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Flex Ltd. (FLEX)

割高
TechnologyElectronic ComponentsUnited States

ファンダメンタル

53

株価

$109.99

時価総額

$41.52B

パート1 · 企業の価値

概要

Flex designs and manufactures electronic products on behalf of other companies, taking a customer's design and turning it into finished hardware at scale across a global network of factories. Its customers span data-center servers, medical devices, cars, home appliances and consumer electronics, so Flex succeeds or fails less on any product of its own and more on how well it manages capacity, components and quality across an enormous range of unrelated industries at once.

収益の仕組み

Flex is paid to build what customers design, so revenue is booked as products ship, and margins are thin because it competes on manufacturing cost and reliability rather than on owning the underlying product. Grouping customers into two segments — data center and communications hardware on one side, industrial, automotive and health devices on the other — lets Flex balance a fast-growing but lower-margin cloud infrastructure business against a smaller but steadier industrial one.

セグメント別売上高

Flex Agility Solutions54.7%

Data-center, cloud and communications infrastructure, plus manufacturing of consumer devices, household appliances and power tools.

Flex Reliability Solutions45.3%

Industrial equipment, automotive components and medical device manufacturing, where quality and long product lifecycles matter more than speed.

競争優位性(moat)

規模の経済 · 狭い

Running factories, supply relationships and engineering teams across dozens of countries gives Flex purchasing power and manufacturing flexibility that a smaller contract manufacturer cannot match, which helps it win large, complex programs. That scale advantage is shared with a handful of similarly sized rivals, so it lowers costs without giving Flex pricing power over its customers, who can and do move production between competing manufacturers.

需要を左右する要因

景気循環型

Demand tracks the capital spending and inventory cycles of Flex's own customers across very different industries, from cloud data-center buildouts to car production, so a slowdown in any one end market shows up quickly in orders. Customers also adjust their own inventory levels ahead of demand shifts, which can amplify swings in what Flex is asked to build well beyond the change in underlying consumer demand.

主なリスク

  • Concentration among top customers — The ten largest customers make up a significant share of sales, and the loss of a major program, or a customer bringing manufacturing in-house, would leave a gap that is not easily replaced quickly.
  • Thin, cost-driven margins — Flex competes largely on manufacturing cost and execution rather than owning proprietary products, which keeps margins thin and makes profitability sensitive to component costs and factory utilization.
  • Supply chain and demand volatility — Component shortages, logistics disruptions and rapid swings in customer demand have historically caused excess or obsolete inventory and higher costs, since customer commitments are often short-term.

顧客集中度

主要顧客が売上高の45%を占める

The ten largest customers together accounted for about 45% of net sales, with no single customer above 10%, so the risk is spread across a handful of large programs rather than concentrated in one buyer.

強気材料

Buyers argue that Flex's shift toward higher-value data-center and cloud infrastructure work is lifting margins beyond a traditional contract manufacturer's, and that its scale and diversified end markets let it win large programs that smaller rivals cannot service.

弱気材料

Sellers fear that Flex remains a low-margin manufacturer whose customers hold most of the bargaining power and can shift production elsewhere, and that demand swings across so many unrelated end markets make results harder to forecast than the segment mix suggests.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users

P/E: 36.0Score: 73Market cap: $33.42B

The closest peer to Flex in size and breadth: both bid for the same large OEM outsourcing programmes across healthcare, automotive, industrial and data-centre hardware, offering design, manufacturing and supply-chain services from a comparable global plant network.

P/E: 37.6Score: 78Market cap: $42.95B

Competes head-on for the cloud and communications infrastructure work that is now Flex's fastest-growing business, building servers, switches and power systems for the same hyperscale and networking customers.

P/E: 38.4Score: 71Market cap: $11.52B

A US-based contract manufacturer chasing the same regulated and high-complexity programmes as Flex — medical devices, defence and aerospace, industrial and communications equipment — with its own printed-circuit and backplane capacity.

P/E: 38.5Score: 73Market cap: $6.95B

Targets the same regulated healthcare, industrial and aerospace/defence customers with combined product design and manufacturing services, competing with Flex on engineering capability rather than price per unit.

Hon Hai Precision Industry Co., Ltd. (鴻海精密工業股份有限公司), known as FoxconnNot tracked

The world's largest contract manufacturer, bidding against Flex for the highest-volume consumer electronics and AI server assembly contracts with the same tier-one OEMs, and able to undercut on scale.

Benchmark Electronics, Inc.BHE

Competes for the same engineering-intensive, low-volume/high-mix accounts in medical, aerospace and defence, and semiconductor capital equipment where Flex sells design plus manufacturing rather than pure assembly.

