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.
You might also like
- 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?
Research analysts who have asked questions during SANMINA earnings calls.
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.
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.
3 days ago
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.
3 days ago
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.
3 days ago
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.
3 days ago
Sanmina completes acquisition of ZT Systems and secures new financing
SANM
M&A
Debt Issuance
New Projects/Investments
- Sanmina Corporation completed the acquisition of ZT Group Int’l, Inc. (ZT Systems), a provider of AI and general-purpose compute infrastructure, on October 27, 2025.
- The acquisition consideration included $2.4 billion in cash and 1,151,052 shares of Sanmina common stock (valued at $150 million), with potential for up to $450 million in contingent cash consideration.
- To fund the acquisition, Sanmina incurred $1.4 billion in borrowings under a Term Loan A Facility and $800 million under a Term Loan B Facility on October 27, 2025, under an amended senior secured credit agreement.
- ZT Systems, now a subsidiary, also amended its $850 million uncommitted receivables purchase facility with PNC Bank, with no outstanding purchased receivables as of October 31, 2025.
6 days ago
Sanmina Completes Acquisition of ZT Systems Data Center Infrastructure Business
SANM
M&A
New Projects/Investments
Revenue Acceleration/Inflection
- Sanmina Corporation completed its acquisition of the ZT Systems data center infrastructure manufacturing business from AMD on October 27, 2025.
- This acquisition is expected to position Sanmina as a leader in the Cloud and AI end-market, enhancing its scale and deepening engagement in this fast-growing sector.
- As part of the agreement, Sanmina and AMD have committed to a strategic partnership, making Sanmina a U.S.-based, preferred new product introduction (NPI) manufacturing partner for AMD's cloud rack and cluster-scale AI solutions.
- ZT Systems contributes state-of-the-art manufacturing facilities in New Jersey, Texas, and the Netherlands, which complement Sanmina's existing global manufacturing footprint.
Oct 27, 2025, 12:44 PM
Sanmina Completes Acquisition of ZT Systems Manufacturing Business from AMD
SANM
M&A
New Projects/Investments
- Sanmina has completed the acquisition of ZT Systems' U.S.-headquartered data center infrastructure manufacturing business from AMD on October 27, 2025.
- As part of the transaction, Sanmina will become a preferred new product introduction (NPI) manufacturing partner for AMD cloud rack and cluster-scale AI solutions.
- This strategic partnership aims to accelerate quality and time-to-deployment for cloud customers by combining Sanmina's U.S.-based manufacturing strength with AMD's AI systems design and enablement expertise.
Oct 27, 2025, 12:40 PM
Sanmina Completes Acquisition of ZT Systems from AMD
SANM
M&A
New Projects/Investments
- Sanmina Corporation has completed its acquisition of the ZT Systems data center infrastructure manufacturing business from AMD.
- This acquisition positions Sanmina as a leader in the Cloud and AI end-market, aiming to capitalize on significant growth opportunities.
- A strategic partnership was formed, making Sanmina a U.S.-based, preferred new product introduction (NPI) manufacturing partner for AMD's cloud rack and cluster-scale AI solutions.
- The transaction adds manufacturing facilities in New Jersey, Texas, and the Netherlands, enhancing Sanmina's capacity and end-to-end capabilities.
Oct 27, 2025, 12:30 PM
Sanmina Stock Reaches 52-Week High on AMD Partnership and Acquisition
SANM
M&A
New Projects/Investments
Revenue Acceleration/Inflection
- Sanmina's stock surged to a 52-week high of $158.00, driven by its acquisition of AMD's data center infrastructure manufacturing business and its designation as AMD's preferred U.S.-based manufacturing partner for AI rack and cluster-scale systems.
- This strategic move aligns Sanmina with AMD's multibillion-dollar deal with OpenAI, which includes OpenAI's commitment to purchase up to 6 gigawatts of AMD chips.
- For Q3 fiscal 2025, Sanmina reported earnings and revenue that surpassed analyst expectations, supported by a strong balance sheet with a current ratio of 1.91 and a debt-to-equity ratio of 0.13.
- The acquisition deal includes $450 million in contingent consideration based on future financial performance over the next three years, along with some Sanmina equity.
Oct 6, 2025, 1:41 PM
Lifeward Ltd. Reports Second Quarter 2025 Financial Results and Updates Guidance
SANM
Earnings
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.
Aug 14, 2025, 12:11 PM