SANMINA (SANM) Company Report

Sanmina Corporation announced a significant expansion of its Energy business, including a new state-of-the-art factory in Houston, Texas.
The new facility will focus on the US energy market, producing medium-voltage distribution transformers, instrument transformers, and switchgear.
Production is expected to begin in 2027, with initial customer commitments already in place.
Sanmina has also entered into an agreement with Končar - Electrical Industry Inc. to co-design a custom medium-voltage transformer and explore further collaboration for Končar's US market growth.

Dec 16, 2025, 8:01 AM

Press Release

Sanmina Discusses ZT Systems Acquisition Impact and Future Growth at UBS Conference

SANM

M&A

Guidance Update

Revenue Acceleration/Inflection

Sanmina's acquisition of ZT Systems is expected to transform the company, establishing it as a leader in North America AI manufacturing and significantly expanding its presence in the cloud and data center markets.
The company provided an operating margin guidance of 5.6%-6.1% for Q1, with a longer-term target of 6%-7% for the combined entity, including ZT Systems, which is expected to have a similar operating margin to the legacy business.
Sanmina aims to double its revenue from $8 billion to $16 billion within two years (revised from three years), with the ZT Systems acquisition contributing an average of $5.7 billion over 11 months.
For the current year, including the ZT acquisition, Sanmina expects revenue growth of well over 50% and EPS growth of at least 50-plus%.
The company highlighted ongoing supply chain challenges, including extended lead times for components like memory, connectors, and circuit boards, but noted its global and regionalized supply chain strategy and customer-guaranteed material purchases.

Dec 3, 2025, 6:35 PM

Transcript

Sanmina Discusses ZT Systems Acquisition, AI Growth, and Financial Outlook

SANM

M&A

Guidance Update

Revenue Acceleration/Inflection

Sanmina's recent acquisition of ZT Systems is a transformative move, positioning the company as a leader in North American AI manufacturing and significantly expanding its capabilities in the data center market.
The company projects substantial financial growth, expecting to double its overall size in two years from $8 million to $16 million, with over 50% growth in revenue and at least +50% growth in EPS this year, including the ZT acquisition.
Sanmina targets long-term operating margins of 6%-7%, building on its legacy business's 5.7% last year and 6% in Q4, with ZT Systems' existing business expected to achieve similar margins.
Operationally, Sanmina is addressing supply chain challenges, particularly with memory, connectors, and circuit boards, by leveraging its global and regionalized manufacturing strategy and customer-guaranteed material purchases.

Dec 3, 2025, 6:35 PM

Transcript

Sanmina Discusses ZT Systems Acquisition Impact and Growth Outlook

SANM

M&A

Guidance Update

Revenue Acceleration/Inflection

Sanmina's acquisition of ZT Systems is a transformative deal, positioning the company as a leader in North American AI manufacturing and expanding its presence in the data center market through a strategic partnership with AMD.
The company anticipates significant growth from the ZT Systems acquisition, aiming to double its size from approximately $8 billion to $16 billion in revenue within two years.
Sanmina expects its operating margin for the combined business, including ZT Systems, to be around 6%, with a longer-term target of 6%-7%.
For the current fiscal year (2026), Sanmina projects overall revenue growth of over 50% and EPS growth of at least 50-plus%, including the ZT acquisition.
The company is implementing a regional manufacturing strategy and managing extended lead times in the supply chain due to component shortages in areas such as memory, connectors, and circuit boards.

Dec 3, 2025, 6:35 PM

Transcript

Sanmina Details ZT Systems Acquisition and Future Growth Strategy

SANM

M&A

New Projects/Investments

Guidance Update

Sanmina's legacy business generated approximately $8.1 billion in revenue and $621 million in cash in fiscal year 2025, with 40% from communication networks and cloud infrastructure and 60% from industrial, energy, medical, aerospace, defense, and automotive.
The company recently closed the acquisition of ZT Systems at the end of October, expanding its presence in cloud infrastructure and AI. The initial target purchase price was $2.55 billion, but the final amount was approximately $1 billion lower due to reduced net working capital.
On a combined basis with ZT Systems, Sanmina's run-rate revenue is approximately $14 billion with an EBITDA around $1 billion. The company targets a long-term operating margin of 6%-7% through fixed cost leverage, growth in its Components, Products, and Services (CPS) segment, and vertical integration of ZT Systems.
Sanmina aims for an investment-grade rating and maintains a fiscal policy target of 1-2x net leverage. The company generated $621 million in cash flow from operations in FY2025 and ended the year with over $900 million in cash.

