Sanmina Corp

Printed Circuit Boards

SANMStrong10 of 10 basics passed

$217.00

+3.10%

Market cap $11.6B

$217.00

+3.10%

Market cap $11.6B

Sanmina Corp is a provider of integrated manufacturing solutions, components, and after-market services to original equipment manufacturers in the communications networks, storage, industrial, defense, and aerospace end markets.

It is a $11.6B technology company. Revenue grew 58.6% over the last year, it keeps 2¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 37.8× earnings — near the highest of its own history.

Website: sanmina.com
Location: San Jose, CA
Employees: 39 000
Sector: Technology

Share price · 3 years

$53.79 → $217.00+303.4%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $12.8B
Profit: keeps 2¢ of every $1 sold; $308M
Free cash flow: cash left after running the business; $594M
Net cash: more cash than debt; $626M
P/E: years of profit in the price; 37.8
EPS: earnings per share, TTM; $5.58
Shares: down 30% since 2016 — buybacks; 55.2M
Volatility: beta vs the market — under 1 swings less; 1.69

Revenue, last 10 years

52-week range

Low $122.71$217.00High $282.72

Today's price is 59% of the way from the year's low to its high.

P/E vs its history5y

37.8×median 15.1×

Higher than 94% of past days — near the highest of its own history.

Valuation vs own history

P/E

37.8×

P/S

0.9×

10%

EV/EBITDA

18.3×

15%

P/B

4.2×

FCF yield

5.1%

40%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$48.4Knet selling

Purchases$0

Sales$48.4K

Insiders trading, last 14d0 buy · 0 sell

Standing in Technology

Size$11.6Btop 80%
Revenue growth+1%top 82%
Net margin2%top 81%
Return on equity13%top 60%
P/E37.8×top 58%

Ranked against 220 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong health and quality; Profitability lags behind.

Valuation57

P/E vs own history94th pct · 0/25
FCF yield5.1% · 20/25
P/S0.9x · 25/25
EV/EBITDA21.2x · 12/25

Growth51

Revenue CAGR4.7% · 6/25
Net income CAGR-2.2% · 0/25
EPS CAGR ~5Y17.7% · 20/25
Fwd implied growth142.3% · 25/25

Profitability35

ROIC12.9% · 12/25
ROE12.6% · 12/25
Net margin2.4% · 6/25
Operating margin4.2% · 5/25

Health86

Altman Z2.40 · 18/25
Current ratio1.78 · 18/25
Interest coverage80.0x · 25/25
Net cash / debtNet cash · 25/25

Quality90

Piotroski F6/9 · 15/25
Beneish M-2.62 · 25/25
FCF conversion193% · 25/25
Margin stabilityσ 1.0% · 25/25

Moat50

ROIC >12% years7/10 yrs · 20/25
Median gross margin8.0% · 0/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst -1.3% · 5/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2023Financial
Best year on record
$310M net income
FY2019Financial
Became debt-free
cash now exceeds total debt
FY2016Financial
First recorded profitable year
$188M net income
FY2016Financial
Revenue already above $1B
$6.48B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$55 244 today — price return only

$8.1B revenue in FY2025

Revenue up 58.6% year over year

Profitable 7 years in a row

Positive free cash flow 10 years in a row

39 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 58.6% year over year
Net cash position after subtracting debt from cash
Could repay net debt from ~1.0 years of free cash flow
Interest covered 80.0× by operating earnings

Watch-outs

Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 10 checks passed

Revenue growing — the company sells more than a year ago+58.6% YoY
Profitable — makes more than it spends$308M TTM
Profit growing — earnings are higher than last year+5.4% YoY
Generates cash — cash left after running and investing$594M TTM
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$11.6B market cap
Not printing shares — share count not ballooning — you keep your slice-22.1% shares over ~5y
Proven track record — years of profitability behind it9/10 profitable years
Financially stable — balance sheet not near distressAltman Z 2.4 — grey
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 37.8

Peer comparisonSanmina Corp vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
SANM this company	$11.6B	37.8	+58.6%	2.4%	Strong
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: SANM vs NVDA · SANM vs AAPL · SANM vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 5Hold 5

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $12.8B · net income $308M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$12.8B

YoY 58.6%

Net income (TTM)

$308M

Margin 2.4%

Gross margin

9.0%

Operating margin

4.2%

P/E ratio

37.8

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	7.0	6.8	7.9	8.9	7.6	8.1
Gross profit	0.5	0.6	0.6	0.7	0.6	0.7
Operating income (EBIT)	0.2	0.3	0.4	0.5	0.3	0.4
Net income	0.1	0.3	0.3	0.3	0.2	0.2
EPS (diluted)	1.97	4.01	4.06	5.18	3.91	4.46

Cash flowFree cash flow $594M · operating cash flow $901M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$594M

Margin 4.7%

Operating cash flow (TTM)

$901M

FCF margin

4.7%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.3	0.3	0.3	0.2	0.3	0.6
Capital expenditure	-0.1	-0.1	-0.1	-0.2	-0.1	-0.1
Free cash flow	0.2	0.3	0.2	0.0	0.2	0.5
FCF margin	3.4%	3.9%	2.4%	0.5%	3.0%	5.8%

Balance sheetAssets $5.86B · net cash $626M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $5.86B of assets is financed

57%

43%

Liabilities $3.32B — borrowed moneyEquity $2.54B — owners' stake

Cash vs debt

Total debt $300M − cash $926M = net cash $626M

Cash on hand covers all debt.

Altman Z-Score

2.40

Grey zone

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

80.0x

EBIT ÷ interest expense

ROE

12.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.5	0.7	0.5	0.7	0.6	0.9
Total assets	3.8	4.2	4.9	4.9	4.8	5.9
Total liabilities	2.1	2.3	3.0	2.6	2.5	3.3
Total debt	0.3	0.3	0.3	0.3	0.3	0.3
Equity	1.6	1.9	1.9	2.3	2.4	2.5
Net debt	-0.1	-0.3	-0.2	-0.3	-0.3	-0.6

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of SANM on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $217.00 · market cap $11.6B.