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Flex vs Sanmina: FLEX and SANM compared

Flex is the larger company: $8.5B of revenue in its latest quarter (Q2 FY27) against $3.5B for Sanmina (Q3 FY26). Sanmina is growing faster (+70% against +25% a year earlier). Sanmina is more profitable, with an operating margin of 6.4% against 4.9%.

Flex vs Sanmina, latest quarterFlex vs Sanmina, latest quarterFlex (FLEX)Sanmina (SANM)Revenue$8.5B$3.5BRevenue growth, Y/Y+25%+70%Gross margin9.6%10.5%Operating margin4.9%6.4%Net margin3.1%3.4%Free cash flow$261M$23.6M

Where the money goes: FLEX and SANM

Flex (FLEX) · Q2 FY27

Flex, Q2 FY27: revenue $8.5B (+25% year over year), operating margin 4.9%, net earnings $263M, operating cash flow $501M. The chart follows the revenue to costs, profit and cash.

Sanmina (SANM) · Q3 FY26

Sanmina, Q3 FY26: revenue $3.5B (+70% year over year), operating margin 6.4%, net earnings $117M, operating cash flow $124M. The chart follows the revenue to costs, profit and cash.

Flex revenue by segment, Q2 FY27Flex revenue by segment, Q2 FY27ITS$3.3BRMS$2.7BCPI$2.5B
Sanmina revenue by segment, Q3 FY26Sanmina revenue by segment, Q3 FY26IMS Third Party Revenue$2.9BCPS Third Party Revenue$516M
Flex (FLEX)Sanmina (SANM)
Latest quarterQ2 FY27Q3 FY26
Revenue$8.5B$3.5B
Revenue growth, Y/Y+25%+70%
Gross margin9.6%10.5%
Operating margin4.9%6.4%
Net earnings$263M$117M
Net margin3.1%3.4%
Operating cash flow$501M$124M
Free cash flow$261M$23.6M
Market value$25.0B$7.4B
P/E24.1×22.5×
Analysts’ mean target$156.50$262.50

Where the revenue comes from

Flex

Sanmina

Questions

Which is bigger, Flex or Sanmina?

Flex is the larger company: $8.5B of revenue in its latest quarter (Q2 FY27) against $3.5B for Sanmina (Q3 FY26).

Is Flex or Sanmina growing faster?

Sanmina is growing faster (+70% against +25% a year earlier).

Which is more profitable, Flex or Sanmina?

Sanmina is more profitable, with an operating margin of 6.4% against 4.9%.

More: Flex earnings · how Flex makes money · Sanmina earnings · how Sanmina makes money

From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Jul 27, 2026). Fiscal quarters can end on different dates. Not investment advice.