Sanmina SANM
Technology · Hardware, Equipment & Parts · Synthos Deep Dive · 2026-07-06
The Overview
Sanmina builds electronics for other companies — circuit boards, enclosures, and full systems for customers in cloud computing, defense, healthcare, telecom, and industrial markets. It's the factory behind other people's brands. That business is high-volume and very low margin: for every $100 of product, Sanmina keeps about $8.50 before overhead and roughly $2.30 as profit.
What changed: Sanmina plugged itself into the AI data-center build-out (it bought a large data-center systems manufacturing business — see §1), and revenue exploded — the most recent quarter was double the same quarter a year ago. The stock more than doubled in twelve months on that news.
Here's the catch, in everyday terms:
- The growth spike looks like a one-time step up, not a rocket. Analysts expect +74% revenue growth this fiscal year, then +15%, then just +2% — and earnings per share are actually expected to dip in fiscal 2028.
- The stock already trades above what the Street thinks it's worth (the only published target is $200; the stock is ~$218).
- The people who know the company best are selling — the CEO sold about $27 million of stock in May, and the CFO and other officers sold too. No insiders bought.
- The chart has rolled over — the price has dropped 23% from its high and fallen below its 50-day trend line.
Our three scores: Downside Risk 7/10 (fairly high) — razor-thin margins, new debt, weak momentum, insider selling. Growth Quality 5/10 (average) — huge but likely temporary growth; the real bright spot is strong cash generation. Exponential Potential 3/10 (low) — growth is decelerating hard, the opposite of what we look for in an exponential.
The one big worry: contract manufacturing for AI data centers is lumpy, pass-through business. If the rack-building wave pauses — or the anchor customer relationship shifts — a stock that re-rated for one great year gives it back fast.
Putting a number on it: our fair-value estimate is $200 against a current price of $194.01 — real upside if our numbers are right.
Our summary metrics
Beta 1.56, 2.3% net margins, leverage added post-FY25 (net-debt/EBITDA 1.05× TTM vs net cash at FY-end), price below the 50-DMA with negative MACD, and a cluster of insider sales incl. the CEO's ~$27M — thin coverage (one price target) adds blind-spot risk.
Revenue +74% FY26E is a step-function (acquisition/AI-rack driven), fading to +15% FY27E and +2% FY28E; gross margin 8.5%, ROIC 7.4% — but cash conversion is genuinely strong (income quality 3.56, FCF yield 6.3%).
The second derivative is sharply negative — +74% → +15% → +2%, with FY28E EPS ($12.29) below FY27E ($12.98); an 8.5%-gross-margin contract manufacturer rides the AI build-out as pass-through volume, not pricing power. A step-up, not an exponential.
What does “fair value” mean?
Fair value is Synthos’s estimate of what one share is worth today, based on our model of the company’s future cash generation and the risks to it. It is not a price target or a prediction of where the stock trades next quarter — it’s the price where we think risk and reward are balanced. Above it, you’re paying for outcomes better than our base case; below it, the market is offering a margin of safety.
The model’s inputs and weightings are proprietary — they’re the product. What we publish is the output, plus an independent, public-math cross-check further down the page (“Check our number”) so you can judge it for yourself.
What do the 5 tiers mean? (Core · Tactical · Watch · Hold · Avoid)
Exponential Potential
The second derivative is sharply negative — +74% → +15% → +2%, with FY28E EPS ($12.29) below FY27E ($12.98); an 8.5%-gross-margin contract manufacturer rides the AI build-out as pass-through volume, not pricing power. A step-up, not an exponential.
What could take this further than the base case — and where the market may be underpricing it. Full forward-growth and acceleration math in Deeper analysis, §4 below.
Deeper analysis
Technicals, fundamentals, valuation, and the full expert-claim evidence panel — the detail behind the numbers above.
Reference table
| Street consensus | $200 — a single price target (high = low = median); ratings 5 Buy · 10 Hold · 2 Sell (consensus Hold) — thin coverage, context not anchor |
| Valuation | 45.2× trailing GAAP EPS · ~19.5× FY26E · 16.8× FY27E · 17.7× FY28E (non-GAAP) · EV/S 1.08× · EV/EBITDA 21.5× · FCF yield 6.3% |
| Technicals | Weakening — $217.61 is below the 50-DMA ($239.75), −23% off the 52-wk high ($282.72), RSI 34, MACD negative; still +115% 12-mo (SPY +21%) |
| Conviction | None — 0 KB voices, 0 traceable claims; fundamentals-driven note per house standard for screen-surfaced names |
| Position sizing | No position (Watch). If a tactical entry sets up near ~$175, size ≤1–2% — an EMS name with 2.3% net margins is not a core anchor |
What the experts actually said
No independent expert claims in the Synthos knowledge base yet for SANM — this dive is fundamentals- and technicals-driven, not panel-driven.
Price & moving averages 12 months · 50 & 200-day averages · 52-week range
Solid line = price · dashed line = 50-day average · dotted line = 200-day average · the two thin horizontal lines mark the 52-week high and low. Price above both averages is an uptrend.
Data summary: last close $194.01, 7% below the 50-day average ($210), 6% above the 200-day average ($183) — a mixed trend. 31% below the 52-week high of $283, 71% above the 52-week low of $113.
Bollinger Bands 20-day average ± 2 standard deviations
The shaded band widens when the stock gets more volatile. Riding the upper edge = strong momentum (sometimes stretched); the lower edge = weak / potentially oversold.
Data summary: price $194.01 is currently inside the band (band $184–$216).
RSI (14) momentum gauge · 0–100
Above 70 (overbought zone, shaded) = overbought, below 30 (oversold zone, shaded) = oversold. Currently 46.
MACD 12 / 26 / 9 · trend & momentum
The MACD line crossing above the signal line (bars flip to the up color) = momentum turning up; crossing below (bars flip to the down color) = turning down. Bar height = the size of that gap.
Data summary: MACD is currently above its signal line by 0.48, positive momentum.
Relative performance vs S&P 500 & its sector (XLK (sector)), set to 100 a year ago
Solid = SANM · dashed = S&P 500 · dotted = XLK (sector). A rising line means it is beating that benchmark — the sector line shows whether it is a leader or laggard within its own group.
Forward revenue & earnings actual → estimate · "FY" = fiscal year, "E" = estimate
Darker bars = actual results, brighter = analyst estimates. Taller bars to the right = expected growth.
Key stats an RIA wants
1. What it is
Sanmina Corporation (Nasdaq: SANM) is a global electronics manufacturing services (EMS) provider: components, finished goods, repair, supply-chain management, and post-sale support for original equipment manufacturers. Two segments: Integrated Manufacturing Solutions (IMS) — PCB assembly through full-system build and logistics — and Components, Products and Services (CPS) — interconnect systems (printed circuit boards, backplanes, cable assemblies), mechanical systems (enclosures, precision machining), plus memory, storage, RF, optics, microelectronics, defense/aerospace products and cloud-enabled manufacturing software. End markets: industrial, healthcare, defense & aviation, automotive, telecom, and cloud computing. Founded 1980, IPO 1993, headquartered in San Jose, CA; founder Jure Sola is Chairman & CEO; ~32,000 employees. Fiscal year ends late September/early October (FY25 = year ended 2025-09-27).
Revenue mix (FY25, from filings):
- By segment: IMS $6.51B (80%) · CPS third-party $1.62B (20%).
- By geography: Americas $4.65B (57%) · Asia-Pacific $2.61B (32%) · EMEA $0.87B (11%). A majority-Americas footprint is a genuine differentiator versus Asia-centric EMS peers in a tariff/onshoring world.
What just changed (context from the public record, not the data file): Sanmina agreed in May 2025 to acquire ZT Systems' data-center infrastructure manufacturing business from AMD, making it a rack-scale manufacturing partner for AI systems. The data file shows the fingerprints even without naming it: Q1 FY26 revenue +59% YoY ($3.19B), Q2 FY26 +102% YoY ($4.01B), deferred revenue of $878M on the FY25 balance sheet (customer advances), and quarterly interest expense jumping from ~$5M to $32M (deal financing). Everything numeric in this note comes from the data file; the deal name is the one labeled exception.
2. The expert thesis (traceable)
No expert-panel coverage — this note is fundamentals-driven. The Synthos KB contains zero SANM claims from zero voices. SANM entered the research queue via the quant momentum screen (+115% twelve-month return), not via conviction voices. Per house standard, that means: no borrowed conviction, no synthetic quotes — the bull and bear cases in §3 are built entirely from the filed financials, consensus estimates, insider filings, and technicals in the data file. Treat the conviction rating (None) accordingly: this is a lower-confidence note than a KB-backed name, and it is scored and sized that way.
