Latest Ratios: P/E Ratio 56.4x · EV/EBITDA 24.2x · ROE 17.3%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $48.2B | $24.5B | $13.2B | $12.6B | $10.6B | $9.0B | $9.3B | $4.3B | $5.3B | $8.8B | $9.2B |
| Enterprise Value | $50.1B | $26.4B | $15.0B | $14.0B | $11.7B | $10.7B | $11.0B | $5.7B | $6.7B | $10.2B | $10.3B |
| P/E Ratio → | 56.45 | 28.09 | 15.68 | 12.55 | 13.38 | 9.56 | 15.13 | 49.29 | 55.56 | 20.41 | 28.47 |
| P/S Ratio | 1.73 | 0.88 | 0.51 | 0.48 | 0.37 | 0.36 | 0.38 | 0.18 | 0.20 | 0.34 | 0.38 |
| P/B Ratio | 9.56 | 4.76 | 2.63 | 2.37 | 1.86 | 2.13 | 2.70 | 1.52 | 1.78 | 2.90 | 3.43 |
| P/FCF | 45.80 | 23.27 | 12.34 | 15.85 | 33.75 | 15.42 | — | — | — | 45.73 | 14.69 |
| P/OCF | 28.60 | 14.53 | 8.75 | 9.52 | 11.19 | 8.75 | 64.34 | — | — | 11.63 | 7.98 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.95 | 0.58 | 0.53 | 0.41 | 0.44 | 0.45 | 0.24 | 0.25 | 0.40 | 0.43 |
| EV / EBITDA | 24.22 | 12.76 | 8.80 | 10.09 | 7.68 | 7.82 | 8.04 | 5.51 | 5.30 | 9.71 | 9.26 |
| EV / EBIT | 33.28 | 19.45 | 12.11 | 16.07 | 11.25 | 9.51 | 12.54 | 13.01 | 20.30 | 15.89 | 21.51 |
| EV / FCF | — | 25.10 | 14.08 | 17.63 | 37.03 | 18.49 | — | — | — | 53.40 | 16.48 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.2% | 9.2% | 8.4% | 7.1% | 6.9% | 7.2% | 7.0% | 5.5% | 5.8% | 6.3% | 6.4% |
| Operating Margin | 5.4% | 5.4% | 4.5% | 3.2% | 3.6% | 3.6% | 3.3% | 1.7% | 1.9% | 2.0% | 2.1% |
| Net Profit Margin | 3.2% | 3.2% | 3.2% | 3.8% | 2.8% | 3.8% | 2.5% | 0.4% | 0.4% | 1.7% | 1.3% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.3% | 17.3% | 16.2% | 18.2% | 16.0% | 24.5% | 19.6% | 3.0% | 3.1% | 15.0% | 12.1% |
| ROA | 4.4% | 4.4% | 4.6% | 5.1% | 3.9% | 5.3% | 4.2% | 0.6% | 0.7% | 3.3% | 2.6% |
| ROIC | 16.2% | 16.2% | 12.9% | 9.5% | 12.0% | 12.0% | 12.7% | 7.2% | 8.4% | 9.0% | 9.9% |
| ROCE | 16.2% | 16.2% | 12.8% | 8.4% | 10.6% | 10.7% | 11.0% | 6.7% | 8.0% | 7.9% | 8.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.84 | 0.84 | 0.83 | 0.73 | 0.74 | 1.13 | 1.26 | 1.19 | 1.03 | 0.97 | 1.10 |
| Debt / EBITDA | 2.09 | 2.09 | 2.43 | 2.80 | 2.77 | 3.46 | 3.19 | 3.23 | 2.43 | 2.79 | 2.66 |
| Net Debt / Equity | — | 0.37 | 0.37 | 0.27 | 0.18 | 0.42 | 0.50 | 0.51 | 0.46 | 0.49 | 0.42 |
| Net Debt / EBITDA | 0.93 | 0.93 | 1.09 | 1.02 | 0.68 | 1.30 | 1.25 | 1.39 | 1.08 | 1.39 | 1.01 |
| Debt / FCF | — | 1.83 | 1.74 | 1.78 | 3.28 | 3.07 | — | — | — | 7.66 | 1.79 |
| Interest Coverage | 6.32 | 6.32 | 5.69 | 5.42 | 5.43 | 7.06 | 5.83 | 3.02 | 2.25 | 5.23 | 4.43 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.36 | 1.36 | 1.30 | 1.52 | 1.48 | 1.34 | 1.45 | 1.26 | 1.20 | 1.26 | 1.29 |
| Quick Ratio | 0.87 | 0.87 | 0.79 | 0.79 | 0.80 | 0.72 | 0.95 | 0.74 | 0.71 | 0.74 | 0.77 |
| Cash Ratio | 0.20 | 0.20 | 0.23 | 0.29 | 0.29 | 0.28 | 0.34 | 0.27 | 0.22 | 0.20 | 0.28 |
| Asset Turnover | — | 1.27 | 1.40 | 1.45 | 1.33 | 1.27 | 1.52 | 1.77 | 1.94 | 1.85 | 1.89 |
| Inventory Turnover | 4.34 | 4.34 | 4.66 | 3.96 | 3.59 | 3.47 | 5.76 | 6.04 | 6.63 | 6.28 | 6.58 |
| Days Sales Outstanding | — | 75.08 | 60.62 | 45.35 | 47.68 | 57.64 | 64.17 | 40.98 | 39.40 | 36.12 | 33.54 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 3.6% | 6.4% | 8.0% | 7.5% | 10.5% | 6.6% | 2.0% | 1.8% | 4.9% | 3.5% |
| FCF Yield | 2.2% | 4.3% | 8.1% | 6.3% | 3.0% | 6.5% | — | — | — | 2.2% | 6.8% |
| Buyback Yield | 2.0% | 3.9% | 9.5% | 10.3% | 3.2% | 7.7% | 2.0% | 6.1% | 3.6% | 2.1% | 3.8% |
| Total Shareholder Yield | 2.0% | 3.9% | 9.5% | 10.3% | 3.2% | 7.7% | 2.0% | 6.1% | 3.6% | 2.1% | 3.8% |
| Shares Outstanding | — | $374M | $398M | $441M | $462M | $483M | $506M | $512M | $530M | $537M | $546M |
Supply chain concentration risk
