FLEX
FLEX LTD.
Technology • CIK: 0000866374
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Market Cap
$22.62B
P/E (TTM)
26.6x
Rev Growth (TTM)
+4.9%
Net Margin (TTM)
3.2%
FCF Yield (TTM)
5.1%
FCF Margin (TTM)
4.3%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$1.2B
Q3 '26
$272M-10%
Q2 '26
$303M+14%
FCF Margin
TTM4.3%
Q3 '263.9%-13%
Sector: 10.0%Below Avg
OCF Margin6.4%
OCF/NI2.00x
CapEx Coverage3.1x
FCF Yield5.1%
FCF Growth (2Y)+58%
Cash Conversion Cycle
44 days
DSO: 51+DIO: 79−DPO: 86
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM4.6%
Div Yield0.0%
+Buyback (TTM)4.6%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$1.2B
Stock Repurchases (TTM)$1.0B
Capital Return / FCF89.8%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
15.5%
Stable
-0.1% YoY-9.4%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
3.7%
8Q: 3.7%
Asset Turnover
1.40x
8Q: 1.40x
Leverage (1+D/E)
1.87x
D/E: 0.87x
DuPont: 9.8% ≈ 15.5% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
11.51x
8Q:11.46x
+116.4%
Invested Cap Turn
4.16x
8Q:4.18x
+48.0%
CapEx Intensity
8.4%
8Q:7.3%
CapEx/Depreciation
1.00x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $26.8B | $7.1B↑3.7% | $6.8B↑3.5% | $6.6B↑2.8% | $6.4B↓2.4% | $6.6B↑0.2% | $6.5B↑3.7% | $6.3B↑2.4% | $6.2B |
Operating Income | $1.3B | $389.0M↑31.4% | $296.0M↓4.8% | $311.0M↑2.0% | $305.0M↓8.7% | $334.0M↑12.5% | $297.0M↑27.5% | $233.0M↑46.5% | $159.0M |
Net Income | $852.0M | $239.0M↑20.1% | $199.0M↑3.6% | $192.0M↓13.5% | $222.0M↓15.6% | $263.0M↑22.9% | $214.0M↑54.0% | $139.0M↓64.8% | $395.0M |
Operating Cash Flow | $1.7B | $420.0M↓7.3% | $453.0M↑13.5% | $399.0M↓7.9% | $433.0M↑4.8% | $413.0M↑29.5% | $319.0M↓6.2% | $340.0M↓49.9% | $679.0M |
Free Cash Flow | $1.2B | $272.0M↓10.2% | $303.0M↑13.9% | $266.0M↓17.1% | $321.0M↑6.6% | $301.0M↑39.4% | $216.0M↓5.7% | $229.0M↓61.7% | $598.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
26.6x
Valuation Lenses
Earnings
26.6x
vs – sector
Cash Flow
16.5x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
1.7P/E per %ROIC
ROIC: 15.5%
Shareholder Returns
Dividend
–
Buyback
4.6%
Total Yield
4.6%
Market Cap$22.62B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
86/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
16.9%
8Q:–
Return on Invested Capital (ROIC)Top 25%
15.5%
8Q:–
-9.4%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 3.7%
Asset Turnover: 1.40x
Earnings Quality
Cash Conversion
2.00x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin9.0%
Capital Efficiency
Invested Capital Turnover4.16x
Working Capital
Cash Conversion Cycle44 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
65/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
4.9%
OpInc Growth YoY
16.5%
EPS Growth YoY
-10.1%
FCF 3Y CAGR
57.9%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
9.0%
Operating
4.8%
Below Avg in sector
Net
3.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+1.2 pts
FCF: 4.3% | Net: 3.2%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $1.38B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.87x
Balance sheet risk & solvency analysis