Sanmina CorporationSANM
NasdaqGS•Technology•Electronic Components
Sanmina Corporation provides integrated manufacturing solutions, components, products and repair, logistics, and after-market services in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company operates through two businesses: Integrated Manufacturing Solutions; and Components, Products and Services. The company offers product design and engineering, including concept development, detailed design, prototyping, validation, preproduction, manufacturing design release, and product industrialization; assembly and test services; direct order fulfillment and logistics services; after-market product service and support; and supply chain management services, as well as engaging in the manufacture of components, subassemblies, and complete systems; and direct order fulfilment and logistics services. In addition, the company provides components, such as printed circuit boards, backplane fabrication and backplane assemblies, cable assemblies, fabricated metal parts, precision machined parts, and plastic injected molded parts; memory solutions; storage platforms; optical, radio frequency, and microelectronic solutions; defense and aerospace products, design, manufacturing, repair, and refurbishment services; and cloud-based manufacturing execution software. It offers its products and services primarily to original equipment manufacturers in the industrial, medical, defense and aerospace, automotive, communications networks, and cloud infrastructure industries. The company was formerly known as Sanmina-SCI Corp. Sanmina Corporation was incorporated in 1980 and is headquartered in San Jose, California.
Sanmina Corporation (SANM) reported trailing twelve months revenue of $11.34B as of March 2026, a 44.5% increase year-over-year. Quarterly revenue reached $4.01B, reflecting continued top-line momentum.
Sanmina Corporation generated $259.61M in TTM net income, with quarterly EBITDA of $204.09M. The operating margin contracted from 4.6% to 3.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (3.9%) and net margin (2.3%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 3.2% a year ago, reflecting increased costs or interest expense.
SANM trades at a P/E of 53.4x (a premium multiple) and a P/S of 1.2x. The price-to-book ratio of 5.3x indicates a significant premium over book value.
The company generated $342.04M in free cash flow over the trailing twelve months, a 171.1% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $9.67B in total assets with $2.00B in long-term debt against $2.61B in stockholders equity for a debt-to-equity ratio of 0.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~4.1% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~9.7% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~49.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 18.3% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.9x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 529.5% 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 2.0% — net buybacks are reducing shares outstanding and boosting per-share value.