Flex Ltd.
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Range $95 – $180
Price Chart
About the company
Flex Ltd. is a global provider offering extensive design, engineering, manufacturing, and supply chain management solutions to original equipment manufacturers (OEMs) across Asia, the Americas, and Europe. Its operations are structured into three primary segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker.
- CEO
- Revathi Advaithi
- IPO
- 1994
- Employees
- 149,686
- HQ
- Austin, TX, US
AI snapshot
Six angles, distilled from the data.
The stock remains in a long-term uptrend but has pulled back from its 52-week high and is trading below the 200-day average. That leaves the setup in a consolidation phase after a powerful run, with the next question whether buyers can reclaim the intermediate trend or whether it keeps digesting gains.
Street sentiment stays constructive, with a Buy consensus and a $147.5 median target versus a $125.3 share price. Recent target cuts from Baird, Goldman Sachs, and Barclays were offset by a Raymond James raise, signaling a still-positive view but less aggressive upside than earlier in the year.
Flex has a strong beat record, going 7-for-8 over the last eight quarters, including several meaningful upside surprises. Next-year EPS is modeled at 3.6681 versus 2.59 TTM, so shareholders should watch whether margin discipline and cloud/power demand keep the growth path intact.
No discretionary insider buying or selling stands out. The recent filings are dominated by director award grants, which are routine compensation-related flows rather than conviction signals, so the pattern reads neutral.
Profitability is solid for an EMS name, with 18.38% ROE, 4.97% operating margin, and 3.33% net margin. Growth is still strong, with revenue up 20.6% year over year and earnings up 52%, while free cash flow reached $2.318 billion on $1.685 billion of operating cash flow.
Flex looks better positioned than a plain-vanilla contract manufacturer because CPI ties it to cloud and power infrastructure demand. The tradeoff is a richer valuation, at 37.85x earnings, so the market is already paying for execution and mix improvement.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $40.68B
- P/E
- 42.52
- Fwd P/E
- 23.44
- PEG
- 3.25
- P/S
- 1.39
- P/B
- 7.49
- EV/EBITDA
- 23.00
- Div Yield
- 0.00%
- Gross Margin
- 9.49%
- Op Margin
- 5.17%
- Net Margin
- 3.32%
- ROE
- 18.71%
- ROIC
- 9.65%
Latest fiscal year · YoY change
- Revenue
- $27.91B+8.1%
- Gross Profit
- $2.56B+18.5%
- Op Income
- $1.51B
- Net Income
- $880.00M+5.0%
- EPS
- $2.33+8.9%
- OCF Growth
- +12.0%
- FCF Growth
- -1.4%
- 52W High
- $166.86
- 52W Low
- $48.98
- 50D MA
- $132.66
- 200D MA
- $92.00
- Beta
- 1.67
- RSI (14)
- 39
- Avg Volume
- 6.32M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Flex delivered strong Q1 fiscal 2027 results with 21% revenue growth, record $1.00 adjusted EPS, and continued momentum in cloud/power, communications, and industrial ahead of its planned spin-off.· July 29, 2026
- Revenue was $7.9 billion, up 21% year over year; adjusted EPS reached a record $1.00, up 39%.
- Adjusted gross margin improved to 9.6% and adjusted operating margin to 6.7%, both up year over year.
- Cloud and power infrastructure revenue grew 35% year over year, while management said CPI margin expansion and second-half acceleration are on track.
- Communications strength continued, driven by advanced networking and data center pull-through; industrial also remained strong in energy infrastructure and warehouse automation.
- Management reiterated the tax-free spin-off of the cloud and power infrastructure segment remains on track for first quarter calendar 2027.
First quarter revenue was $7.9 billion, up 21% year over year. Adjusted gross profit was $761 million, with adjusted gross margin of 9.6%, up 50 basis points year over year. Adjusted operating profit was $534 million, with adjusted operating margin of 6.7%, up 70 basis points year over year. Adjusted EPS was $1.00, up 39% year over year. By segment, RMS revenue was $2.7 billion (+12%), ITS revenue was $3.1 billion (+20%), and cloud and power infrastructure revenue was $2.2 billion (+35%). For fiscal 2027, Flex guided to revenue of $33.7 billion to $35.2 billion, adjusted operating margin of 7.7% to 8.2%, adjusted EPS of $4.42 to $4.74, CapEx of $1.5 billion to $1.6 billion, and free cash flow conversion of about 40% after spin-off costs. For Q2, management guided to revenue of $7.95 billion to $8.25 billion, adjusted operating income of $535 million to $565 million, and adjusted EPS of $1.00 to $1.07.
Revathi Advaithi framed the quarter as evidence that Flex is executing well while preparing two standalone businesses for the next phase of growth. She emphasized that AI is turning into an infrastructure and power story, and said Flex’s early investments in power, thermal management, and systems integration position it well. Her tone was upbeat and confident, especially on CPI, where she said the company is still early in a long-cycle build-out and sees robust demand, strong customer conversations, and a meaningful opportunity in modular, power, and cooling solutions.
Kevin Krumm highlighted the core financial performance: $7.9 billion of revenue, $761 million of adjusted gross profit, 9.6% adjusted gross margin, $534 million of adjusted operating profit, 6.7% adjusted operating margin, and $1.00 of adjusted EPS. He also pointed to free cash flow of $41 million, which was reduced by $24 million of one-time spin-related cash costs, and said inventory was up 10% sequentially and 24% year over year, with inventory net of working capital advances at 56 days. For the full year, he guided to $33.7 billion to $35.2 billion of revenue, $1.5 billion to $1.6 billion of CapEx, and about 40% free cash flow conversion, versus a prior 60% conversion target that excluded spin-off costs.
