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Sanmina

SANM on Nasdaq. Sanmina makes components and products for companies that build electronic equipment. Market value $12.1bn.

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 September 2025.

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
4.9%fair

For every $100 of what the whole company costs, it produced $4.86 of spare cash in the past 12 months. A savings account pays about $4.

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

You pay 23.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to September 2025
14.6%five-year median

Each dollar kept in the business earns 15 cents a year. Above 10 is good.

Quality score: 78 of 100. Price score: 52 of 100. Our list needs 70 on quality and 60 on price.

$228.07 a share, 93% above its 1-year low

Over the past year the price has ranged from $118.10 to $288.68.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.3
0.2
0.0
0.2
0.5
0.6
2021202220232024202512 monthsto Jun '26
Revenue
$6.7bn$7.9bn$8.9bn$7.6bn$8.1bn
Operating margin
3.8%4.4%5.1%4.4%4.4%
Debt to equity
0.180.190.150.130.12
Shares outstanding
0.06bn0.06bn0.05bn0.05bn0.05bn

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
  • Debt0.12× equity
  • Revenue growth, five yearsSlow, 3.2% a year
  • Buying back its own sharesYes, 7% fewer since 2021

The quarter to June 2026

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

  • Sales: $3.5 billion last quarter, up 70% on a year ago.
  • Profit: $117 million, up 71% on a year ago.
  • It keeps 4 cents of each $1 of sales as operating profit, down from 5 cents a year earlier.
  • Spare cash over the past 12 months: $594 million, up from $366 million.
  • 1% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $327 million more than cash. A year ago it had $493 million more cash than debt.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$2.0bn
December 2024$2.0bn
March 2025$2.0bn
June 2025$2.0bn
September 2025$2.1bn
December 2025$3.2bn
March 2026$4.0bn
June 2026$3.5bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$61m
December 2024$65m
March 2025$64m
June 2025$69m
September 2025$48m
December 2025$49m
March 2026$94m
June 2026$117m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
13 November 2025
Next quarterly (estimated, 10-Q)
26 October 2026

Who owns it

9 long-term investors we follow own it, up from 6 last quarter. 573 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

4 investors own more than 5%.

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

What insiders did

In the last 12 months, 1 insider bought $99,722 of shares on the open market. 9 sold $43m, $5m of it under preset trading plans.

  • Johnson Susan A
    Director
    Sold
    under a preset trading plan
    Date
    17 September 2026
    Shares
    120
    Price
    $200.46
    Value
    $24,055
  • Johnson Susan A
    Director
    Sold
    under a preset trading plan
    Date
    28 August 2026
    Shares
    120
    Price
    $202.69
    Value
    $24,323
  • Faust Jonathan P
    EVP & CFO
    Sold
    under a preset trading plan
    Date
    29 May 2026
    Shares
    10,076
    Price
    $265.80
    Value
    $3m
  • REID ALAN McWILLIAMS
    EVP, Global Human Resources
    Sold
    under a preset trading plan
    Date
    26 May 2026
    Shares
    5,000
    Price
    $254.39
    Value
    $1m
  • REID ALAN McWILLIAMS
    EVP, Global Human Resources
    Sold
    Date
    8 May 2026
    Shares
    1,000
    Price
    $248.60
    Value
    $248,600
  • SOLA JURE
    Chairman & CEO
    Sold
    Date
    6 May 2026
    Shares
    118,368
    Price
    $228.84
    Value
    $27m
  • REID ALAN McWILLIAMS
    EVP, Global Human Resources
    Sold
    Date
    4 May 2026
    Shares
    1,000
    Price
    $225.00
    Value
    $225,000
  • Hedley David V III
    Director
    Sold
    Date
    1 May 2026
    Shares
    500
    Price
    $219.52
    Value
    $109,760
  • REID ALAN McWILLIAMS
    EVP, Global Human Resources
    Sold
    Date
    1 May 2026
    Shares
    1,000
    Price
    $218.17
    Value
    $218,170
  • Venkatesh Vishnu
    See Remarks
    Sold
    under a preset trading plan
    Date
    30 April 2026
    Shares
    2,275
    Price
    $212.80
    Value
    $484,120

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

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

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.