NASDAQ : FLEX
Flex Ltd. — Financial statements
Technology · Electronic Components · United States
Last price 93.07 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 34.39B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Flex Ltd. (FLEX) reported revenue of 30.95B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 30.95B | 27.91B | 25.81B | 26.41B | 28.50B | 24.63B |
| Cost of Revenue | 27.96B | 25.29B | 23.58B | 24.39B | 26.50B | 22.84B |
| Gross Profit | 2.99B | 2.63B | 2.23B | 2.02B | 2.00B | 1.79B |
| Selling, General & Admin | 1.26B | 1.05B | 904.00M | 922.00M | 874.00M | 830.00M |
| Amortization of Goodwill & Intangibles | 81.00M | 68.00M | 70.00M | 70.00M | 81.00M | 60.00M |
| Operating Expenses | 1.34B | 1.12B | 974.00M | 992.00M | 955.00M | 890.00M |
| Operating Income | 1.65B | 1.51B | 1.25B | 1.03B | 1.04B | 905.00M |
| Interest Expense | -241.00M | -215.00M | -218.00M | -207.00M | -230.00M | -166.00M |
| Interest & Investment Income | 54.00M | 51.00M | 61.00M | 56.00M | 30.00M | 14.00M |
| Earnings From Equity Investments | -6.00M | -31.00M | -3.00M | 8.00M | -4.00M | 61.00M |
| Currency Exchange Gain (Loss) | -17.00M | -17.00M | -10.00M | -24.00M | 7.00M | 33.00M |
| Other Non Operating Income (Expenses) | -23.00M | -13.00M | 5.00M | -20.00M | -13.00M | 132.00M |
| EBT Excluding Unusual Items | 1.42B | 1.28B | 1.09B | 841.00M | 834.00M | 979.00M |
| Merger & Restructuring Charges | -81.00M | -138.00M | -86.00M | -175.00M | -27.00M | -15.00M |
| Gain (Loss) on Sale of Assets | 48.00M | |||||
| Other Unusual Items | 19.00M | |||||
| Pretax Income | 1.38B | 1.14B | 1.02B | 666.00M | 807.00M | 964.00M |
| Income Tax Expense | 345.00M | 263.00M | 185.00M | -206.00M | 124.00M | 92.00M |
| Earnings From Continuing Operations | 1.04B | 880.00M | 838.00M | 872.00M | 683.00M | 872.00M |
| Earnings From Discontinued Operations | 373.00M | 350.00M | 68.00M | |||
| Net Income to Company | 1.04B | 880.00M | 838.00M | 1.25B | 1.03B | 940.00M |
| Minority Interest in Earnings | -239.00M | -240.00M | -4.00M | |||
| Net Income | 1.04B | 880.00M | 838.00M | 1.01B | 793.00M | 936.00M |
| Net Income to Common | 1.04B | 880.00M | 838.00M | 1.01B | 793.00M | 936.00M |
| Shares Outstanding (Basic) | 368.00M | 371.00M | 391.00M | 435.00M | 454.00M | 476.00M |
| Shares Outstanding (Diluted) | 374.50M | 378.00M | 398.00M | 441.00M | 462.00M | 483.00M |
| EPS (Basic) | 2.82 | 2.37 | 2.14 | 2.31 | 1.75 | 1.97 |
| EPS (Diluted) | 2.77 | 2.33 | 2.11 | 2.28 | 1.72 | 1.94 |
| Free Cash Flow | 783.00M | 1.05B | 1.07B | 796.00M | 315.00M | 581.00M |
| Free Cash Flow Per Share | 2.09 | 2.78 | 2.68 | 1.80 | 0.68 | 1.20 |
| Gross Margin | 9.67% | 9.41% | 8.63% | 7.65% | 7.01% | 7.29% |
| Operating Margin | 5.32% | 5.39% | 4.86% | 3.89% | 3.66% | 3.67% |
| Profit Margin | 3.35% | 3.15% | 3.25% | 3.81% | 2.78% | 3.80% |
| Free Cash Flow Margin | 2.53% | 3.77% | 4.13% | 3.01% | 1.10% | 2.36% |
| EBITDA | 2.23B | 2.06B | 1.78B | 1.55B | 1.54B | 1.39B |
| EBITDA Margin | 7.20% | 7.38% | 6.91% | 5.87% | 5.42% | 5.63% |
| D&A For EBITDA | 580.00M | 554.00M | 529.00M | 523.00M | 501.00M | 483.00M |
| EBIT | 1.65B | 1.51B | 1.25B | 1.03B | 1.04B | 905.00M |
| EBIT Margin | 5.32% | 5.39% | 4.86% | 3.89% | 3.66% | 3.67% |
| Effective Tax Rate | 24.96% | 23.01% | 18.08% | 15.37% | 9.54% |
Balance sheet
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.08B | 2.39B | 2.29B | 2.47B | 3.16B | 2.96B |
| Cash & Short-Term Investments | 3.08B | 2.39B | 2.29B | 2.47B | 3.16B | 2.96B |
| Receivables | 7.22B | 5.74B | 4.29B | 3.28B | 3.72B | 3.89B |
| Inventory | 7.32B | 5.84B | 5.07B | 6.21B | 7.39B | 6.58B |
| Other Current Assets | 2.55B | 2.36B | 1.19B | 1.03B | 1.76B | 903.00M |
| Total Current Assets | 20.17B | 16.33B | 12.84B | 12.99B | 16.03B | 14.34B |
| Property, Plant & Equipment | 3.71B | 3.16B | 2.89B | 2.87B | 2.95B | 2.76B |
| Long-Term Investments | 67.00M | 119.00M | 123.00M | 115.00M | 131.00M | |
| Goodwill | 1.84B | 1.37B | 1.34B | 1.14B | 1.14B | 1.34B |
| Other Intangible Assets | 701.00M | 283.00M | 343.00M | 245.00M | 315.00M | 411.00M |
| Long-Term Deferred Tax Assets | 547.00M | 538.00M | 577.00M | 644.00M | 164.00M | 177.00M |
| Other Long-Term Assets | 403.00M | 307.00M | 268.00M | 248.00M | 694.00M | 165.00M |
| Total Assets | 27.38B | 22.06B | 18.38B | 18.26B | 21.41B | 19.32B |
| Accounts Payable | 9.71B | 8.05B | 5.15B | 4.47B | 5.72B | 6.25B |
| Accrued Expenses | 649.00M | 671.00M | 560.00M | 488.00M | 506.00M | 470.00M |
| Current Portion of Long-Term Debt | 1.21B | 150.00M | 949.00M | |||
| Current Portion of Leases | 149.00M | 135.00M | 136.00M | 124.00M | 132.00M | |
| Current Unearned Revenue | 489.00M | 362.00M | 347.00M | 449.00M | 607.00M | 616.00M |
| Other Current Liabilities | 4.20B | 2.78B | 2.45B | 3.00B | 3.76B | 2.29B |
| Total Current Liabilities | 15.05B | 12.02B | 9.85B | 8.54B | 10.87B | 10.71B |
| Long-Term Debt | 5.21B | 3.75B | 2.48B | 3.26B | 3.54B | 3.25B |
| Long-Term Leases | 770.00M | 565.00M | 456.00M | 490.00M | 504.00M | 551.00M |
| Long-Term Deferred Tax Liabilities | 71.00M | 86.00M | ||||
| Other Long-Term Liabilities | 489.00M | 584.00M | 590.00M | 642.00M | 715.00M | 522.00M |
| Total Liabilities | 21.57B | 16.92B | 13.38B | 12.93B | 15.70B | 15.12B |
| Common Stock | 3.45B | 3.35B | 4.14B | 5.07B | 6.49B | 6.05B |
| Retained Earnings | 2.71B | 2.16B | 1.28B | 446.00M | -560.00M | -1.35B |
| Treasury Stock | -200.00M | -200.00M | -200.00M | -388.00M | -388.00M | |
| Comprehensive Income & Other | -151.00M | -167.00M | -224.00M | -195.00M | -194.00M | -182.00M |
| Total Common Equity | 5.81B | 5.14B | 5.00B | 5.33B | 5.35B | 4.13B |
| Minority Interest | 355.00M | 78.00M | ||||
| Shareholders' Equity | 5.81B | 5.14B | 5.00B | 5.33B | 5.71B | 4.21B |
| Total Liabilities & Equity | 27.38B | 22.06B | 18.38B | 18.26B | 21.41B | 19.32B |
| Total Debt | 5.98B | 4.46B | 4.28B | 3.89B | 4.32B | 4.88B |
