Flex Ltd. (FLEX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-65.0%

$30.19

vs $86.35 price

Levered DCF

$51.02

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.43

Grey zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	28.09×	15.46×	11.51×	13.15×	9.42×	14.89×	49.29×	57.44×
P/B	4.76×	2.59×	2.18×	1.95×	2.14×	2.66×	1.51×	1.81×
P/S	0.88×	0.5×	0.44×	0.37×	0.36×	0.38×	0.18×	0.2×
EV / EBITDA	13.75×	8.31×	9.23×	7.46×	6.58×	7.51×	5.35×	8.04×
Gross margin	9.2%	8.4%	7.1%	6.9%	7.2%	7.0%	5.5%	5.8%
Operating margin	5.4%	4.5%	3.2%	3.6%	3.6%	3.3%	1.7%	1.9%
Net margin	3.2%	3.2%	3.8%	2.8%	3.8%	2.5%	0.4%	0.4%
Current ratio	1.36×	1.3×	1.52×	1.48×	1.34×	1.45×	1.26×	1.2×
Debt / equity	0.84×	0.83×	0.73×	0.78×	1.15×	1.26×	1.19×	1.03×
Interest coverage	7×	5.36×	5.3×	5.32×	5.56×	5.3×	2.84×	3.37×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.1%	16.8%	18.9%	14.8%	22.7%	17.8%	3.1%	3.1%
Return on invested capital	11.5%	9.8%	8.7%	8.1%	8.4%	8.3%	3.5%	3.8%
Return on assets	4.0%	4.6%	5.5%	3.7%	4.8%	3.9%	0.6%	0.7%
Free cash flow yield	4.3%	8.2%	6.9%	3.0%	6.6%	-2.3%	-46.8%	-68.9%
Earnings yield	3.6%	6.5%	8.7%	7.6%	10.6%	6.7%	2.1%	1.7%
Enterprise value	$26.4B	$14.8B	$13B	$11.5B	$10.6B	$10.8B	$5.7B	$6.7B
Net debt / EBITDA	1×	1.04×	1×	0.67×	1.11×	1.18×	1.35×	1.62×
Cash conversion cycle (days)	43	59	71	71	63	42	20	18