Upside case
Bull case
$612+156.4%
SANM would need investors to value it at roughly 55x earnings — about 33x more generous than today's 21x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
Sanmina Corporation (SANM) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
17
analysts
5 bullish · 2 bearish · 17 covering SANM
Strong Buy
0
Buy
5
Hold
10
Sell
2
Strong Sell
0
Consensus Target
$200
-16.2% vs today
Scenario Range
$134 – $612
Model bear to bull value window
Coverage
17
Published analyst ratings
Valuation Context
21.4x
Forward P/E · Market cap $13.0B
SANM price targets
Three scenarios for where SANM stock could go
Current
~$239
Confidence
58 / 100
Updated
May 1, 2026
Where we are now
Current · $239
Bear
$134
Base
$399
Bull
$612
Market caseClosest to today
Base case
$399+67.2%
At 36x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$134-44.0%
If investor confidence fades or macro conditions deteriorate, a 9x multiple contraction could push SANM down roughly 44% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Sanmina Corporation
SANM · NASDAQTechnologyHardware, Equipment & PartsSeptember year-end
Sanmina is a global electronics manufacturing services provider that designs, builds, and repairs complex electronic systems for industrial, medical, and communications customers. It generates revenue primarily from contract manufacturing services—including printed circuit boards, enclosures, and complete systems—with additional income from components sales and after-market support services. The company's competitive advantage lies in its end-to-end capabilities—from design to repair—and its specialized expertise in high-reliability sectors like medical devices and aerospace.
Market Cap
$13.0B
Revenue TTM
$11.3B
Net Income TTM
$260M
Net Margin
2.3%
SANM Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
83%Exceptional
12 quarters tracked
Revenue Beat Rate
50%Exceptional
vs consensus estimates
Avg EPS Surprise
+5.7%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$1.53/$1.42
Revenue
$2.0B/$2.1B
Q4 2025
EPS
$1.67/$1.57
Revenue
$2.1B/$2.1B
Q1 2026
EPS
$2.38/$2.15
Revenue
$3.2B/$3.1B
Q2 2026
EPS
$3.16/$2.42
Revenue
$4.0B/$3.3B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $1.53/$1.42 | +7.7% | $2.0B/$2.1B | -0.5% |
| Q4 2025 | $1.67/$1.57 | +6.4% | $2.1B/$2.1B | +1.9% |
| Q1 2026 | $2.38/$2.15 | +10.7% | $3.2B/$3.1B | +3.7% |
| Q2 2026 | $3.16/$2.42 | +30.6% | $4.0B/$3.3B | +22.2% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$12.2B
+7.6% YoY
FY2
$13.0B
+6.4% YoY
EPS Outlook
FY1
$6.47
+37.9% YoY
FY2
$7.46
+15.2% YoY
Trailing FCF (TTM)$734M
FCF Margin: 6.5%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
SANM beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
SANM Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $8.1B
Product Mix
Latest annual revenue by segment or product family
IMS
80.1%
+7.9% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Americas
57.2%
+17.4% YoY
Tap, hover, or focus a slice to inspect segment detail.
IMS is the largest disclosed segment at 80.1% of FY 2025 revenue, up 7.9% YoY.
Americas is the largest reported region at 57.2%, up 17.4% YoY.
SANM Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Undervalued
Fair value est. $244 — implies +9.1% from today's price.
