SANMMEDIUM SIGNALFINANCIAL10-K

Sanmina delivered solid revenue growth of 16.8% while operating cash flow expanded substantially, though interest expenses increased meaningfully.

The company shows strong operational momentum with revenue growth accelerating and cash generation improving dramatically. However, the notable increase in interest expense suggests higher borrowing costs or increased debt levels that warrant monitoring.

Comparing 2025-11-13 vs 2024-11-27View on EDGAR →
FINANCIAL ANALYSIS

Sanmina demonstrated robust financial performance with revenue growing 16.8% to $7.9B and gross profit expanding 11.9% to $716.4M. Operating cash flow expanded substantially to $620.7M, contributing to a 48% increase in cash and equivalents to $926.3M. The company invested more heavily in growth with capital expenditures rising 32.5% to $147.4M, while inventory levels increased 37.7% to support the expanded business scale, though interest expenses grew meaningfully to $36.3M.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+82.4%
$340.2M→$620.7M

Operating cash flow surged 82.4% — exceptional cash generation, highest quality earnings signal.

Interest Expense
P&L
+61.5%
$22.5M→$36.3M

Interest expense surged 61.5% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
+48%
$625.9M→$926.3M

Cash position surged 48% — strong cash generation or capital raise providing significant financial cushion.

Current Liabilities
Balance Sheet
+45.4%
$1.9B→$2.8B

Current liabilities surged 45.4% — significant near-term obligations; verify ability to meet short-term debt.

Inventory
Balance Sheet
+37.7%
$1.4B→$2.0B

Inventory surged 37.7% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Capital Expenditure
Cash Flow
+32.5%
$111.2M→$147.4M

Capital expenditure jumped 32.5% — major investment cycle underway; assess returns on deployment.

Current Assets
Balance Sheet
+25.7%
$3.9B→$4.9B

Current assets grew 25.7% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+21.5%
$4.8B→$5.9B

Asset base grew 21.5% — expansion through organic growth, acquisitions, or capital deployment.

Revenue
P&L
+16.8%
$6.8B→$7.9B

Revenue growing 16.8% — solid top-line momentum, watch margins for quality of growth.

Gross Profit
P&L
+11.9%
$640.4M→$716.4M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2025-11-13
PRIOR — 2024-11-27
ADDED
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.
Our customer-focused organization with 39,000 employees, including 4,000 temporary employees, supports our customers from 20 countries on four continents.
IMS is a single operating segment consisting of printed circuit board ( PCB ) assembly and test, high-level assembly and test and direct order fulfillment.
This segment generated approximately 80% of our total revenue in 2025.
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REMOVED
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6.
Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.
Our customer-focused organization with 37,000 employees, including 5,000 temporary employees, supports our customers from 21 countries on four continents.
Our IMS business consists of printed circuit board assembly and test, high-level assembly and test and direct-order-fulfillment.
This segment generated approximately 80% of our total revenue in 2024.
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