Plexus Corp. (PLXS) 10-Year Financial Performance & Capital Metrics

PLXS • • Industrial / General

TechnologyTech Hardware & EquipmentElectronic Manufacturing Services (EMS)Contract Electronics Manufacturing

AboutPlexus Corp., together with its subsidiaries, provides electronic manufacturing services in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It offers design and development, supply chain, new product introduction, and manufacturing solutions, as well as aftermarket services to companies in the healthcare/life sciences, industrial/commercial, aerospace/defense, and communications market sectors. Plexus Corp. was founded in 1979 and is headquartered in Neenah, Wisconsin.Show more

Revenue $3.96B -5.9%
EBITDA $246M -7.5%
Net Income $112M -19.6%
EPS (Diluted) 4.01 -19.0%
Gross Margin 9.56% +2.0%
EBITDA Margin 6.2% -1.7%
Operating Margin 4.23% -8.9%
Net Margin 2.82% -14.6%
ROE 8.81% -26.9%
ROIC 9.36% -12.5%
Debt/Equity 0.21 -45.4%
Interest Coverage 5.81 -6.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.23%

5Y4.59%

3Y5.54%

TTM1.82%

Profit (Net Income) CAGR

10Y2.52%

5Y0.58%

3Y-6.98%

TTM54.62%

EPS CAGR

10Y4.75%

5Y2.76%

3Y-5.55%

TTM56.11%

ROCE

10Y Avg11.79%

5Y Avg12.77%

3Y Avg12.58%

Latest11.11%

Peer Comparison

Contract Electronics Manufacturing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TTMITTM Technologies, Inc.	8.05B	77.89	144.24	9.41%	4.74%	7.75%	0.64%	0.65
CLSCelestica Inc.	36.2B	314.70	87.17	21.17%	6.2%	34.36%	0.84%	0.42
PLXSPlexus Corp.	4.29B	160.37	39.99	-5.93%	4.29%	11.89%	7.95%	0.21
JBLJabil Inc.	24.35B	230.58	38.95	3.18%	2.26%	52.19%	4.81%	2.22
SANMSanmina Corporation	8.79B	161.01	36.10	7.4%	3.03%	9.68%	5.44%	0.12
FLEXFlex Ltd.	22.98B	62.14	29.45	-2.28%	3.33%	17.4%	4.64%	0.83
BHEBenchmark Electronics, Inc.	1.64B	45.98	26.73	-6.44%	1.43%	3.36%	9.51%	0.33
DSWLDeswell Industries, Inc.	55.3M	3.47	4.96	-2.53%	13.76%	18.46%	23.88%

