SANMSANMINA CORP

Printed Circuit Boards

Revenue: $8.1B; 7.4% YoY
Operating margin: 4.4%; 1.6% YoY
EBITDA: $474M; 3.5% YoY
Market cap: $8.8B
Employees: 39,000; $208K revenue each
Net debt / EBITDA: 0.7×; $327M net debt
AI in 10-K: 2.4; mentions per 10K words

Takeover score 2 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
252% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
53% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$208K · 19th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.4 per 10K words · 61st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$43M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.7B	$7.9B	$8.9B	$7.6B	$8.1B	7.4%
Operating income	$256M	$349M	$456M	$335M	$355M	5.7%
Net income	$250M	$240M	$310M	$223M	$246M	10%
Operating cash flow	$338M	$331M	$235M	$340M	$621M	82%
Capex	$73M	$139M	$191M	$111M	$147M	32%
Stock-based comp	$35M	$40M	$50M	$57M	$63M	10%
Buybacks	$64M	$331M	—	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $100K · 1
Open-market sells, 12 mo: $43M · 20
Net: −$43M

Pay vs performance

No pay-versus-performance disclosure yet.