Sanmina Corporation

SANM

NASDAQ · Tech Hardware & Equipment

$215.65

At close - Sep 22, 4:00 PM EDT - USD

Market Cap$11.56B

P/E48.4x

52W High$288.68

Volume648.96K

VCP Research Verdict2026Q3

AI Surge Drives Revenue Inflection, Leverage Risk Looms

Sanmina is undergoing a transformative AI-driven growth inflection, with revenue surging 69.7% year-over-year to $3.5B in 2026Q3 and gross margins expanding 220 basis points to 10.5%, signaling a favorable mix shift toward high-complexity data center programs....

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MARKET ACTION

SANM price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue accelerated 69.7% year-over-year to $3.5B in 2026Q3, with gross margin expanding 220 basis points to 10.5% and operating income surging 184% from $78.5M to $222.7M, demonstrating significant operating leverage.

Analyst Consensus-39.3% target

Hold(18 analysts)

5 Buy11 Hold2 Sell

The Bull Case

Upside Catalysts

Strong revenue growth

Sanmina's Q1 fiscal 2026 results showed revenue rising to US$3,189.69 million, indicating strong top-line performance.

Analyst consensus target upside

The stock has a consensus target price of $200 with an implied upside of -19.7%, reflecting bullish sentiment.

MarketBeat SEC filings access

MarketBeat offers comprehensive SEC filing history for Sanmina, including 10-K, 10-Q, and 8-K reports, aiding investor transparency.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

SANM+35.38%

S&P 500 (^GSPC)+13.20%

1-Year Return

SANM+83.14%

S&P 500 (^GSPC)+15.98%

3-Year Return

SANM+309.50%

S&P 500 (^GSPC)+87.01%

5-Year Return

SANM+461.43%

S&P 500 (^GSPC)+76.51%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y High

48.4x

Forward P/EExpansion

17.8x

EV/EBITDA100th %ile

23.2x

FCF YieldCash Flow

4.1%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

48.4x

11.3x

100th· High

EV/EBITDA

23.2x

6.5x

100th· High

Price/FCF

24.4x

15.1x

80th· High

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$56.41-73.8%

Base (Fair)$91.43-54.2%

Bull$103.32-52.1%

$56.41 Bear$91.43 Base$103.32 Bull

Current Market Price: $215.65

Trades at a 135.9% premium to Base DCF ($91.43)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue

$8.13B+7.4% YoY

Net income

$246M+10.5% YoY

Free cash flow

$473M+106.7% YoY

Operating margin

4.4%-0.1 pts YoY

ROIC (TTM)13%

Avg ROIC 5Y-

ROE (TTM)10%

Piotroski Score7 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate10/12 (83%)

Revenue Beat Rate9/12 (75%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q3 2026Latest Jul 27, 2026	$3.31+19.5% vs $2.77	$3.5B+2.0% vs $3.4B
Q2 2026 Apr 27, 2026	$3.16+30.6% vs $2.42	$4.0B+22.2% vs $3.3B
Q1 2026 Jan 26, 2026	$2.38+10.7% vs $2.15	$3.2B+3.7% vs $3.1B
Q4 2025 Nov 3, 2025	$1.67+6.4% vs $1.57	$2.1B+1.9% vs $2.1B

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

5 Stories

Seeking Alpha·Sep 15, 2026

Sanmina: AI Rack Manufacturing Is Rewriting The Earnings Base

Sanmina is well-positioned to capitalize on AI system demand, leveraging its expanded manufacturing footprint post-ZT Systems acquisition. SANM trades at a discount to peers, with a Buy rating contingent on profitable execution and sustained cash flow from new and existing operations. My investment thesis hinges on SANM delivering repeatable, profitable production, integrating ZT assets, and maintaining or improving margins amid customer concentration risks.

PRNewsWire·Sep 14, 2026

SHANKER TRIVEDI JOINS SANMINA'S BOARD OF DIRECTORS

SAN JOSE, Calif., Sept. 14, 2026 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today announced that Shanker Trivedi has been appointed to its board of directors, effective September 14, 2026.

