Latest Ratios: P/E Ratio 46.1x · EV/EBITDA 22.5x · ROE 10.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.2B | $6.3B | $3.9B | $3.2B | $2.9B | $2.7B | $1.9B | $2.3B | $1.9B | $2.9B | $2.2B |
| Enterprise Value | $10.7B | $5.7B | $3.7B | $3.0B | $2.8B | $2.4B | $1.8B | $2.2B | $2.1B | $3.0B | $2.3B |
| P/E Ratio → | 46.13 | 25.59 | 17.61 | 10.48 | 11.35 | 9.61 | 13.73 | 16.30 | — | 20.87 | 11.96 |
| P/S Ratio | 1.38 | 0.77 | 0.52 | 0.36 | 0.37 | 0.39 | 0.28 | 0.28 | 0.27 | 0.42 | 0.35 |
| P/B Ratio | 4.47 | 2.48 | 1.66 | 1.40 | 1.60 | 1.41 | 1.17 | 1.40 | 1.31 | 1.76 | 1.39 |
| P/FCF | 23.74 | 13.30 | 17.13 | 74.13 | 15.13 | 9.96 | 8.11 | 9.27 | 51.34 | 20.86 | 8.32 |
| P/OCF | 18.10 | 10.14 | 11.53 | 13.81 | 8.79 | 7.84 | 6.37 | 6.01 | 12.32 | 11.57 | 5.75 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.70 | 0.49 | 0.34 | 0.35 | 0.35 | 0.26 | 0.27 | 0.30 | 0.43 | 0.36 |
| EV / EBITDA | 22.49 | 12.08 | 8.04 | 5.23 | 6.09 | 6.53 | 5.51 | 7.58 | 8.88 | 8.62 | 6.85 |
| EV / EBIT | 30.07 | 16.65 | 10.62 | 6.68 | 8.59 | 7.93 | 8.30 | 7.44 | 11.81 | 13.06 | 10.10 |
| EV / FCF | — | 12.09 | 16.08 | 68.50 | 14.52 | 8.97 | 7.78 | 8.99 | 56.35 | 21.39 | 8.55 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 8.8% | 8.8% | 8.5% | 8.3% | 7.9% | 7.8% | 7.4% | 7.2% | 6.5% | 7.6% | 7.9% |
| Operating Margin | 4.4% | 4.4% | 4.4% | 5.1% | 4.4% | 3.8% | 3.2% | 2.2% | 1.7% | 3.3% | 3.5% |
| Net Profit Margin | 3.0% | 3.0% | 2.9% | 3.5% | 3.0% | 3.7% | 1.9% | 1.7% | -1.3% | 2.0% | 2.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.0% | 10.0% | 9.5% | 15.0% | 13.0% | 14.2% | 8.1% | 9.1% | -6.1% | 8.5% | 12.0% |
| ROA | 4.6% | 4.6% | 4.6% | 6.4% | 5.3% | 6.3% | 3.5% | 3.5% | -2.4% | 3.7% | 5.3% |
| ROIC | 13.0% | 13.0% | 12.0% | 18.1% | 15.8% | 12.1% | 10.5% | 8.2% | 5.3% | 10.0% | 10.2% |
| ROCE | 12.0% | 12.0% | 11.7% | 17.5% | 14.5% | 10.9% | 9.8% | 9.1% | 6.1% | 10.2% | 10.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.16 | 0.18 | 0.23 | 0.21 | 0.25 | 0.23 | 0.41 | 0.29 | 0.29 |
| Debt / EBITDA | 0.83 | 0.83 | 0.84 | 0.73 | 0.90 | 1.06 | 1.20 | 1.31 | 2.55 | 1.39 | 1.37 |
| Net Debt / Equity | — | -0.23 | -0.10 | -0.11 | -0.06 | -0.14 | -0.05 | -0.04 | 0.13 | 0.04 | 0.04 |
| Net Debt / EBITDA | -1.21 | -1.21 | -0.53 | -0.43 | -0.26 | -0.72 | -0.24 | -0.24 | 0.79 | 0.21 | 0.19 |
| Debt / FCF | — | -1.21 | -1.06 | -5.62 | -0.61 | -0.99 | -0.33 | -0.28 | 5.01 | 0.53 | 0.24 |
| Interest Coverage | 80.01 | 80.01 | 11.88 | 12.38 | 14.45 | 15.41 | 7.65 | 9.75 | 6.46 | 10.39 | 9.17 |
Net cash position: cash ($966M) exceeds total debt ($394M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.72 | 1.72 | 1.99 | 1.91 | 1.57 | 1.86 | 1.85 | 1.74 | 1.26 | 1.62 | 1.70 |
| Quick Ratio | 1.02 | 1.02 | 1.25 | 1.18 | 0.89 | 1.27 | 1.29 | 1.20 | 0.68 | 0.97 | 1.02 |
| Cash Ratio | 0.34 | 0.34 | 0.32 | 0.33 | 0.21 | 0.37 | 0.32 | 0.27 | 0.17 | 0.25 | 0.28 |
| Asset Turnover | — | 1.39 | 1.57 | 1.83 | 1.64 | 1.60 | 1.84 | 2.11 | 1.74 | 1.79 | 1.79 |
| Inventory Turnover | 3.73 | 3.73 | 4.80 | 5.55 | 4.33 | 5.99 | 7.47 | 8.49 | 4.84 | 6.04 | 6.31 |
| Days Sales Outstanding | — | 82.00 | 83.03 | 68.49 | 74.41 | 83.48 | 75.62 | 67.59 | 60.43 | 59.00 | 54.83 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 3.9% | 5.7% | 9.5% | 8.8% | 10.4% | 7.3% | 6.1% | — | 4.8% | 8.4% |
| FCF Yield | 4.2% | 7.5% | 5.8% | 1.3% | 6.6% | 10.0% | 12.3% | 10.8% | 1.9% | 4.8% | 12.0% |
| Buyback Yield | 1.0% | 1.8% | 6.5% | 3.3% | 11.4% | 2.4% | 9.3% | 0.5% | 8.2% | 6.1% | 6.3% |
| Total Shareholder Yield | 1.0% | 1.8% | 6.5% | 3.3% | 11.4% | 2.4% | 9.3% | 0.5% | 8.2% | 6.1% | 6.3% |
| Shares Outstanding | — | $55M | $57M | $60M | $63M | $69M | $71M | $72M | $70M | $78M | $79M |
Program cycle revenue volatility