Dec 2, 2025, 7:50 PM

Transcript

Sanmina Discusses FY2025 Performance and ZT Systems Acquisition

SANM

M&A

New Projects/Investments

Guidance Update

Sanmina reported $8.1 billion in revenue and generated $621 million in cash for fiscal year 2025.
The company recently closed the acquisition of ZT Systems at the end of October, expanding its business into cloud infrastructure, particularly accelerated compute, with an annualized revenue run rate of approximately $5.7 billion.
The ZT Systems acquisition, which involved a strategic partnership with AMD, had an initial target purchase price of $2.55 billion, which was reduced by approximately $1 billion at closing due to lower net working capital.
On a combined run-rate basis with ZT Systems, Sanmina's revenue is estimated at approximately $14 billion and EBITDA at about $1 billion.
Sanmina aims to achieve an investment grade rating over time, supported by its strong balance sheet and the scale provided by the ZT Systems acquisition.

Dec 2, 2025, 7:50 PM

Transcript

Sanmina Reports Q4 and FY 2025 Results, Provides FY 2026 Outlook

SANM

Earnings

Guidance Update

Share Buyback

Sanmina reported Q4 FY'25 revenue of $2,096.0 million and non-GAAP diluted EPS of $1.67. For the full FY'25, revenue reached $8,128.0 million and non-GAAP diluted EPS was $6.04.
The company achieved a non-GAAP gross margin of 9.4% and non-GAAP operating margin of 6.0% in Q4 FY'25.
Sanmina generated strong free cash flow of $478 million for FY'25.
For Q1 FY'26, the company projects revenue between $2.0 billion and $2.1 billion and diluted EPS between $1.50 and $1.60. The FY'26 revenue outlook is approximately $8.5 billion, with a target of $400 million in share repurchases.

Nov 3, 2025, 10:00 PM

Presentation

Sanmina Reports Strong Q4 and FY 2025 Results, Completes ZT Systems Acquisition, and Provides Q1 2026 Outlook

SANM

Earnings

Guidance Update

M&A

Sanmina reported strong fiscal year 2025 results, with revenue of $8.13 billion, a 7.4% year-over-year growth, and Non-GAAP EPS of $6.04, a 14.4% increase. For Q4 fiscal year 2025, the company delivered revenue of $2.1 billion and Non-GAAP EPS of $1.67 per share.
The acquisition of ZT Systems was completed, with an estimated closing purchase price of $2.05 billion. ZT Systems is expected to contribute an annual run rate revenue of $5 billion-$6 billion and operate within Sanmina's 5.6%-6.1% operating margin range.
For Q1 fiscal year 2026, Sanmina expects total revenue between $2.9 billion-$3.2 billion and Non-GAAP diluted EPS in the range of $1.95-$2.25.
The company aims to double its revenue to around $16 billion within the next two years, an acceleration from its previous three-year target, and expects legacy Sanmina business to continue to grow high single digits.

Nov 3, 2025, 10:00 PM

Transcript

Sanmina Reports Q4 and Fiscal Year 2025 Financial Results, Provides Q1 2026 Outlook

SANM

Earnings

Guidance Update

M&A

Sanmina reported Q4 Fiscal 2025 revenue of $2.1 billion and Non-GAAP diluted EPS of $1.67. For the full fiscal year 2025, revenue reached $8.1 billion with Non-GAAP diluted EPS of $6.04.
The company generated $621 million in cash flow from operations and $478 million in free cash flow for fiscal year 2025, and repurchased approximately 1.44 million shares for $114 million.
For the first quarter fiscal 2026, Sanmina anticipates revenue between $2.9 billion to $3.2 billion and Non-GAAP diluted earnings per share between $1.95 to $2.25.
The acquisition of ZT Systems is noted as transformative, enhancing the company's scale and capabilities in the Cloud and AI end-market.

Nov 3, 2025, 9:05 PM

8-K

Sanmina Reports Fourth Quarter and Fiscal Year 2025 Financial Results and Provides Q1 2026 Outlook

SANM

Earnings

Guidance Update

M&A

Sanmina reported fourth quarter fiscal 2025 revenue of $2.1 billion and non-GAAP diluted EPS of $1.67. For the full fiscal year 2025, revenue was $8.1 billion and non-GAAP diluted EPS was $6.04.
In fiscal year 2025, the company generated $621 million in cash flow from operations and $478 million in free cash flow, and repurchased approximately 1.44 million shares for $114 million.
For the first quarter fiscal 2026, Sanmina projects revenue between $2.9 billion to $3.2 billion and non-GAAP diluted EPS between $1.95 to $2.25.
The company noted strong performance in Communications Networks and Cloud and AI Infrastructure end-markets, with the acquisition of ZT Systems expected to drive growth in the Cloud and AI end-market.