Upside to Fair Value
9.1%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
SANM
53.5x
vs
S&P 500
25.2x
+112% premium
vs Technology Trailing P/E
SANM
53.5x
vs
Technology
27.5x
+95% premium
vs SANM 5Y Avg P/E
Today
53.5x
vs
5Y Average
14.9x
+258% premium
Forward PE
21.4x
S&P 500
19.1x
+12%
Technology
21.7x
-1%
5Y Avg
—
—
Trailing PE
53.5x
S&P 500
25.2x
+112%
Technology
27.5x
+95%
5Y Avg
14.9x
+258%
PEG Ratio
3.01x
S&P 500
1.75x
+73%
Technology
1.47x
+106%
5Y Avg
—
—
EV/EBITDA
26.3x
S&P 500
15.3x
+72%
Technology
17.4x
+51%
5Y Avg
7.6x
+246%
Price/FCF
27.5x
S&P 500
21.3x
+29%
Technology
19.8x
+39%
5Y Avg
25.9x
+6%
Price/Sales
1.6x
S&P 500
3.1x
-49%
Technology
2.4x
-34%
5Y Avg
0.5x
+231%
Dividend Yield
—
S&P 500
1.88%
—
Technology
1.18%
—
5Y Avg
—
—
| Metric | SANM | S&P 500 | Technology | 5Y Avg SANM |
|---|---|---|---|---|
| Forward PE | 21.4x | 19.1x+12% | 21.7x | — |
| Trailing PE | 53.5x | 25.2x+112% | 27.5x+95% | 14.9x+258% |
| PEG Ratio | 3.01x | 1.75x+73% | 1.47x+106% | — |
| EV/EBITDA | 26.3x | 15.3x+72% | 17.4x+51% | 7.6x+246% |
| Price/FCF | 27.5x | 21.3x+29% | 19.8x+39% | 25.9x |
| Price/Sales | 1.6x | 3.1x-49% | 2.4x-34% | 0.5x+231% |
| Dividend Yield | — | 1.88% | 1.18% | — |
SANM trades above S&P 500 benchmarks on 5 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolSANM Financial Health
Verdict
Strong
SANM 13.0% ROIC signals a durable competitive advantage.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$11.3B
Revenue Growth
TTM vs prior year
+41.3%
Gross Margin
Gross profit as a share of revenue
8.5%
Operating Margin
Operating income divided by revenue
4.0%
Net Margin
Net income divided by revenue
2.3%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$4.69
Free Cash Flow (TTM)
Cash generation after capex
$734M
FCF Margin
FCF as share of revenue — the primary cash quality signal
6.5%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
13.0%
ROA
Return on assets, trailing twelve months
3.4%
Cash & Equivalents
Liquid assets on the balance sheet
$966M
Net Cash
Cash exceeds total debt — no net leverage
$572M
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE
Return on equity, trailing twelve months
7.1%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.9%
Dividend
—
Buyback
0.9%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$114M
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
55M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageSANM Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Cyclical End-Market Demand
Sanmina's performance is closely tied to the cyclical nature of key markets such as cloud and AI infrastructure, industrial and energy, medical, defense and aerospace, and automotive. Adverse changes in these markets can significantly impact the company's business operations.
High Risk
Customer Concentration
The company relies heavily on a limited number of customers for a substantial portion of its sales. This concentration makes Sanmina vulnerable to fluctuations in demand or strategic decisions made by these key clients.
High Risk
Supply Chain Disruptions
Global supply chain disruptions can adversely affect Sanmina's operational costs and its ability to meet customer demand. Such disruptions can lead to increased costs and delays in production, impacting overall profitability.
High Risk
Valuation Concerns
Analyses indicate that Sanmina's stock may be significantly overvalued, with its current price exceeding its intrinsic value. This situation presents a potential lack of margin of safety for investors.
Medium
Integration of Acquisitions
The successful integration of acquisitions, such as ZT Systems, poses risks if not executed as planned or if the anticipated benefits take longer to materialize. Delays or failures in integration can hinder growth and operational efficiency.
Medium
Execution Risk
Sanmina faces execution risks related to scaling new facilities and successfully managing large projects. Failures in these areas could lead to operational inefficiencies and financial losses.
Medium
Insider Selling
A notable pattern of insider selling, with more shares sold than purchased in recent months, may indicate a lack of confidence among insiders regarding the stock's current valuation or future performance.
Lower
Cybersecurity Threats
Despite having security measures in place, Sanmina remains at risk of cybersecurity incidents that could disrupt operations, lead to data loss, and incur significant damages.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why SANM Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
AI and Cloud Infrastructure Demand
Sanmina is well-positioned to capitalize on the growth in AI and cloud computing, with significant demand for its manufacturing solutions in these areas. The company's ZT Systems acquisition is a major driver, enabling it to serve hyperscale customers with accelerated compute orders.
Capacity Expansion
Sanmina is investing in expanding its manufacturing capacity in the United States, India, and Mexico, which is expected to support future growth. This expansion is crucial as the demand for data center manufacturing continues to rise.
