Flex Ltd. (FLEX) Key Metrics
FLEX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $33.42B
- Enterprise value
- $44.60B
- P/E (TTM)
- 38.7 10-yr median 15.6
- Forward P/E
- 24.2
- PEG ratio
- 0.94
- Price / sales
- 1.1 10-yr median 0.3
- Price / book
- 7.5 10-yr median 2.1
- EV / EBITDA
- 21.7 10-yr median 6.4
- Dividend yield
- —
- Beta
- 1.66
FLEX key metrics, FY2017–FY2026
Fiscal year ended March 31, 2026 · U.S. dollarsFLEX valuation Price multiples at each fiscal year-end price.
FLEX returns How much profit the business earns on the capital it uses.
FLEX per-share figures Results divided by the shares outstanding at year-end.
FLEX financial health Debt, liquidity and how easily interest is covered.
FLEX efficiency & capital use Working capital cycle and where the cash goes.
FLEX valuation history
FLEX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FLEX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FLEX cash returned to shareholders
FLEX price vs earnings per share
FLEX key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $24.48B | $13.17B | $12.62B | $8.01B | $6.75B | $6.98B | $3.24B | $3.99B | $6.60B | $6.92B |
| Enterprise value | $26.41B | $15.02B | $14.03B | $9.05B | $8.54B | $8.69B | $4.68B | $5.35B | $8.07B | $8.04B |
| P/E ratio | 27.8 | 15.7 | 12.5 | 10.1 | 7.2 | 11.4 | 36.8 | 43.0 | 15.4 | 21.6 |
| Price / sales | 0.9 | 0.5 | 0.5 | 0.3 | 0.3 | 0.3 | 0.1 | 0.2 | 0.3 | 0.3 |
| Price / book | 4.8 | 2.6 | 2.4 | 1.5 | 1.6 | 2.0 | 1.1 | 1.3 | 2.2 | 2.6 |
| Price / free cash flow | 23.3 | 12.3 | 15.9 | 25.4 | 11.6 | — | — | — | 34.5 | 11.1 |
| Price / operating cash flow | 14.5 | 8.7 | 9.5 | 8.4 | 6.6 | 48.5 | — | — | 8.8 | 6.0 |
| EV / sales | 0.9 | 0.6 | 0.5 | 0.3 | 0.3 | 0.4 | 0.2 | 0.2 | 0.3 | 0.3 |
| EV / EBITDA | 13.7 | 8.4 | 10.0 | 5.9 | 5.3 | 6.0 | 4.4 | 4.9 | 6.7 | 7.4 |
| EV / free cash flow | 25.1 | 14.1 | 17.6 | 28.7 | 14.7 | — | — | — | 42.1 | 12.9 |
| Earnings yield | 3.6% | 6.4% | 8.0% | 9.9% | 13.9% | 8.8% | 2.7% | 2.3% | 6.5% | 4.6% |
| Free cash flow yield | 4.3% | 8.1% | 6.3% | 3.9% | 8.6% | −3.0% | −61.6% | −92.5% | 2.9% | 9.0% |
| Dividend yield | — | — | — | 0.3% | 7.2% | — | — | 80.1% | 20.7% | 4.5% |
| Shareholder yield (dividends + buybacks) | 3.9% | 9.5% | 10.3% | 4.5% | 17.4% | 2.6% | 8.0% | 84.8% | 23.4% | 9.6% |
| Share price at fiscal year-end | $65.46 | $33.08 | $28.61 | $17.34 | $13.98 | $13.80 | $6.32 | $7.54 | $12.31 | $12.66 |
| Per share | ||||||||||
| Revenue per share | $74.64 | $64.86 | $59.90 | $61.69 | $51.00 | $47.68 | $47.24 | $49.45 | $47.41 | $43.69 |
| Earnings per share | $2.35 | $2.11 | $2.28 | $1.72 | $1.94 | $1.21 | $0.17 | $0.18 | $0.80 | $0.59 |
| Operating cash flow per share | $4.51 | $3.78 | $3.01 | $2.06 | $2.12 | $0.28 | −$2.99 | −$5.60 | $1.40 | $2.11 |
| Free cash flow per share | $2.81 | $2.68 | $1.80 | $0.68 | $1.20 | −$0.41 | −$3.89 | −$6.97 | $0.36 | $1.14 |
| Cash per share | $6.39 | $5.75 | $5.61 | $6.85 | $6.14 | $5.21 | $3.75 | $3.20 | $2.74 | $3.35 |
| Book value per share | $13.75 | $12.57 | $12.07 | $11.58 | $8.55 | $6.79 | $5.52 | $5.61 | $5.63 | $4.84 |
| Tangible book value per share | $9.34 | $8.34 | $8.95 | $8.44 | $4.92 | $4.22 | $2.93 | $2.96 | $2.75 | $2.38 |
| Dividends per share | — | — | — | $0.05 | $1.01 | — | — | $6.04 | $2.55 | $0.57 |
| Capex per share | $1.69 | $1.10 | $1.20 | $1.37 | $0.92 | $0.69 | $0.90 | $1.37 | $1.05 | $0.96 |
| Debt per share | $11.54 | $10.42 | $8.81 | $9.09 | $9.83 | $8.59 | $6.57 | $5.76 | $5.48 | $5.40 |