Analysts focused heavily on CPI margins, second-half acceleration, and whether capacity or component constraints could limit growth. Management said CPI margins are tracking guidance and reiterated at least 100 basis points of margin improvement for the segment this year, while also saying demand visibility remains strong with 90%-plus booked business for the next three quarters. On growth, management said the CPI ramp is back-half loaded, capacity investments are being installed, and they do not see major constraints beyond executing those investments. Analysts also pressed on communications durability, cooling traction, and the transition to 400-volt and 800-volt systems; management said communications strength is broad-based and tied to data center AI spending, cooling is still nascent but strategically important, and the voltage transition is going well with no major limitations visible in the current guide.
The call supported a view that Flex is benefiting from multiple secular growth drivers at once: AI infrastructure, advanced networking, energy infrastructure, and warehouse automation. Management sounded confident that CPI demand is accelerating, margins are improving as programs mature, and the company has strong visibility into the next several quarters. The planned spin-off also gives each business a more focused capital allocation framework, which management argued should create more value.
The main risks discussed were execution-related: scaling capacity, ramping new programs, and investing through a rapidly changing AI infrastructure cycle. Management acknowledged that CPI and cooling are still in investment phases, with some margin pressure from those investments and new-program ramps, and that free cash flow conversion falls to about 40% once spin costs are included. They also noted consumer-related weakness in ITS and said some areas, like cooling, remain early and require further qualification and scale-up.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 99.2%
- Shares Outstanding
- 369.40M
- Float Shares
- 366.39M
of shares held by institutions
813 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for FLEX, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Gilbert CisnerosHouse · CA31 | Sell | May 12, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | May 14, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | May 7, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | May 11, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | May 1, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Apr 22, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Apr 15, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Apr 27, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Apr 13, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Mar 27, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Dec 10, 25 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Oct 17, 25 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Oct 7, 25 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Sep 12, 25 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 42.11M | ▼ 2.94M |
| Vanguard Group Inc | 38.75M | ▲ 25.66M |
| Vanguard Capital Management LLC | 24.01M | ▲ 7.51M |
| Primecap Management Co | 23.36M | ▼ 2.02M |
| Janus Henderson Group PLC | 20.62M | ▼ 1.71M |
| Fmr LLC | 19.54M | ▲ 3.16M |
| Wellington Management Group Llp | 17.98M | ▼ 2.26M |
| State Street Corp | 16.98M | ▲ 2.71M |
| Geode Capital Management, LLC | 10.28M | ▲ 1.97M |
| Boston Partners | 8.62M | ▼ 4.38M |
| Invesco Ltd. | 5.97M | ▼ 1.26M |
| Voya Investment Management LLC | 5.96M | ▲ 39.56K |
Held by 1,353 ETFs
Biggest fund positions in FLEX by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 5, 26 | WATKINS WILLIAM D | other | 410 |
| Aug 5, 26 | WATKINS WILLIAM D | other | 820 |
| Aug 5, 26 | WATKINS WILLIAM D | other | 1,928 |
| Aug 5, 26 | Ward Pat | other | 410 |
| Aug 5, 26 | Ward Pat | other | 1,928 |
| Aug 5, 26 | Tan Lay Koon | other | 1,928 |
| Aug 5, 26 | Sylvester Maryrose | other | 410 |
| Aug 5, 26 | Sylvester Maryrose | other | 1,928 |
| Aug 5, 26 | Stevens Charles K. III | other | 1,230 |
| Aug 5, 26 | Stevens Charles K. III | other | 1,928 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our FLEX coverage
Recent articles, reports, and earnings notes.

Flex (FLEX): AI Power Infrastructure Growth Story
Flex is shifting toward higher-value manufacturing, with Cloud and Power Infrastructure driving growth and a planned spin-off in 2027. Stronger margins and upbeat fiscal 2027 guidance support a Buy case, though the stock is no longer cheap.

Flex insider buying is a bet the spin-off story still has room to run
Flex still looks like a live bull setup because the real story is the planned Cloud and Power Infrastructure spin-off, not the noisy read-through from recent insider filings. With a 7-for-7 earnings beat streak, 108.3% YTD outperformance, and a July 29 catalyst ahead, the re-rating case is still intact.

Sandisk’s plunge looks like profit-taking, not a broken AI memory thesis
Sandisk’s 14.1% drop reads like a crowded trade unwinding after a massive run, not a sign the NAND cycle has rolled over. The latest quarter, tight supply backdrop, and fresh analyst support still point to an AI memory story with real operating muscle behind it.
Want a deeper read on FLEX?
Generate a full analyst-grade report — bull/bear case, price targets, valuation depth, and a complete financial breakdown.
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Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed August 14, 2026 · Live quote · Not investment advice