SANMINA CORP
SANM · Printed Circuit Boards · 53.6M shares · -4%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $129M (gross $179M, SBC $50M)
Reference price $265.73 · est. market cap ~$14.2B — last insider sale, 2026-05-29 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60EMS contract manufacturer with thin (structural) margins but steady growth and solid free cash flow.
Strengths
- Steady growth and earnings — revenue +7.4%, net income +10.5% (65th)
- Solid free cash flow — FCF $473.3M (75th)
- Diversified industrial/medical/defense/cloud end-markets — qualitative (per 10-K)
Risks
- Thin margins — gross margin 8.8%, net margin 3.0% — structural to EMS
- End-market and customer-demand cyclicality per risk factors — qualitative (per 10-K)
- Modest returns — qualitative (per 10-K)
Notable findings
- Customer concentration~80% of revenue from one customer/distributor — Our only reportable segment for financial reporting purposes is IMS, which represented approximately 80% of our total revenue in 2025
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Buying back stockNet buyback — share count -4%/yr over 4y
- Strong balance sheetStrong balance sheet — $926M cash & investments
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 17 open-market sale(s) by 8 insider(s) (cluster of 8 insiders, ~$43M, last 6mo) Form 4 ↗
- China exposureany statements regarding the future impact of tariffs, export controls and evolving trade policies on our business; any statements relating to future tax rates and tax policies and our expectations co
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
8.8%
Operating margin
4.4%
Net margin
3.0%
Return on assets
4.2%
Revenue growth (QoQ)
25.8%
Net-income growth
10.5%
Net debt / EBITDA
-1.3×
Current ratio
1.7×
Free cash flow
$473M
EBITDA
$474M
Cash & investments
$926M
Stock comp / revenue
0.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-29 | Faust Jonathan P | Sell | 5.0K | $265.86 |
| 2026-05-29 | Faust Jonathan P | Sell | 5.0K | $265.73 |
| 2026-05-26 | REID ALAN McWILLIAMS | Sell | 5.0K | $254.39 |
| 2026-05-08 | REID ALAN McWILLIAMS | Sell | 1.0K | $248.60 |
| 2026-05-06 | SOLA JURE | Sell | 118K | $228.84 |
| 2026-05-04 | REID ALAN McWILLIAMS | Sell | 1.0K | $225.00 |
| 2026-05-01 | Hedley David V III | Sell | 500 | $219.52 |
| 2026-05-01 | REID ALAN McWILLIAMS | Sell | 1.0K | $218.17 |
| 2026-04-30 | Venkatesh Vishnu | Sell | 2.3K | $212.80 |
| 2026-04-29 | Licata Joseph G Jr | Sell | 17K | $213.26 |
| 2026-04-29 | Licata Joseph G Jr | Sell | 10K | $207.36 |
| 2026-04-15 | Venkatesh Vishnu | Tax withheld | 2.7K | $154.31 |
| 2026-03-16 | Loparco Michael J | Grant | 1.5K | $123.69 |
| 2026-03-16 | Sankaran Mythili | Grant | 1.5K | $123.69 |
| 2026-03-16 | PRABHU KRISH A | Grant | 1.5K | $123.69 |
| 2026-03-16 | Licata Joseph G Jr | Grant | 1.5K | $123.69 |
| 2026-03-16 | Loparco Michael J | Grant | 768 | $123.69 |
| 2026-03-16 | Hedley David V III | Grant | 1.5K | $123.69 |
| 2026-03-16 | BARNES SUSAN K | Grant | 1.5K | $123.69 |
| 2026-03-16 | Johnson Susan A | Grant | 1.5K | $123.69 |
| 2026-02-26 | REID ALAN McWILLIAMS | Sell | 1.5K | $160.64 |
| 2026-02-24 | Faust Jonathan P | Sell | 10K | $159.30 |
| 2026-02-24 | Hedley David V III | Sell | 1.0K | $162.31 |
| 2026-02-19 | Sankaran Mythili | Sell | 3.4K | $145.95 |
| 2026-02-13 | REID ALAN McWILLIAMS | Sell | 3.5K | $148.45 |
| 2026-02-05 | Mason Charlie | Sell | 13K | $147.21 |
| 2026-01-30 | Loparco Michael J | Buy | 700 | $142.46 |
| 2026-01-16 | Faust Jonathan P | Tax withheld | 11K | $177.44 |
| 2025-12-17 | Venkatesh Vishnu | Sell | 692 | $149.22 |
| 2025-12-16 | REID ALAN McWILLIAMS | Tax withheld | 1.5K | $146.84 |
| 2025-12-16 | Faust Jonathan P | Tax withheld | 2.2K | $146.84 |
| 2025-12-16 | Venkatesh Vishnu | Tax withheld | 808 | $146.84 |