According to recent market data, Sanmina trades at a forward P/E of 21.19, which suggests that investors are pricing in significant future earnings expansion despite the company's historical tendency to operate within a narrow, low-margin band compared to its broader industrial technology peer group.
The current P/E multiple of 53.04 appears elevated relative to historical norms, likely reflecting market optimism surrounding the recent revenue surge. Investors should monitor whether this valuation is sustainable given the structural margin constraints inherent in the EMS business model.
Based on reported financial figures, Sanmina's ROIC has hovered between 2.1% and 3.5% over the last ten quarters, indicating that the company struggles to generate returns on invested capital that significantly exceed its cost of capital, a trend that warrants further investigation by fundamental analysts.
The low ROIC suggests that the company's capital-intensive manufacturing footprint limits its ability to compound returns effectively. While the recent revenue acceleration is positive, the lack of meaningful improvement in ROIC implies that growth is not yet translating into superior value creation for shareholders.
As reported in recent quarterly filings, Sanmina's cash conversion cycle reached 75 days in 2026Q2, reflecting a complex interplay between inventory management and customer payment terms that remains sensitive to the timing of large-scale program deliveries within the high-complexity, low-volume manufacturing segment.
The fluctuation in the CCC, driven by shifts in days inventory outstanding, suggests that supply chain volatility remains a primary operational risk. Investors should watch for further signs of inventory bloat, which could signal a mismatch between procurement cycles and actual customer demand.
Based on the provided balance sheet data, Sanmina's debt-to-equity ratio has increased to 0.31 in 2026Q2 from a historical low of 0.15, indicating a shift toward more aggressive financial leverage to support the company's recent rapid asset expansion and capital return initiatives.
While the current debt level remains manageable, the trend toward higher leverage warrants caution given the cyclical nature of the EMS industry. The interest coverage ratio, while currently healthy, may face pressure if operating margins fail to expand alongside the increased debt service requirements.
As noted in industry research, the P/E ratio is frequently misapplied to Sanmina, as it obscures the impact of non-cash charges and pass-through component costs that distort net income, making EV/EBITDA a more reliable metric for assessing the company's true operational performance and valuation.
Using P/E ignores the significant influence of stock-based compensation and revenue recognition nuances that can artificially inflate or deflate earnings. Analysts should prioritize EV/EBITDA to better capture the underlying cash-generating potential of the manufacturing facilities without the noise of accounting adjustments.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SANM stock.
Sanmina Corporation's current P/E ratio is 46.1x. The historical average is 26.3x. This places it at the 76th percentile of its historical range.
Sanmina Corporation's current EV/EBITDA is 22.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.7x.
Sanmina Corporation's return on equity (ROE) is 10.0%. The historical average is 1.3%.
Based on historical data, Sanmina Corporation is trading at a P/E of 46.1x. This is at the 76th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sanmina Corporation has 8.8% gross margin and 4.4% operating margin.
Sanmina Corporation's Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.