Flex Ltd. (FLEX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2027, filed Jul 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FLEX SEC filings page.
Flex Ltd. (FLEX) reported $29.3B in revenue over the twelve months to Jun 26, 2026, up 12.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Flex's latest growth is being converted into cash, while improving margins coexist with renewed balance-sheet leverage and heavier working capital needs.
From FY2024 to FY2026, gross margin rose from7.1% to9.2% , indicating a materially better gross-profit structure. Operating margin also rose from3.2% to4.9% , while operating cash flow exceeded net income in both years; the improvement therefore coincided with cash-backed earnings rather than merely reported margin expansion.
The cash profile is stronger than net income alone suggests: FY2026 operating cash flow of
The asset base expanded to
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Flex Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Flex Ltd. has an operating margin of 4.9%, meaning the company retains $5 of operating profit per $100 of revenue. This results in a moderate score of 59/100, indicating healthy but not exceptional operating efficiency. This is up from 4.5% the prior year.
Flex Ltd.'s revenue grew 8.1% year-over-year to $27.9B, a solid pace of expansion. This earns a growth score of 41/100.
Flex Ltd. has a moderate D/E ratio of 0.73. This balance of debt and equity financing earns a leverage score of 54/100.
Flex Ltd.'s current ratio of 1.36 indicates adequate short-term liquidity, earning a score of 36/100. The company can meet its near-term obligations, though with limited headroom.
Flex Ltd. has a free cash flow margin of 3.8%, earning a moderate score of 39/100. The company generates positive cash flow after capital investments, but with room for improvement.
Flex Ltd. earns a strong 17.1% return on equity (ROE), meaning it generates $17 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 78/100. This is up from 16.8% the prior year.
Flex Ltd. scores 3.41, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Flex Ltd. passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Flex Ltd. generates $1.91 in operating cash flow ($1.7B OCF vs $880.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Flex Ltd. earns $6.94 in operating income for every $1 of interest expense ($1.4B vs $197.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Flex Ltd. generated $7.9B in revenue in Q1 2027. This represents an increase of 20.6% from the same quarter a year earlier. Against the prior quarter it is up 6.0%.
Flex Ltd.'s EBITDA was $532.0M in Q1 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.4% from the same quarter a year earlier. Against the prior quarter it is up 7.0%.
Flex Ltd. reported $285.0M in net income in Q1 2027. This represents an increase of 48.4% from the same quarter a year earlier. Against the prior quarter it is up 14.0%.
Flex Ltd. earned $0.76 per diluted share (EPS) in Q1 2027. This represents an increase of 52.0% from the same quarter a year earlier. Against the prior quarter it is up 13.4%.
Cash & Balance Sheet
Flex Ltd. generated $40.0M in free cash flow in Q1 2027, representing cash available after capex. This represents a decrease of 85.0% from the same quarter a year earlier. Against the prior quarter it is down 81.0%.
Flex Ltd. held $2.8B in cash against $5.2B in long-term debt as of Q1 2027.
Not reported for Q1 2027.
Margins & Returns
Flex Ltd.'s gross margin was 9.4% in Q1 2027, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the same quarter a year earlier. It is unchanged from the prior quarter.
Flex Ltd.'s operating margin was 4.9% in Q1 2027, reflecting core business profitability. This is up 0.2 percentage points from the same quarter a year earlier. It is unchanged from the prior quarter.
Flex Ltd.'s net profit margin was 3.6% in Q1 2027, showing the share of revenue converted to profit. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.
Flex Ltd.'s ROE was 5.2% in Q1 2027, measuring profit generated per dollar of shareholder equity. This is up 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.
Capital Allocation
Flex Ltd. repurchased no shares in Q1 2027. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Flex Ltd. invested $236.0M in capex in Q1 2027, funding long-term assets and infrastructure. This represents an increase of 77.4% from the same quarter a year earlier. Against the prior quarter it is up 16.8%.
Not reported for Q1 2027.
