Flex (FLEX) stock
Information Technology · Electronic Manufacturing Services
Flex (FLEX) is an Electronic Manufacturing Services company in the Information Technology sector, headquartered in Austin, Texas. As of October 23, 2026, FLEX closed at $76.55, a market capitalization of $28.28 billion, the 331st largest company in the S&P 500. Over the last twelve months it generated $29.27 billion in revenue (+21% year over year) and $1.05 billion in free cash flow. The stock trades at 33.3x trailing earnings and 10.4x forward earnings.
- 1-year total return: +19.8% (dividends reinvested)
- 5-year return: +40.3% a year
- 52-week range: $53.07 – $166.86
- Gross margin 9.5%, operating margin 5.0%
- FI Handbook report card: B- across 10 metrics
- 57th largest of 75 Information Technology stocks in the S&P 500
FLEX price chart
1Y price change: +19.8% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| FLEX | -31.8% | +26.7% | +19.8% | +62.4% | +40.3% | +22.1% | +13.1% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1994.
FLEX key statistics
- Market cap
- $28.3B
- #331 in S&P 500
- P/E (TTM)
- 33.3x
- Forward P/E
- 10.4x
- EPS (TTM)
- $2.30
- Revenue (TTM)
- $29.3B
- +21%
- Free cash flow
- $1.1B
- Gross margin
- 9.5%
- Operating margin
- 5.0%
- Return on equity
- 18.4%
- Dividend yield
- None
- 52-week range
- $53.07 – $166.86
- Beta
- 1.66
- Price / sales
- 1.0x
- EV / EBITDA
- 14.8x
- Debt / equity
- 1.08x
- Employees
- 149,686
FLEX report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth20.6%A
- Gross margin9.5%F
- Operating margin5.0%D
- FCF margin3.6%D
- Return on equity18.4%B
- Net debt / EBITDA1.5xC
- Forward P/E10.4xA
- PEG ratio0.9xA
- Shareholder yield3.3%B
- Share count change / yr-10.9%A
Flex financials
Revenue went from $23.9B in fiscal 2017 to $27.9B in fiscal 2026, growing 1.8% a year.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.9B | $25.4B | $26.2B | $24.2B | $24.1B | $24.6B | $28.5B | $26.4B | $25.8B | $27.9B |
| Gross profit | $1.5B | $1.6B | $1.5B | $1.3B | $1.7B | $1.8B | $2.0B | $1.9B | $2.2B | $2.6B |
| Operating income | — | — | — | $415.0M | $795.0M | $890.0M | $1.0B | $853.0M | $1.2B | $1.4B |
| Net income | $319.6M | $428.5M | $93.0M | $88.0M | $613.0M | $936.0M | $793.0M | $1.0B | $838.0M | $880.0M |
| EPS (diluted) | $0.44 | $0.60 | $0.14 | $0.13 | $0.91 | $1.94 | $1.72 | $2.28 | $2.11 | $2.33 |
| Free cash flow | -$4.3B | -$4.4B | -$3.7B | -$2.0B | -$207.0M | $581.0M | $315.0M | $796.0M | $1.1B | $1.1B |
| Buybacks | $349.5M | $180.1M | $189.0M | $260.0M | $183.0M | $686.0M | $337.0M | $1.3B | $1.3B | $944.0M |
| Diluted shares | 724.8M | 712.1M | 703.3M | 679.4M | 671.5M | 483.0M | 462.0M | 441.0M | 398.0M | 378.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into FLEX?
A reverse DCF asks what growth the current price requires. With an enterprise value of $31.4B and $1.1B of trailing free cash flow, Flex needs to grow free cash flow about 20.7% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 32.9x vs. median 17.5x (10th–90th percentile 8.9x–72.1x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
FLEX analyst price targets
10 analysts' average 12-month target is $158.90 (+108% vs. $76.55). Targets range from $135.00 to $180.00. 100% rate it a buy.
FLEX earnings
Next report: October 28, 2026. Flex has beaten EPS estimates 8 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 29, 2026 | $0.92 | $1.00 | +8.9% |
| May 5, 2026 | $0.88 | $0.93 | +6.1% |
| Feb 4, 2026 | $0.79 | $0.87 | +10.5% |
| Oct 29, 2025 | $0.76 | $0.79 | +4.3% |
| Jul 24, 2025 | $0.64 | $0.72 | +12.3% |
| May 7, 2025 | $0.69 | $0.73 | +5.2% |
| Jan 29, 2025 | $0.63 | $0.77 | +21.8% |
| Oct 30, 2024 | $0.56 | $0.64 | +14.3% |
Stocks like FLEX
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 TEL TE Connectivity | -0.18% | -10% | $60.2B | 20.4x | Compare |
 JBL Jabil | +2.45% | +33% | $28.2B | 28.1x | Compare |
 NVDA NVIDIA | -0.59% | +16% | $5.1T | 26.7x | Compare |
 AAPL Apple | -0.14% | +34% | $5.1T | 39.9x | Compare |
 MSFT Microsoft | +0.66% | +2% | $3.9T | 29.2x | Compare |
 AVGO Broadcom | -0.48% | -6% | $1.5T | 42.9x | Compare |
 MU Micron Technology | +2.46% | +325% | $992.9B | 11.8x | Compare |
 AMD Advanced Micro Devices | +1.74% | +120% | $843.6B | 131.8x | Compare |
FLEX news
- Flex Earnings Preview: What to Expect · Oct 23, 2026
- Can EPC Power Acquisition Boost Flex's AI Infrastructure Growth? · Oct 20, 2026
- Top Midday Decliners · Oct 14, 2026
- Flex Completes Acquisition of EPC Power, Expanding Power Conversion Capabilities for AI Data Centers and Grid Applications · Oct 14, 2026
- Why Flex (FLEX) Shares Are Getting Obliterated Today · Oct 13, 2026
FLEX stock FAQ
What is FLEX's market cap?
Flex's market capitalization is $28.28 billion as of October 23, 2026, ranking 331st in the S&P 500.
What is FLEX's P/E ratio?
FLEX trades at a trailing price-to-earnings ratio of 33.3x and a forward P/E of 10.4x. Its median P/E over the period we track is 17.5x.
Does FLEX pay a dividend?
No. Flex does not currently pay a regular cash dividend.
How much has FLEX stock returned?
Including reinvested dividends, FLEX returned +19.8% over one year, +40.3% a year over five years, +22.1% a year over ten years through October 23, 2026.
Is FLEX stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Flex must grow free cash flow about 21% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the FLEX price target?
10 analysts cover FLEX with an average 12-month price target of $158.90, +108% from the current price. 100% of them rate it a buy.
When does FLEX report earnings?
Flex is expected to report earnings on October 28, 2026. It has beaten EPS estimates 8 quarters in a row.
How many employees does Flex have?
Flex has about 149,686 full-time employees, or $195,523 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology