FLEX
FLEX · NasdaqPrinted Circuit Boards · Fiscal year ends Mar 31
FLEX reported revenue of $27.9B in the fiscal year ended Mar 2026, up 8.1% from the year before. Operating income was $1.4B, an operating margin of 4.9%, and net income was $880M. Operating cash flow of $1.7B less capital expenditure of $633M left free cash flow of $1.1B. Net debt was $1.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | $24.6B | $28.5B | $26.4B | $25.8B | $27.9B |
| Cost of revenue | $22.8B | $26.5B | $24.4B | $23.6B | $25.3B |
| Gross profit | $1.8B | $2B | $1.9B | $2.2B | $2.6B |
| Selling, general & admin | $830M | $874M | $922M | $904M | $1.1B |
| Operating income | $890M | $1B | $853M | $1.2B | $1.4B |
| Net interest incomeBanks | −$152M | −$201M | – | – | – |
| Interest expense | $166M | $230M | $207M | $218M | $215M |
| Pre-tax income | $964M | $807M | $666M | $1B | $1.1B |
| Income tax | $92M | $124M | −$206M | $185M | $263M |
| Net income | $936M | $793M | $1B | $838M | $880M |
| Diluted EPS | 1.94 | 1.72 | 2.28 | 2.11 | 2.33 |
| Diluted shares | 483M | 462M | 441M | 398M | 378M |
Balance sheet
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $3B | $3.2B | $2.5B | $2.3B | $2.4B |
| Receivables | $3.4B | $3.5B | $3B | $3.7B | $4.7B |
| Inventory | $6.6B | $7.4B | $6.2B | $5.1B | $5.8B |
| Current assets | $14.3B | $16B | $13B | $12.8B | $16.3B |
| Net PP&E | $2.1B | $2.3B | $2.3B | $2.3B | $2.5B |
| Goodwill | $1.1B | $1.1B | $1.1B | $1.3B | $1.4B |
| Total assets | $19.3B | $21.4B | $18.3B | $18.4B | $22.1B |
| Payables | $6.3B | $5.7B | $4.5B | $5.1B | $8.1B |
| Deferred revenue | $615M | $662M | $490M | $377M | $431M |
| Current liabilities | $10.7B | $10.9B | $8.5B | $9.9B | $12B |
| Short-term debt | $949M | $150M | $0 | $1.2B | $0 |
| Long-term debt | $3.2B | $3.5B | $3.3B | $2.5B | $3.8B |
| Total liabilities | $15.1B | $15.7B | $12.9B | $13.4B | $16.9B |
| Shareholders' equity | $4.1B | $5.4B | $5.3B | $5B | $5.1B |
Cash flow
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $1B | $950M | $1.3B | $1.5B | $1.7B |
| Capital expenditure | $443M | $635M | $530M | $438M | $633M |
| Free cash flow | $581M | $315M | $796M | $1.1B | $1.1B |
| Depreciation & amortisation | $409M | $414M | $431M | $439M | $457M |
| Stock-based compensation | $91M | $133M | $152M | $125M | $142M |
| Acquisitions | $539M | −$2M | $0 | $405M | $40M |
| Share buybacks | $686M | $337M | $1.3B | $1.3B | $944M |
Key ratios
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.7% | −7.3% | −2.3% | 8.1% |
| Operating income growth (YoY) | – | 14.3% | −16.1% | 37.0% | 17.0% |
| EPS growth (YoY) | – | −11.3% | 32.6% | −7.5% | 10.4% |
| Gross margin | 7.2% | 6.9% | 7.1% | 8.4% | 9.2% |
| Operating margin | 3.6% | 3.6% | 3.2% | 4.5% | 4.9% |
| Net margin | 3.8% | 2.8% | 3.8% | 3.2% | 3.2% |
| Return on equityBlank when equity is negative | 22.7% | 14.8% | 18.9% | 16.8% | 17.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.3% | 9.6% | 8.8% | 13.7% | 13.6% |
| Free cash flow margin | 2.4% | 1.1% | 3.0% | 4.1% | 3.8% |
| Cash conversion (CFO ÷ net income) | 1.09x | 1.20x | 1.32x | 1.80x | 1.91x |
| Receivable days | 50 | 45 | 42 | 52 | 61 |
| Inventory days | 105 | 102 | 93 | 78 | 84 |
| Payable days | 100 | 79 | 67 | 80 | 116 |
| Interest cover | 5.36x | 4.42x | 4.12x | 5.36x | 6.36x |
| Debt ÷ equity | 1.02x | 0.69x | 0.61x | 0.74x | 0.73x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.2B | $530M | $787M | $1.4B | $1.4B |
| Current ratio | 1.34x | 1.48x | 1.52x | 1.30x | 1.36x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.