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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%.
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 (FLEX) | Sanmina (SANM) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q3 FY26 |
| Revenue | $8.5B | $3.5B |
| Revenue growth, Y/Y | +25% | +70% |
| Gross margin | 9.6% | 10.5% |
| Operating margin | 4.9% | 6.4% |
| Net earnings | $263M | $117M |
| Net margin | 3.1% | 3.4% |
| Operating cash flow | $501M | $124M |
| Free cash flow | $261M | $23.6M |
| Market value | $25.0B | $7.4B |
| P/E | 24.1× | 22.5× |
| Analysts’ mean target | $156.50 | $262.50 |
Where the revenue comes from
Flex
- ITS: $3.3B (39%)
- RMS: $2.7B (32%)
- CPI: $2.5B (30%)
Sanmina
- IMS Third Party Revenue: $2.9B (85%)
- CPS Third Party Revenue: $516M (15%)
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.