Profit & Loss

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Sales/Revenue+	2.65B	2.56B	2.53B	2.87B	3.16B	3.39B	3.37B	3.81B	4.21B	3.96B
Revenue Growth %	0.12%	-0.04%	-0.01%	0.14%	0.1%	0.07%	-0.01%	0.13%	0.1%	-0.06%
Cost of Goods Sold+	2.41B	2.33B	2.27B	2.62B	2.87B	3.08B	3.05B	3.46B	3.82B	3.58B
COGS % of Revenue	0.91%	0.91%	0.9%	0.91%	0.91%	0.91%	0.9%	0.91%	0.91%	0.9%
Gross Profit+	239.55M	227.36M	255.85M	257.6M	291.84M	312.71M	323.3M	347.23M	394.55M	378.53M
Gross Margin %	0.09%	0.09%	0.1%	0.09%	0.09%	0.09%	0.1%	0.09%	0.09%	0.1%
Gross Profit Growth %	0.06%	-0.05%	0.13%	0.01%	0.13%	0.07%	0.03%	0.07%	0.14%	-0.04%
Operating Expenses+	122.42M	120.89M	125.95M	139.32M	149.78M	159.33M	147.03M	169.04M	198.73M	210.8M
OpEx % of Revenue	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%	0.05%	0.05%
Selling, General & Admin	122.42M	120.89M	125.95M	139.32M	148.1M	153.33M	143.76M	167.02M	175.64M	190.54M
SG&A % of Revenue	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%	0.04%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	451K	0	1.68M	6M	3.27M	2.02M	23.09M	20.26M
Operating Income+	115.44M	99.44M	129.91M	118.28M	142.06M	153.37M	176.27M	178.19M	195.82M	167.73M
Operating Margin %	0.04%	0.04%	0.05%	0.04%	0.04%	0.05%	0.05%	0.05%	0.05%	0.04%
Operating Income Growth %	0.15%	-0.14%	0.31%	-0.09%	0.2%	0.08%	0.15%	0.01%	0.1%	-0.14%
EBITDA+	163.81M	146.85M	175.24M	166.58M	194.26M	210.06M	237.28M	240.87M	265.58M	245.58M
EBITDA Margin %	0.06%	0.06%	0.07%	0.06%	0.06%	0.06%	0.07%	0.06%	0.06%	0.06%
EBITDA Growth %	0.1%	-0.1%	0.19%	-0.05%	0.17%	0.08%	0.13%	0.02%	0.1%	-0.08%
D&A (Non-Cash Add-back)	48.38M	47.41M	45.33M	48.3M	52.21M	56.69M	61.01M	62.69M	69.76M	77.85M
EBIT	120.26M	102.03M	135.4M	119.84M	138.81M	151.56M	174.66M	174.16M	192.56M	158.41M
Net Interest Income+	-10.46M	-10.39M	-8.54M	-7.53M	-10.9M	-14.28M	-12.88M	-14.55M	-28.4M	-25.02M
Interest Income	3.5M	4.24M	5.04M	4.7M	1.95M	1.88M	1.37M	1.3M	3.14M	3.86M
Interest Expense	13.96M	14.63M	13.58M	12.23M	12.85M	16.16M	14.25M	15.86M	31.54M	28.88M
Other Income/Expense	-9.14M	-12.04M	-8.09M	-10.67M	-16.1M	-17.98M	-15.86M	-19.88M	-34.81M	-38.2M
Pretax Income+	106.3M	87.39M	121.82M	107.61M	125.95M	135.4M	160.41M	158.3M	161.01M	129.53M
Pretax Margin %	0.04%	0.03%	0.05%	0.04%	0.04%	0.04%	0.05%	0.04%	0.04%	0.03%
Income Tax+	11.96M	10.97M	9.76M	94.57M	17.34M	17.92M	21.5M	20.06M	21.92M	17.72M
Effective Tax Rate %	0.89%	0.87%	0.92%	0.12%	0.86%	0.87%	0.87%	0.87%	0.86%	0.86%
Net Income+	94.33M	76.43M	112.06M	13.04M	108.62M	117.48M	138.91M	138.24M	139.09M	111.81M
Net Margin %	0.04%	0.03%	0.04%	0%	0.03%	0.03%	0.04%	0.04%	0.03%	0.03%
Net Income Growth %	0.08%	-0.19%	0.47%	-0.88%	7.33%	0.08%	0.18%	-0%	0.01%	-0.2%
Net Income (Continuing)	94.33M	76.43M	112.06M	13.04M	108.62M	117.48M	138.91M	138.24M	139.09M	111.81M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.74	2.24	3.24	0.38	3.50	3.93	4.76	4.86	4.95	4.01
EPS Growth %	0.09%	-0.18%	0.45%	-0.88%	8.21%	0.12%	0.21%	0.02%	0.02%	-0.19%
EPS (Basic)	2.81	2.29	3.33	0.40	3.59	4.02	4.86	4.96	5.04	4.08
Diluted Shares Outstanding	34.38M	34.1M	34.55M	33.92M	31.07M	29.92M	29.17M	28.44M	28.11M	27.91M
Basic Shares Outstanding	33.62M	33.37M	33.61M	33M	30.27M	29.2M	28.57M	27.86M	27.58M	27.4M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Total Current Assets+	1.33B	1.43B	1.62B	1.52B	1.54B	1.78B	1.93B	2.82B	2.67B	2.48B
