Flex Ltd.
FLEXFlex Ltd.'s price has outrun its earnings. +126.6% in a year against EPS +10.4% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +126.6% in a year while annual EPS moved +10.4% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (66 weeks in) while the P/E sits at the 94th percentile of its own 4-year range. Underneath, the last four quarters read improving — profit +13.6% year on year, and 175% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Flex Ltd. trades at $113, in a confirmed uptrend and 66 weeks into that stage. That is +29.6% against its own 200-day average. It sits at 62% of a 52-week range of $49 to $152. On relative strength it has been ahead of the S&P 500 on a trailing-13-week view for 20 straight weeks.
Today the stock is in a confirmed uptrend — week 66 of stage 2. At $113 it trades +29.6% versus its 200-day average and sits at 62% of its 52-week range ($49–$152).
Against the market, two honest reads. Cumulative: over the last 10.1 years the stock moved +804% while the S&P 500 moved +248% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 20 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 94th percentile of its own range.
Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.
Flex Ltd. trades at 48.6× P/E, at the pricey end of its own range (94th percentile). Its long-run median P/E is 15.0×, measured across 4.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 48.6× is at the pricey end of its own range (94th percentile), against a long-run median of 15.0× measured over 4.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved +10.4% against a +126.6% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 3y, of the +61.3%/yr price move, ~+9.7%/yr came from earnings growth and ~+51.6 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Flex Ltd. reads as improving on its fundamental arc. Improving — profit growth bottomed 7 quarters ago at −12.1% and has held its recovery at +6.0%, ROCE holding at 14.8%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +8.1% | −0.7% | — | — |
| Profit | +4.8% | +9.0% | — | — |
| EPS | +10.4% | +10.6% | — | — |
| Stock price | +126.6% | +61.3% | +44.5% | +24.5% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
51.4/100 — rank 15 of 30 in Electronic Components · 82% evidence confidence
Flex Ltd. scores 51.4 out of 100 against the 30 companies it is compared with in Electronic Components, ranking 15. Price leads the evidence: RS versus the benchmark is 31.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 14.7 + 11.2 + 6.7 + 18.8 = 51.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Flex Ltd. reported $7.5 B of revenue in the Mar 26 quarter, +16.9% year on year. That is the 6th straight quarter of year-on-year growth. Over 4 years it has compounded at 3.2% a year. The last full year, FY26, came in at $27.9 B. The last four reported quarters add to $27.9 B.
Flex Ltd. reported $7.5 B of revenue in the Mar 26 quarter, +16.9% year on year. That is the 6th straight quarter of year-on-year growth. Over 4 years it has compounded at 3.2% a year. The last full year, FY26, came in at $27.9 B. The last four reported quarters add to $27.9 B.
FY26 revenue came in at $27.9 B (+8.1% on the year), capping 4 years at 3.2% compound. The latest quarter (Mar 26) printed $7.5 B, +16.9% year on year — the 6th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +8.2% growth against the decade's 3.2% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +8.2% over the last 4 quarters against +2.8%/yr over the last 8 — accelerating; TTM profit +6.0% vs +0.0%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 4.9% this quarter (+0.2 pp YoY).
Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Flex Ltd.'s operating margin is 4.9% in the Mar 26 quarter, +0.2 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 3.2% to 4.9%. The current quarter sits inside that band.
Flex Ltd.'s operating margin is 4.9% in the Mar 26 quarter, +0.2 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 3.2% to 4.9%. The current quarter sits inside that band.
The latest quarter's operating margin is 4.9%, +0.2 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 3.2%–4.9%, and FY26's 4.9% is the top of that band — a record year.
Why the margin moved: operating margin went +0.2 pp year on year while gross margin went +0.6 pp — the gain came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
→ Margins held — did that reach the bottom line? Next: profit +13.6% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Flex Ltd. earned $0.3 B of net profit in the Mar 26 quarter, +13.6% year on year. Full-year FY26 profit was $0.9 B. The 4-year compound rate is 0.3%. That is 3.3% of the quarter's revenue. The same quarter a year earlier earned $0.2 B.
