| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 50 | 38.5x | 17.8x | Around median | |
Growth | 90 | 58.6% | 7.1% | Top tier | |
Quality | 59 | 10.5% | 4.5% | Around median | |
Safety | 68 | 0.8x | 2.6x | Top tier | |
Capital Return | 12 | — | 2.12% | Bottom tier | |
Momentum | 70 | 76.0% | 2.9% | Top tier | |
Sentiment | 42 | 4 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Sanmina operates as an integrated provider of electronic design, engineering, and manufacturing services, ranging from systems engineering and the manufacturing of high-technology printed circuit boards, mechanical components, and liquid cooling, to systems assembly and global fulfillment services. The company serves accelerated computing, general-purpose computing, storage, and high-performance networking platforms, as well as energy, medical, defense, aerospace, automotive products; the integration of ZT Systems has also expanded its ability to manufacture AI infrastructure systems at scale.
In fiscal Q3 2026, Sanmina reported, according to EDGAR, revenue of $3.5 billion and gross profit of $363.3 million, equivalent to a gross margin of approximately 10.4%, net income of $117.1 million, and earnings per share of $2.12. On a non-GAAP basis, revenue reported on the July 27, 2026 call was approximately $3.46 billion, operating margin was 8%, diluted earnings per share were $3.31, and operating cash flow was $124.5 million.
Communications, networks, cloud infrastructure, and AI represented 62% of fiscal Q3 2026 revenue, or $2.148 billion, compared with 38%, or $1.316 billion, for the remaining industrial, energy, medical, defense, aerospace, automotive, and transportation markets. IMS revenue was approximately $2.96 billion, including $1.1 billion from ZT Systems, while CPS revenue was approximately $546 million; IMS revenue increased 79.4% and CPS revenue increased 29.2% year over year.
The analyst consensus on SANM is Neutral, with an average price target of $131 and a wide range between $62 and $200; the average and highest target are below the top of the 52-week range of $288.68, while the bottom of the range is $110.44. The wide spread in targets indicates significant differences in estimates of the impact of integrating ZT Systems, the timing of the ramp in accelerated computing revenue, and the sustainability of margins, particularly with long-term operating margin guidance between 6% and 7% after recording 8% in fiscal Q3 2026.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Revenue reached $3.46 billion in fiscal Q3 2026, an increase of 69.7% year over year, and came in at the high end of the company's guidance. Core Sanmina grew 17% to $2.4 billion, while ZT Systems added approximately $1.1 billion. Communications, networks, cloud infrastructure, and AI also represented 62% of revenue and grew 173.2% year over year.
ZT Systems generated $1.1 billion in revenue in fiscal Q3 2026 and contributed to increasing IMS revenue to $2.96 billion. Sanmina uses ZT Systems' large-scale systems integration capabilities alongside its expertise in subcomponents and vertical manufacturing. Management stated on the July 27, 2026 call that it had secured additional orders from hyperscale computing customers and original equipment manufacturers, and that the new accelerated computing program would begin contributing in fiscal Q1 2027.
The company manufactures solutions that include accelerated computing, storage, high-performance networking, system enclosures, advanced printed circuit boards, and liquid cooling. Management confirmed its collaboration with AMD on pre-production activities and also identified Cerebras as an additional platform at Core Sanmina. Communications, networks, cloud infrastructure, and AI revenue reached $2.148 billion in fiscal Q3 2026, an increase of 173.2% year over year.
Automated analysis for informational purposes only — not investment advice.
Non-GAAP gross margin reached 10.7%, up 160 basis points year over year, while operating margin reached 8%, an increase of 230 basis points. This improvement was supported by business mix, non-recurring product-launch engineering services, and cost discipline. However, management expects an operating margin between 7.5% and 8% in fiscal Q4 2026 and indicated a longer-term range between 6% and 7%.
Cash and cash equivalents reached $1.84 billion at the end of fiscal Q3 2026, and available liquidity reached approximately $4 billion, with the $1.5 billion revolving credit facility undrawn. In contrast, inventory net of customer advances increased 87.2% year over year to $2.2 billion, and management expects working capital to increase ahead of production expansion. Operating cash flow was $124.5 million, but free cash flow was limited to $23.6 million after capital expenditures of $100.9 million.
The company expects revenue between $14.0 billion and $14.3 billion and non-GAAP diluted earnings per share between $11.90 and $12.20 in fiscal 2026. At the midpoint of the range, management expects Core Sanmina growth of 12.6% and earnings per share of approximately $12.05, an increase of approximately 100% year over year. It also confirmed on the July 27, 2026 call its confidence in exceeding $16 billion in revenue in fiscal 2027, with higher growth expected in the second half of fiscal 2027.
