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Stocks · Technology · Printed Circuit Boards

Flex Ltd.

FLEX Clue Score48
United States Fiscal year ends March CIK 0000866374
$119.83 +4.44% Close, 9 Oct 2026
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Price $119.83 +544.59% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue23.86Net income0.32EPS, diluted0.59Fiscal year 2018Revenue25.44 +6.6%Net income0.43 +34.1%EPS, diluted0.80 +35.6%Fiscal year 2019Revenue26.21 +3.0%Net income0.09 −78.3%EPS, diluted0.18 −77.5%Fiscal year 2020Revenue24.21 −7.6%Operating income0.42Net income0.09 −5.4%EPS, diluted0.17 −5.6%Fiscal year 2021Revenue24.12 −0.4%Operating income0.80Net income0.61 +596.6%EPS, diluted1.21 +611.8%Fiscal year 2022Revenue24.63 +2.1%Operating income0.89Net income0.94 +52.7%EPS, diluted1.94 +60.3%Fiscal year 2023Revenue28.50 +15.7%Operating income1.02Net income0.79 −15.3%EPS, diluted1.72 −11.3%Fiscal year 2024Revenue26.42 −7.3%Operating income0.85Net income1.01 +26.9%EPS, diluted2.28 +32.6%Fiscal year 2025Revenue25.81 −2.3%Operating income1.17Net income0.84 −16.7%EPS, diluted2.11 −7.5%Fiscal year 2026Revenue27.91 +8.1%Operating income1.37Net income0.88 +5.0%EPS, diluted2.33 +10.4%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 23.86 25.44 26.21 24.21 24.12 24.63 28.50 26.42 25.81 27.91
Growth +6.6% +3.0% −7.6% −0.4% +2.1% +15.7% −7.3% −2.3% +8.1%
Operating income n/a n/a n/a 0.42 0.80 0.89 1.02 0.85 1.17 1.37
Net income 0.32 0.43 0.09 0.09 0.61 0.94 0.79 1.01 0.84 0.88
Growth +34.1% −78.3% −5.4% +596.6% +52.7% −15.3% +26.9% −16.7% +5.0%
EPS, diluted 0.59 0.80 0.18 0.17 1.21 1.94 1.72 2.28 2.11 2.33
Growth +35.6% −77.5% −5.6% +611.8% +60.3% −11.3% +32.6% −7.5% +10.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin6.4%Net margin1.3%Free cash flow margin−18.2%Fiscal year 2018Gross margin6.3%Net margin1.7%Free cash flow margin−17.4%Fiscal year 2019Gross margin5.8%Net margin0.4%Free cash flow margin−14.1%Fiscal year 2020Gross margin5.5%Operating margin1.7%Net margin0.4%Free cash flow margin−8.2%Fiscal year 2021Gross margin7.0%Operating margin3.3%Net margin2.5%Free cash flow margin−0.9%Fiscal year 2022Gross margin7.2%Operating margin3.6%Net margin3.8%Free cash flow margin2.4%Fiscal year 2023Gross margin6.9%Operating margin3.6%Net margin2.8%Free cash flow margin1.1%Fiscal year 2024Gross margin7.1%Operating margin3.2%Net margin3.8%Free cash flow margin3.0%Fiscal year 2025Gross margin8.4%Operating margin4.5%Net margin3.2%Free cash flow margin4.1%Fiscal year 2026Gross margin9.2%Operating margin4.9%Net margin3.2%Free cash flow margin3.8%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Gross margin 6.4% 6.3% 5.8% 5.5% 7.0% 7.2% 6.9% 7.1% 8.4% 9.2%
Operating margin n/a n/a n/a 1.7% 3.3% 3.6% 3.6% 3.2% 4.5% 4.9%
Net margin 1.3% 1.7% 0.4% 0.4% 2.5% 3.8% 2.8% 3.8% 3.2% 3.2%
Free cash flow margin −18.2% −17.4% −14.1% −8.2% −0.9% 2.4% 1.1% 3.0% 4.1% 3.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow−3.82Capital expenditure−0.53Free cash flow−4.35Buybacks−0.35Fiscal year 2018Operating cash flow−3.87Capital expenditure−0.56Free cash flow−4.43Buybacks−0.18Fiscal year 2019Operating cash flow−2.97Capital expenditure−0.73Free cash flow−3.70Buybacks−0.19Fiscal year 2020Operating cash flow−1.53Capital expenditure−0.46Free cash flow−2.00Buybacks−0.26Fiscal year 2021Operating cash flow0.14Capital expenditure−0.35Free cash flow−0.21Buybacks−0.18Fiscal year 2022Operating cash flow1.02Capital expenditure−0.44Free cash flow0.58Buybacks−0.69Fiscal year 2023Operating cash flow0.95Capital expenditure−0.64Free cash flow0.32 −45.8%Buybacks−0.34Fiscal year 2024Operating cash flow1.33Capital expenditure−0.53Free cash flow0.80 +152.7%Buybacks−1.30Fiscal year 2025Operating cash flow1.51Capital expenditure−0.44Free cash flow1.07 +34.0%Buybacks−1.26Fiscal year 2026Operating cash flow1.69Capital expenditure−0.63Free cash flow1.05 −1.4%Buybacks−0.94
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow −3.82 −3.87 −2.97 −1.53 0.14 1.02 0.95 1.33 1.51 1.69
Capital expenditure −0.53 −0.56 −0.73 −0.46 −0.35 −0.44 −0.64 −0.53 −0.44 −0.63
Free cash flow −4.35 −4.43 −3.70 −2.00 −0.21 0.58 0.32 0.80 1.07 1.05
Growth −45.8% +152.7% +34.0% −1.4%
Buybacks −0.35 −0.18 −0.19 −0.26 −0.18 −0.69 −0.34 −1.30 −1.26 −0.94

