Flex Ltd. (FLEX) Financial Ratios
30 years of historical data (1996–2025) · Technology · Hardware, Equipment & Parts
EV/EBITDA
↑
34.63
↑+309% vs avg
5yr avg: 8.47
30Y Low4.1·High30.6
P/FCF
↓
53.69
↑+178% vs avg
5yr avg: 19.34
30Y Low2.8·High45.7
P/B Ratio
↓
12.40
↑+430% vs avg
5yr avg: 2.34
30Y Low0.8·High6.1
ROE
↓
16.2%
-14% vs avg
5yr avg: 18.9%
30Y Low-122%·High28%
Debt/EBITDA
↓
2.43
↓-16% vs avg
5yr avg: 2.91
30Y Low0.9·High4.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FLEX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Flex Ltd. trades at 73.8x earnings, 457% above its 5-year average of 13.3x, sitting at the 95th percentile of its historical range. Compared to the Technology sector median P/E of 28.3x, the stock trades at a premium of 161%. On a free-cash-flow basis, the stock trades at 53.7x P/FCF, 178% above the 5-year average of 19.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $57.3B | $13.2B | $12.6B | $10.6B | $9.0B | $9.3B | $4.3B | $5.3B | $8.8B | $9.2B | $6.8B |
| Enterprise Value | $59.1B | $15.0B | $13.9B | $11.7B | $10.7B | $11.0B | $5.7B | $6.7B | $10.2B | $10.3B | $8.0B |
| P/E Ratio → | 73.84 | 15.68 | 12.55 | 13.38 | 9.56 | 15.13 | 49.29 | 55.56 | 20.41 | 28.47 | 15.27 |
| P/S Ratio | 2.22 | 0.51 | 0.48 | 0.37 | 0.36 | 0.38 | 0.18 | 0.20 | 0.34 | 0.38 | 0.28 |
| P/B Ratio | 12.40 | 2.63 | 2.37 | 1.86 | 2.13 | 2.70 | 1.52 | 1.78 | 2.90 | 3.43 | 2.61 |
| P/FCF | 53.69 | 12.34 | 15.85 | 33.75 | 15.42 | — | — | — | 45.73 | 14.69 | 10.89 |
| P/OCF | 38.06 | 8.75 | 9.52 | 11.19 | 8.75 | 64.34 | — | — | 11.63 | 7.98 | 5.99 |
P/E links to full P/E history page with 30-year chart
FLEX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Flex Ltd.'s enterprise value stands at 34.6x EBITDA, 309% above its 5-year average of 8.5x. The Technology sector median is 16.6x, placing the stock at a 108% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.58 | 0.53 | 0.41 | 0.44 | 0.45 | 0.24 | 0.25 | 0.40 | 0.43 | 0.33 |
| EV / EBITDA | 34.63 | 8.80 | 10.00 | 7.68 | 7.82 | 8.04 | 5.51 | 5.30 | 9.71 | 9.26 | 7.24 |
| EV / EBIT | 50.60 | 12.11 | 15.92 | 11.25 | 9.51 | 12.54 | 13.01 | 20.30 | 15.89 | 21.51 | 14.79 |
| EV / FCF | — | 14.08 | 17.45 | 37.03 | 18.49 | — | — | — | 53.40 | 16.48 | 12.75 |
FLEX Profitability
Margins and return-on-capital ratios measuring operating efficiency
Flex Ltd. earns an operating margin of 4.5%. ROE of 16.2% indicates solid capital efficiency. ROIC of 13.0% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 8.4% | 8.4% | 7.1% | 6.9% | 7.2% | 7.0% | 5.5% | 5.8% | 6.3% | 6.4% | 6.6% |
| Operating Margin | 4.5% | 4.5% | 3.2% | 3.6% | 3.6% | 3.3% | 1.7% | 1.9% | 2.0% | 2.1% | 2.4% |
| Net Profit Margin | 3.2% | 3.2% | 3.8% | 2.8% | 3.8% | 2.5% | 0.4% | 0.4% | 1.7% | 1.3% | 1.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 16.2% | 18.2% | 16.0% | 24.5% | 19.6% | 3.0% | 3.1% | 15.0% | 12.1% | 17.8% |
| ROA | 4.6% | 4.6% | 5.1% | 3.9% | 5.3% | 4.2% | 0.6% | 0.7% | 3.3% | 2.6% | 3.7% |
| ROIC | 13.0% | 13.0% | 9.6% | 12.0% | 12.0% | 12.7% | 7.2% | 8.4% | 9.0% | 9.9% | 13.3% |
| ROCE | 12.8% | 12.8% | 8.4% | 10.6% | 10.7% | 11.0% | 6.7% | 8.0% | 7.9% | 8.4% | 10.9% |
FLEX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Flex Ltd. carries a Debt/EBITDA ratio of 2.4x, which is manageable (17% below the sector average of 2.9x). Net debt stands at $1.9B ($4.1B total debt minus $2.3B cash). Interest coverage of 5.7x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.83 | 0.83 | 0.70 | 0.74 | 1.13 | 1.26 | 1.19 | 1.03 | 0.97 | 1.10 | 1.06 |
| Debt / EBITDA | 2.43 | 2.43 | 2.70 | 2.77 | 3.46 | 3.19 | 3.23 | 2.43 | 2.79 | 2.66 | 2.52 |
| Net Debt / Equity | — | 0.37 | 0.24 | 0.18 | 0.42 | 0.50 | 0.51 | 0.46 | 0.49 | 0.42 | 0.45 |