Cash & Short-Term Investments	357.11M	432.96M	568.86M	297.27M	223.76M	385.81M	270.17M	274.81M	256.23M	345.11M
Cash Only	357.11M	432.96M	568.86M	297.27M	223.76M	385.81M	270.17M	274.81M	256.23M	345.11M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	384.68M	416.89M	365.51M	394.83M	579.13M	596.03M	634.97M	876.24M	803.84M	742.93M
Days Sales Outstanding	52.9	59.53	52.77	50.15	66.8	64.17	68.8	83.91	69.69	68.46
Inventory	569.37M	564.13M	654.64M	794.35M	700.94M	763.46M	972.31M	1.6B	1.56B	1.31B
Days Inventory Outstanding	86.06	88.42	105.16	110.84	89.06	90.54	116.53	168.88	149.42	133.62
Other Current Assets	0	0	394K	417K	2.49M	2.09M	341K	665K	50.11M	77.68M
Total Non-Current Assets+	357.72M	332.47M	358.73M	415.48M	462.59M	510.69M	531.01M	577.1M	648.95M	676.67M
Property, Plant & Equipment	317.35M	291.23M	314.67M	341.31M	384.22M	453.54M	467.18M	509.84M	561.4M	575.47M
Fixed Asset Turnover	8.36x	8.78x	8.03x	8.42x	8.24x	7.48x	7.21x	7.48x	7.50x	6.88x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	8.2M	6.9M	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	35.71M	36.41M	38.77M	55.11M	57.81M	35.73M	36.44M	28.19M	24.96M	27.28M
Total Assets+	1.69B	1.77B	1.98B	1.93B	2B	2.29B	2.46B	3.39B	3.32B	3.15B
Asset Turnover	1.57x	1.45x	1.28x	1.49x	1.58x	1.48x	1.37x	1.12x	1.27x	1.26x
Asset Growth %	0.05%	0.04%	0.12%	-0.02%	0.04%	0.14%	0.08%	0.38%	-0.02%	-0.05%
Total Current Liabilities+	579.3M	650.44M	907.59M	737.67M	865.5M	1B	1.13B	2.01B	1.81B	1.64B
Accounts Payable	400.71M	397.2M	414M	506.32M	444.94M	516.3M	634.97M	805.58M	646.61M	606.38M
Days Payables Outstanding	60.57	62.26	66.5	70.65	56.54	61.23	76.1	84.88	61.85	61.78
Short-Term Debt	3.51M	78.51M	286.93M	5.53M	100.7M	146.83M	66.31M	273.97M	240.21M	157.32M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Current Ratio	2.30x	2.20x	1.78x	2.06x	1.78x	1.77x	1.71x	1.40x	1.47x	1.51x
Quick Ratio	1.32x	1.34x	1.06x	0.98x	0.97x	1.01x	0.85x	0.60x	0.61x	0.71x
Cash Conversion Cycle	78.39	85.7	91.43	90.34	99.33	93.48	109.22	167.91	157.25	140.3
Total Non-Current Liabilities+	270.19M	198.59M	42.65M	273.83M	269.8M	308.85M	304.96M	291.31M	294.12M	185.7M
Long-Term Debt	258.29M	184M	26.17M	183.09M	187.28M	187.97M	187.03M	187.78M	190.85M	89.99M
Capital Lease Obligations	0	0	0	0	0	36.78M	37.97M	33.63M	38.55M	32.27M
Deferred Tax Liabilities	9.66M	0	0	0	5.3M	6.43M	5.68M	6.33M	4.35M	8.23M
Other Non-Current Liabilities	2.23M	14.58M	16.48M	90.74M	77.22M	77.66M	74.28M	63.57M	60.37M	55.2M
Total Liabilities	849.49M	849.02M	950.24M	1.01B	1.14B	1.31B	1.43B	2.3B	2.11B	1.83B
Total Debt+	261.81M	262.51M	313.11M	188.62M	287.98M	371.58M	291.32M	495.38M	469.61M	279.59M
Net Debt	-95.3M	-170.46M	-255.75M	-108.65M	64.22M	-14.22M	21.14M	220.57M	213.38M	-65.52M
Debt / Equity	0.31x	0.29x	0.31x	0.20x	0.33x	0.38x	0.28x	0.45x	0.39x	0.21x
Debt / EBITDA	1.60x	1.79x	1.79x	1.13x	1.48x	1.77x	1.23x	2.06x	1.77x	1.14x
Net Debt / EBITDA	-0.58x	-1.16x	-1.46x	-0.65x	0.33x	-0.07x	0.09x	0.92x	0.80x	-0.27x
Interest Coverage	8.27x	6.79x	9.57x	9.67x	11.05x	9.49x	12.37x	11.24x	6.21x	5.81x
Total Equity+	842.27M	916.8M	1.03B	921.14M	865.58M	977.48M	1.03B	1.1B	1.21B	1.32B
Equity Growth %	0.08%	0.09%	0.12%	-0.1%	-0.06%	0.13%	0.05%	0.07%	0.11%	0.09%
Book Value per Share	24.50	26.89	29.69	27.16	27.86	32.67	35.25	38.53	43.19	47.47
Total Shareholders' Equity	842.27M	916.8M	1.03B	921.14M	865.58M	977.48M	1.03B	1.1B	1.21B	1.32B
