% | 3.8% |
| Total Shareholder Yield | 3.7% | 3.9% | 9.5% | 10.3% | 3.2% | 7.7% | 2.0% | 6.1% | 3.6% | 2.1% | 3.8% |
| Shares Outstanding | — | $374M | $398M | $441M | $462M | $483M | $506M | $512M | $530M | $537M | $546M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying FLEX stock.
Flex Ltd.'s current P/E ratio is 25.2x. The historical average is 26.0x. This places it at the 61th percentile of its historical range.
Flex Ltd.'s current EV/EBITDA is 12.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.2x.
Flex Ltd.'s return on equity (ROE) is 17.3%. The historical average is 6.0%.
Based on historical data, Flex Ltd. is trading at a P/E of 25.2x. This is at the 61th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Flex Ltd. has 9.2% gross margin and 5.4% operating margin.
Flex Ltd.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Thin margin and working capital sensitivity
Metrics are mathematically derived from official filings.
Premium Multiples Price in Sustained Margin Improvement
Based on the supplied multiples, Flex trades at a 28.64 trailing P/E and 12.75 EV/EBITDA, a premium to its own forward-implied growth that depends on margin gains from a 9.6% gross base holding through the next cycle.
The gap between trailing P/E of 28.64 and forward P/E of 20.56 implies the market expects earnings to rise meaningfully over the coming year. A PEG of 2.05 suggests the growth priced in is not cheap relative to the expected earnings trajectory. Against peers such as Jabil at 39.93 P/E and Celestica at 28.21, Flex screens as mid-range rather than discounted, which may indicate investors are not treating it as a pure hardware assembler but still question whether its margin base can compound.
Net Margin Gains Remain Thin and Uneven
Flex's net margin rose from 2.2% in 2025Q1 to 3.1% in 2027Q2, yet remains well below Celestica's 6.7% and Plexus's 4.3%, leaving limited cushion against cost inflation or volume softness.
Gross margin improved from 7.5% to 9.6% across the period, but operating margin has oscillated between 3.7% and 5.7%, suggesting overhead absorption has not been consistently efficient. The ten-quarter pattern points to mix and pricing gains that are real but not yet durable. Relative to peers, the gap appears structural to an assembly-and-orchestration model rather than a clear execution failure.
ROIC Recovering but Below Peer Compounders
Based on reported ratios, Flex's ROIC climbed from 2.7% in 2025Q1 to a peak of 4.3% in 2026Q4 before easing to 3.6%, well short of Celestica's 34.0% and Jabil's 30.9%.
The recovery in ROIC tracks the margin improvement, but the magnitude remains modest for invested capital growing from $17.7B to $27.4B in total assets. ROE of 4.7% in the latest quarter suggests equity is being diluted by a larger, liability-funded asset base. Returns appear to be stabilizing at a low level rather than compounding, which warrants monitoring as goodwill and PPE expand.
Debt Service Comfortable Despite Oscillating Leverage
Interest coverage held between 5.77 and 6.90 across the period while debt-to-equity swung from 0.74 to 1.09, indicating debt service remains manageable but tied to working capital timing.
Coverage ratios have stayed in a consistent band, suggesting interest burden is not rising faster than operating earnings. However, the leverage swings appear linked to quarterly working capital movements rather than a steady structural trend, so quarter-end snapshots may understate peak borrowing needs. Refinancing risk is not evident in the supplied data, though the absence of maturity detail limits a firm conclusion.
Cash Conversion Cycle Improved Sharply
According to reported quarterly figures, Flex's cash conversion cycle compressed from 69 days in 2025Q1 to 28 days in 2027Q2, driven primarily by a sharp drop in DPO from 92 to 82 days and tighter DIO.
The shortening cycle reflects inventory discipline, with DIO falling from 92 to 74 days in the period, which supports the working capital efficiency narrative. However, the decline in DPO suggests the company is paying suppliers faster, reducing the supplier-financing benefit that previously helped fund operations. Asset turnover held steady near 0.32 to 0.36, indicating the revenue-to-asset relationship has not materially changed.
Compressed Cycle May Mask Supplier Financing Loss
Investors should monitor whether Flex's sharp cash conversion cycle improvement, from 69 to 28 days, reflects durable efficiency or a temporary timing effect, since working capital swings have repeatedly dominated reported cash flow.
The most commonly misapplied ratio for an EMS business is the cash conversion cycle, because it treats payables stretch and inventory drawdown as operating improvement when they may simply shift funding between suppliers and the balance sheet. Based on reported figures, the cycle gain coincided with DPO falling from 92 to 82 days, which may indicate the company reduced its supplier-financed working capital. A more informative adjustment is to track free cash flow after working capital changes across several quarters alongside DIO and DPO separately.