PLXSPLEXUS CORP

Printed Circuit Boards

Revenue: $4.0B; 1.8% YoY
Operating margin: 5.0%; 18% YoY
EBITDA: $280M; 14% YoY
Market cap: $5.5B
Employees: 20,000; $202K revenue each
Net debt / EBITDA: -0.2×; −$51M net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
144% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
26% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$202K · 17th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 62nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$24M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.5B	$3.9B	$4.2B	$4.0B	$4.0B	1.8%
Operating income	$176M	$178M	$196M	$168M	$202M	21%
Net income	$139M	$138M	$139M	$112M	$173M	55%
Operating cash flow	$143M	−$26M	$166M	$437M	$249M	43%
Capex	$57M	$102M	$104M	$95M	$95M	0.1%
Stock-based comp	$25M	$23M	$21M	$30M	$30M	0.2%
Buybacks	$108M	$50M	$41M	$56M	$65M	17%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $24M · 66
Net: −$24M

Pay vs performance

No pay-versus-performance disclosure yet.