Flex Ltd. (FLEX) intrinsic value & 10-year financials
Flex Ltd. (FLEX) has a Graham intrinsic value of $49.25 per share. At $90.46 on Oct 17, 2026, the stock trades 84% above that value. Over the last 10 fiscal years revenue grew 1.8% a year to $27.9B, with an average return on invested capital of 11.7%.
- Graham intrinsic value
- $49.25
- Share price (Oct 17, 2026)
- $90.46
- Price vs Graham value
- 84% above
- Market cap
- $34.2B
- Revenue (FY2026)
- $27.9B
- Revenue growth (10-yr CAGR)
- 1.8%
- ROIC (10-yr avg)
- 11.7%
- Free cash flow (FY2026)
- $1.1B
FLEX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $27.9B | $880.0M | $2.33 | $1.1B | 4.9% | 15.1% |
| FY2025 | $25.8B | $838.0M | $2.11 | $1.1B | 4.5% | 14.2% |
| FY2024 | $26.4B | $1.0B | $2.28 | $796.0M | 3.2% | 13.1% |
| FY2023 | $30.3B | $793.0M | $1.72 | $315.0M | 3.9% | 19.2% |
| FY2022 | $26.0B | $936.0M | $1.94 | $581.0M | 3.7% | 15.8% |
| FY2021 | $24.1B | $613.0M | $1.21 | -$207.0M | 3.3% | 14.5% |
| FY2020 | $24.2B | $87.6M | $0.17 | -$2.0B | 1.7% | 5.3% |
| FY2019 | $26.2B | $93.4M | $0.18 | -$3.7B | — | 2.1% |
| FY2018 | $25.4B | $428.5M | $0.80 | $191.6M | — | 9.8% |
| FY2017 | $23.9B | $319.6M | $0.59 | $624.8M | — | 7.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FLEX LTD. has demonstrated mature, steady growth, with revenue compounding at 1.8% annually over the past decade.
FLEX LTD. returns on capital have been average, hovering around 11.7% ROIC over the decade.
Over the decade, FLEX LTD. shows that management has aggressively returned capital to shareholders by retiring 30.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FLEX LTD. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $49.25 per share.