Latest Ratios: P/E Ratio 49.1x · EV/EBITDA 21.2x · 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 | $41.9B | $24.5B | $13.2B | $12.6B | $10.6B | $9.0B | $9.3B | $4.3B | $5.3B | $8.8B | $9.2B |
| Enterprise Value | $43.9B | $26.4B | $15.0B | $14.0B | $11.7B | $10.7B | $11.0B | $5.7B | $6.7B | $10.2B | $10.3B |
| P/E Ratio → | 49.12 | 28.09 | 15.68 | 12.55 | 13.38 | 9.56 | 15.13 | 49.29 | 55.56 | 20.41 | 28.47 |
| P/S Ratio | 1.50 | 0.88 | 0.51 | 0.48 | 0.37 | 0.36 | 0.38 | 0.18 | 0.20 | 0.34 | 0.38 |
| P/B Ratio | 8.32 | 4.76 | 2.63 | 2.37 | 1.86 | 2.13 | 2.70 | 1.52 | 1.78 | 2.90 | 3.43 |
| P/FCF | 39.86 | 23.27 | 12.34 | 15.85 | 33.75 | 15.42 | — | — | — | 45.73 | 14.69 |
| P/OCF | 24.89 | 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 | 21.20 | 12.76 | 8.80 | 10.09 | 7.68 | 7.82 | 8.04 | 5.51 | 5.30 | 9.71 | 9.26 |
| EV / EBIT | 29.12 | 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 | 2.43 | 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 | 1.08 | 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 | 2.0% | 3.6% | 6.4% | 8.0% | 7.5% | 10.5% | 6.6% | 2.0% | 1.8% | 4.9% | 3.5% |
| FCF Yield | 2.5% | 4.3% | 8.1% | 6.3% | 3.0% | 6.5% | — | — | — | 2.2% | 6.8% |
| Buyback Yield | 2.3% | 3.9% | 9.5% | 10.3% | 3.2% | 7.7% | 2.0% | 6.1% | 3.6% | 2.1% | 3.8% |
| Total Shareholder Yield | 2.3% | 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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Quick answers to the most common questions about buying FLEX stock.
Flex Ltd.'s current P/E ratio is 49.1x. The historical average is 26.0x. This places it at the 87th percentile of its historical range.
Flex Ltd.'s current EV/EBITDA is 21.2x. 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 49.1x. This is at the 87th 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
Undisclosed EPS and spin-off transition
Metrics are mathematically derived from official filings.
Margin Expansion on Mix Shift
Gross margin improved to 9.4% in 2027Q1 from 8.7% a year earlier, as reported in financial statements, indicating a favorable mix shift toward higher-margin Reliability and data center solutions.
The sequential improvement in gross margin from 9.0% in 2026Q2 to 9.4% in 2027Q1, alongside operating margin expansion to 4.9%, suggests that the company's strategic pivot toward higher-complexity segments is beginning to bear fruit. However, net margin remains thin at 3.6%, reflecting the pass-through nature of the EMS model. Investors should monitor whether this margin trajectory can be sustained as the Agility segment, which carries lower margins, continues to drive revenue growth.
ROIC Recovery Post-Spin
ROIC improved to 3.8% in 2027Q1 from 2.7% a year earlier, based on reported figures, but remains below the cost of capital, suggesting value creation is still in early stages.
The return on invested capital has recovered from the negative -1.7% in 2024Q4, which was distorted by the Nextracker spin-off, to a positive 3.8% in 2027Q1. However, this level is still modest compared to peers like Jabil (30.9%) and Celestica (34.0%), indicating that Flex's capital efficiency lags the industry. The improvement appears driven by margin expansion rather than asset turnover, which has remained stable at 0.34-0.36. Investors should watch whether the company can sustain this recovery as it integrates recent acquisitions.
Working Capital Efficiency Improves
Cash conversion cycle shortened to 29 days in 2027Q1 from 69 days a year earlier, as per the latest quarterly data, driven by faster inventory turnover and extended payables.
The dramatic improvement in CCC from 69 days in 2025Q1 to 29 days in 2027Q1 reflects a combination of lower DIO (74 vs 92) and higher DPO (104 vs 70), indicating stronger supplier leverage and better inventory management. However, DSO has risen to 59 days from 47, suggesting some loosening in customer payment terms. This efficiency gain is critical in a low-margin business, as it reduces the need for external financing and supports cash generation.
Leverage Spikes on Acquisition Financing
Debt-to-equity jumped to 1.08 in 2027Q1 from 0.84 in 2026Q4, as per the balance sheet data, with D/EBITDA rising to 14.29, indicating increased financial risk from recent acquisitions.
The sharp increase in leverage, with D/EBITDA soaring to 14.29 from 7.78 in the prior quarter, suggests that the company financed its $1.1B acquisition spree with incremental debt. While interest coverage remains adequate at 6.53x, the elevated leverage could strain cash flows if earnings growth falters. Investors should monitor whether the company can deleverage through strong cash generation, as the current D/EBITDA is well above the 9-10x range seen in prior quarters.
Liquidity Buffer Remains Adequate
Current ratio held at 1.38 in 2027Q1, as per the balance sheet, with quick ratio at 0.89, indicating a modest but stable liquidity position.
The current ratio has remained in a narrow band of 1.30-1.43 over the past year, suggesting that the company maintains sufficient short-term assets to cover liabilities. However, the quick ratio of 0.89 indicates a reliance on inventory to meet obligations, which could be a concern if demand softens. The $2.8B cash balance provides a buffer, but the recent leverage increase warrants monitoring for any deterioration in liquidity metrics.
Misapplied P/E in a Low-Margin Model
The P/E ratio of 47.35 is misleading for Flex's business model, as it obscures the impact of share buybacks and the pass-through revenue structure, according to recent filings.
The trailing P/E of 47.35 appears expensive, but it is distorted by the company's aggressive share repurchases, which have boosted EPS growth, and the low-margin, high-revenue nature of the EMS industry. A more appropriate metric is EV/EBITDA, which at 20.47 is more comparable to peers like Jabil (18.77) and Sanmina (20.36). Investors should also consider P/FCF of 38.42, which reflects the company's cash generation ability, rather than relying solely on P/E, which can be artificially inflated by buybacks.