Sanmina Corporation
- Open
- 185.82
- Day high
- 189.39
- Day low
- 184.93
- Prev close
- 187.67
- Volume
- 57K
- Mkt cap
- $10.0B
- P/E (TTM)
- 32.8
- EPS (TTM)
- $5.70
- P/B
- 3.9
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$24K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Sanmina Corporation (SANM) is a Technology company listed on NASDAQ. The stock is up 59% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering SANM.
Sanmina Corporation (SANM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SANM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 27, 2026 | $2.77 | $3.31 | +19.5% | $3.5B | +2.0% |
| Apr 27, 2026 | $2.42 | $3.16 | +30.6% | $4.0B | +22.2% |
| Jan 26, 2026 | $2.15 | $2.38 | +10.7% | $3.2B | -2.8% |
| Jan 27, 2025 | $1.35 | $1.44 | +6.7% | $2.0B | +1.4% |
| Jan 29, 2024 | $1.22 | $1.30 | +6.6% | $1.9B | -0.6% |
| May 11, 2023 | $1.55 | $1.59 | +2.6% | $2.3B | +3.0% |
| Jan 30, 2023 | $1.45 | $1.64 | +13.1% | $2.4B | +9.8% |
| May 2, 2022 | $0.99 | $1.14 | +15.2% | $1.9B | +8.9% |
| Jan 31, 2022 | $0.95 | $1.08 | +13.7% | $1.8B | +6.2% |
| May 3, 2021 | $0.86 | $1.01 | +17.4% | $1.7B | -0.8% |
| Feb 2, 2021 | $0.84 | $1.02 | +21.4% | $1.8B | -1.1% |
| Nov 10, 2020 | $0.77 | $1.10 | +42.9% | $1.9B | -54.3% |
SANM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 1, 2026 | Johnson Susan Adirector | Sell | 120 | $202.69 |
| Jun 1, 2026 | Faust Jonathan Pofficer: EVP & CFO | Sell | 5,038 | $265.73 |
| May 28, 2026 | REID ALAN McWILLIAMSofficer: EVP, Global Human Resources | Sell | 5,000 | $254.39 |
| May 12, 2026 | REID ALAN McWILLIAMSofficer: EVP, Global Human Resources | Sell | 1,000 | $248.60 |
| May 8, 2026 | SOLA JUREofficer: Chairman & CEO | Sell | 118,368 | $228.84 |
| May 6, 2026 | REID ALAN McWILLIAMSofficer: EVP, Global Human Resources | Sell | 1,000 | $225.00 |
| May 4, 2026 | Hedley David V IIIdirector | Sell | 500 | $219.52 |
| May 4, 2026 | REID ALAN McWILLIAMSofficer: EVP, Global Human Resources | Sell | 1,000 | $218.17 |
| May 1, 2026 | Licata Joseph G Jrdirector | Sell | 16,529 | $213.26 |
| May 1, 2026 | Venkatesh Vishnuofficer: See Remarks | Sell | 2,275 | $212.80 |
| May 1, 2026 | Licata Joseph G Jrdirector | Sell | 10,036 | $207.36 |
| Apr 16, 2026 | Venkatesh Vishnuofficer: See Remarks | Tax | 2,725 | $154.31 |
| Mar 18, 2026 | Licata Joseph G Jrdirector | Grant | 1,536 | $123.69 |
| Mar 18, 2026 | Sankaran Mythilidirector | Grant | 1,536 | $123.69 |
| Mar 18, 2026 | PRABHU KRISH Adirector | Grant | 1,536 | $123.69 |
Source: SANM SEC Form 4 filings, latest Sep 1, 2026. For informational purposes only — not investment advice.