3. Synthos scores & the Bull / Base / Bear cases
Three scores, 0–10, each anchored to real metrics (not probabilities we can't honestly calibrate):
| Score | 0–10 | The read |
|---|---|---|
| Downside Risk (lower = safer) | 7 · High | Beta 1.56; net margin 2.3% (no cushion when volume wobbles); net cash at FY25-end flipped to net-debt/EBITDA 1.05× TTM as deal financing landed; price below the 50-DMA with MACD negative and a −23% drawdown underway; CEO sold ~$27M of stock in May with no offsetting buys; only one published price target — thin coverage means thin early warning. Offsets: current ratio 1.71, FCF yield 6.3%, FMP rating B− (overall 3/5, but debt-to-equity scores 1/5). |
| Growth Quality | 5 · Average | FY26E revenue +74% is real but acquisition/ramp-driven, and consensus decays it to +15% (FY27E) → +2% (FY28E) with FY28E EPS below FY27E. Gross margin 8.5%, ROIC 7.4%, R&D 0.3% of sales — structurally commodity economics. The genuine strengths: income quality 3.56 (cash flow far exceeds GAAP income), FY25 FCF $473M, capex only 2.1% of revenue. |
| Exponential Potential | 3 · Low | The second derivative is sharply negative — the defining anti-exponential signature. An 8.5%-gross-margin pass-through manufacturer captures AI volume, not AI economics. |
The three cases (our own scenario model — assumptions labeled; each target is a ~12–18-month fair value). We deliberately do not attach probabilities: the base case is the expected path; the cases bound the range.
| Case | Key assumptions | Fair value |
|---|---|---|
| Bull | AI-rack demand keeps beating (Q2 FY26 beat revenue estimates by 22%); FY27E EPS lands ~$13.9 (consensus high) and the market pays ~20× for a re-rated US-based AI-infrastructure manufacturer. Roughly a retest of the 52-wk high ($282.72). | ~$285 (+31%) |
| Base (our anchor) | Estimates roughly hit — FY27E EPS ~$12.98 — but a thin-margin EMS with growth fading to ~2% earns a mid-teens multiple: ~15.5× FY27E. This lands on the Street's $200 target — labeled: our multiple assumption, their number. | ~$200 (−8%) |
| Bear | The step-up proves lumpy: Q3's guided sequential decline (~$3.40B vs $4.01B) extends, FY27E EPS misses toward the ~$11.7 consensus low or below (~$11.5), and the multiple de-rates to ~11× as "AI infrastructure" reverts to "contract manufacturer." | ~$130 (−40%) |
Synthos fair value = the base case, ~$200 (−8%). Note what the shape of the range says: the bear (−40%) is bigger than the bull (+31%) from here — negative skew at the current price. That asymmetry, not the growth headline, is why the verdict is Watch. This is a tracked call — the Forecaster Scorecard grades it once it matures.
4. Exponential Potential
Synthos separates compounders from exponentials (accelerating, multi-baggers-from-here). SANM is neither — it is a step-function:
- Forward growth: FY26E revenue $14.12B (+74%) off FY25's $8.13B — a huge one-year jump. FY26E EPS $11.16 vs FY25's ~$5.95 estimate-basis (+88%).
- Acceleration (the 2nd derivative) is negative: +74% (FY26E) → +15% (FY27E, $16.24B) → +2% (FY28E, $16.54B). EPS follows: $11.16 → $12.98 → $12.29 (down 5%). The same consensus that gives the growth takes away the durability — analysts are modeling a plateau, not a curve. (Caveat: FY28 rests on one analyst; FY26/FY27 on three.)
- Economics cap the dream: gross margin 8.5%, EBITDA margin 5.0%, R&D 0.3% of revenue. Volume scales; value capture doesn't. The AI build-out flows through Sanmina rather than compounding inside it.
- Room to run: at $11.7B market cap there is nominal room, but 1.08× EV/S on ~2% terminal growth is not the setup for a multibagger — the FY26 step-up is largely in the price.
Exponential Potential: Low (3/10). The near-opposite of the profile we hunt: growth is fast but decelerating, and the business keeps pennies of each incremental AI dollar.
5. Financials (real numbers — FMP annual/quarterly)
- Revenue: FY25 $8.13B, +7.4% (FY24 $7.57B, −15.3%; FY23 $8.94B, +12.8%; FY22 $7.92B; FY21 $6.74B; FY20 $6.95B). Read that history honestly: five years of cyclical chop around $7–9B — this was a no-growth business until the current ramp.