Common Stock	506K	513K	519K	526K	529K	535K	538K	541K	543K	545K
Retained Earnings	860.72M	937.14M	1.05B	1.06B	1.18B	1.3B	1.43B	1.57B	1.71B	1.82B
Treasury Stock	-509.97M	-539.97M	-574.1M	-711.14M	-893.25M	-934.64M	-1.04B	-1.09B	-1.13B	-1.19B
Accumulated OCI	-6.47M	-11.54M	-4.98M	-11.98M	-17.78M	-5.06M	-2.98M	-36.03M	-24.33M	10.61M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Cash from Operations+	76.57M	127.74M	171.73M	66.83M	115.3M	210.37M	142.58M	-26.24M	165.82M	436.5M
Operating CF Margin %	0.03%	0.05%	0.07%	0.02%	0.04%	0.06%	0.04%	-0.01%	0.04%	0.11%
Operating CF Growth %	-0.13%	0.67%	0.34%	-0.61%	0.73%	0.82%	-0.32%	-1.18%	7.32%	1.63%
Net Income	94.33M	76.43M	112.06M	13.04M	108.62M	117.48M	138.91M	138.24M	139.09M	111.81M
Depreciation & Amortization	48.38M	47.41M	45.33M	48.3M	52.21M	56.69M	61.01M	62.69M	69.76M	77.85M
Stock-Based Compensation	13.25M	19.34M	17.41M	17.98M	21.34M	24.28M	24.76M	23.34M	21.3M	30.31M
Deferred Taxes	-597K	-330K	-366K	20.39M	-9.76M	-3.58M	-3.39M	-10.8M	-22.44M	-7.1M
Other Non-Cash Items	123K	1.62M	149K	-196K	204K	6.82M	-550K	972K	-579K	-973K
Working Capital Changes	-78.92M	-16.73M	-2.85M	-32.68M	-57.3M	8.69M	-78.17M	-240.68M	-41.31M	224.6M
Change in Receivables	-64.88M	-36.99M	53.7M	-30.71M	-96.69M	8.8M	-33.48M	-230.02M	78.37M	66.65M
Change in Inventory	-48.2M	-785K	-86.07M	-140.62M	18.8M	-56.42M	-206.51M	-652.99M	48.61M	262.27M
Change in Payables	5.28M	5.84M	6.89M	93.34M	-56.72M	65.1M	111.78M	176.04M	-170.69M	-30.83M
Cash from Investing+	-34.67M	-26.52M	-37.83M	-74.62M	-89.36M	-49.85M	-56.97M	-101.56M	-93.3M	-94.95M
Capital Expenditures	-35.08M	-31.12M	-38.54M	-62.78M	-90.6M	-50.09M	-57.1M	-101.61M	-104.05M	-95.18M
CapEx % of Revenue	0.01%	0.01%	0.02%	0.02%	0.03%	0.01%	0.02%	0.03%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	407K	4.61M	704K	538K	61K	-200K	126K	51K	10.74M	235K
Cash from Financing+	-26.2M	-21.29M	1.3M	-265.46M	-97.22M	-1.46M	-203.88M	139.29M	-92.72M	-255.59M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	11.38M	15.86M	13.37M	12.97M	2.01M	12.13M	3.56M	-418K	8K	-10.94M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	41.5M	96.61M	133.2M	4.05M	24.7M	160.28M	85.48M	-127.85M	61.77M	341.32M
FCF Margin %	0.02%	0.04%	0.05%	0%	0.01%	0.05%	0.03%	-0.03%	0.01%	0.09%
FCF Growth %	0.79%	1.33%	0.38%	-0.97%	5.1%	5.49%	-0.47%	-2.5%	1.48%	4.53%
FCF per Share	1.21	2.83	3.85	0.12	0.79	5.36	2.93	-4.50	2.20	12.23
FCF Conversion (FCF/Net Income)	0.81x	1.67x	1.53x	5.13x	1.06x	1.79x	1.03x	-0.19x	1.19x	3.90x
Interest Paid	13.48M	14.93M	13.81M	12.03M	15.7M	14.88M	14.12M	15.29M	32.78M	29.52M
Taxes Paid	11.16M	11.36M	10.16M	18.89M	26.28M	31.46M	39.93M	16.92M	43.57M	46.22M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.62%	8.69%	11.54%	1.34%	12.16%	12.75%	13.85%	13.02%	12.04%	8.81%
Return on Invested Capital (ROIC)	11.96%	9.99%	12.85%	11.21%	12.23%	12.15%	13.14%	11.3%	10.7%	9.36%
Gross Margin	9.03%	8.9%	10.12%	8.96%	9.22%	9.22%	9.6%	9.11%	9.37%	9.56%
Net Margin	3.55%	2.99%	4.43%	0.45%	3.43%	3.47%	4.12%	3.63%	3.3%	2.82%
Debt / Equity	0.31x	0.29x	0.31x	0.20x	0.33x	0.38x	0.28x	0.45x	0.39x	0.21x
Interest Coverage	8.27x	6.79x	9.57x	9.67x	11.05x	9.49x	12.37x	11.24x	6.21x	5.81x
FCF Conversion	0.81x	1.67x	1.53x	5.13x	1.06x	1.79x	1.03x	-0.19x	1.19x	3.90x
Revenue Growth	11.61%	-3.7%	-1.09%	13.66%	10.12%	7.14%	-0.64%	13.14%	10.47%	-5.93%