| 2025-12-16 | Mason Charlie | Tax withheld | 1.7K | $146.84 |
| 2025-12-15 | SOLA JURE | Tax withheld | 81K | $158.17 |
| 2025-12-15 | Venkatesh Vishnu | Grant | 4.0K | $158.17 |
| 2025-12-15 | Faust Jonathan P | Grant | 15K | $158.17 |
| 2025-12-15 | Mason Charlie | Grant | 7.0K | $158.17 |
| 2025-12-15 | Mason Charlie | Tax withheld | 1.1K | $158.17 |
| 2025-12-15 | Mason Charlie | Tax withheld | 2.8K | $158.17 |
| 2025-12-15 | Mason Charlie | Grant | 13K | $158.17 |
| 2025-12-15 | Mason Charlie | Tax withheld | 6.1K | $158.17 |
| 2025-12-15 | REID ALAN McWILLIAMS | Grant | 7.0K | $158.17 |
| 2025-12-15 | REID ALAN McWILLIAMS | Tax withheld | 1.5K | $158.17 |
| 2025-12-15 | REID ALAN McWILLIAMS | Tax withheld | 2.3K | $158.17 |
| 2025-12-15 | REID ALAN McWILLIAMS | Grant | 11K | $158.17 |
| 2025-12-15 | REID ALAN McWILLIAMS | Tax withheld | 5.5K | $158.17 |
| 2025-12-15 | SOLA JURE | Tax withheld | 17K | $158.17 |
| 2025-12-15 | SOLA JURE | Grant | 162K | $158.17 |
| 2025-11-06 | SOLA JURE | Gift | 1.2K | — |
| 2025-08-29 | Johnson Susan A | Sell | 755 | $119.04 |
| 2025-05-29 | Johnson Susan A | Sell | 787 | $84.83 |
| 2025-05-08 | Venkatesh Vishnu | Sell | 3.2K | $80.71 |
| 2025-04-15 | Venkatesh Vishnu | Tax withheld | 1.8K | $76.55 |
| 2025-03-18 | Hedley David V III | Sell | 302 | $75.45 |
| 2025-03-17 | BARNES SUSAN K | Grant | 2.5K | $76.12 |
| 2025-03-17 | PRABHU KRISH A | Grant | 2.5K | $76.12 |
| 2025-03-17 | Hedley David V III | Grant | 2.5K | $76.12 |
| 2025-03-17 | Sankaran Mythili | Grant | 2.5K | $76.12 |
| 2025-03-17 | Loparco Michael J | Grant | 2.5K | $76.12 |
| 2025-03-17 | Licata Joseph G Jr | Grant | 2.5K | $76.12 |
| 2025-03-17 | Johnson Susan A | Grant | 2.5K | $76.12 |
| 2025-02-28 | Johnson Susan A | Sell | 333 | $81.66 |
| 2025-02-21 | ROSATI MARIO M | Sell | 11K | $86.02 |
| 2025-02-19 | REID ALAN McWILLIAMS | Sell | 4.3K | $90.81 |
| 2025-02-04 | REID ALAN McWILLIAMS | Sell | 2.2K | $87.31 |
| 2025-02-04 | DELANEY EUGENE A | Sell | 12K | $84.02 |
| 2025-01-31 | Mason Charlie | Sell | 13K | $83.91 |
| 2025-01-31 | REID ALAN McWILLIAMS | Sell | 3.5K | $84.30 |
| 2025-01-30 | DELANEY EUGENE A | Sell | 10K | $83.50 |
| 2025-01-16 | Faust Jonathan P | Tax withheld | 11K | $82.56 |
| 2024-12-31 | SOLA JURE | Grant | 240K | $75.67 |
| 2024-12-31 | SOLA JURE | Tax withheld | 122K | $75.67 |
| 2024-12-31 | Mason Charlie | Grant | 12K | $75.67 |
| 2024-12-31 | Mason Charlie | Tax withheld | 6.1K | $75.67 |
| 2024-12-31 | REID ALAN McWILLIAMS | Grant | 22K | $75.67 |
| 2024-12-31 | REID ALAN McWILLIAMS | Tax withheld | 11K | $75.67 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-04-27 | ResultsExhibits | filing ↗ |
| 2026-03-12 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-01-26 | ResultsExhibits | filing ↗ |
| 2026-01-12 | Acquisition/dispositionExhibits | filing ↗ |
| 2025-12-12 | Exec/director change | filing ↗ |
| 2025-11-03 | ResultsExhibits | filing ↗ |
| 2025-10-31 | Material agreement1.02Acquisition/dispositionDebt obligation3.02Exhibits | filing ↗ |
| 2025-10-27 | Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-04-27 | 2026-04-27 | 0000897723-26-000024 ↗ |
| 10-Q | 2026-04-27 | 2026-03-28 | 0000897723-26-000025 ↗ |
| 8-K | 2026-03-12 | 2026-03-09 | 0001104659-26-027057 ↗ |
| 10-Q | 2026-01-26 | 2025-12-27 | 0000897723-26-000015 ↗ |
| 8-K | 2026-01-26 | 2026-01-26 | 0000897723-26-000014 ↗ |
| 8-K/A | 2026-01-12 | 2025-10-27 | 0000897723-26-000004 ↗ |
| 8-K | 2025-12-12 | 2025-12-08 | 0001104659-25-120650 ↗ |
| 10-K | 2025-11-13 | 2025-09-27 | 0000897723-25-000042 ↗ |
| 8-K | 2025-11-03 | 2025-11-03 | 0000897723-25-000036 ↗ |
| 8-K | 2025-10-31 | 2025-10-27 | 0001104659-25-104927 ↗ |
| 8-K | 2025-10-27 | 2025-10-27 | 0001104659-25-102349 ↗ |
| 8-K | 2025-07-30 | 2025-07-29 | 0001104659-25-071964 ↗ |