Sanmina Corporation (SANM) 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

-82.1%

$29.05

vs $161.95 price

Levered DCF

$163.24

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.37

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	25.02×	17.22×	10.13×	11.76×	9.51×	13.14×	15.66×	-19.77×
P/B	2.67×	1.74×	1.45×	1.55×	1.4×	1.12×	1.35×	1.28×
P/S	0.77×	0.51×	0.35×	0.36×	0.39×	0.26×	0.27×	0.27×
EV / EBITDA	12.35×	7.65×	5.1×	6.24×	5.78×	5.23×	5.16×	6.97×
Gross margin	8.8%	8.5%	8.3%	7.9%	7.8%	7.4%	7.2%	6.5%
Operating margin	4.4%	4.4%	5.1%	4.4%	3.8%	3.2%	2.2%	1.7%
Net margin	3.0%	2.9%	3.5%	3.0%	3.7%	1.9%	1.7%	-1.3%
Current ratio	1.72×	1.99×	1.91×	1.57×	1.86×	1.85×	1.74×	1.26×
Debt / equity	0.17×	0.17×	0.19×	0.23×	0.21×	0.25×	0.23×	0.41×
Interest coverage	82.53×	11.5×	12.56×	15.55×	13.09×	7.58×	5.78×	4.31×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.4%	10.1%	14.3%	13.2%	13.3%	8.2%	8.6%	-6.5%
Return on invested capital	9.0%	8.6%	12.5%	11.6%	9.1%	6.6%	4.5%	-5.1%
Return on assets	4.2%	4.6%	6.4%	5.0%	5.9%	3.5%	3.6%	-2.3%
Free cash flow yield	7.5%	6.0%	1.4%	6.8%	10.1%	12.9%	11.2%	2.0%
Earnings yield	3.9%	5.8%	9.9%	8.5%	9.5%	7.3%	6.4%	-5.1%
Enterprise value	$5.7B	$3.6B	$2.9B	$2.7B	$2.4B	$1.8B	$2.2B	$2.1B
Net debt / EBITDA	-1.23×	-0.52×	-0.43×	-0.27×	-0.64×	-0.24×	-0.17×	0.63×
Cash conversion cycle (days)	102	83	62	57	58	56	47	51