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Asia Pacific	-	-	-	-	-	-	-	2.36B	2.21B	2.39B
Asia Pacific Growth	-	-	-	-	-	-	-	-	-6.16%	8.12%
Americas	-	-	-	-	-	-	-	1.56B	1.32B	1.22B
Americas Growth	-	-	-	-	-	-	-	-	-15.07%	-8.09%
EMEA	-	-	-	-	-	-	-	403.04M	541.61M	440M
EMEA Growth	-	-	-	-	-	-	-	-	34.38%	-18.76%
MALAYSIA	844.5M	940.04M	1.12B	1.14B	1.43B	1.5B	1.85B	-	-	-
MALAYSIA Growth	-	11.31%	18.93%	1.82%	25.81%	4.39%	23.48%	-	-	-
UNITED STATES	1.13B	984.77M	1B	1.2B	989.89M	914.36M	869.14M	-	-	-
UNITED STATES Growth	-	-13.19%	1.62%	19.69%	-17.35%	-7.63%	-4.95%	-	-	-
CHINA	317.35M	339.22M	379.98M	418.82M	392.68M	355.55M	453.59M	-	-	-
CHINA Growth	-	6.89%	12.02%	10.22%	-6.24%	-9.45%	27.57%	-	-	-
MEXICO	194.42M	181.57M	218.26M	231.64M	337.96M	403.04M	441.54M	-	-	-
MEXICO Growth	-	-6.61%	20.21%	6.13%	45.90%	19.26%	9.55%	-	-	-
ROMANIA	83.71M	114.36M	177.11M	195.84M	217.29M	202.65M	217.05M	-	-	-
ROMANIA Growth	-	36.61%	54.87%	10.57%	10.96%	-6.74%	7.11%	-	-	-
GERMANY	4.84M	8.3M	12.95M	14.27M	13.34M	10.65M	8.13M	-	-	-
GERMANY Growth	-	71.41%	56.00%	10.18%	-6.50%	-20.15%	-23.74%	-	-	-
THAILAND	-	-	-	-	-	-	963K	-	-	-
THAILAND Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Plexus Corp. (PLXS) has a price-to-earnings (P/E) ratio of 40.0x. This suggests investors expect higher future growth.

Growth & Financials

Plexus Corp. (PLXS) reported $4.03B in revenue for fiscal year 2024. This represents a 81% increase from $2.23B in 2011.

Plexus Corp. (PLXS) saw revenue decline by 5.9% over the past year.

Yes, Plexus Corp. (PLXS) is profitable, generating $172.9M in net income for fiscal year 2024 (2.8% net margin).

Dividend & Returns

Plexus Corp. (PLXS) has a return on equity (ROE) of 8.8%. This is below average, suggesting room for improvement.

Plexus Corp. (PLXS) generated $56.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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