貸借対照表と流動性

売上高

$29.27B

直近12か月(2026/6/26まで)

純利益

$973M

直近12か月(2026/6/26まで)

フリーキャッシュフロー

$1.05B

自己資本合計

$5.14B

負債合計

$16.92B

流動比率

1.38

利払い倍率

6.47

負債/EBITDA

2.79

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース割高

適正価値

$86.15

現在株価

$109.99

安全マージン

-27.7%

適正価値レンジ

$56.00 - $116.30

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$160.50
ディスカウンテッド・キャッシュフロー(DCF):$44.44
利益倍率(P/E):$51.27
グレアムの成長公式:$83.28
収益力価値(EPV):$21.43
正当化されたP/B:$8.39
配当割引モデル(ゴードン):算出に必要なデータが不足しています
P/FFO(運用から生まれる資金):算出に必要なデータが不足しています
中間サイクル利益:$69.20
売上高倍率:$399.42
アナリスト・コンセンサス:強い買い (18B / 2H / 0S)
直近の決算サプライズ:+7.82%

バリュエーション指標

P/E レシオ

42.47

ROE

17.1%

P/B レシオ

7.39

P/FCF

49.19

粗利益率

9.4%

ROIC

9.6%

収益性レーダー

価値創造(経済的モート)

ROIC

9.6%

WACC

12.9%

ROIC − WACC

-3.3 pp

ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。

ファンダメンタル分析基準

合格(15)

  • EPS shows upward trend
  • Price CAGR 26.36%
  • ROIC 9.6%
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 9.5%
  • Analyst Consensus 90% Buy
  • Earnings Surprise avg 5.8%
  • Earnings Quality (OCF/NI) 1.61
  • Share Dilution -4.9%
  • Piotroski F-Score 6/9

不合格(11)

  • Gross Margin 9.4%
  • P/FCF 49.19
  • P/B Ratio 7.39
  • Operating Margin 5.0%
  • CapEx intensity
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Revenue Growth 5Y 3.0%
  • PEG Ratio 3.07
  • Net Margin Trend 3.3% vs 3.4%

データなし(1)

  • Dividend Payout NaN%

Piotroski F-スコア

6/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

1.61

高品質:利益はキャッシュに裏付けられている

株式希薄化

-4.9%

株式を買い戻している。株主に友好的

機関投資家の保有

この企業について機関投資家の報告はありません。

ガバナンス

経営陣

氏名役職年齢
Ms. Revathi AdvaithiCEO & Director57
Mr. Michael P. HartungPresident & Chief Commercial Officer57
Mr. Kevin S. KrummChief Financial Officer51
Mr. Kwanghooi TanChief Operating Officer48
Mr. D. Scott OfferExecutive VP & General Counsel60
Mr. Daniel J. WendlerSenior VP & Chief Accounting Officer58
Ms. Michelle SimmonsSenior Vice President of Global Investor Relations & Public Relations-
Mr. Xavier F. BozaChief Human Resources Officer60
Mr. Paul BaldassariPresident of Manufacturing & Services-
Mr. Mike ThoenyPresident of Automotive Business-

監査リスク

1

取締役会リスク

5

報酬リスク

10

株主権利リスク

8

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-05-20

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-07-31

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-15

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for FLEX, sourced from Markets Gazette.

  • 5/11/2026POSITIVE
    Flex CEO Bets Big On AI

    Flex CEO Revathi Advaithi is stepping down to lead the company's AI infrastructure spinoff, a business valued at $6.5 billion. Advaithi believes the opportunity extends beyond AI data centers, representing a fundamental, long-term transformation in power, cooling, and the electrical grid. This strategic pivot signals strong confidence in the growth potential and future impact of Flex's AI-focused division, potentially unlocking significant value for shareholders and positioning the company at the forefront of technological evolution.

  • 5/7/2026NEUTRAL
    Flex Announces Spin-Off of Cloud, Power Infrastructure Unit

    Flex Ltd. CEO Revathi Advaithi discussed the company's earnings and its role in supporting hyper-scalers' data center capacity needs during an appearance on Bloomberg Businessweek Daily. The company is also reportedly considering a spin-off of its cloud and power infrastructure unit. While the earnings discussion and data center support suggest ongoing business activity, the potential spin-off introduces strategic uncertainty. Investors will be watching for further details on the proposed separation and its impact on Flex's future structure and profitability.

  • 5/6/2026POSITIVE
    Why Is Flex Stock Trending Overnight?

    Flex Ltd. shares surged 17.17% in after-hours trading, propelled by outstanding fiscal 2026 results. The company reported record earnings per share and revenue, significantly surpassing analyst expectations. Furthermore, Flex provided an optimistic outlook for fiscal 2027, signaling continued growth and profitability. This strong performance and positive guidance suggest robust operational execution and increasing market demand for Flex's offerings, making it an attractive prospect for investors.

via Markets Gazette