Based on current market data, Flex trades at a forward P/E of 45.19, which suggests investors are pricing in a significant shift toward higher-margin reliability segments rather than traditional hardware assembly, as reported in recent institutional research notes and company filings.
The elevated P/E multiple relative to historical norms indicates that the market is beginning to reward the company's transition away from low-margin consumer electronics. However, this valuation warrants caution, as it implies aggressive future earnings growth that may be difficult to sustain if the automotive and healthcare sectors experience cyclical cooling.
As reported in financial statements, the company's ROIC has trended toward 4.3% in 2026Q4, a figure that remains below the cost of capital for many industrial peers and suggests that the firm is still in the early stages of optimizing its asset base for higher returns.
While the gradual improvement from 3.1% in 2026Q2 is encouraging, the absolute level of return on invested capital remains constrained by the capital-intensive nature of global manufacturing. Investors should monitor whether management can drive further efficiency gains through the Reliability Solutions segment without requiring significant additional capital expenditure.
According to quarterly data, the cash conversion cycle reached 42 days in 2026Q4, reflecting a notable improvement from the 69-day cycle observed in 2025Q1 and suggesting that management is successfully tightening its control over inventory and accounts receivable processes.
The reduction in the cash conversion cycle is a critical indicator of operational discipline, particularly given the company's reliance on complex global supply chains. Sustaining this efficiency is essential for maintaining liquidity, as any reversal in inventory turnover could quickly pressure the company's thin operating margins.
Based on a comparison with industry peers like Jabil and Celestica, Flex's valuation multiples appear to reflect a persistent conglomerate discount, as the market struggles to reconcile its diverse exposure across consumer, automotive, and healthcare hardware manufacturing sectors.
While Flex leads in certain specialized manufacturing capabilities, the gap in valuation compared to pure-play engineering firms suggests that the market may not yet fully credit the stickiness of its Reliability Solutions segment. This structural gap warrants further investigation into whether the company's current segment mix can eventually command a premium valuation.
As indicated by historical financial analysis, the P/E ratio is frequently misapplied to Flex, as it obscures the significant impact of non-recurring restructuring charges and the principal-versus-agent revenue recognition nuances inherent in the electronic manufacturing services business model.
Investors should prioritize EV/EBITDA and free cash flow metrics over net income-based multiples to better understand the company's true earning power. Relying on GAAP earnings can lead to distorted conclusions, as the firm's aggressive capital return strategy and frequent footprint adjustments often create noise in the bottom-line figures.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FLEX stock.
Flex Ltd.'s current P/E ratio is 56.4x. The historical average is 26.0x. This places it at the 96th percentile of its historical range.
Flex Ltd.'s current EV/EBITDA is 24.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.2x.
Flex Ltd.'s return on equity (ROE) is 17.3%. The historical average is 6.0%.
Based on historical data, Flex Ltd. is trading at a P/E of 56.4x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Flex Ltd. has 9.2% gross margin and 5.4% operating margin.
Flex Ltd.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.