| Shares outstanding | 374.0M | 398.0M | 441.0M | 462.0M | 483.0M | 506.0M | 512.4M | 530.1M | 536.6M | 546.2M |
| Change in shares outstanding | −6.0% | −9.8% | −4.5% | −4.3% | −4.5% | −1.3% | −3.3% | −1.2% | −1.8% | −3.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 17.3% | 16.2% | 18.8% | 16.7% | 24.7% | 19.6% | 3.0% | 3.1% | 15.1% | 12.3% |
| Return on invested capital (ROIC) | 16.6% | 14.1% | 13.0% | 14.0% | 14.6% | 14.5% | 5.3% | 5.7% | 9.9% | 11.5% |
| Return on assets (ROA) | 4.4% | 4.6% | 5.1% | 3.9% | 5.3% | 4.2% | 0.6% | 0.7% | 3.3% | 2.6% |
| Return on tangible assets | 4.3% | 5.0% | 6.0% | 4.0% | 5.3% | 4.2% | 0.7% | 0.8% | 3.5% | 2.8% |
| Free cash flow margin | 3.8% | 4.1% | 3.0% | 1.1% | 2.4% | −0.9% | −8.2% | −14.1% | 0.8% | 2.6% |
| Income quality (OCF / net income) | 1.91 | 1.80 | 1.32 | 1.20 | 1.09 | 0.23 | −17.42 | −31.95 | 1.76 | 3.60 |
| Financial health | ||||||||||
| Total debt | $4.32B | $4.15B | $3.89B | $4.20B | $4.75B | $4.34B | $3.37B | $3.05B | $2.94B | $2.95B |
| Cash & short-term investments | $2.39B | $2.29B | $2.47B | $3.16B | $2.96B | $2.64B | $1.92B | $1.70B | $1.47B | $1.83B |
| Net debt | $1.93B | $1.86B | $1.41B | $1.03B | $1.78B | $1.71B | $1.44B | $1.36B | $1.47B | $1.12B |
| Debt / equity | 0.84 | 0.83 | 0.73 | 0.78 | 1.15 | 1.26 | 1.19 | 1.03 | 0.97 | 1.12 |
| Debt / assets | 0.20 | 0.23 | 0.21 | 0.20 | 0.25 | 0.27 | 0.25 | 0.23 | 0.21 | 0.23 |
| Net debt / EBITDA | 1.00 | 1.04 | 1.00 | 0.67 | 1.11 | 1.18 | 1.35 | 1.24 | 1.22 | 1.03 |
| Current ratio | 1.36 | 1.30 | 1.52 | 1.48 | 1.34 | 1.45 | 1.26 | 1.20 | 1.26 | 1.29 |
| Quick ratio | 0.87 | 0.79 | 0.79 | 0.80 | 0.72 | 0.95 | 0.74 | 0.71 | 0.74 | 0.77 |
| Interest coverage | 7.0 | 5.4 | 5.3 | 5.3 | 5.6 | 5.3 | 2.8 | 3.4 | 4.0 | 4.7 |
| Working capital | $4.32B | $2.99B | $4.45B | $5.17B | $3.63B | $3.53B | $1.88B | $1.51B | $1.90B | $1.88B |
| Invested capital | $7.07B | $6.86B | $6.74B | $6.38B | $5.91B | $5.14B | $4.28B | $4.33B | $4.49B | $3.77B |
| Tangible asset value | $3.49B | $3.32B | $3.94B | $4.25B | $2.45B | $2.13B | $1.50B | $1.57B | $1.47B | $1.33B |
| Net current asset value | −$584.0M | −$538.0M | $60.0M | $332.0M | −$781.0M | −$1.04B | −$1.77B | −$1.42B | −$1.53B | −$1.53B |
| Graham number | $26.98 | $24.40 | $24.89 | $21.15 | $19.31 | $13.60 | $4.62 | $4.70 | $10.05 | $7.98 |
| Graham net-net per share | −$19.51 | −$13.42 | −$11.10 | −$13.10 | −$12.31 | −$9.16 | −$9.77 | −$9.14 | −$10.13 | −$8.68 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $22.0M | $488.0M | — | — | $3.20B | $1.37B | $312.7M |
| Share buybacks (net) | $944.0M | $1.26B | $1.30B | $337.0M | $686.0M | $183.0M | $260.0M | $189.0M | $180.1M | $349.5M |
| Dividend payout ratio | — | — | — | 2.8% | 52.1% | — | — | — | 318.8% | 97.9% |
| Dividends + buybacks / free cash flow | 89.7% | 117.8% | 163.1% | 114.0% | 202.1% | — | — | — | 806.9% | 106.0% |
| Capex / revenue | 2.3% | 1.7% | 2.0% | 2.2% | 1.8% | 1.5% | 1.9% | 2.8% | 2.2% | 2.2% |
| Capex / operating cash flow | 37.6% | 29.1% | 40.0% | 66.8% | 43.3% | 243.8% | — | — | 74.6% | 45.7% |
| Capex / depreciation | 1.39 | 0.81 | 0.99 | 1.27 | 0.92 | 0.62 | 0.74 | 1.43 | 1.01 | 0.86 |
| Stock-based compensation / revenue | 0.5% | 0.5% | 0.6% | 0.5% | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% |
| R&D / revenue | — | — | — | — | — | — | — | 0.3% | 0.3% | 0.3% |