Flex Ltd. earned $0.3 B of net profit in the Mar 26 quarter, +13.6% year on year. Full-year FY26 profit was $0.9 B. The 4-year compound rate is 0.3%. That is 3.3% of the quarter's revenue. The same quarter a year earlier earned $0.2 B.
Mar 26 profit was $0.3 B, +13.6% year on year. On the full year, FY26 printed $0.9 B (+4.8%), and the 4-year compound rate is 0.3%.
Why profit moved: revenue contributed +16.9% and the margin +0.2 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +9.2% vs revenue +8.2%. Profit and revenue are moving roughly in step.
→ Profit rose — but did the cash follow? Next: 175% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 175% of Flex Ltd.'s reported profit arrived as operating cash — the cash follows the profit. In FY26 that was $1.7 B of operating cash against $0.9 B of profit. After $0.6 B of capital spending, $1.1 B was left as free cash.
FY26: operating cash of $1.7 B against reported profit of $0.9 B, leaving free cash of $1.1 B after $0.6 B of capital spending. Across the last 3 fiscal years the conversion rate is 175% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why: conversion is measured cleanly, but the working-capital day-counts behind it sit below what we hold — the move is shown without inventing its driver.
Router verdict: the visible cash user is investment — the next section checks what the spending is buying.
→ So follow the cash to where it goes. Next: $2.0 B of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Flex Ltd. does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran $2.0 B over the last 3 years. Averaged over those years that is 2.4% of FY26 revenue a year.
Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.
On the investment side: capital spending of $2.0 B over the last 3 fiscal years.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROE is 17% and the ROIC − WACC spread is +3.9 pp.
Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.
Flex Ltd. earns a ROE of 17% in FY26. That is up from a trough of 12% in FY23. Return on invested capital clears the cost of that capital by +3.9 percentage points, so growth here adds value rather than only size. The wiring behind it is 3.2% net margin on 1.27× asset turns.
FY26 ROE is 17%, recovered from a FY23 trough of 12% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 3.2% net margin × 1.27× asset turns × 4.29× balance-sheet leverage ≈ 17.4% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 16.2% − 12.3% = a +3.9 pp spread. The 12.3% is an estimate of this company's own cost of capital — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.87.
Dividend
Flex Ltd. pays no dividend. Across the last 12 reported quarters it has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings rather than distribute them, which makes the cash-flow and reinvestment sections the place that cash shows up.
Flex Ltd. does not currently pay a dividend. Across the last 12 reported quarters the company has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings instead of distributing them.
→ No payout to follow. The cash question becomes what the business does with what it earns instead.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Flex Ltd. carries total debt of $4.3 B against shareholder equity of $5.1 B as of Mar 26, a debt-to-equity of 0.84. On the annual view that ratio went from 1.13 in FY22 to 0.84 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of $4.3 B against shareholder equity of $5.1 B — a debt-to-equity of 0.84. On the annual view, debt-to-equity went from 1.13 (FY22) to 0.84 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: short interest is 2.1% of the float.
Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.
2.1% of Flex Ltd.'s tradable float is currently sold short — some money is positioned against it. At typical trading volumes those positions would take about 0.8 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.
The latest reading: 2.1% of the float is sold short, and at typical trading volumes it would take about 0.8 days to buy those positions back. Some money is positioned against it. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.
Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Flex Ltd.: the Z-score reads 2.58. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits in the grey band between the two. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
Why it matters: a Z-score of 2.58 sits in the grey band — neither clearly safe nor clearly distressed.
