Flex Ltd. (FLEX)
Information Technology · Electronic Manufacturing Services · US stock · S&P 500 component
$90.46
▼ -8.04 (8.16%)
Fair valueFair
$77 −14.7% to fair value
$39fair band $54–$100$116
Day's range
$90.06 – $97.15
52-week range
$53.07 – $166.86
About Flex Ltd.
Flex is a contract manufacturer and design partner that builds electronic products and related systems for other companies. Its customers span cloud and data centre operators, automotive, industrial, communications, consumer and healthcare businesses. The group runs a global network of factories and design centres, offering product design, engineering, manufacturing, supply chain management and after-sales services, so that customers can outsource much of their hardware production.
Flex is paid by customers for the products it designs, builds and services on their behalf. Revenue is $29.3 billion over the last twelve months, with revenue growth over three years of -0.7% a year. The operating margin is 5.0%, while the business earns a profit of 15% on the capital invested in it. The company has net debt of 1.6 times EBITDA and pays no dividend. On the site's X-Ray Score it receives 42 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $53.07 – $166.86Volume 5,758,200Daily, split-adjusted
Vitals
Market cap$33.8B
52-week range$53.07 – $166.86
Volume (last day)5,758,200
P/E (TTM)35.0
EBIT / EV yield4.0%
Free-cash-flow yield2.4%
Dividend yieldNo dividend
Revenue (TTM)$29.3B
Net income (TTM)$973M
Operating margin5.0%
Return on capital14.5%
Debt incl. leases$5.2B
Cash & securities$2.8B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$77model spread $74 – $81
Fair
−14.7% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $90
Undervalued < $54Fair $54 – $100Overvalued > $100
10-year DCF (market-scaled)
$58
Peer multiples
$89
Earnings power floor (not blended)
$21
Fundamentals-adjusted multiple
$85
Growth the price implies
21.1%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Valuation
Fair
52/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield4.0%
Free-cash-flow yield2.4%
Fair value vs price0.9×
Growth
Weak
41/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-0.7%
EPS growth (3y)10.6%
Growth consistency70%
Profitability
Weak
34/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital14.5%
Operating margin5.0%
Gross profitability10.9%
Financial health
Weak
39/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA1.6×
Interest cover6.5×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+3.7%
Mar '25
+4.1%
Jun '25
+4.0%
Sep '25
+7.7%
Dec '25
+16.9%
Mar '26
+20.6%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $7.9B, diluted EPS $0.76.
Compare with peers
TEL TE Connectivity plc55 JBL Jabil Inc44Other Electronic Manufacturing Services companies by X-Ray Score.
Fundamentals checklist
● 2 Good · ● 6 Average · ● 8 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldAverage
Risk models
Altman Z''Bad
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Good
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginBad
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 36/100.
Financials
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $24.6B | $28.5B | $26.4B | $25.8B | $27.9B |
| Operating income | $890M | $1.0B | $853M | $1.2B | $1.4B |
| Net income | $936M | $793M | $872M | $838M | $880M |
| Operating cash flow | $1.0B | $950M | $1.3B | $1.5B | $1.7B |
| Operating margin | 3.6% | 3.6% | 3.2% | 4.5% | 4.9% |
| Free cash flow | $581M | $315M | $796M | $1.1B | $1.1B |
| Diluted EPS | $1.94 | $1.72 | $2.28 | $2.11 | $2.33 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
4 bullish · 0 neutral · 12 bearish
Weekly
Bearish
4 bullish · 1 neutral · 7 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 110.9 | Bearish |
| EMA 10 | 106.6 | Bearish |
| SMA 20 | 112.1 | Bearish |
| EMA 20 | 109.9 | Bearish |
| SMA 50 | 113.0 | Bearish |
| EMA 50 | 113.6 | Bearish |
| SMA 100 | 125.5 | Bearish |
| EMA 100 | 113.9 | Bearish |
| SMA 200 | 102.0 | Bearish |
| EMA 200 | 103.6 | Bearish |
Oscillators (daily)
| RSI (14) | 29.67 | Bullish |
| MACD (12, 26) | -3.11 | Bearish |
| Momentum (12) | -17.76 | Bearish |
| Stochastic %K (14) | 1.26 | Bullish |
| Williams %R (14) | -98.74 | Bullish |
| CCI (20) | -266.3 | Bullish |
Pivot points (classic, last session)
S3 80.87 | S2 85.47 | S1 87.96 | Pivot 92.56 | R1 95.05 | R2 99.65 | R3 102.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
FLEX SEC filings
14 Oct 2026
8-KSEC EDGAR
Entered a material agreement; Completed an acquisition or disposal
13 Oct 2026
8-KSEC EDGAR
Current report
5 Oct 2026
DEF 14ASEC EDGAR
Proxy statement
5 Oct 2026
8-KSEC EDGAR
Entered a material agreement; Other events
2 Oct 2026
8-KSEC EDGAR
Entered a material agreement
15 Sep 2026
8-KSEC EDGAR
Director or officer change; Other events
4 Sep 2026
8-KSEC EDGAR
Entered a material agreement; Other events
7 Aug 2026
8-KSEC EDGAR
Shareholder vote results; Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.