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Sanmina vs Plexus: SANM and PLXS compared
Sanmina is the larger company: $3.5B of revenue in its latest quarter (Q3 FY26) against $1.4B for Plexus (Q4 FY26). Sanmina is growing faster (+70% against +35% a year earlier). Sanmina is more profitable, with an operating margin of 6.4% against 6.0%.
Where the money goes: SANM and PLXS
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.
Plexus (PLXS) · Q4 FY26
Plexus, Q4 FY26: revenue $1.4B (+35% year over year), operating margin 6.0%, net earnings $68.5M, operating cash flow $29.2M. The chart follows the revenue to costs, profit and cash.
| Sanmina (SANM) | Plexus (PLXS) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q4 FY26 |
| Revenue | $3.5B | $1.4B |
| Revenue growth, Y/Y | +70% | +35% |
| Gross margin | 10.5% | 10.2% |
| Operating margin | 6.4% | 6.0% |
| Net earnings | $117M | $68.5M |
| Net margin | 3.4% | 4.8% |
| Operating cash flow | $124M | $29.2M |
| Free cash flow | $23.6M | $6.4M |
| Market value | $7.4B | $5.3B |
| P/E | 22.5× | 28.3× |
| Analysts’ mean target | $262.50 | $307.80 |
Where the revenue comes from
Sanmina
- IMS Third Party Revenue: $2.9B (85%)
- CPS Third Party Revenue: $516M (15%)
Questions
Which is bigger, Sanmina or Plexus?
Sanmina is the larger company: $3.5B of revenue in its latest quarter (Q3 FY26) against $1.4B for Plexus (Q4 FY26).
Is Sanmina or Plexus growing faster?
Sanmina is growing faster (+70% against +35% a year earlier).
Which is more profitable, Sanmina or Plexus?
Sanmina is more profitable, with an operating margin of 6.4% against 6.0%.
More: Sanmina earnings · how Sanmina makes money · Plexus earnings · how Plexus makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Jul 27, 2026; 8-K filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.