The safety line in one sentence: the Z-score reads 2.58.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Flex Ltd. this page | 48.6× | $42B | Improving | |||
| Amphenol Corporation | 41.4× | $177B | Consistent | |||
| Corning Incorporated | 58.1× | $108B | Mixed | |||
| TE Connectivity plc | 21.0× | $62B | Improving | |||
| Celestica Inc. | 36.4× | $37B | Consistent | |||
| Jabil Inc. | 37.9× | $32B | Improving | |||
| Fabrinet | 38.6× | $16B | Consistent | |||
| TTM Technologies, Inc. | 59.1× | $11B | Mixed | |||
| Littelfuse, Inc. | — | $10B | Deteriorating | |||
| Sanmina Corporation | 30.8× | $9B | Improving | |||
| Vicor Corporation | 61.7× | $9B | Turning around | |||
| Ralliant Corporation | — | $8B | No read | |||
| Plexus Corp. | 36.6× | $7B | Mixed | |||
| Universal Display Corporation | 18.3× | $4B | Deteriorating | |||
| OSI Systems, Inc. | 25.3× | $4B | Consistent | |||
| Knowles Corporation | 46.3× | $3B | No read | |||
| Bel Fuse Inc. | 48.4× | $3B | Turning around | |||
| Bel Fuse Inc. | 51.6× | $3B | Turning around | |||
| Benchmark Electronics, Inc. | 81.7× | $3B | Turning around | |||
| Ouster, Inc. | — | $2B | No read | |||
| Rogers Corporation | 68.4× | $2B | Deteriorating | |||
| CTS Corporation | 27.1× | $2B | Mixed | |||
| Allient Inc. | 58.3× | $1B | Turning around | |||
| Daktronics, Inc. | 21.4× | $1B | No read | |||
| LSI Industries Inc. | 32.6× | $1B | Turning around | |||
| LightPath Technologies, Inc. | — | $1B | No read | |||
| Kopin Corporation | 326.3× | $1B | No read | |||
| Methode Electronics, Inc. | — | $1B | No read | |||
| M-tron Industries, Inc. | 30.3× | $0B | Mixed | |||
| Richardson Electronics, Ltd. | 43.3× | $0B | Turning around | |||
| Syntec Optics Holdings, Inc. | — | $0B | No read | |||
| MetaOptics Ltd | — | $0B | — | — | — | — |
| KULR Technology Group, Inc. | — | $0B | No read | |||
| Wallbox N.V. | — | $0B | No read |
Frequently asked questions
What is Flex Ltd.'s stock price today?
Flex Ltd. trades at $113, +126.6% over the past year. The company is valued at $42.0 B. The stock sits at 62% of its 52-week range of $49–$152, +29.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 66 weeks in. — as of 29 July 2026.
What were Flex Ltd.'s latest quarterly results?
Flex Ltd. reported revenue of $7.5 B and net profit of $0.3 B for the Mar 26 quarter. Revenue rose 16.9% and profit rose 13.6% year on year. Earnings per share were $0.67. The operating margin was 4.9%, 0.2 pp higher than a year earlier. — as of 29 July 2026.
What is Flex Ltd.'s revenue?
Flex Ltd. reported revenue of $7.5 B in the Mar 26 quarter, +16.9% year on year. For the full FY26 fiscal year, revenue was $27.9 B (+8.1%). Over the last 4 years revenue compounded at 3.2% a year. — as of 29 July 2026.
What is Flex Ltd.'s profit?
Flex Ltd. earned $0.3 B of net profit in the Mar 26 quarter, +13.6% year on year. Full-year FY26 profit was $0.9 B. The operating margin ran 4.9% in the latest quarter. — as of 29 July 2026.
What is Flex Ltd.'s market cap?
Flex Ltd.'s market capitalisation is $42.0 B at a stock price of $113. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 29 July 2026.
What is Flex Ltd.'s P/E ratio?
Flex Ltd. trades at a P/E of 48.6×, at the 94th percentile of its own 4-year range, against a long-run median of 15.0×. This is a comparison with the stock's own history, not a value call — as of 29 July 2026.
Does Flex Ltd. pay a dividend?
No — Flex Ltd. has declared no dividend per share in any of its last 12 reported quarters, so there is no payout history and no yield to quote. That is a reading of the filed statements, not an estimate. — as of 29 July 2026.
