Sanmina Corporation

SANM

Hardware, Equipment & Parts · Technology

Price

$188.89

-1.83 (-0.96%)

Market Cap

$10.12B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 27, 2026

How the score breaks down

Quality

Weak

Growth

Strong

Cash Flow

Strong

Stability

Strong

Valuation

Good

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Share count falling — buybacks

−19.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 68.8M (2021) → 55.2M (2025)

Winston Score History

The full picture

Sanmina Corporation is a contract manufacturer that builds complex electronics and hardware for other companies. Its customers are large businesses in industries like healthcare, defense, industrial equipment, and communications — they send Sanmina their designs, and Sanmina handles the actual manufacturing. Sanmina is one of the largest electronics manufacturing services (EMS) companies in the world.

Sanmina makes money by charging customers for assembling circuit boards, building complete systems, and managing supply chains. It operates factories across North America, Europe, and Asia, giving it a global footprint that helps serve multinational clients. Its thin gross margin of around 9% is typical for contract manufacturing, where scale and operational efficiency matter more than pricing power. The main growth driver is increasing demand for outsourced manufacturing in defense and medical devices, but the biggest risk is customer concentration — losing a major contract can meaningfully hurt revenue.

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1 Congressional buy and 1 sell on SANM in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+69.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+69.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$31M/ year

↑ Rising (+9% vs prior year)

0.4% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Insider Activity

3.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Sanmina Corporation grew revenue 70% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

10.5%

Thin — 10.5% gross margin

Profit after running costs

Operating Margin

6.4%

Modest — 6.4% operating margin

Return on the money invested

ROCE

7.0%

Weak — 7.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+58.6%

Fast-growing sales (+58.6% YoY)

Profit growth

EPS YoY

+19.2%

Earnings growing fast (+19.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

292%

Turns 292% of profit into real cash

Spare cash per sale

FCF Margin

4.7%

Thin free cash flow (4.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.30

Conservative — low debt load (0.30)

Covers its interest

Interest Cover

6.88x

Adequate interest coverage (6.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

33.1x

Pricey — P/E 33.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+16.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.1 → 16.5)

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Dividends

Not applicable for this business.

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