| SG&A / revenue | 3.8% | 3.5% | 3.5% | 3.5% | 3.6% | 3.4% | 3.4% | 3.6% | 4.0% | 3.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 65.6 | 53.5 | 48.4 | 48.7 | 60.2 | 52.6 | 41.8 | 37.2 | 33.8 | 32.4 |
| Days of inventory on hand | 78.6 | 87.0 | 101.0 | 96.1 | 83.7 | 62.5 | 59.9 | 55.6 | 55.1 | 56.3 |
| Days payables outstanding | 95.0 | 74.2 | 75.8 | 82.4 | 91.8 | 84.2 | 81.8 | 75.9 | 73.5 | 71.3 |
| Cash conversion cycle (days) | 49.1 | 66.3 | 73.7 | 62.4 | 52.0 | 30.9 | 19.9 | 16.9 | 15.3 | 17.3 |
| Receivables turnover | 5.57 | 6.82 | 7.54 | 7.49 | 6.06 | 6.93 | 8.73 | 9.80 | 10.80 | 11.26 |
| Payables turnover | 3.84 | 4.92 | 4.82 | 4.43 | 3.97 | 4.33 | 4.46 | 4.81 | 4.96 | 5.12 |
| Inventory turnover | 4.65 | 4.20 | 3.61 | 3.80 | 4.36 | 5.84 | 6.09 | 6.56 | 6.63 | 6.49 |
| Asset turnover | 1.38 | 1.41 | 1.33 | 1.40 | 1.40 | 1.63 | 1.78 | 1.93 | 1.93 | 1.91 |
| Average receivables | $5.01B | $3.78B | $3.50B | $3.81B | $4.07B | $3.48B | $2.77B | $2.67B | $2.36B | $2.12B |
| Average payables | $6.60B | $4.81B | $5.10B | $5.99B | $5.75B | $5.18B | $5.13B | $5.13B | $4.80B | $4.37B |
| Average inventory | $5.46B | $5.64B | $6.80B | $6.98B | $5.24B | $3.84B | $3.75B | $3.76B | $3.60B | $3.44B |
| Intangibles / total assets | 7.5% | 9.2% | 7.6% | 6.8% | 9.1% | 8.2% | 9.7% | 10.4% | 11.3% | 10.7% |
Computed from FLEX's annual financial statements (latest annual report filed May 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FLEX valuation and financial ratios
At the end of fiscal 2026 (March 31, 2026), Flex traded at 27.8 times earnings, against a 10-year median of 15.6. Based on the latest twelve months, the trailing P/E is 38.7 and the forward P/E is 24.2. Flex earned a return on equity of 17.3% and a return on invested capital of 16.6% in fiscal 2026. It ended the year with $4.3 billion of debt and $2.4 billion in cash and short-term investments, net debt of $1.9 billion. It returned $944.0 million to shareholders: $0 in dividends and $944.0 million in share buybacks, 90% of free cash flow. The share count fell 31.5% from 546.2M to 374.0M over 9 years.
See the FLEX income statement, the FLEX chart for price history, or the FLEX stock overview for the latest quote and news.
FLEX key metrics FAQ
What is Flex's P/E ratio?
Flex's trailing P/E ratio is 38.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 24.2. At the end of fiscal 2026 it was 27.8, compared with a 10-year median of 15.6.
What is Flex's EV/EBITDA?
Flex's enterprise value was 13.7 times EBITDA at the end of fiscal 2026 (enterprise value $26.4 billion, EBITDA $1.9 billion); the current EV/EBITDA is 21.7.
What is Flex's return on equity?
Flex's return on equity (ROE) was 17.3% in fiscal 2026: net income of $880.0 million on average shareholders' equity of $5.1 billion.
What is Flex's ROIC?
Flex's return on invested capital was 16.6% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Flex have?
Flex had total debt of $4.3 billion at the end of fiscal 2026, a debt-to-equity ratio of 0.84 and $1.9 billion of net debt (1.00 times EBITDA).
Does Flex buy back its shares?
Yes. Flex spent $944.0 million on net share repurchases in fiscal 2026 Shares outstanding changed −6.0% over the year, to 374.0M..
What is Flex's free cash flow yield?
Flex generated $1.1 billion of free cash flow in fiscal 2026, a free cash flow yield of 4.3% on its market value at year-end ($24.5 billion).
What is Flex's current ratio?
Flex's current ratio was 1.36 at the end of fiscal 2026: current assets were 1.36 times current liabilities.