Sanmina
SANM · NasdaqPrinted Circuit Boards · Fiscal year ends Oct 3
Sanmina reported revenue of $8.1B in the fiscal year ended Sep 2025, up 7.4% from the year before. Operating income was $355M, an operating margin of 4.4%, and net income was $246M. Operating cash flow of $621M less capital expenditure of $147M left free cash flow of $473M. It held more cash than debt (net cash $626M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $6.7B | $7.9B | $8.9B | $7.6B | $8.1B |
| Cost of revenue | $6.2B | $7.3B | $8.2B | $6.9B | $7.4B |
| Gross profit | $526M | $622M | $743M | $640M | $716M |
| Research & development | $21M | $21M | $26M | $29M | $31M |
| Selling, general & admin | $235M | $245M | $255M | $266M | $290M |
| Operating income | $256M | $349M | $456M | $335M | $355M |
| Interest expense | $20M | $22M | $36M | $29M | $20M |
| Pre-tax income | $282M | $302M | $413M | $318M | $339M |
| Income tax | $32M | $62M | $85M | $80M | $73M |
| Net income | $250M | $240M | $310M | $223M | $246M |
| Diluted EPS | 3.72 | 3.81 | 5.18 | 3.91 | 4.46 |
| Diluted shares | 67M | 63M | 60M | 57M | 55M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $650M | $530M | $668M | $626M | $926M |
| Inventory | $1B | $1.7B | $1.5B | $1.4B | $2B |
| Current assets | $3.3B | $3.9B | $3.9B | $3.9B | $4.9B |
| Net PP&E | $533M | $575M | $633M | $616M | $682M |
| Goodwill | – | – | – | – | $30M |
| Total assets | $4.2B | $4.8B | $4.9B | $4.8B | $5.9B |
| Payables | $1.5B | $2B | $1.6B | $1.4B | $1.6B |
| Current liabilities | $1.8B | $2.5B | $2B | $1.9B | $2.8B |
| Short-term debt | $19M | $18M | $26M | $18M | $18M |
| Long-term debt | $312M | $329M | $312M | $300M | $283M |
| Shareholders' equity | $1.9B | $1.8B | $2.3B | $2.4B | $2.5B |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $338M | $331M | $235M | $340M | $621M |
| Capital expenditure | $73M | $139M | $191M | $111M | $147M |
| Free cash flow | $265M | $192M | $44M | $229M | $473M |
| Depreciation & amortisation | $110M | $109M | $118M | $122M | $119M |
| Stock-based compensation | $35M | $40M | $50M | $57M | $63M |
| Acquisitions | $21M | $0 | $0 | – | – |
| Share buybacks | $64M | $331M | – | – | – |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.5% | 12.8% | −15.3% | 7.4% |
| Operating income growth (YoY) | – | 36.5% | 30.4% | −26.4% | 5.7% |
| EPS growth (YoY) | – | 2.4% | 36.0% | −24.5% | 14.1% |
| Gross margin | 7.8% | 7.9% | 8.3% | 8.5% | 8.8% |
| Operating margin | 3.8% | 4.4% | 5.1% | 4.4% | 4.4% |
| Net margin | 3.7% | 3.0% | 3.5% | 2.9% | 3.0% |
| Return on equityBlank when equity is negative | 13.5% | 13.2% | 13.4% | 9.4% | 9.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.6% | 14.8% | 16.0% | 11.6% | 11.7% |
| Free cash flow margin | 3.9% | 2.4% | 0.5% | 3.0% | 5.8% |
| Cash conversion (CFO ÷ net income) | 1.36x | 1.38x | 0.76x | 1.53x | 2.52x |
| Inventory days | 61 | 84 | 66 | 76 | 98 |
| Payable days | 87 | 102 | 69 | 76 | 78 |
| Interest cover | 13.1x | 15.6x | 12.6x | 11.5x | 17.6x |
| Debt ÷ equity | 0.18x | 0.19x | 0.15x | 0.13x | 0.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$320M | −$183M | −$329M | −$309M | −$626M |
| Current ratio | 1.83x | 1.57x | 1.91x | 1.99x | 1.72x |
Recent filings
More in Printed Circuit Boards
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.