See the full SANM insider & 13F page →Sanmina Corporation company profile
Overview
Sanmina Corporation (NASDAQ:SANM) is a leading global provider of integrated manufacturing solutions and electronic manufacturing services founded in 1980 and headquartered in San Jose, California. The company went public in 1993 and has evolved from a traditional contract manufacturer into a comprehensive technology solutions provider serving mission-critical industries. Sanmina operates through two primary business segments and maintains a global manufacturing footprint spanning the United States, India, Mexico, and other international locations, serving original equipment manufacturers across industrial, medical, defense, aerospace, automotive, communications networks, and cloud infrastructure markets.
Business
Sanmina operates as an Electronic Manufacturing Services (EMS) provider, which is an industry where companies manufacture electronic components and complete systems on behalf of original equipment manufacturers (OEMs). The EMS industry serves as the backbone of modern electronics production, handling everything from initial product design to final assembly and after-market support. The company operates through two main business segments: 1. **Integrated Manufacturing Solutions (IMS)** - This segment represents approximately 80% of total revenue and provides end-to-end manufacturing services including product design and engineering, prototyping, validation, assembly and test services, direct order fulfillment, logistics, and supply chain management. IMS essentially takes a customer's product concept and manages the entire manufacturing lifecycle from design through production and delivery. 2. **Components, Products and Services (CPS)** - Representing roughly 20% of revenue, this segment manufactures specialized components and subsystems including printed circuit boards (PCBs), backplanes, cable assemblies, plastic injection moldings, mechanical enclosures, precision machining, memory solutions, storage platforms, radio frequency components, optical solutions, and microelectronic products. These are the fundamental building blocks that go into larger electronic systems. The company serves diverse end markets with different revenue contributions: Industrial, Medical, Defense, Aerospace, and Automotive sectors collectively account for approximately 63% of revenue, while Communication Networks and Cloud Infrastructure represent about 37% of total revenue. This diversification helps Sanmina weather cyclical downturns in any single industry while capitalizing on growth opportunities across multiple sectors.
Revenue model
Sanmina generates revenue primarily through contract manufacturing fees and component sales to original equipment manufacturers. The company operates on a fee-for-service model where customers pay for manufacturing services, plus the cost of materials and components. Revenue streams include design and engineering services, manufacturing and assembly fees, component sales, logistics services, and after-market support services. The company's customers are primarily large OEMs in technology-intensive industries who outsource their manufacturing to focus on their core competencies of product development, marketing, and sales. These customers value Sanmina's ability to handle complex, highly regulated products that require specialized manufacturing expertise and quality certifications. Several factors influence Sanmina's margins and profitability: **Margin-enhancing factors** include operating in high-complexity, heavily regulated markets that command premium pricing due to specialized requirements and barriers to entry. The company benefits from economies of scale, improved operational efficiency through automation and process optimization, favorable product mix shifts toward higher-margin services and components, and the ability to pass through material cost increases to customers. Additionally, Sanmina's global manufacturing footprint allows for cost optimization and risk mitigation. **Margin-pressuring factors** include intense competition in the EMS industry leading to pricing pressure, commodity component cost volatility that can squeeze margins if not passed through quickly, supply chain disruptions that increase operational costs, customer concentration risk where large customer losses can significantly impact volumes, and cyclical demand patterns in key end markets like communications and automotive that can lead to underutilized capacity during downturns. The company's business model requires significant working capital investment in inventory and accounts receivable, as Sanmina must purchase components and materials before receiving payment from customers. This creates cash flow timing differences and requires careful working capital management to maintain healthy cash generation.