- Quarterly trajectory (the step-up): Q3 FY25 $2.04B → Q4 $2.10B → Q1 FY26 $3.19B (+59% YoY) → Q2 FY26 $4.01B (+102% YoY). H1 FY26 revenue ($7.20B) nearly equals all of FY25. But Q3 FY26 is estimated at ~$3.40B — a guided sequential decline of ~15% — confirming lumpiness.
- Margins: FY25 gross 8.8%, operating 4.4%, net 3.0% (GAAP net income $245.9M, diluted EPS $4.46). TTM: gross 8.5%, EBITDA 5.0%, net 2.3%. Q2 FY26 GAAP diluted EPS was $1.70 vs non-GAAP $3.16 — the GAAP/non-GAAP gap blew out post-deal (amortization/acquisition charges); underwrite with that gap in view.
- Cash flow (the bright spot): FY25 operating CF $620.7M, capex −$147.4M (2.1% of revenue... light), FCF $473.3M. Income quality TTM 3.56 — cash income far exceeds GAAP income. Honest caveat: FY25 OCF was boosted by +$738M of "other working capital" (largely the $878M deferred-revenue/customer-advance build) while inventory consumed −$543M — some of that cash is customers pre-funding the ramp, i.e., timing, not margin.
- Balance sheet: at FY25-end (2025-09-27): cash $966M, total debt $394M → net cash $572M, current ratio strong. Since then the TTM metrics show net-debt/EBITDA 1.05× (EV $12.26B vs $11.66B market cap ⇒ ~$0.6B net debt) and quarterly interest expense stepped from ~$5M to $32.1M (Q2 FY26) — deal financing landed after the last filed annual balance sheet. The current debt figure is not in the data file — flagged as a gap, not guessed.
- Capital returns: no dividend (yield 0%); buybacks $113.8M FY25 ($254.3M FY24, $331.1M FY22). Share count down from 69.0M (FY20) to 54.2M — a decade-long cannibal, though repurchases slowed as the deal took priority.
6. Valuation — priced in or room?
Two honest lenses, and they disagree:
- Trailing GAAP says expensive: 45.2× TTM EPS, 4.9× book, 21.5× EV/EBITDA — all inflated by the GAAP/non-GAAP gap and the half-completed ramp. FMP letter rating B− (P/E score 2/5, D/E score 1/5).
- Forward non-GAAP says merely full: 19.5× FY26E ($11.16) → 16.8× FY27E ($12.98) → 17.7× FY28E ($12.29) — note the forward multiple rises into FY28 because EPS is modeled to fall. EV/S 1.08× and FCF yield 6.3% are the value-ish anchors; forward PEG 2.78 says growth is already paid for.
- The tell: for a business whose consensus terminal growth is ~2%, ~17× is not a bargain — it embeds continued AI-rack momentum. And the stock trades ~9% above the Street's only published target ($200; high = low = median — effectively one analyst's view, context not gospel) with a 5 Buy / 10 Hold / 2 Sell ratings skew.
Net read: modestly overvalued. You are paying a fair-to-full multiple for the best year in the company's history at the exact moment consensus models the growth stalling. The entry that changes the math is ~$175 (≈13.5× FY27E) — close to our bear-bull midpoint and a level where the 6%+ FCF yield does the underwriting.
7. Technicals (from the tech block)
- Trend: long lens still up, short lens broken. $217.61 is −9.2% below the 50-DMA ($239.75) but +28.6% above the 200-DMA ($169.19). MACD −2.33 (negative and confirming the breakdown).
- Location: −23.0% off the 52-week high ($282.72) — also the max drawdown from peak, i.e., this correction is the deepest of the past year — and +127% off the 52-week low ($95.79).
- Momentum: RSI(14) 33.9 — weak, approaching (not yet at) the oversold line. This is a falling knife's neighborhood, not a base.
- Relative strength: +115% 12-mo vs SPY +21% / QQQ +31%; +67% 3-mo vs SPY +15% / QQQ +24%. Enormous outperformance — the screen caught it late in the move, which is exactly when momentum names are most fragile.
- Read: distribution, not accumulation. A parabolic 12-month run has cracked below its 50-DMA on negative MACD while insiders sell. For a Watch name that's convenient: let it either reclaim the 50-DMA on a strong Q3 print or come to us near the high-$160s/$170s where the rising 200-DMA and the valuation math converge.
