Sanmina Corporation (SANM) is a global leader in integrated manufacturing solutions, components, and after-market services. The company serves original equipment manufacturers (OEMs) across diverse industries, including industrial, medical, defense and aerospace, automotive, communications networks, and cloud infrastructure. Sanmina provides end-to-end solutions, managing products throughout their life cycles and leveraging advanced technologies and global capabilities to meet customer needs.
- Integrated Manufacturing Solutions (IMS) - Offers printed circuit board assembly and test, high-level assembly and test, and direct-order-fulfillment services, supporting complex manufacturing needs for OEMs.
- Components, Products, and Services (CPS) - Delivers advanced components such as printed circuit boards, backplanes, cable assemblies, and precision machined parts. Provides products like optical and RF design solutions, high-performance storage platforms, and defense and aerospace products. Includes services such as design, engineering, logistics, and repair.
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- Given the ongoing tariff uncertainties and the potential impact on customer production strategies, how does management plan to mitigate margin pressure if significant shifts in manufacturing locations occur?
- With your forecast for fiscal '25 relying on year-over-year revenue growth and stable operating margins, what specific risks do you see from evolving global geopolitical tensions and potential supply chain disruptions?
- As you build up inventory stockpiles to support future growth, what measures are in place to prevent overinvestment in working capital should customer demand slow down unexpectedly?
- With detailed investments in capacity expansion across India, Mexico, and North America, can you elaborate on how these capital expenditures will translate into long-term competitive advantages without risking excess capacity?
- Considering the strong performance reported in high-end routing, optical, and cloud infrastructure segments, how does management plan to sustain this momentum amidst intensifying competition and potential shifts in customer buying behavior?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company competes against major global EMS providers, including this competitor, in the highly competitive electronics manufacturing services industry, which has experienced a surplus of manufacturing capacity. | |
This competitor is listed among the major global EMS providers that the company competes against in the electronics manufacturing services industry. | |
The company identifies this competitor as one of the major global EMS providers in the electronics manufacturing services industry. | |
Hon Hai Precision Industry Co., Ltd. (Foxconn) | This competitor is noted as one of the major global EMS providers competing in the electronics manufacturing services industry. |
The company competes with this major global EMS provider in the electronics manufacturing services industry. | |
This competitor is mentioned as one of the major global EMS providers in the electronics manufacturing services industry. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Nokia | Supply agreements (3–5 years), manufacture of communications products | IMS, CPS | 13.2% of net sales in FY 2023. 10%+ of A/R as of Sep 28, 2024 (≥ $133.8M = 10% x $1,337.6M). |
Motorola | Supply agreements (3–5 years), manufacture of communications products | IMS, CPS | 10.1% of net sales in FY 2024 ≈ $764M = 0.101 x $7,568.3M. |
Recent press releases and 8-K filings for SANM.
Lifeward Ltd. Reports Second Quarter 2025 Financial Results and Updates Guidance
$SANMEarnings
Guidance Update
Management Change
- Lifeward Ltd. reported Q2 2025 revenue of $5.7 million, a decrease from $6.7 million in Q2 2024, but an increase from $5.0 million in Q1 2025. The net loss for Q2 2025 was $6.6 million, or $0.58 per share, with an adjusted net loss of $3.5 million, or $0.31 per share.
- The company improved its quarterly cash burn to $3.9 million in Q2 2025, down from $5.6 million in Q2 2024, and held $5.1 million in unrestricted cash and cash equivalents as of June 30, 2025.
- Lifeward reset its full-year 2025 guidance, projecting revenue of $24–$26 million and a non-GAAP net loss of $12–$14 million.
- Key recent developments include the FDA clearance and U.S. launch of the ReWalk 7 in April 2025, the appointment of Mark Grant as President and CEO and Almog Adar as CFO, and the successful transition to in-house manufacturing of the ReWalk Personal Exoskeleton.
15 hours ago
Sanmina Corporation Enters $3.5 Billion Credit Agreement
$SANMDebt Issuance
M&A
New Projects/Investments
- On July 29, 2025, Sanmina Corporation entered into a new Credit Agreement providing $3.5 billion in committed senior secured credit facilities.
- These facilities comprise a $1.5 billion revolving credit facility and a $2.0 billion term loan A facility.
