FLEX
Flex Ltd.
FLEX's outlook is improving, though it still trails on the overall score.
MU
Micron Technology, Inc.
MU has the edge over FLEX overall, supported by stronger valuation and stronger fundamentals.
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.
MU Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
MU's revenue, profitability, cash flow and balance sheet are all currently strong.
FLEX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $31.01 | -60% |
| Forward | 12x | $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 12x next year's earnings, in its cheap range.
MU PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 4.6x | $798 | — |
| Cheap | 10x | $777 | -2.7% |
| Current | 11x | $798 | — |
| Fair | 22x | $1,646 | +106% |
| Expensive | 32x | $2,404 | +201% |
Historical ranges are pointers, not guarantees.
MU has the edge over FLEX in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
MU Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Broad | |
| Moderate |
Analysts expect strong earnings and revenue growth for MU, with profitability improving.
FLEX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.28 | +127% |
| 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.
MU Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $174.95 | +135% |
| Q3 2026 | $74.33 | +879% |
| Q2 2026 | $44.17 | +693% |
| Q1 2026 | $21.18 | +405% |
| Q4 2025 | $10.52 | +201% |
| Q3 2025 | $7.59 | +984% |
| Q2 2025 | $5.57 | +$6.99 |
| Q1 2025 | $4.19 | +$7.64 |
| Q4 2024 | $3.49 | +$9.77 |
MU has the edge over FLEX on earnings, with more consistent year-over-year improvement.
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.
MU Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $54.2B | +379% |
| Q2 2026 | $41.5B | +346% |
| Q1 2026 | $23.9B | +196% |
| Q4 2025 | $13.6B | +57% |
| Q3 2025 | $11.3B | +46% |
| Q2 2025 | $9.3B | +37% |
| Q1 2025 | $8.1B | +38% |
| Q4 2024 | $8.7B | +84% |
MU has the edge over FLEX on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 81% | +48 points |
| Q2 2026 | 80% | +57 points |
| Q1 2026 | 68% | +46 points |
| Q4 2025 | 45% | +20 points |
| Q3 2025 | 32% | +13 points |
| Q2 2025 | 23% | +13 points |
| Q1 2025 | 22% | +19 points |
| Q4 2024 | 25% | +49 points |
MU has the edge over FLEX on profitability, with a higher operating margin.
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.
MU Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $32.9B | +45543% |
| Q2 2026 | $17.6B | +951% |
| Q1 2026 | $5.5B | +$5.6B |
| Q4 2025 | $3B | +7853% |
| Q3 2025 | $72M | -75% |
| Q2 2025 | $1.7B | +322% |
| Q1 2025 | -$113M | +$52M |
| Q4 2024 | $38M | +$433M |
MU has the edge over FLEX on cash flow, with more consistent year-over-year improvement.
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 the edge over MU on shareholder dilution, with a more favorable share count trend.
| 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.
MU Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -2M shares |
| 1 year | +1.6% | +18M shares |
| 3 years | +4.6% | +50M shares |
| 5 years | +0.2% | +2M shares |
| Available history | +1.2% | +14M shares |
MU has 1.1B diluted shares, up 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $350M |
| Q4 2025 | $300M |
| Q3 2024 | $300M |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
MU has spent almost nothing on buybacks in the past year.
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).
MU Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.1x | Net Cash |
| Q4 2025 | 0.1x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2025 | 0.3x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
MU has the edge over FLEX on leverage, with a lower net debt burden relative to earnings.
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).
MU Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.1 | Neutral |
| Stochastic | 26.9 | Neutral |
MU's weekly RSI is 47 (neutral) and its Stochastic is 27 (neutral).
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.
MU PE vs Technology Sector
| Metric | MU | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 28x | 61% below |
| PE % | 18 | 35 | 17 pts below |
MU has the edge over FLEX on valuation relative to its sector.
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.
MU Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $914.5 | 13% below |
| 20 week MA | $931.0 | 14% below |
| 50 week MA | $685.9 | 16% above |
| 100 week MA | $405.4 | 97% above |
| 200 week MA | $246.0 | 225% above |
MU has the edge over FLEX on trend strength, trading above more of its moving averages.
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.
MU Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $54.0 | $70.6 | +31% |
| 2021 | $70.6 | $94.4 | +34% |
| 2022 | $94.4 | $50.2 | -47% |
| 2023 | $50.2 | $85.3 | +70% |
| 2024 | $85.3 | $88.6 | +3.9% |
| 2025 | $88.6 | $284.8 | +221% |
| 2026 YTD | $284.8 | $798.4 | +180% |
MU has the edge over FLEX on returns for 2026, with the stronger performance.