8. Moat & competitive position
EMS is a scale-and-switching-cost business with structurally thin economics. Sanmina's genuine edges: (1) a majority-Americas manufacturing footprint (57% of FY25 revenue) at a moment when tariffs and onshoring push OEMs toward US/Mexico capacity; (2) vertical integration via CPS — PCBs, backplanes, enclosures, optics — that most assembly-only rivals lack; (3) regulated-market qualification (defense/aero, medical) where switching is slow; (4) the new rack-scale AI systems capability, which ties it to the largest capex cycle in tech. Against that: 8.5% gross margin and 7.4% ROIC say pricing power is minimal; customers are giant OEMs/hyperscalers with all the leverage; and the big EMS comps (Jabil, Celestica, Flex, Foxconn) fight for the same AI-rack sockets.
Peer set (FMP-supplied, market cap): a poor-fit list — Badger Meter $4.4B, Cognex $11.6B, Descartes $6.3B, ESCO $8.9B, Littelfuse $10.7B, MKS $24.9B, Universal Display $3.8B, Paylocity $6.1B, TTM Technologies $15.5B (the only true adjacent, PCB-centric), Vontier $4.1B. The relevant comparators — Celestica, Jabil, Flex — are not in the supplied set; judge SANM against the EMS/AI-infrastructure cohort, not this heterogeneous list. Data caveat, flagged per house standard.
9. Management, capital allocation & guidance
- Founder-led: Jure Sola co-founded Sanmina in 1980 and remains Chairman & CEO — decades of cycle experience, and the ZT-scale bet shows continued aggression.
- Capital allocation: historically shareholder-friendly on the buyback (share count −21% since FY20; $113.8M repurchased FY25), no dividend, light capex (2.1% of revenue), and — until the deal — a net-cash balance sheet. The pivot to debt-funded M&A is the biggest allocation decision in company history; the data file can't yet score its returns.
- Insider activity (the yellow flag): the recent Form 4 tape is all sales, no buys: CEO Jure Sola sold 118,368 shares at $228.84 on 2026-05-06 (~$27M, ~9% of his reported 1.23M-share stake); CFO Jonathan Faust sold 2×5,038 shares at ~$265.73–265.86 (2026-05-29); EVP HR Alan Reid sold in four lots ($218–254, May 2026); director David Hedley sold 500 at $219.52. Some of this is likely 10b5-1 diversification after a +115% year — but a CEO trimming ~$27M into a parabolic move, with zero insider buys on file, is a tell we weight.
- Guidance/estimates: the company has beaten EPS estimates five straight quarters (most recently $3.16 vs $2.42, a 31% beat, with revenue $4.01B vs $3.28B expected). Earnings-call guidance detail is not in our data file — flagged as a gap rather than paraphrased from memory.
10. Catalysts & what to watch
- Next earnings: 2026-07-27 (Q3 FY26; Street EPS $2.78, revenue ~$3.40B). The single most important line: does revenue really step down ~15% sequentially from Q2's $4.01B, and does management frame it as timing (program transitions, customer-advance recognition) or demand? A beat-and-raise above ~$4B changes this note's tilt; an in-line-or-worse print validates the lumpiness thesis.
- AI-rack program news: new rack-scale wins or expansions (or any sign the anchor relationship narrows) — the swing factor behind the entire step-up.
- Balance-sheet disclosure: the first full post-deal balance sheet — actual debt, integration costs, and whether the deferred-revenue cushion ($878M at FY25-end) persists or unwinds.
- Onshoring/tariff policy: a majority-Americas EMS is a policy beneficiary; incremental reshoring announcements help.
- Estimate revisions & coverage: FY28 rests on one analyst and the Street shows one price target — new initiations could move the reference frame materially in either direction.
Thesis tripwires (what would change the call): Q3 FY26 revenue materially below ~$3.4B or Q4 guided down again (bear tilt); two consecutive quarters back above $4B with gross margin holding ≥8.8% (bull tilt); insider buying by Sola or Faust (bull tilt); net-debt/EBITDA rising above ~1.5× (bear tilt).
11. Key risks
- Growth-cliff risk (the dominant one): consensus itself models +74% → +15% → +2%, with FY28E EPS below FY27E. If the AI-rack ramp is a project, not a franchise, the stock re-rates from "AI infrastructure" back to "EMS" — historically a low-teens-multiple, 1–3%-net-margin category.
