SANMSanmina Corporation
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (2.4×).
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
A balanced mix of margins, efficiency, and leverage. ROE 10% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is SANM?
Sanmina Corporation earns 14% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 4.6 points above what the capital costs: growth creates value
- Operating margin
- 4.2%
Operating margin · Electronic Components median 8.4% · 12 months to Q3 2026
- Cash conversion
- 2.38×
Cash conversion · 1.62× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +1.2%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 3.1% |
| FY2021 | 3.8% |
| FY2022 | 4.4% |
| FY2023 | 5.1% |
| FY2024 | 4.4% |
| FY2025 | 4.4% |
Details›
- Gross margin12 months to Q3 2026
- 9.0%
- Operating margin12 months to Q3 2026
- 4.2%
- Net margin12 months to Q3 2026
- 2.4%
- Free cash flow margin
- 4.7%
- R&D as % of revenue
- 0.26%
- Revenue, trailing twelve months
- $12.8B
- Free cash flow, trailing twelve months
- $594M
- Net income, trailing twelve months
- $308M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 14%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Electronic Components
Ranks #7 of 25 by RyuScore