Zacks Investment Research·Sep 14, 2026

Here's Why Sanmina (SANM) is a Strong Value Stock

Wondering how to pick strong, market-beating stocks for your investment portfolio? Look no further than the Zacks Style Scores.

Zacks Investment Research·Sep 10, 2026

Best Growth Stocks to Buy for September 10th

CNC, ATI and SANM made it to the Zacks Rank #1 (Strong Buy) growth stocks list on September 10, 2026.

Filtered for Sanmina CorporationMore Headlines

Compare before deciding

Benchmark SANM against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Sanmina Corporation (SANM)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
SANMSanmina CorporationCurrent	$215.65	$11.56B	48.35	7.4%	3.03%	10.04%	—
JBLJabil Inc.	$308.98	$32.6B	52.19	3.18%	2.57%	62.24%	—
CLSCelestica Inc.	$356.09	$40.94B	48.85	30.71%	7.16%	50.69%	—
FLEXFlex Ltd.	$114.45	$41.93B	49.12	8.14%	3.32%	18.71%	—
BHEBenchmark Electronics, Inc.	$82.23	$2.95B	120.93	0.11%	1.89%	4.81%	—
PLXSPlexus Corp.	$263.33	$7.05B	42.07	1.82%	4.03%	12.46%	—

Compare SANM vs Peers

Sanmina Corporation (SANM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs JBL

Most directly comparable listed peer for SANM.

Scale Benchmark

vs AVGO

Larger-name benchmark to compare SANM against a more recognizable public peer.

Peer Set

Compare Top 5

vs JBL, CLS, FLEX, BHE

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

SANM SEC Filings & Documents

Sanmina Corporation (SANM) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Jul 27, 2026·SEC

Material company update

Apr 27, 2026·SEC

Material company update

Mar 12, 2026·SEC

10-K Annual Reports

FY 2025

Nov 13, 2025·SEC

FY 2024

Nov 27, 2024·SEC

FY 2023

Nov 16, 2023·SEC

10-Q Quarterly Reports

FY 2026

Jul 27, 2026·SEC

FY 2026

Apr 27, 2026·SEC

FY 2026

Jan 26, 2026·SEC

Get notified when SANM posts new earnings or crosses analyst targets

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SANM Frequently Asked Questions

Sanmina Corporation (SANM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Sanmina Corporation's revenue?

Sanmina Corporation (SANM) reported $12.76B in revenue for fiscal year 2025. This represents a 4715% increase from $265.1M in 1996.

How fast is Sanmina Corporation growing?

Sanmina Corporation (SANM) grew revenue by 7.4% over the past year. This is steady growth.

Is SANM profitable?

Yes, Sanmina Corporation (SANM) is profitable, generating $308.1M in net income for fiscal year 2025 (3.0% net margin).

Dividend & Returns

What is SANM's return on equity?

Sanmina Corporation (SANM) has a return on equity (ROE) of 10.0%. This is reasonable for most industries.

What is Sanmina Corporation's free cash flow?

Sanmina Corporation (SANM) generated $594.1M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in SANM back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q3 2026Latest

Jul 27, 2026

$3.31+19.5%

vs $2.77

$3.5B+2.0%

vs $3.4B

Q2 2026

Apr 27, 2026

$3.16+30.6%

vs $2.42

$4.0B+22.2%

vs $3.3B

Q1 2026

Jan 26, 2026

$2.38+10.7%

vs $2.15

$3.2B+3.7%

vs $3.1B

Q4 2025

Nov 3, 2025

$1.67+6.4%

vs $1.57

$2.1B+1.9%

vs $2.1B

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

SANMSanmina CorporationCurrent

$215.65

$11.56B

48.35

7.4%

3.03%

10.04%

—

JBLJabil Inc.

$308.98

$32.6B

52.19

3.18%

2.57%

62.24%

—

CLSCelestica Inc.

$356.09

$40.94B

48.85

30.71%

7.16%

50.69%

—

FLEXFlex Ltd.

$114.45

$41.93B

49.12

8.14%

3.32%

18.71%

—

BHEBenchmark Electronics, Inc.

$82.23

$2.95B

120.93

0.11%

1.89%

4.81%

—

PLXSPlexus Corp.

$263.33

$7.05B

42.07

1.82%

4.03%

12.46%

—