- Customer concentration / pass-through economics: rack-scale AI manufacturing hangs on a small number of giant customers with total pricing leverage over an 8.5%-gross-margin supplier. (Per-customer concentration figures are not in the data file — flagged, not guessed.)
- Integration & leverage: the largest deal in company history, financed with debt (interest expense ~6× the prior run-rate); execution slippage hits a 2.3%-net-margin P&L hard.
- Working-capital cycle: inventory $1.99B at FY25-end (up $545M YoY), cash-conversion cycle 105 days; FY25's cash flow leaned on $738M of other-working-capital inflows (customer advances) that can reverse.
- Insider selling: all-sale, no-buy Form 4 tape including the CEO's ~$27M — modest as a percentage of holdings, but directionally one-way.
- Momentum unwind: beta 1.56, −23% drawdown in progress, below the 50-DMA on RSI 34 — momentum screens surface names late; the exit door is narrow for a mid-cap.
- GAAP/non-GAAP gap: Q2 FY26 GAAP EPS $1.70 vs non-GAAP $3.16 — the forward multiples in §6 rest on the adjusted series; the statutory earnings are much smaller.
- Cyclicality (the base rate): FY20–FY25 revenue chopped between $6.7B and $8.9B with a −15% year in FY24 — this company's own history argues against extrapolating any single great year.
12. Verdict, position sizing & monitoring
Watch. Sanmina is a better business than its stock chart history suggests — founder-led, cash-generative (6.3% FCF yield), majority-Americas, and now genuinely attached to the AI data-center build-out with revenue that doubled year-over-year. But the honest ledger tips the other way at $217.61: the stock trades above the Street's lone $200 target and our own ~$200 base case; consensus models the growth collapsing to +2% within two fiscal years with FY28E EPS down; the CEO and CFO are sellers; the chart has broken its 50-DMA; and there is no expert-panel conviction behind the name. The risk/reward is negatively skewed (−40% bear vs +31% bull). That is a Watch, not a Buy — and not a short either, given the beat streak and cash flow.
- Sizing: no position today. The setup that would justify a tactical entry: ~$175 (≈13.5× FY27E EPS, near the rising 200-DMA) or a Q3 print on 2026-07-27 that beats the ~$3.40B revenue estimate and reclaims the 50-DMA — then ≤1–2% of the flagship, sized as a cyclical, never core.
- Monitoring: re-underwrite on the §10 tripwires; formal re-score at Q3 FY26 earnings (2026-07-27). This verdict is logged as a tracked Synthos call as of 2026-07-06 at $217.61.
- Single biggest risk: the AI-rack step-up proving lumpy/one-time — a thin-margin manufacturer priced off its best year, with the deceleration already written into the very estimates that support the multiple.
Provenance & disclosures
- Traceability: 0 KB claims, 0 voices — no expert-panel coverage; per house standard this is a fundamentals-driven note surfaced by the quant momentum screen. No conviction is borrowed or synthesized;
kb_net_convictionis null because there is nothing to aggregate. - Data as-of: fundamentals 2026-03-28 (Q2 FY26 10-Q) · estimates & prices 2026-07-06 (FMP pull in the data file) · insider filings through 2026-06-01. Forward figures are analyst consensus (FMP), labeled as estimates; FY28 rests on one analyst and FY26/FY27 on three — treat with corresponding humility.
- Acquisition caveat: the ZT Systems / AMD deal is named from the public record — it is the one fact in this note not sourced from the data file; every number is from the file. The post-deal debt balance is not in the file (annual balance sheet ends 2025-09-27) and is inferred only directionally from TTM EV and interest expense — flagged, not fabricated.
- Earnings-quality caveat: GAAP TTM EPS ($4.79) sits far below the non-GAAP series the Street quotes (FY26E $11.16); FY25 operating cash flow was flattered by ~$738M of working-capital/customer-advance inflows. Underwrite both gaps.
- Street-coverage caveat: the price-target block contains a single $200 target (high = low = median) and 17 ratings skewed to Hold — consensus here is thin context, not a robust anchor.
- Peer caveat: the FMP-supplied peer list omits the relevant EMS comps (Celestica, Jabil, Flex); judge against that cohort.
- Not investment advice. Independent research, educational and informational only, never personalized. Hypothetical/forward figures are labeled; the only performance numbers Synthos will headline are the live, real-money Flagship's.
- Version: 2026-07-06. Prior versions available via the deep-dive version dropdown ("based on the info at the time").