Is Flex Ltd. overvalued?
On its own history, Flex Ltd. looks expensive against its own history: its P/E of 48.6× sits at the 94th percentile of its 4-year range (long-run median 15.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 29 July 2026.
Is Flex Ltd. growing?
Yes — Flex Ltd. is growing: latest-quarter revenue +16.9% year on year, profit +13.6%, and the margin +0.2 pp at 4.9%. The 4-year compound rates are 3.2% (revenue) and 0.3% (profit). The earnings engine currently reads: improving — as of 29 July 2026.
How is Flex Ltd. performing?
Flex Ltd. is in a confirmed uptrend, 66 weeks in. Its latest quarter's revenue rose 16.9% and profit rose 13.6% year on year. Against the S&P 500 it has been ahead on a trailing-13-week view for 20 weeks. This describes what the data did, not a rating. — as of 29 July 2026.
What stage is Flex Ltd. in?
Improving — profit growth bottomed 7 quarters ago at −12.1% and has held its recovery at +6.0%, ROCE holding at 14.8%. The read comes from the last 12 quarters of growth (revenue growth +8.2% latest, profit growth +6.0% latest, eps growth +9.9% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 29 July 2026.
Is Flex Ltd. in an uptrend?
Yes — the price is in a confirmed uptrend (week 66 of stage 2), trading +29.6% versus its 200-day average and at 62% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 29 July 2026.
Is Flex Ltd. beating the market?
On recent form, yes — Flex Ltd. has been ahead of the S&P 500 on a trailing-13-week view for 20 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.1 years the stock moved +804% against the S&P 500's +248% — ahead of the index over the full window. — as of 29 July 2026.
Will Flex Ltd.'s stock price go up?
This page publishes no price forecast for Flex Ltd. What it measures instead: the stock price is $113, the price is in a confirmed uptrend 66 weeks in. Its P/E of 48.6× sits at the 94th percentile of its own 4-year range. — as of 29 July 2026.
Is the market betting against Flex Ltd.?
Somewhat — short interest is 2.1% of Flex Ltd.'s tradable float, about 0.8 days to cover at typical volumes. A moderate reading: some money is positioned against it. With no quarter-by-quarter holder register here, short interest is the cleanest crowd read we hold — as of 29 July 2026.
Does Flex Ltd. have too much debt?
It is moderate — Flex Ltd.'s debt-to-equity is 0.87. A year-by-year borrowings ladder is not in our numbers for this stock, so the latest reading is the cleanest hold. Read the returns on this page with that leverage in mind — as of 29 July 2026.
What is Flex Ltd.'s capex?
Flex Ltd. spent $2.0 B on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was $0.6 B. — as of 29 July 2026.
What is Flex Ltd.'s cash flow?
Flex Ltd. generated $1.7 B of operating cash flow in FY26 and $1.1 B of free cash flow after $0.6 B of capital spending. Reported profit that year was $0.9 B, so operating cash ran ahead of profit. — as of 29 July 2026.
Is Flex Ltd.'s profit real cash?
Yes — over the last 3 fiscal years, 175% of Flex Ltd.'s reported profit arrived as operating cash. In FY26, operating cash was $1.7 B against reported profit of $0.9 B. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 29 July 2026.
How financially safe is Flex Ltd.?
On the balance sheet, the Z-score reads 2.58 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That is in the grey band — neither clearly safe nor clearly distressed. — as of 29 July 2026.
Where is Flex Ltd. in its business cycle?
Flex Ltd.'s FY26 operating margin was 4.9%, against a 5-year band of 3.2%–4.9%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 4.9%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 29 July 2026.
What could break the Flex Ltd. story?
The sharpest disagreement: the price moved +126.6% in a year while annual EPS moved +10.4% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 29 July 2026.
Is Flex Ltd. a stock worth studying right now?
This is not investment advice. The machine read: Flex Ltd.'s price has outrun its earnings. +126.6% in a year against EPS +10.4% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 29 July 2026.