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FLEX LTD.

FLEX · Technology · $36.0B mkt cap · FY2026 filings · · Narrow moat ·

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The five investor questions

61

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $24.6B to $27.9B, increasing; diluted EPS 1.94 to 2.33, increasing.

16

Median gross margin 7.0% over 10y, stable.

73

Median ROIC 14.9%, above the 12% hurdle in 86% of years.

56

Net debt/EBITDA 0.7x, interest coverage 6x.

100

Owner earnings changed +11.9%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
257% above value if growth stopped today
$909M
$27.62
$41.16
$98.50
257% above value if growth stopped today

What today’s price assumes: owner earnings growing ~29%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. Flag status unavailable — four adjacent recent FY revenue observations are required.

Among the current top-score group, the median current price is 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 16, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 3% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

Fundamentals

We couldn't reach the fundamentals service just now, so we won't show a stale or guessed series for FLEX. Try again shortly.

Flagship explainer

How FLEX LTD. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$27.9B · 100%Cost of revenue$25.3B · 91%Gross profit$2.6B · 9%Operating income$1.4B · 5%Income before tax$1.1B · 4%Income tax$263M · 1%Net income$880M · 3%As of 2026-03-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$27.9B100%
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Cost of revenue$25.3B91%
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
$2.6B9%
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
$1.4B5%
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Income before tax$1.1B4%
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Income tax$263M1%
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
$880M3%
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
· event Mar 31, 2026 · retrieved Oct 16, 2026 · annual-row source set
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Flagship explainer

What FLEX LTD. owns — and owes

FLEX LTD.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$22.1B100%
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Cash and equivalents$2.4B11%
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
$3.8B17%
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Stockholders’ equity$5.1B23%
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
· event Mar 31, 2026 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What drives FLEX LTD.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity17%Tax burden77%net income ÷ pretax incomeInterest burden84%pretax ÷ operating incomeOperating margin5%operating income ÷ revenueAsset turnover1.38×revenue ÷ average assetsEquity multiplier3.99×average assets ÷ average equityAs of 2026-03-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$880MFY2026
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Income before tax$1.1BFY2026
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Operating income$1.4BFY2026
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
$27.9BFY2026
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Ending assets$22.1BFY2026
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Beginning assets$18.4BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
$5.1BFY2026
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
$5.0BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Source: · event Mar 31, 2026 · retrieved Oct 16, 2026 · annual-row source set
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Flagship explainer

Where FLEX LTD.'s cash went

FLEX LTD.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$1.7B100%
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Depreciation and amortization$525M31%
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0000866374-26-000012 · filed May 20, 2026
· event Mar 31, 2026 · retrieved Oct 16, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding FLEX LTD.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

1 holding0 exited17 not holding18/19 resolved1 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
First Eagle33,136 shares$5.4M · 0% of eligible reported 13FAdded to position · +12,964 shares (64%)
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
Dodge & CoxNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Mairs & PowerNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Oakmark / Harris AssociatesNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
37 SEC filings
  1. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  2. 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
  3. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  4. 13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
  5. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  6. 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
  7. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  8. 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
  9. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  10. 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
  11. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  12. 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
  13. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  14. 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
  15. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  16. 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
  17. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  18. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  19. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  20. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  21. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
  22. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
  23. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
  24. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  27. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  28. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
  29. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
  30. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
  31. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  32. 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
  33. 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  35. 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
  37. 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
· event Jun 30, 2026 · retrieved Oct 16, 2026

Flagship explainer

What FLEX LTD. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

28 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale61.0 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Oct 16, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for FLEX.

Technology context

#184 of 752 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #182MKTW MarketWise, Inc.61.5Narrow moat
  2. #183ENS EnerSys61.3Narrow moat
  3. #185LIF Life360, Inc.60.9Narrow moat
  4. #186NXPI NXP Semiconductors N.V.60.8Narrow moat

Compare FLEX with its nearest peers →All Technology companies on the Index →

Common questions about FLEX

Does FLEX LTD. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores FLEX LTD. (FLEX) 61.0 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 61, pricing power 16, returns on capital 73, balance-sheet safety 56, capital allocation 100.
Is FLEX trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $27.62 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $98.50, that is 257% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has FLEX's Moat Score changed over time?
The record logs 28 readings since Jul 17, 2026; the latest reads 61.0 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FLEX. See the disclaimer.