# Flex Ltd. Ordinary Shares (FLEX) — Stock CV

Flex Ltd. is a $44.3B technology company. Revenue grew 12.2% over the last year, it keeps 3¢ of every dollar of sales as profit, and its net debt equals ~2.5 years of free cash flow. It trades at 45.5× earnings — near the highest of its own history.

> Flex Ltd is the developed, end-to-end manufacturing partner of choice that helps a diverse customer base design, build, deliver and manage products that improve the world.

## Identity

- **Ticker**: FLEX
- **Sector**: Technology
- **Industry**: Printed Circuit Boards
- **Headquarters**: AUSTIN, TX
- **Employees**: 149 686
- **Website**: https://www.flex.com
- **Market cap**: $44.3B
- **Last price**: $120.00
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $29.3B
- **Net income**: $973M
- **Free cash flow**: $826M
- **Net debt**: $2.08B
- **P/E**: 45.5
- **Revenue growth (YoY)**: 12.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 30 |
| Growth | 51 |
| Profitability | 35 |
| Health | 68 |
| Quality | 87 |
| Moat | 28 |

## Qualifications (beginner checklist) — 10 of 10 passed

- [x] Revenue growing — +12.2% YoY
- [x] Profitable — $973M TTM
- [x] Profit growing — +10.7% YoY
- [x] Generates cash — $826M TTM
- [x] Debt under control — ~2.5y of cash flow to repay
- [x] Established company — $44.3B market cap
- [x] Not printing shares — -25.3% shares over ~5y
- [x] Proven track record — 11/11 profitable years
- [x] Financially stable — Altman Z 2.1 — grey
- [x] Valuation not extreme — P/E 45.5

## Experience (career milestones)

- **FY2024** — Best year on record: $1.01B net income
- **FY2022** — Positive free cash flow every year since: 5-year streak
- **FY2016** — Profitable every year on record: 11 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $24.4B in first reported year
- **2015** — Flex, acquired Wink smart home platform to bring the Intelligence of Things "Home"
- **2014** — Elementum was spun off from Flextronics as its own separate entity
- **2007** — The acquisition of Solectron was completed by end of October 2007, earlier than anticipated
- **2006** — Flextronics took over a part of the production of Lego, but in 2009 Lego decided to end relations with…
- **1993** — The company received venture capital funding through Sequoia Capital
- **1990** — The company was renamed Flextronics International, Ltd. and moved to Singapore

## Strengths

- Revenue growing 12.2% year over year
- Interest covered 6.4× by operating earnings

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $26.0B | $936M | $581M |
| FY2023 | $30.3B | $793M | $315M |
| FY2024 | $26.4B | $1.01B | $796M |
| FY2025 | $25.8B | $838M | $1.07B |
| FY2026 | $27.9B | $880M | $1.05B |

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Source: https://stockcv.com/FLEX — derived from company filings; may be delayed or incomplete. Information, not investment advice.