Short answer
SANMINA CORP (SANM) filed its fiscal 2025 10-K annual report with the SEC on Nov 13, 2025. It reported revenue of $8.1B (+7.4% year over year) and net income of $246M.
- Top risk flagged: Regulatory risk: U.S. tariffs, retaliatory tariffs and import/export restrictions increasing supply chain complexity and cost, potentially impacting gross margins and operating cash flow
FY2025 key financial metrics · XBRL
- Revenue
- $8.1B
- +7.4% YoY
- Net income
- $246M
- +10.5% YoY
- Operating margin
- 4.4%
- −0.1 pp YoY
- Gross margin
- 8.8%
- +0.4 pp YoY
- EPS (diluted)
- $4.46
- +14.1% YoY
- ROE
- 9.7%
- +0.3 pp YoY
- Operating cash flow
- $621M
- +82.4% YoY
Source: XBRL data from the SANMINA CORP (SANM) FY2025 10-K on SEC EDGAR. USD.
SANMINA CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business providing integrated manufacturing, design engineering, supply chain, and after-market services primarily to OEMs in high-tech, regulated industries
- Emphasis on advanced cloud-based smart manufacturing execution software via 42Q division, enhancing digital transformation offerings
- Strategic push toward cross-selling end-to-end vertically integrated solutions to increase program breadth and margin expansion
- Workforce of 39,000 employees including 4,000 temporary, supporting operations in 20 countries across four continents
- Focused growth in mission-critical markets (industrial, medical, defense & aerospace, automotive, cloud infrastructure) with complex, high-value products
Management Discussion & Analysis
- Revenue $8.13B, up 7.4% YoY from $7.57B in 2024; communication networks segment grew 17.1% to $3.11B, industrial/medical/auto up 2.2% to $5.02B
- Operating margin steady at 4.4% in 2025 vs 4.4% in 2024; gross margin rose to 8.8% from 8.5%, CPS segment margin improved to 13.9% from 12.8%
- Best segment: Communications Networks revenue $3.11B, +17.1%; worst: Industrial/Medical/Defense/Aerospace/Auto $5.02B, +2.2%
- Operating cash flow $621M, capital expenditures $147M; share repurchases $114M; dividends not mentioned
- Management warns of risks from tax audits, supply chain constraints, fluctuating gross margins, and integration costs from $1.6B ZT Systems acquisition
Risk Factors
- Regulatory risk: U.S. tariffs, retaliatory tariffs and import/export restrictions increasing supply chain complexity and cost, potentially impacting gross margins and operating cash flow
- Geopolitical risk: 80% of net sales generated from foreign operations in Latin America, Asia, Eastern Europe exposed to geopolitical tensions including U.S.-other nations relations, Middle East conflict, Ukraine war
- Operational risk: Reliance on forecasts and customer orders for inventory procurement risks excess, obsolete inventory leading to write-downs influenced by order cancellations or customer financial difficulties
- Competitive risk: Intense competition from larger firms and niche manufacturers constrains revenue growth despite advantages in end-to-end manufacturing and global supply chain management
- Financial risk: $1.6 billion acquisition of ZT Systems includes $1.46 billion cash and up to $450 million contingent consideration tied to future financial performance
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