Flex Ltd.FLEX
NasdaqGS•Technology•Electronic Components
Flex Ltd. provides technology innovation, supply chain, and manufacturing solutions to data center, communications, enterprise, consumer, automotive, industrial, healthcare, industrial, and power industries in the Americas, Asia, and Europe. The company operates through three segments: Integrated Technology Solutions (ITS), Regulated Manufacturing Solutions (RMS), and Cloud and Power Infrastructure (CPI). The ITS segment offers flexible supply and manufacturing solutions for communications, including high-speed networking, enterprise, and satellite communications systems, as well as lifestyle solutions comprising products across commercial, home, and personal product categories. Its RMS segment includes industrial products, such as mission-critical automation, energy, and industrial infrastructure; automotive products, including compute and power electronics platforms and integrated systems; and healthcare products comprising regulated manufacturing for medical devices, drug delivery, and equipment. The CPI segment provides cloud and cooling products, such as integrated compute systems supporting power-dense digital infrastructure deployments and advanced liquid cooling solutions supporting higher-density, power-intensive rack architectures; and power products that include utility- and facility-level electrical infrastructure enabling power delivery and high-density rack- and board-level power systems. The company was formerly known as Flextronics International Ltd. and changed its name to Flex Ltd. in September 2016. Flex Ltd. was founded in 1969 and is headquartered in Austin, Texas.
Flex Ltd. (FLEX) reported trailing twelve months revenue of $27.91B as of March 2026, a 8.1% increase year-over-year. Quarterly revenue reached $7.48B, reflecting continued top-line momentum.
Flex Ltd. generated $880.00M in TTM net income, with quarterly EBITDA of $396.00M. The operating margin expanded from 4.8% to 5.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (5.0%) and net margin (3.3%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 3.5% a year ago, reflecting increased costs or interest expense.
FLEX trades at a P/E of 25.3x (in line with broad market averages) and a P/S of 0.8x. The price-to-book ratio of 4.3x reflects a moderate premium to book value.
The company generated $211.00M in free cash flow over the trailing twelve months, a 34.3% decrease year-over-year, indicating cash generation ability. The balance sheet shows $22.06B in total assets with $3.75B in long-term debt against $5.14B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~4.7% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 18.0% suggests a durable competitive advantage and efficient capital allocation.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~4.9% — no sign of cost or pricing stress.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 46.9% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 8.7% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation