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Flex

FLEX on Nasdaq. Flex makes products for companies in data center, healthcare, industrial and automotive markets. Market value $43.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Technology stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
1.8%low

For every $100 of what the whole company costs, it produced $1.84 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
32.6×full

You pay 32.6 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to March 2026
13.7%five-year median

Each dollar kept in the business earns 14 cents a year. Above 10 is good.

Quality score: 74 of 100. Price score: 22 of 100. Our list needs 70 on quality and 60 on price.

$121.38 a share, 129% above its 1-year low

Over the past year the price has ranged from $53.07 to $166.86.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.6
0.3
0.8
1.1
1.1
0.8
2022202320242025202612 monthsto Jun '26
Revenue
$24.6bn$28.5bn$26.4bn$25.8bn$27.9bn
Operating margin
3.6%3.6%3.2%4.5%4.9%
Debt to equity
1.020.690.610.740.73
Shares outstanding
0.45bn0.42bn0.38bn0.37bn0.37bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)7 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.73× equity
  • Revenue growth, five yearsSlow, 3.0% a year
  • Buying back its own sharesYes, 18% fewer since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $7.9 billion last quarter, up 21% on a year ago.
  • Profit: $285 million, up 48% on a year ago.
  • It keeps 5 cents of each $1 of sales as operating profit, about the same as a year earlier.
  • Spare cash over the past 12 months: $826 million, down from $1.1 billion.
  • 2% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $2.4 billion more than cash, up from $1.4 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$6.5bn
December 2024$6.6bn
March 2025$6.4bn
June 2025$6.6bn
September 2025$6.8bn
December 2025$7.1bn
March 2026$7.5bn
June 2026$7.9bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$214m
December 2024$263m
March 2025$222m
June 2025$192m
September 2025$199m
December 2025$239m
March 2026$250m
June 2026$285m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
28 October 2026
Last annual report (10-K)
20 May 2026
Next quarterly (estimated, 10-Q)
30 October 2026

Who owns it

10 long-term investors we follow own it, unchanged from 10 last quarter. 1,115 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 10 sold $119m, $62m of it under preset trading plans.

  • Hartung Michael P
    Chief Commercial Officer
    Sold
    Date
    18 August 2026
    Shares
    2,755
    Price
    $120.64
    Value
    $332,352
  • Tan Kwang Hooi
    Chief Operating Officer
    Sold
    Date
    18 June 2026
    Shares
    8,981
    Price
    $145.18
    Value
    $1m
  • WENDLER DANIEL
    Chief Accounting Officer
    Sold
    Date
    18 June 2026
    Shares
    1,311
    Price
    $145.20
    Value
    $190,360
  • Hartung Michael P
    Chief Commercial Officer
    Sold
    Date
    18 June 2026
    Shares
    7,269
    Price
    $145.22
    Value
    $1m
  • Advaithi Revathi
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    18 June 2026
    Shares
    39,188
    Price
    $145.18
    Value
    $6m
  • OFFER DAVID SCOTT
    EVP, General Counsel
    Sold
    Date
    18 June 2026
    Shares
    6,657
    Price
    $145.23
    Value
    $966,796
  • Tan Kwang Hooi
    Chief Operating Officer
    Sold
    Date
    17 June 2026
    Shares
    26,657
    Price
    $144.48
    Value
    $4m
  • WENDLER DANIEL
    Chief Accounting Officer
    Sold
    Date
    17 June 2026
    Shares
    3,890
    Price
    $144.47
    Value
    $561,999
  • Hartung Michael P
    Chief Commercial Officer
    Sold
    Date
    17 June 2026
    Shares
    22,627
    Price
    $144.47
    Value
    $3m
  • Advaithi Revathi
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    17 June 2026
    Shares
    197,879
    Price
    $144.32
    Value
    $29m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 May 2026, plus the 10-Q filed 31 Jul 2026 and 9 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 32.6× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.