FLEX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.9B+20.6% | $7.5B+16.9% | $7.1B+7.7% | $6.8B+4.0% | $6.6B+4.1% | $6.4B+3.7% | $6.6B+2.1% | $6.5B-5.6% |
| Cost of Revenue | $7.2B+19.9% | $6.7B | $6.4B+7.1% | $6.2B+3.1% | $6.0B+2.7% | N/A | $6.0B+0.4% | $6.0B-6.4% |
| Gross Profit | $747.0M+30.6% | $702.0M+24.7% | $679.0M+14.3% | $614.0M+15.6% | $572.0M+21.4% | $563.0M+28.8% | $594.0M+37.2% | $531.0M+2.3% |
| SG&A Expenses | $334.0M+43.3% | $289.0M | $270.0M+12.0% | $260.0M+20.4% | $233.0M+9.4% | N/A | $241.0M+17.6% | $216.0M-2.3% |
| Operating Income | $392.0M+26.0% | $372.0M+22.0% | $389.0M+16.5% | $296.0M-0.3% | $311.0M+33.5% | $305.0M+91.8% | $334.0M+68.7% | $297.0M+5.7% |
| EBITDA | $532.0M+17.4% | $497.0M | $517.0M+12.1% | $426.0M+0.5% | $453.0M+26.2% | N/A | $461.0M+40.5% | $424.0M+3.9% |
| Interest Expense | $57.0M+26.7% | $51.0M | $54.0M+8.0% | $47.0M+2.2% | $45.0M+4.7% | N/A | $50.0M+28.2% | $46.0M+21.1% |
| Income Tax | $92.0M+70.4% | $65.0M | $81.0M+224.0% | $63.0M+26.0% | $54.0M+1.9% | N/A | $25.0M+8.7% | $50.0M+56.3% |
| Net Income | $285.0M+48.4% | $250.0M+12.6% | $239.0M-9.1% | $199.0M-7.0% | $192.0M+38.1% | $222.0M-43.8% | $263.0M+33.5% | $214.0M-6.1% |
| EPS (Basic) | $0.78+52.9% | $0.68+17.2% | $0.65-4.4% | $0.53-1.9% | $0.51+45.7% | $0.58-38.9% | $0.68+47.8% | $0.54+5.9% |
| EPS (Diluted) | $0.76+52.0% | $0.67+17.5% | $0.64-4.5% | $0.52-3.7% | $0.50+47.1% | $0.57-38.7% | $0.67+48.9% | $0.54+5.9% |
| Diluted Shares (Avg) | 374M-1.8% | N/A | 376M-4.6% | 380M-5.0% | 381M-7.3% | 389M-8.5% | 394M-9.6% | 400M-10.7% |
Not reported in any period shown, so not listed: R&D Expenses.
FLEX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $25.2B+31.7% | $22.1B+20.0% | $20.8B+13.9% | $19.5B+5.2% | $19.1B+7.9% | $18.4B+0.7% | $18.3B-10.3% | $18.6B-11.4% |
| Current Assets | $18.2B+35.4% | $16.3B+27.2% | $15.2B+18.8% | $13.8B+3.7% | $13.5B+7.3% | $12.8B-1.2% | $12.8B-14.3% | $13.4B-13.7% |
| Cash & Equivalents | $2.8B+26.8% | $2.4B+4.4% | $3.1B+32.2% | $2.2B-13.5% | $2.2B-0.2% | $2.3B-7.5% | $2.3B-16.3% | $2.6B-10.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $6.5B+23.9% | $5.8B+15.3% | $5.5B+5.3% | $5.3B-3.6% | $5.2B-10.8% | $5.1B-18.3% | $5.3B-22.7% | $5.5B-23.7% |
| Accounts Receivable | $5.0B+28.3% | $4.7B+27.5% | $3.8B+13.5% | $3.9B+10.1% | $3.9B+32.9% | $3.7B+21.0% | $3.4B-6.2% | $3.5B-7.9% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $1.8B+33.7% | $1.4B+2.1% | $1.4B+3.2% | $1.4B+20.0% | $1.4B+20.2% | $1.3B+18.1% | $1.3B-1.2% | $1.1B-14.3% |
| Total Liabilities | $19.7B+40.3% | $16.9B+26.4% | $15.7B+18.2% | $14.5B+6.8% | $14.0B+10.2% | $13.4B+3.5% | $13.3B-4.6% | $13.6B-7.0% |
| Current Liabilities | $13.2B+33.3% | $12.0B+22.0% | $10.9B+20.1% | $10.4B+11.5% | $9.9B+10.6% | $9.8B+15.4% | $9.0B-3.7% | $9.3B-7.9% |
| Non-Current Liabilities | $6.5B+57.2% | $4.9B+38.8% | $4.8B+14.1% | $4.1B-3.3% | $4.1B+9.3% | $3.5B-19.7% | $4.2B-6.4% | $4.3B-5.1% |
| Long-Term Debt | $5.2B+73.7% | $3.8B+51.1% | $3.8B+19.5% | $3.0B-5.2% | $3.0B+12.4% | $2.5B-23.9% | $3.1B-8.3% | $3.2B-6.9% |
| Total Equity | $5.5B+8.1% | $5.1B+2.8% | $5.1B+2.6% | $5.0B+0.6% | $5.1B+1.9% | $5.0B-6.1% | $5.0B-16.3% | $5.0B-15.3% |
