Flex
Flex is the advanced, end-to-end manufacturing partner of choice that helps a diverse customer base design, build, deliver and manage products that improve the world.
10-K, May 20, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0000866374-26-000012 · filed May 20, 2026
Business
How does Flex make money?
IEI is 30.4% of revenue.
Source and method
Revenue by segments, FY2018.
annual report FY2018 · 0000866374-18-000007 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($25.4B).
- IEI: $7.7B · 30.4%
- HRS: $7.0B · 27.4%
- CTG: $6.0B · 23.5%
- Communicationsand Enterprise Compute: $4.8B · 18.7%
What is left of every $100?
Of every $100 in revenue, $3 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $27.9B
- Gross profit: $2.6B
- Operating income: $1.4B
- Net income: $880M
- Free cash flow: $1.1B
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, we deliver technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets.”
“The Company’s full suite of specialized capabilities includes design and engineering, supply chain, manufacturing, and integrated services, plus a portfolio of power and cooling products.”
“Over time, we have built differentiated scale and expertise across both technology-driven and regulated markets, enabling us to support customers with increasingly complex product, infrastructure, and compliance requirements.”
Item 1 · Business · 10-K · 0000866374-26-000012 · filed May 20, 2026
Where did the growth actually come from?
HRS drove 300% of growth; others shrank.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Revenue +8%
“Net sales for fiscal year 2026 increased 8%, or $2.1 billion, to $27.9 billion from the prior year.”
Item 7 · MD&A · 10-K · 0000866374-26-000012 · filed May 20, 2026
Number check (revenue): stated $2.1B matches the stored change ($2.1B, ±10%)
Revenue: $27.9B FY2026 · +8.1% vs FY2025 · KPIs
Position (in the company’s words)
“No customer accounts for more than 10% of our annual revenue and the ten largest accounted for 45% of our net sales in fiscal year 2026.”
Item 1 · Business · 10-K · 0000866374-26-000012 · filed May 20, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 8.1% to $27.9B.
Revenue grew 21% YoY to $7.9B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 19.7%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
4.9% operating margin, up from 4.5%.
9.2% gross margin, up from 8.4%.
Operating income grew 17% to $1.4B.
Net income grew 5.0% to $880M.
SG&A grew 16% to $1.1B.
EPS diluted grew 10% to $2.33.
4.9% operating margin, up from 4.7%.
9.4% gross margin, up from 8.7%.
Operating income grew 26% YoY to $392M.
Net income grew 13% YoY to $250M.
SG&A grew 43% YoY to $334M.
EPS diluted grew 52% YoY to $0.76.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $4 of every $100 as free cash.
Operating cash flow grew 12% to $1.7B.
Capex grew 45% to $633M.
Buybacks fell 25% to $944M.
Stock-based compensation grew 14% to $142M.
Free cash flow fell 85% YoY to $40.0M.
Operating cash flow fell 31% YoY to $276M.
Capex grew 77% YoY to $236M.
Buybacks: $0 in FY2027 Q1.
Stock-based compensation grew 50% YoY to $51.0M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$2.4B cash vs $3.8B debt.
Total debt grew 1.6% to $3.8B.
Interest expense fell 1.4% to $215M.
Total assets grew 20% to $22.1B.
Equity grew 2.8% to $5.1B.
Cash grew 27% YoY to $2.8B.
Total debt grew 42% YoY to $5.2B.
Interest expense grew 18% YoY to $60.0M.
Total assets grew 32% YoY to $25.2B.
Equity grew 8.1% YoY to $5.5B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Flex depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Flex annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Flex
No supplier among the covered companies is named in the filings.
Flex holds stakes in
No stake in a covered company found in SEC filings.
Others name Flex
1 competitor mention (e.g. Celestica) · 1 other mention (e.g. Jabil) · 3 partner mentions (e.g. ASE Technology, F5, Teradyne) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 45 risk factors, one per theme.
Customer concentration
“A significant percentage of our sales come from a small number of customers and a decline in sales to any of our largest customers has in the past adversely affected, and could in the future adversely affect, our business.”
Item 1A · Risk Factors · 10-K · 0000866374-26-000012 · filed May 20, 2026
Supply chain and manufacturing
“Supply chain disruptions and demand forecasting failures have in the past adversely affected, and could in the future adversely affect, our ability to meet customer demand, and lead to higher costs, or result in excess or obsolete inventory.”
Item 1A · Risk Factors · 10-K · 0000866374-26-000012 · filed May 20, 2026
AI and new products
“Risks and uncertainties related to the development and use of AI could harm our business, damage our reputation, or give rise to legal or regulatory action.”
Item 1A · Risk Factors · 10-K · 0000866374-26-000012 · filed May 20, 2026
Security, defects and outages
“A breach of our IT or physical security systems, or a cybersecurity incident affecting our operations, products, or third parties upon which we rely, could materially disrupt our business, damage our reputation, and expose us to significant costs and liability.”
Item 1A · Risk Factors · 10-K · 0000866374-26-000012 · filed May 20, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 7.8%.
BlackRock, Inc.7.8%
13G/A · as of Jun 30, 2026 · filed Jul 28, 2026
Vanguard Capital Management LLC7.56%
13G/A · as of Jun 30, 2026 · filed Jul 31, 2026
Primecap Management Co/Ca/6.38%
13G/A · as of Jun 30, 2026 · filed Aug 6, 2026
Fmr LLC5.3%
13G · as of Jun 30, 2026 · filed Aug 6, 2026
Vanguard Portfolio Management LLC5.27%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
7 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.12.1%
42.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.9%
24.0M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Primecap Management Co/Ca/6.7%
23.4M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Fmr LLC5.6%
19.5M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.4%
19.0M shares · 13F filed Aug 13, 2026 · share of 13F-reported
1,115 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 156 sales · $119M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 35 SEC metrics, FY2017–FY2026
Income statement 11
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Discontinued operations | not reported | not reported | not reported | not reported | not reported | |||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | not reported | not reported | not reported | |||||||
| Research and development | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 10
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Short-term debt (balance sheet line) | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 6
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | not reported | not reported | not reported | |||||||
| Other income (incl. interest) calc. | not reported | not reported | not reported | |||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values