Competitive moat
Sanmina's competitive moat is moderate but multifaceted, built primarily around operational excellence, customer relationships, and specialized capabilities rather than strong structural advantages. The company's moat consists of several elements that create switching costs and barriers for competitors. The strongest aspect of Sanmina's moat lies in its customer entrenchment and switching costs. Once an OEM selects Sanmina as their manufacturing partner, the relationship becomes deeply integrated involving shared product designs, quality certifications, supply chain optimization, and operational processes. Switching to a competitor requires significant time, cost, and risk, particularly for mission-critical products in regulated industries like medical devices, defense systems, and aerospace components where quality and reliability are paramount. Sanmina has also built specialized manufacturing capabilities in high-complexity, regulated markets that require specific certifications, quality standards, and technical expertise. The company's investments in advanced technologies like high-density printed circuit boards, optical networking components, and precision manufacturing create technical barriers that smaller competitors cannot easily replicate. However, the EMS industry is fundamentally competitive with limited pricing power. Large competitors like Foxconn, Flex, and Jabil compete aggressively for major contracts, and customers regularly evaluate alternative suppliers to maintain competitive pricing. The industry's scale economics favor the largest players, and Sanmina, while sizable, is not the dominant market leader. **Competitive threats** come from several directions: larger EMS providers with greater scale advantages, regional competitors with lower cost structures, customers bringing manufacturing in-house during economic downturns, and new entrants in emerging markets. Additionally, the rise of artificial intelligence and automation could potentially commoditize some manufacturing processes over time. The company's moat is best described as a collection of operational advantages and customer relationships rather than an insurmountable competitive barrier. Success depends on continuous investment in capabilities, maintaining customer satisfaction, and operational excellence rather than structural market protection.
Risks & safety
**Overall Assessment**: Sanmina demonstrates solid financial stability with manageable debt levels and consistent cash generation, though valuation appears fairly priced rather than offering significant margin of safety. **Debt and Solvency**: - Debt-to-equity ratio of 0.14, indicating conservative leverage - $647 million cash versus minimal debt obligations - Strong current ratio of 1.96 provides adequate liquidity buffer - Free cash flow of $126 million in recent quarter demonstrates cash generation ability - No immediate solvency concerns given strong balance sheet position **Valuation Metrics**: - P/E ratio of 16.2x appears reasonable for current earnings level - EV/EBITDA of 7.9x suggests fair valuation relative to cash flow generation - Price-to-book ratio of 1.88x indicates modest premium to book value - Graham number of $32.91 compared to current price around $80 suggests potential overvaluation by traditional value metrics **Other Considerations**: - Revenue growth of 8% year-over-year shows business momentum - Operating margins around 5.6% provide some cushion but remain competitive industry levels - Working capital intensive business model requires ongoing investment - Cyclical end markets create earnings volatility risk
Recent development
Over the past few years, Sanmina has undergone a strategic transformation focused on diversifying away from traditional communications markets toward higher-growth, more resilient end markets. The company has made significant investments exceeding $400 million in expanding capabilities across cloud infrastructure and AI applications, positioning itself to capitalize on the artificial intelligence boom driving demand for high-performance networking equipment, advanced server systems, and specialized cooling solutions. A major strategic initiative has been the establishment of a joint venture with Reliance Industries in India, capitalized with over $200 million, which provides Sanmina with expanded manufacturing capabilities in a key growth market while offering customers geographic diversification and cost advantages. This partnership has performed ahead of expectations and represents a unique structure allowing collaboration with indigenous Indian companies. The company has also focused on margin expansion initiatives through operational improvements, automation investments, and shifting toward higher-complexity, higher-margin products and services. Management has established long-term targets of achieving 6%+ operating margins at a $9 billion revenue run rate, compared to current margins around 5.6%. In response to evolving market dynamics, Sanmina has emphasized growth in defense and aerospace markets, expanding high-technology printed circuit board fabrication capabilities and securing new program wins. The company has also invested in medical digital health applications and electric vehicle technologies, anticipating long-term secular growth trends in these sectors. Recent quarters have shown strong momentum in communication networks and cloud infrastructure, with this segment growing 20% year-over-year driven by AI infrastructure buildouts and high-performance networking demand. The company has successfully navigated through inventory corrections in the communications market and is now positioned for renewed growth as customers upgrade their networks to support AI and cloud applications.
SANM company profile · for informational purposes only — not investment advice.
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