| Net Debt / EBITDA | 1.09 | 1.09 | 0.92 | 0.68 | 1.30 | 1.25 | 1.39 | 1.08 | 1.39 | 1.01 | 1.06 |
| Debt / FCF | — | 1.74 | 1.60 | 3.28 | 3.07 | — | — | — | 7.66 | 1.79 | 1.86 |
| Interest Coverage | 5.69 | 5.69 | 5.42 | 5.43 | 7.06 | 5.83 | 3.02 | 2.25 | 5.23 | 4.43 | 5.50 |
FLEX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.30x means Flex Ltd. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.79x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 1.48x to 1.30x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.30 | 1.30 | 1.52 | 1.48 | 1.34 | 1.45 | 1.26 | 1.20 | 1.26 | 1.29 | 1.27 |
| Quick Ratio | 0.79 | 0.79 | 0.79 | 0.80 | 0.72 | 0.95 | 0.74 | 0.71 | 0.74 | 0.77 | 0.73 |
| Cash Ratio | 0.23 | 0.23 | 0.29 | 0.29 | 0.28 | 0.34 | 0.27 | 0.22 | 0.20 | 0.28 | 0.24 |
| Asset Turnover | — | 1.40 | 1.45 | 1.33 | 1.27 | 1.52 | 1.77 | 1.94 | 1.85 | 1.89 | 1.97 |
| Inventory Turnover | 4.66 | 4.66 | 3.96 | 3.59 | 3.47 | 5.76 | 6.04 | 6.63 | 6.28 | 6.58 | 6.53 |
| Days Sales Outstanding | — | 60.62 | 45.35 | 47.68 | 57.64 | 64.17 | 40.98 | 39.40 | 36.12 | 33.54 | 30.56 |
FLEX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Flex Ltd. returns 2.2% to shareholders annually primarily through share buybacks. The earnings yield of 1.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.4% | 6.4% | 8.0% | 7.5% | 10.5% | 6.6% | 2.0% | 1.8% | 4.9% | 3.5% | 6.6% |
| FCF Yield | 1.9% | 8.1% | 6.3% | 3.0% | 6.5% | — | — | — | 2.2% | 6.8% | 9.2% |
| Buyback Yield | 2.2% | 9.5% | 10.3% | 3.2% | 7.7% | 2.0% | 6.1% | 3.6% | 2.1% | 3.8% | 6.2% |
| Total Shareholder Yield | 2.2% | 9.5% | 10.3% | 3.2% | 7.7% | 2.0% | 6.1% | 3.6% | 2.1% | 3.8% | 6.2% |
| Shares Outstanding | — | $398M | $441M | $462M | $483M | $506M | $512M | $530M | $537M | $546M | $565M |
Peer Comparison
Compare FLEX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FLEXYou | $57B | 73.8 | 34.6 | 53.7 | 8.4% | 4.5% | 16.2% | 13.0% | 2.4 |
 JBL | $40B | 63.7 | 22.2 | 34.0 | 8.9% | 4.0% | 40.4% | 30.9% | 1.8 |
 CLS | $43B | 51.7 | 34.4 | 92.9 | 11.7% | 8.6% | 41.2% | 34.0% | 0.7 |
 BHE | $3B | 137.7 | 22.6 | 39.3 | 10.0% | 4.0% | 2.2% | 6.7% | 2.7 |
 SANM | $14B | 56.8 | 28.0 | 29.2 | 8.8% | 4.4% | 10.0% | 13.0% | 0.8 |
 PLXS | $8B | 48.5 | 28.6 | 52.9 | 10.1% | 5.0% | 12.4% | 11.8% | 0.6 |
 HON | $145B | 31.0 | 20.9 | 26.8 | 36.9% | 17.5% | 27.3% | 12.6% | 4.3 |
 EMR | $84B | 37.2 | 19.1 | 31.5 | 52.8% | 19.6% | 9.6% | 8.2% | 2.7 |
 APH | $204B | 49.7 | 30.2 | 46.6 | 36.9% | 25.9% | 36.6% | 28.3% | 2.2 |
 TE | $2B | -4.7 | — | 108.4 | 7.4% | -23.8% | -131.6% | -20.1% | — |
 GLW | $180B | 113.4 | 51.4 | 127.6 | 35.3% | 14.9% | 13.7% | 9.1% | 2.8 |
| Technology Median | — | 28.3 | 16.6 | 18.8 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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FLEX — Frequently Asked Questions
Quick answers to the most common questions about buying FLEX stock.
What is Flex Ltd.'s P/E ratio?
Flex Ltd.'s current P/E ratio is 73.8x. The historical average is 25.9x. This places it at the 95th percentile of its historical range.
What is Flex Ltd.'s EV/EBITDA?
Flex Ltd.'s current EV/EBITDA is 34.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.2x.
What is Flex Ltd.'s ROE?
Flex Ltd.'s return on equity (ROE) is 16.2%. The historical average is 4.7%.
Is FLEX stock overvalued?
Based on historical data, Flex Ltd. is trading at a P/E of 73.8x. This is at the 95th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Flex Ltd.'s profit margins?
Flex Ltd. has 8.4% gross margin and 4.5% operating margin.
How much debt does Flex Ltd. have?
Flex Ltd.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.