| Net Cash (Debt) | -2.90B | -2.08B | -1.99B | -1.41B | -1.16B | -1.92B |
| Net Cash Per Share | -7.74 | -5.49 | -5.01 | -3.20 | -2.51 | -3.97 |
| Filing Date Shares Outstanding | 369.46M | 366.38M | 373.32M | 401.64M | 444.49M | 457.64M |
| Total Common Shares Outstanding | 369.46M | 365.69M | 377.82M | 408.10M | 450.12M | 460.56M |
| Working Capital | 5.12B | 4.32B | 2.99B | 4.45B | 5.17B | 3.63B |
| Book Value Per Share | 15.72 | 14.07 | 13.24 | 13.05 | 11.89 | 8.97 |
| Tangible Book Value | 3.26B | 3.49B | 3.32B | 3.94B | 3.90B | 2.38B |
| Tangible Book Value Per Share | 8.83 | 9.55 | 8.78 | 9.67 | 8.66 | 5.16 |
| Land | 126.00M | 126.00M | 123.00M | 124.00M | 113.00M | |
| Buildings | 1.41B | 1.34B | 1.21B | 1.16B | 1.12B | |
| Machinery | 4.63B | 4.54B | 4.51B | 4.27B | 4.04B | |
| Construction In Progress | 459.00M | 271.00M | 214.00M | 399.00M | 261.00M | |
| Leasehold Improvements | 676.00M | 669.00M | 651.00M | 586.00M | 564.00M |
Cash flow statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 1.04B | 880.00M | 838.00M | 1.01B | 793.00M | 936.00M |
| Depreciation & Amortization | 580.00M | 554.00M | 529.00M | 523.00M | 501.00M | 483.00M |
| Asset Writedown & Restructuring Costs | -19.00M | 9.00M | 10.00M | 14.00M | 1.00M | |
| Stock-Based Compensation | 142.00M | 142.00M | 125.00M | 152.00M | 133.00M | 91.00M |
| Provision & Write-off of Bad Debts | -3.00M | |||||
| Other Operating Activities | 229.00M | 229.00M | 168.00M | -118.00M | 138.00M | 32.00M |
| Change in Accounts Receivable | -1.41B | -1.41B | -966.00M | 339.00M | -415.00M | 398.00M |
| Change in Inventory | -742.00M | -742.00M | 1.18B | 1.10B | -974.00M | -2.65B |
| Change in Accounts Payable | 2.86B | 2.86B | 630.00M | -986.00M | -341.00M | 969.00M |
| Change in Other Net Operating Assets | -1.06B | -831.00M | -1.00B | -709.00M | 1.11B | 772.00M |
| Operating Cash Flow | 1.61B | 1.69B | 1.50B | 1.33B | 950.00M | 1.02B |
| Capital Expenditures | -827.00M | -633.00M | -438.00M | -530.00M | -635.00M | -443.00M |
| Sale of Property, Plant & Equipment | 6.00M | 8.00M | 15.00M | 25.00M | 20.00M | 11.00M |
| Cash Acquisitions | -1.13B | -40.00M | -405.00M | 2.00M | -539.00M | |
| Divestitures | 90.00M | -4.00M | -21.00M | 12.00M | 2.00M | 9.00M |
| Other Investing Activities | 4.00M | -3.00M | 11.00M | 1.00M | 7.00M | 11.00M |
| Investing Cash Flow | -1.86B | -672.00M | -838.00M | -492.00M | -604.00M | -951.00M |
| Long-Term Debt Issued | 1.25B | 499.00M | 2.00M | 718.00M | 759.00M | |
| Long-Term Debt Repaid | -1.22B | -58.00M | -409.00M | -1.02B | -284.00M | |
| Net Debt Issued (Repaid) | 1.50B | 34.00M | 441.00M | -407.00M | -306.00M | 475.00M |
| Issuance of Common Stock | 552.00M | 694.00M | ||||
| Repurchase of Common Stock | -400.00M | -944.00M | -1.26B | -1.30B | -337.00M | -686.00M |
| Other Financing Activities | -11.00M | -14.00M | -5.00M | -503.00M | -49.00M | 491.00M |
| Financing Cash Flow | 1.09B | -924.00M | -821.00M | -1.66B | 2.00M | 280.00M |
