SANM
SANMINA CORP
Next earnings Jul 27, 2026 · consensus $2.83 EPS, $3.46B rev
Last earnings -2.1% on 2026-04-27
$219.77
▼ -8.59%$219.77▲ +124.10%
over 1Y
L $95.79H $282.72
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-8.6%
1W-13.3%
1M-21.0%
3M+68.8%
YTD+38.0%
1Y+124.1%
Sell
Conviction
Horizon
Medium (3–12mo)
Street · 13 analysts
Buy
Solid but low-margin contract manufacturer (3% net margin) trading at an unjustifiable 54.1x P/E on flat multi-year earnings.
P/E 54.1 · FY2025
The read
Weak on both the fundamentals and the price — little to like at the current level.
Sanmina is a competent electronics-manufacturing-services (EMS) provider, but the stock's valuation is wildly disconnected from the economics of the business. FY2025 revenue grew 7.4% to $8.13B with net income up 10.5% to $246M and diluted EPS up 14.1% to $4.46. The operating improvements are real — gross profit rose 11.9% to $716M and operating cash flow jumped 82.4% to $621M — and the balance sheet is clean, with cash up 48.0% to $926M against just $283M of long-term debt.
The problem is that this is a structurally thin-margin business: 8.8% gross margin, 4.4% operating margin and only a 3.0% net margin, with a 9.7% return on equity. EMS is competitive and capital-intensive (capex up 32.5% to $147M), and the long-run earnings record is essentially flat — net income was $250M back in FY2021 and $246M in FY2025, with revenue oscillating between roughly $6.7B and $8.9B. A negative retained-earnings balance of -$2.46B reflects the legacy of past buybacks rather than current strength.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:46 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $6.74B | $7.92B | $8.94B | $7.57B | $8.13B |
| Gross profit | $526M | $622M | $743M | $640M | $716M |
| Operating income | $256M | $349M | $456M | $335M | $355M |
| Net income | $250M | $240M | $310M | $223M | $246M |
| Diluted EPS | $3.72 | $3.81 | $5.18 | $3.91 | $4.46 |
| Net margin | 3.7% | 3.0% | 3.5% | 2.9% | 3.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$11.2B
EV / EBITDA23.5
EV / Sales1.4
EV / FCF23.6
P / FCF24.9
PEG (trailing)4.69
Earnings yield2.1%
FCF yield4.0%
Quality & risk
ROIC (est.)9.9%
Free cash flow$473M
Total debt$300M
Net cash$626M
Piotroski F-Score5/9
Capital returns
Buyback yield2.8%
Dividend yield (est.)—
Shareholder yield2.8%
Shares Δ YoY+1.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗4Period ending 2026-05-292026-06-01open ↗144Filing2026-05-29open ↗4Period ending 2026-05-262026-05-28open ↗SDFiling2026-05-28open ↗144Filing2026-05-26open ↗4Period ending 2026-05-082026-05-12open ↗144Filing2026-05-08open ↗4Period ending 2026-05-062026-05-08open ↗144Filing2026-05-06open ↗4Period ending 2026-05-042026-05-06open ↗144Filing2026-05-04open ↗4Period ending 2026-05-012026-05-04open ↗
Frequently asked
- Is SANMINA CORP (SANM) a buy?
- SANM currently carries a Sell rating with 3/5 conviction, derived from its latest SEC filings. Solid but low-margin contract manufacturer (3% net margin) trading at an unjustifiable 54.1x P/E on flat multi-year earnings.
- What is SANM's fair value?
- A Modified-Graham model based on SANM's SEC fundamentals estimates a fair value of about $92.88. It is an estimate from reported earnings, not a price target.
- Is SANM overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, SANM currently appears overvalued relative to its SEC-grounded earnings power.
- What is SANMINA CORP's quality score?
- SANM scores 64.42625070585196/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000897723, latest 10-Q filed 2026-04-27) · EODHD · Proprietary analysis · as of 6/21/2026, 8:46:03 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.