| Retained Earnings | $2.4B+65.9% | $2.2B+68.5% | $1.9B+80.2% | $1.7B+109.6% | $1.5B+152.3% | $1.3B+187.9% | $1.1B+1982.4% | $799.0M+647.3% |
FLEX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $276.0M-30.8% | $413.0M-4.6% | $420.0M+1.7% | $453.0M+42.0% | $399.0M+17.4% | $433.0M-36.2% | $413.0M+45.4% | $319.0M-10.6% |
| Depreciation & Amortization | $140.0M-1.4% | $125.0M | $128.0M+0.8% | $130.0M+2.4% | $142.0M+12.7% | N/A | $127.0M-2.3% | $127.0M0.0% |
| Stock-Based Compensation | $51.0M+50.0% | N/A | $37.0M+12.1% | $37.0M+32.1% | $34.0M+6.3% | N/A | $33.0M+26.9% | $28.0M0.0% |
| Capital Expenditures | $236.0M+77.4% | $202.0M+80.4% | $148.0M+32.1% | $150.0M+45.6% | $133.0M+19.8% | $112.0M+38.3% | $112.0M-13.8% | $103.0M-32.2% |
| Free Cash Flow | $40.0M-85.0% | $211.0M-34.3% | $272.0M-9.6% | $303.0M+40.3% | $266.0M+16.2% | $321.0M-46.3% | $301.0M+95.5% | $216.0M+5.4% |
| Investing Cash Flow | -$1.3B-614.5% | -$200.0M-1.5% | -$138.0M+68.3% | -$155.0M-25.0% | -$179.0M-118.3% | -$197.0M-152.6% | -$435.0M-271.8% | -$124.0M+12.7% |
| Financing Cash Flow | $1.5B+614.1% | -$878.0M-195.6% | $529.0M+360.6% | -$292.0M-298.6% | -$283.0M+39.5% | -$297.0M+66.6% | -$203.0M+34.1% | $147.0M+465.4% |
| Share Buybacks | $0-100.0% | $200.0M-33.1% | $200.0M-0.5% | $297.0M-1.0% | $247.0M-46.0% | $299.0M-42.2% | $201.0M-26.9% | $300.0M-2.9% |
Not reported in any period shown, so not listed: Dividends Paid.
FLEX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.4%+0.7pp | 9.4%+0.6pp | 9.6%+0.6pp | 9.0%+0.9pp | 8.7%+1.2pp | 8.8%+1.7pp | 9.1%+2.3pp | 8.1%+0.6pp |
| Operating Margin | 4.9%+0.2pp | 5.0%+0.2pp | 5.5%+0.4pp | 4.3%-0.2pp | 4.7%+1.0pp | 4.8%+2.2pp | 5.1%+2.0pp | 4.5%+0.5pp |
| Net Margin | 3.6%+0.7pp | 3.3%-0.1pp | 3.4%-0.6pp | 2.9%-0.3pp | 2.9%+0.7pp | 3.5%-2.9pp | 4.0%+0.9pp | 3.3%0.0pp |
| Return on Equity | 5.2%+1.4pp | 4.9%+0.4pp | 4.7%-0.6pp | 4.0%-0.3pp | 3.8%+1.0pp | 4.4%-3.0pp | 5.3%+2.0pp | 4.3%+0.4pp |
| Return on Assets | 1.1%+0.1pp | 1.1%-0.1pp | 1.1%-0.3pp | 1.0%-0.1pp | 1.0%+0.2pp | 1.2%-1.0pp | 1.4%+0.5pp | 1.1%+0.1pp |
| Current Ratio | 1.380.0x | 1.36+0.1x | 1.400.0x | 1.33-0.1x | 1.360.0x | 1.30-0.2x | 1.41-0.2x | 1.43-0.1x |
| Debt-to-Equity | 0.95+0.4x | 0.73+0.2x | 0.73+0.1x | 0.600.0x | 0.59+0.1x | 0.50-0.1x | 0.63+0.1x | 0.64+0.1x |
| Asset Turnover | 0.310.0x | 0.340.0x | 0.340.0x | 0.350.0x | 0.340.0x | 0.350.0x | 0.360.0x | 0.350.0x |
| FCF Margin | 0.5%-3.6pp | 2.8%-2.2pp | 3.9%-0.7pp | 4.5%+1.1pp | 4.0%+0.4pp | 5.0%-4.7pp | 4.6%+2.2pp | 3.3%+0.3pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Flex Ltd. FLEX | FY2026 | $27.9B | $880.0M | 3.1% | $44.3B | 51/100 |
| Jabil Inc. JBL | FY2025 | $29.8B | $657.0M | 2.2% | $31.3B | 49/100 |
| Celestica, Inc. CLS | FY2025 | $12.4B | $832.5M | 6.7% | $45.0B | 64/100 |
| Fabrinet FN | FY2026 | $4.6B | $473.0M | 10.2% | $17.5B | 69/100 |
| TE Connectivity plc TEL | FY2025 | $17.3B | $1.8B | 10.7% | $62.0B | 66/100 |
| Corning Incorporated GLW | FY2025 | $15.6B | $1.6B | 10.2% | $131.6B | 47/100 |
Where Flex Ltd. Ranks
Frequently Asked Questions
What is Flex Ltd.'s annual revenue?