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash1.83Total debt2.95Net cash (debt)−1.12Shareholders’ equity2.64Debt to equity1.12Fiscal year 2018Cash1.47Total debt2.94Net cash (debt)−1.47Shareholders’ equity3.02Debt to equity0.97Fiscal year 2019Cash1.70Total debt3.05Net cash (debt)−1.36Shareholders’ equity2.97Debt to equity1.03Fiscal year 2020Cash1.92Total debt2.84Net cash (debt)−0.92Shareholders’ equity2.83Debt to equity1.00Fiscal year 2021Cash2.64Total debt3.78Net cash (debt)−1.15Shareholders’ equity3.44Debt to equity1.10Fiscal year 2022Cash2.96Total debt4.20Net cash (debt)−1.23Shareholders’ equity4.13Debt to equity1.02Fiscal year 2023Cash3.16Total debt3.69Net cash (debt)−0.53Shareholders’ equity5.35Debt to equity0.69Fiscal year 2024Cash2.47Total debt3.26Net cash (debt)−0.79Shareholders’ equity5.33Debt to equity0.61Fiscal year 2025Cash2.29Total debt3.69Net cash (debt)−1.40Shareholders’ equity5.00Debt to equity0.74Fiscal year 2026Cash2.39Total debt3.75Net cash (debt)−1.36Shareholders’ equity5.14Debt to equity0.73
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 1.83 1.47 1.70 1.92 2.64 2.96 3.16 2.47 2.29 2.39
Total debt 2.95 2.94 3.05 2.84 3.78 4.20 3.69 3.26 3.69 3.75
Net cash (debt) −1.12 −1.47 −1.36 −0.92 −1.15 −1.23 −0.53 −0.79 −1.40 −1.36
Shareholders’ equity 2.64 3.02 2.97 2.83 3.44 4.13 5.35 5.33 5.00 5.14
Debt to equity 1.12 0.97 1.03 1.00 1.10 1.02 0.69 0.61 0.74 0.73

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending March, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Mar 2017 FY2018 31 Mar 2018 FY2019 31 Mar 2019 FY2020 31 Mar 2020 FY2021 31 Mar 2021 FY2022 31 Mar 2022 FY2023 31 Mar 2023 FY2024 31 Mar 2024 FY2025 31 Mar 2025 FY2026 31 Mar 2026
Revenue and profit
23.86 25.44 26.21 24.21 24.12 24.63 28.50 26.42 25.81 27.91
Growth +6.6% +3.0% −7.6% −0.4% +2.1% +15.7% −7.3% −2.3% +8.1%
22.30 23.78 24.59 22.68 22.35 22.84 26.50 24.40 23.58 25.29
1.52 1.60 1.52 1.34 1.69 1.78 1.98 1.87 2.16 2.57
Growth +4.9% −4.9% −11.8% +26.0% +5.5% +11.0% −5.6% +15.8% +18.9%
0.07 0.08 n/a n/a n/a n/a n/a n/a n/a n/a
0.94 1.02 0.95 0.83 0.82 0.83 0.87 0.92 0.90 1.05
n/a n/a n/a 0.42 0.80 0.89 1.02 0.85 1.17 1.37
Growth +91.6% +11.9% +14.3% −16.1% +37.0% +17.0%
0.37 0.52 0.18 0.16 0.71 0.96 0.81 0.67 1.02 1.14
0.05 0.09 0.09 0.07 0.10 0.09 0.12 −0.21 0.19 0.26
0.32 0.43 0.09 0.09 0.61 0.94 0.79 1.01 0.84 0.88
Growth +34.1% −78.3% −5.4% +596.6% +52.7% −15.3% +26.9% −16.7% +5.0%
Per share
0.59 0.81 0.18 0.17 1.23 1.97 1.75 2.31 2.14 2.37
0.59 0.80 0.18 0.17 1.21 1.94 1.72 2.28 2.11 2.33
Growth +35.6% −77.5% −5.6% +611.8% +60.3% −11.3% +32.6% −7.5% +10.4%
540.5 529.8 527.0 509.0 499.0 476.0 454.0 435.0 391.0 371.0
546.2 536.6 530.0 512.0 506.0 483.0 462.0 441.0 398.0 378.0
Growth −1.8% −1.2% −3.4% −1.2% −4.5% −4.3% −4.5% −9.8% −5.0%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 3.0% a year over five years, and earnings per share grew 14.0% a year.
  • The diluted share count fell 25.3% in five years, so buybacks did some of the work per share.
  • Operating margin is up 1.6 points on five years ago, at 4.9%.
  • Profitable in every one of the 10 years on file.