- The proceeds are intended to finance a portion of the ZT Acquisition, refinance existing credit agreements for both Sanmina and ZT Group Int'l, Inc., and for general corporate purposes.
- The initial funding of these Credit Facilities is contingent upon the consummation of the ZT Acquisition.
- The Credit Facilities will mature five years from the Initial Funding Date and include financial covenants such as a minimum consolidated cash interest coverage ratio of 3.00 to 1.00 and a maximum consolidated total net leverage ratio of 4.00 to 1.00.
Jul 30, 2025, 12:00 AM
Sanmina Reports Strong Q3 2025 Results and Provides Q4 Outlook
$SANMEarnings
Guidance Update
M&A
- Sanmina reported strong fiscal third quarter 2025 results, with revenue of $2.04 billion, non-GAAP gross margin of 9.1%, and non-GAAP diluted earnings per share of $1.53, all exceeding the company's outlook. Revenue increased 10.9% year over year, and non-GAAP diluted EPS increased 22.8% year over year.
- For the nine months of fiscal year 2025, revenue increased by 8.7% year over year, and non-GAAP diluted earnings per share increased by 13.5% year over year.
- The company generated strong cash flow from operations of $201 million and free cash flow of $168 million in Q3 2025. Sanmina repurchased 200,000 shares for approximately $13 million during the quarter.
- For the fourth quarter, Sanmina expects revenue between $2.0 billion to $2.1 billion and non-GAAP diluted earnings per share in the range of $1.52 to $1.62.
- The acquisition of the ZT Systems manufacturing business is progressing and is expected to close near the end of calendar year 2025, projected to add $5 billion to $6 billion of annual net revenue on a run rate basis and double Sanmina's net revenue within the next three years. The transaction is expected to be accretive to non-GAAP diluted earnings per share in the first year after closing.
Jul 28, 2025, 9:00 PM
Sanmina: ORV3 Rack Market Report Highlights Growth and Tariff Impacts
$SANM- The ORV3 rack market is experiencing rapid growth, expanding from $729.00 million in 2024 to $791.04 million in 2025, with projections indicating continued expansion to $1.20 billion by 2030 at an 8.72% CAGR.
- This robust growth is driven by the increasing demand for modular, high-density, and energy-efficient rack infrastructure as data centers upgrade to accommodate advanced workloads and regulatory requirements.
- ORV3 rack adoption is accelerating the modernization of data center infrastructure, particularly to support AI, machine learning, and dense computational workloads across various end-use industries including hyperscale cloud providers and enterprise data centers.
- New tariffs implemented in the United States as of 2025 are impacting manufacturers with increased component costs and supply chain uncertainty, prompting vendors to diversify sourcing and invest in local production.
Jul 7, 2025, 8:39 AM
Sanmina Corp Highlights at Global Technology Conference 2025
$SANMM&A
New Projects/Investments
Revenue Acceleration/Inflection
- CFO John Faust discussed how Sanmina’s diversified portfolio—from its traditional telecom roots to expanding opportunities in cloud, communication networks, and industrial, medical, defense, and automotive segments—is driving business resilience.
- The firm highlighted improving operational trends in communications with inventory corrections and rising revenues, noting around 20% growth in key segments and robust margin performance.
- A strategic M&A initiative was emphasized with the announced acquisition of ZT Systems from AMD to strengthen its cloud infrastructure and expand its addressable market.
- The call also covered capital allocation priorities, stressing targeted investments, US capacity expansion, and ongoing share repurchases to support future growth.
Jun 4, 2025, 10:20 PM
Sanmina Acquires ZT Systems Manufacturing Business
$SANMM&A
- Acquisition Details: Sanmina is acquiring the data center infrastructure manufacturing business of ZT Systems from AMD for a total value of up to $3 billion (combining $2.25 billion upfront, a $300 million premium, and up to $450 million in contingent consideration).
- Strategic Rationale: The transaction is expected to enhance Sanmina’s scale and position in the Cloud and AI infrastructure market, with benefits including revenue growth and accretion to non-GAAP EPS in the first year.
- Operational Impact: The deal integrates advanced manufacturing capabilities, including state-of-the-art liquid cooling facilities across the US and Europe, aligning with Sanmina’s vertical integration strategy and its new strategic NPI partnership with AMD.
May 19, 2025, 12:00 AM