Flex Ltd. (FLEX) reported $27.9B in total revenue for fiscal year 2026. This represents a 8.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Flex Ltd.'s revenue growing?
Flex Ltd. (FLEX) revenue grew by 8.1% year-over-year, from $25.8B to $27.9B in fiscal year 2026.
Is Flex Ltd. profitable?
Yes, Flex Ltd. (FLEX) reported a net income of $880.0M in fiscal year 2026, with a net profit margin of 3.1%.
What is Flex Ltd.'s EBITDA?
Flex Ltd. (FLEX) had EBITDA of $1.9B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Flex Ltd. have?
As of fiscal year 2026, Flex Ltd. (FLEX) had $2.4B in cash and equivalents against $3.8B in long-term debt.
What is Flex Ltd.'s gross margin?
Flex Ltd. (FLEX) had a gross margin of 9.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Flex Ltd.'s operating margin?
Flex Ltd. (FLEX) had an operating margin of 4.9% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Flex Ltd.'s net profit margin?
Flex Ltd. (FLEX) had a net profit margin of 3.1% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Flex Ltd.'s return on equity (ROE)?
Flex Ltd. (FLEX) has a return on equity of 17.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Flex Ltd.'s free cash flow?
Flex Ltd. (FLEX) generated $1.1B in free cash flow during fiscal year 2026. This represents a -1.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Flex Ltd.'s operating cash flow?
Flex Ltd. (FLEX) generated $1.7B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Flex Ltd.'s total assets?
Flex Ltd. (FLEX) had $22.1B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Flex Ltd.'s capital expenditures?
Flex Ltd. (FLEX) invested $633.0M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Flex Ltd.'s current ratio?
Flex Ltd. (FLEX) had a current ratio of 1.36 as of fiscal year 2026, which is considered adequate.
What is Flex Ltd.'s debt-to-equity ratio?
Flex Ltd. (FLEX) had a debt-to-equity ratio of 0.73 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Flex Ltd.'s return on assets (ROA)?
Flex Ltd. (FLEX) had a return on assets of 4.0% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Flex Ltd.'s P/E ratio?
Flex Ltd. (FLEX) trades at 45.5x earnings, its market capitalization divided by net income of $973.0M net income, trailing 12 months to June 26, 2026. The market capitalization is $44.3B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Flex Ltd.'s price-to-sales ratio?
Flex Ltd. (FLEX) trades at 1.5x sales, its market capitalization divided by revenue of $29.3B revenue, trailing 12 months to June 26, 2026. The market capitalization is $44.3B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Flex Ltd.'s Altman Z-Score?
Flex Ltd. (FLEX) has an Altman Z-Score of 3.41, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Flex Ltd.'s Piotroski F-Score?
Flex Ltd. (FLEX) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Flex Ltd.'s earnings high quality?
Flex Ltd. (FLEX) has an earnings quality ratio of 1.91x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Flex Ltd. cover its interest payments?
Flex Ltd. (FLEX) has an interest coverage ratio of 6.94x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Flex Ltd.?
Flex Ltd. (FLEX) scores 51 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.