Information Technology · Electronic Manufacturing Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$90.46
52-week range
$53.07 – $166.86
Market cap
$33.8B
P/E (trailing)
35.0×
EV / EBITDA
25.0×
Free-cash-flow yield
2.4%
Dividend yield
–
Revenue (last 12 months)
$29.3B
Revenue growth (3y a year)
−0.7%
Operating margin
5.0%
Return on invested capital
14.5%
Net debt / EBITDA
1.6×
Fair value
Blended fair value$77.14 range $74 – $81
Versus priceFair−15% to fair value
Peer multiples
$88.91
Fundamentals-adjusted multiple
$84.64
10-year DCF (market-scaled)
$57.86
Earnings power value (floor, not blended)
$21.21
Model uncertainty
Medium
X-Ray Score
42/ 100 · High confidence · ahead of 27% of sector peers
Valuation52
Growth41
Profitability34
Financial health39
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives Flex Ltd. an X-Ray Score of 42 out of 100 (high confidence), ahead of 27% of the S&P 500 stocks in its sector. Its strongest lens is valuation (52) and its weakest is profitability (34).
Our fair value blend is $77.14 (range $73.80 to $81.46). At $90.46 the stock trades 17% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Flex Ltd. (FLEX)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$13.98
$17.34
$28.61
$33.08
$65.46
$90.46
Market cap
$6.8B
$8.0B
$12.6B
$13.2B
$24.7B
$33.8B
P/E
7.2×
10.1×
12.5×
15.7×
28.1×
35.0×
EV / revenue
0.3×
0.3×
0.5×
0.6×
0.9×
1.2×
EV / EBITDA
9.0×
8.7×
15.7×
12.5×
19.1×
25.0×
Price / free cash flow
11.6×
25.4×
15.9×
12.3×
23.5×
41.0×
Free-cash-flow yield
8.6%
3.9%
6.3%
8.1%
4.3%
2.4%
Price / book
1.6×
1.5×
2.4×
2.6×
4.8×
6.2×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 2 Good · ● 6 Average · ● 8 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.3%Bad
Free-cash-flow yield2.4%Average
Risk models
Altman Z score2.3×Bad
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)10.6%Average
Free-cash-flow growth (3y)49.5%Good
Revenue growth (3y)−0.7%Bad
Growth consistency70%Bad
Balance sheet
Current ratio1.4×Average
Net debt / EBITDA1.6×Bad
Interest cover6.5×Bad
Valuation
Fair value vs price0.9×Average
EBIT / EV yield4.0%Average
Profitability
Return on invested capital14.5%Average
Operating margin5.0%Bad
Gross profitability10.9%Bad
XStocksXray
Flex Ltd. (FLEX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
24,633
28,502
26,415
25,813
27,914
29,267
Gross profit
1,780
1,976
1,865
2,159
2,567
2,742
Operating income
890
1,017
853
1,169
1,368
1,449
Net income
936
793
872
838
880
973
Diluted EPS ($)
1.94
1.72
2.28
2.11
2.33
2.58
Free cash flow
581
315
796
1,067
1,052
826
Gross margin
7.2%
6.9%
7.1%
8.4%
9.2%
9.4%
Operating margin
3.6%
3.6%
3.2%
4.5%
4.9%
5.0%
Net margin
3.8%
2.8%
3.3%
3.2%
3.2%
3.3%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
19,325
21,407
18,257
18,381
22,060
25,198
Cash
2,964
3,164
2,474
2,289
2,389
2,840
Total debt
4,197
3,694
3,261
3,692
3,751
5,219
Equity
4,129
5,351
5,325
5,002
5,144
5,500
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.