| Foreign Exchange Rate Adjustments | -5.00M | 11.00M | -31.00M | 2.00M | -18.00M | -26.00M |
| Net Cash Flow | 834.00M | 100.00M | -185.00M | -820.00M | 330.00M | 327.00M |
| Free Cash Flow | 783.00M | 1.05B | 1.07B | 796.00M | 315.00M | 581.00M |
| Free Cash Flow Margin | 2.53% | 3.77% | 4.13% | 3.01% | 1.10% | 2.36% |
| Free Cash Flow Per Share | 2.09 | 2.78 | 2.68 | 1.80 | 0.68 | 1.20 |
| Levered Free Cash Flow | 650.38M | 839.88M | 933.12M | 819.12M | -25.25M | 137.47M |
| Unlevered Free Cash Flow | 801.00M | 974.25M | 1.07B | 948.50M | 118.50M | 241.22M |
| Cash Income Tax Paid | 323.00M | 323.00M | 184.00M | 243.00M | 124.00M | 122.00M |
| Change in Working Capital | -359.00M | -129.00M | -165.00M | -251.00M | -615.00M | -516.00M |
Ratios
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 31.95B | 24.07B | 12.67B | 12.05B | 10.38B | 8.61B |
| Enterprise Value | 34.85B | 26.03B | 14.51B | 13.70B | 12.43B | 11.03B |
| Last Close Price | 86.48 | 65.46 | 33.08 | 28.61 | 16.74 | 13.49 |
| PE Ratio | 31.20 | 27.35 | 15.12 | 11.98 | 13.09 | 9.20 |
| Forward PE | 13.77 | 18.63 | 11.82 | 12.21 | 9.96 | 9.15 |
| PS Ratio | 1.03 | 0.86 | 0.49 | 0.46 | 0.36 | 0.35 |
| PB Ratio | 5.50 | 4.68 | 2.53 | 2.26 | 1.82 | 2.05 |
| P/TBV Ratio | 9.79 | 6.89 | 3.82 | 3.05 | 2.66 | 3.62 |
| P/FCF Ratio | 40.81 | 22.88 | 11.88 | 15.14 | 32.95 | 14.82 |
| P/OCF Ratio | 19.85 | 14.28 | 8.42 | 9.09 | 10.93 | 8.41 |
| PEG Ratio | 0.29 | 1.33 | 1.31 | 0.89 | 0.60 | 0.50 |
| EV/Sales Ratio | 1.13 | 0.93 | 0.56 | 0.52 | 0.44 | 0.45 |
| EV/EBITDA Ratio | 15.64 | 12.63 | 8.14 | 8.83 | 8.04 | 7.94 |
| EV/EBIT Ratio | 21.15 | 17.28 | 11.56 | 13.33 | 11.90 | 12.18 |
| EV/FCF Ratio | 44.51 | 24.74 | 13.60 | 17.21 | 39.45 | 18.98 |
| Debt / Equity Ratio | 1.03 | 0.87 | 0.86 | 0.73 | 0.76 | 1.16 |
| Debt / EBITDA Ratio | 2.44 | 1.96 | 2.17 | 2.24 | 2.50 | 3.12 |
| Debt / FCF Ratio | 7.64 | 4.24 | 4.01 | 4.88 | 13.72 | 8.40 |
| Net Debt / Equity Ratio | 0.50 | 0.40 | 0.40 | 0.27 | 0.20 | 0.46 |
| Net Debt / EBITDA Ratio | 1.30 | 1.01 | 1.12 | 0.91 | 0.75 | 1.38 |
| Net Debt / FCF Ratio | 3.70 | 1.97 | 1.87 | 1.77 | 3.68 | 3.30 |
| Asset Turnover | 1.32 | 1.38 | 1.41 | 1.33 | 1.40 | 1.40 |
| Inventory Turnover | 4.44 | 4.63 | 4.18 | 3.59 | 3.79 | 4.36 |
| Quick Ratio | 0.69 | 0.68 | 0.67 | 0.67 | 0.63 | 0.64 |
| Current Ratio | 1.34 | 1.36 | 1.30 | 1.52 | 1.48 | 1.34 |
| Return on Equity (ROE) | 19.13% | 17.35% | 16.23% | 15.81% | 13.78% | 22.82% |
| Return on Assets (ROA) | 4.39% | 4.66% | 4.28% | 3.24% | 3.20% | 3.22% |
| Return on Invested Capital (ROIC) | 14.30% | 16.31% | 14.97% | 15.12% | 13.61% | 14.37% |
| Return on Capital Employed (ROCE) | 13.40% | 15.00% | 14.70% | 10.60% | 9.90% | 10.50% |
| Earnings Yield | 3.21% | 3.66% | 6.61% | 8.35% | 7.64% | 10.87% |
| FCF Yield | 2.45% | 4.37% | 8.42% | 6.61% | 3.03% | 6.75% |
| Buyback Yield / Dilution | 2.98% | 5.03% | 9.75% | 4.54% | 4.35% | 4.54% |