FLEXFLEX LTD.
Printed Circuit Boards
- Revenue
- $27.9B
- 8.1% YoY
- Operating margin
- 4.9%
- 8.2% YoY
- EBITDA
- $1.8B
- 13% YoY
- Market cap
- $32.0B
- Employees
- 150,000
- $186K revenue each
- Net debt / EBITDA
- 0.2×
- $327M net debt
- AI in 10-K
- 4.0
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$16M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo191% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo56% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo7% of assetsOver 40% of assets
- Shareholder dissentYes74% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$186K · 14th pctBottom quartile of its SIC industry
- Quiet on AINo4.0 per 10K words · 78th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$32.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$118M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $24.6B | $28.5B | $26.4B | $25.8B | $27.9B | 8.1% |
| Operating income | $890M | $1.0B | $853M | $1.2B | $1.4B | 17% |
| Net income | $936M | $793M | $872M | $838M | $880M | 5.0% |
| Operating cash flow | $1.0B | $950M | $1.3B | $1.5B | $1.7B | 12% |
| Capex | $443M | $635M | $530M | $438M | $633M | 45% |
| Stock-based comp | $91M | $133M | $152M | $125M | $142M | 14% |
| Buybacks | $686M | $337M | $1.3B | $1.3B | $944M | 25% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Oct 5, 2026 | 8-K | Mentions General Catalyst | — | — |
| Oct 27, 2023 | DEFM14A | Nextracker Inc. | — | — |
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $118M · 151
- Net
- −$118M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $44M | $169M | 491 | 718 |
| FY2025 | $16M | $27M | 248 | 299 |
| FY2024 | $15M | $48M | 215 | 248 |
| FY2023 | $16M | $30M | 126 | 156 |
| FY2022 | $14M | $17M | 101 | 113 |