FLEX
Flex Ltd.
FLEX's fundamentals are strong, but it looks expensive: trading at 28x earnings, about twice its usual 16x. Analysts expect strong earnings growth.
FLEX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Under pressure | |
| Healthy |
FLEX's revenue, profitability and balance sheet are currently healthy, but its cash flow is under pressure.
FLEX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $31.01 | -60% |
| Forward | 13x | $78.12 | — |
| Fair | 16x | $43.16 | -45% |
| Current | 28x | $78.12 | — |
| Expensive | 29x | $81.26 | +4% |
Historical ranges are pointers, not guarantees.
FLEX's PE is in its expensive range at 28x. If earnings grow as analysts expect, today's price would be 13x next year's earnings, in its cheap range.
FLEX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for FLEX, with profitability improving.
FLEX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.25 | +126% |
| Q3 2026 | $2.77 | +23% |
| Q2 2026 | $2.59 | +14% |
| Q1 2026 | $2.33 | +9.9% |
| Q4 2025 | $2.23 | -10% |
| Q3 2025 | $2.26 | 0% |
| Q2 2025 | $2.28 | +2.2% |
| Q1 2025 | $2.12 | -7.8% |
| Q4 2024 | $2.48 | +47% |
FLEX earned $2.77 per share over the past year, up 23% from the year before.
FLEX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $8.5B | +25% |
| Q2 2026 | $7.9B | +21% |
| Q1 2026 | $7.5B | +17% |
| Q4 2025 | $7.1B | +7.7% |
| Q3 2025 | $6.8B | +4% |
| Q2 2025 | $6.6B | +4.1% |
| Q1 2025 | $6.4B | +3.7% |
| Q4 2024 | $6.6B | -7.7% |
FLEX's revenue has grown year over year for seven quarters in a row: $8.5B last quarter, up 25% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 4.9% | +0.5 points |
| Q2 2026 | 4.9% | +0.2 points |
| Q1 2026 | 5% | +0.2 points |
| Q4 2025 | 5.5% | +0.4 points |
| Q3 2025 | 4.3% | -0.2 points |
| Q2 2025 | 4.7% | +1 points |
| Q1 2025 | 4.8% | +2.2 points |
| Q4 2024 | 5.1% | +0.2 points |
FLEX's operating margin was 4.9% last quarter, up 0.5 points from the same quarter a year ago.
FLEX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $260M | -14% |
| Q2 2026 | $40M | -85% |
| Q1 2026 | $211M | -34% |
| Q4 2025 | $272M | -9.6% |
| Q3 2025 | $303M | +40% |
| Q2 2025 | $266M | +16% |
| Q1 2025 | $321M | -46% |
| Q4 2024 | $301M | +95% |
FLEX still generates free cash flow, though less than at its 2024 peak: $783M over the past year.
FLEX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -1.6% | -6M shares |
| 3 years | -17% | -74M shares |
| 5 years | -23% | -113M shares |
| Available history | -27% | -136M shares |
FLEX has 374M diluted shares, down 1.6% from a year ago, with $400M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $200M |
| Q4 2025 | $200M |
| Q3 2025 | $297M |
| Q2 2025 | $247M |
| Q1 2025 | $299M |
| Q4 2024 | $201M |
FLEX spent $400M buying back its own shares over the past year, down 62% from the year before.
FLEX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.0x | Healthy |
| Q2 2026 | 1.2x | Healthy |
| Q1 2026 | 0.7x | Very low |
| Q4 2019 | 1.9x | Healthy |
FLEX's net debt is about a year of its operating earnings (EBITDA).
FLEX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.1 | Neutral |
| Stochastic | 15.8 | Oversold |
FLEX's weekly RSI is 39 (neutral) and its Stochastic is 16 (oversold).
FLEX PE vs Technology Sector
| Metric | FLEX | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 28x | 1.2% above |
| PE % | 80 | 35 | 45 pts above |
FLEX is trading at 28x earnings, in line with the Technology sector's median of 28x.
FLEX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $94.1 | 17% below |
| 20 week MA | $109.0 | 28% below |
| 50 week MA | $96.6 | 19% below |
| 100 week MA | $71.6 | 9.2% above |
| 200 week MA | $49.6 | 57% above |
FLEX has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 57% above its 200-week average.
FLEX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.7 | $18.2 | +43% |
| 2021 | $18.2 | $17.8 | -2.1% |
| 2022 | $17.8 | $21.5 | +21% |
| 2023 | $21.5 | $22.2 | +3.2% |
| 2024 | $22.2 | $39.1 | +77% |
| 2025 | $39.1 | $63.3 | +62% |
| 2026 YTD | $63.3 | $78.1 | +23% |
FLEX has finished higher in five of the last six years, two of them by more than 50%. It's up 23% so far in 2026.