Sanmina (SANM) financial statements
Sanmina reported revenue of $8.1B in fiscal 2025, up 2.5% a year over 9 years.
Net income was $246M and the operating margin 4.4%, against 3.5% in 2016.
Free cash flow was $473M.
The diluted share count fell 30% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Sanmina's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.5B | $6.9B | $7.1B | $8.2B | $7.0B | $6.7B | $7.9B | $8.9B | $7.6B | $8.1B |
| Cost of revenue | $6.0B | $6.3B | $6.6B | $7.6B | $6.4B | $6.2B | $7.3B | $8.2B | $6.9B | $7.4B |
| Gross profit | $514M | $520M | $464M | $592M | $517M | $526M | $622M | $743M | $640M | $716M |
| Research and development | $38M | $34M | $31M | $28M | $23M | $21M | $21M | $26M | $29M | $31M |
| Selling, general and admin | $245M | $252M | $251M | $260M | $241M | $235M | $245M | $255M | $266M | $290M |
| Operating income | $225M | $226M | $119M | $286M | $219M | $256M | $349M | $456M | $335M | $355M |
| Interest expense | $25M | $22M | $28M | $31M | $29M | $20M | $22M | $36M | $29M | $20M |
| Pre-tax income | $205M | $213M | $98M | $246M | $192M | $282M | $302M | $413M | $318M | $339M |
| Income tax | $17M | $75M | $193M | $104M | $59M | $32M | $62M | $85M | $80M | $73M |
| Net income | $188M | $139M | -$96M | $142M | $133M | $250M | $240M | $310M | $223M | $246M |
| EPS (diluted) | $2.38 | $1.78 | -$1.37 | $1.97 | $1.88 | $3.72 | $3.81 | $5.18 | $3.91 | $4.46 |
| Diluted shares | 79M | 78M | 70M | 72M | 71M | 67M | 63M | 60M | 57M | 55M |
| Gross margin | 7.9% | 7.6% | 6.5% | 7.2% | 7.4% | 7.8% | 7.9% | 8.3% | 8.5% | 8.8% |
| Operating margin | 3.5% | 3.3% | 1.7% | 3.5% | 3.2% | 3.8% | 4.4% | 5.1% | 4.4% | 4.4% |
| Net margin | 2.9% | 2.0% | -1.3% | 1.7% | 1.9% | 3.7% | 3.0% | 3.5% | 2.9% | 3.0% |
Balance sheet
Fiscal years, from Sanmina's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $398M | $407M | $420M | $455M | $481M | $650M | $530M | $668M | $626M | $926M |
| Inventory | $946M | $1.1B | $1.4B | $901M | $861M | $1.0B | $1.7B | $1.5B | $1.4B | $2.0B |
| Total current assets | $2.4B | $2.6B | $3.0B | $2.9B | $2.8B | $3.3B | $3.9B | $3.9B | $3.9B | $4.9B |
| Property, plant and equipment | $618M | $640M | $643M | $631M | $559M | $533M | $575M | $633M | $616M | $682M |
| Goodwill | $59M | $59M | $29M | $29M | — | — | — | — | — | $30M |
| Total assets | $3.6B | $3.8B | $4.1B | $3.9B | $3.8B | $4.2B | $4.8B | $4.9B | $4.8B | $5.9B |
| Total current liabilities | $1.4B | $1.6B | $2.4B | $1.7B | $1.5B | $1.8B | $2.5B | $2.0B | $1.9B | $2.8B |
| Long-term debt | $434M | $391M | $14M | $347M | $329M | $312M | $329M | $312M | $300M | $283M |
| Total liabilities | $2.0B | $2.2B | $2.6B | $2.3B | $2.1B | $2.4B | $3.0B | $2.6B | $2.5B | $3.3B |
| Shareholders' equity | $1.6B | $1.6B | $1.5B | $1.6B | $1.6B | $1.9B | $1.8B | $2.3B | $2.4B | $2.5B |
| Net debt | $64M | $73M | $188M | -$69M | -$133M | -$320M | -$183M | -$329M | -$309M | -$626M |
Cash flow
Fiscal years, from Sanmina's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $390M | $251M | $156M | $383M | $301M | $338M | $331M | $235M | $340M | $621M |
| Capital spending | $120M | $112M | $119M | $135M | $66M | $73M | $139M | $191M | $111M | $147M |
| Free cash flow | $270M | $139M | $38M | $248M | $235M | $265M | $192M | $44M | $229M | $473M |
| Stock-based compensation | $27M | $38M | $33M | $31M | $26M | $35M | $40M | $50M | $57M | $63M |
| Share buybacks (net) | -$142M | -$177M | -$158M | -$13M | -$179M | -$64M | -$331M | — | — | — |
| Net borrowing | $0 | $0 | $0 | $375M | $0 | $0 | $17M | -$18M | -$22M | -$18M |
| Free cash flow margin | 4.2% | 2.0% | 0.5% | 3.0% | 3.4% | 3.9% | 2.4% | 0.5% | 3.0% | 5.8% |
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Open SANM in InvestinglyQuestions
What was Sanmina's revenue in 2025?
$8.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Sanmina generate?
$473M in fiscal 2025 (operating cash flow minus capital spending).
From Sanmina's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.