Strong Financial Performance and Guidance
The company recently reported a strong Q2 fiscal 2026 earnings beat, with revenue and non-GAAP diluted EPS exceeding expectations. Management has expressed increased confidence in achieving revenue targets of $16 billion or more in fiscal 2027, and has raised its full-year 2026 guidance.
Revenue Growth
Sanmina has experienced substantial revenue growth, with projections indicating continued strong performance. Some analysts anticipate revenue reaching $18.0 billion by 2029, highlighting the company's robust market position.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
SANM Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$238.55
52W Range Position
100%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$77.35
+208.4% from the low
52-Week High
$238.67
-0.1% from the high
1 Month
+84.51%
3 Month
+59.26%
YTD
+49.8%
1 Year
+203.1%
3Y CAGR
+64.8%
5Y CAGR
+41.8%
10Y CAGR
+25.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
SANM vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
21.4x
vs 34.4x median
-38% below peer median
Revenue Growth
+7.6%
vs +1.5% median
+404% above peer median
Net Margin
2.3%
vs 3.2% median
-28% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
SAN SANM Sanmina Corporation | $13.0B | 21.4x | +7.6% | 2.3% | Hold | -16.2% |
JBL JBL Jabil Inc. | $40.0B | 30.2x | +1.5% | 2.5% | Buy | -26.7% |
CLS CLS Celestica Inc. | $47.6B | 41.2x | +27.6% | 6.9% | Buy | +10.9% |
FLE FLEX Flex Ltd. | $49.5B | 41.5x | +0.0% | 3.2% | Buy | -40.6% |
BHE BHE Benchmark Electronics, Inc. | $3.1B | 31.3x | +1.4% | 1.3% | Hold | -0.7% |
PLX PLXS Plexus Corp. | $7.1B | 34.4x | +2.6% | 4.4% | Buy | -5.2% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
SANM Dividend and Capital Return
SANM returns 0.9% annually — null% through dividends and 0.9% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
0.9%
Dividend + buyback return per year
Buyback Yield
0.9%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
1Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
—
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$114M
Estimated Shares Retired
477.0K
Approx. Share Reduction
0.9%
Shares Outstanding
Current diluted share count from the screening snapshot
55M
At 0.9%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
FAQ
7 questionsSANM Investor Questions
Common questions answered from live analyst data and company financials.
01Is Sanmina Corporation (SANM) stock a buy or sell in 2026?
Sanmina Corporation (SANM) is rated Hold by Wall Street analysts as of 2026. Of 17 analysts covering the stock, 5 rate it Buy or Strong Buy, 10 rate it Hold, and 2 rate it Sell or Strong Sell. The consensus 12-month price target is $200, implying -16.2% from the current price of $239. The bear case scenario is $134 and the bull case is $612.
02What is the SANM stock price target for 2026?
The Wall Street consensus price target for SANM is $200 based on 17 analyst estimates. The high-end target is $200 (-16.2% from today), and the low-end target is $200 (-16.2%). The base case model target is $399.
03Is Sanmina Corporation (SANM) stock overvalued in 2026?
SANM trades at 21.4x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals slightly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Sanmina Corporation (SANM) stock in 2026?
The primary risks for SANM in 2026 are: (1) Cyclical End-Market Demand — Sanmina's performance is closely tied to the cyclical nature of key markets such as cloud and AI infrastructure, industrial and energy, medical, defense and aerospace, and automotive. (2) Customer Concentration — The company relies heavily on a limited number of customers for a substantial portion of its sales. (3) Supply Chain Disruptions — Global supply chain disruptions can adversely affect Sanmina's operational costs and its ability to meet customer demand. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Sanmina Corporation's revenue and earnings forecast?
Analyst consensus estimates SANM will report consensus revenue of $12.2B (+7.6% year-over-year) and EPS of $6.47 (+37.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $13.0B in revenue.
06When does Sanmina Corporation (SANM) report its next earnings?
A confirmed upcoming earnings date for SANM is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Sanmina Corporation generate?
Sanmina Corporation (SANM) generated $734M in free cash flow over the trailing twelve months — a free cash flow margin of 6.5%. SANM returns capital to shareholders through and share repurchases ($114M TTM).