Sanmina Corporation provides integrated manufacturing solutions, components, products, and repair, logistics, and after-market services across the Americas, Asia Pacific, Europe, the Middle East, and Africa. It operates through two businesses: Integrated Manufacturing Solutions, and Components, Products and Services. Offerings include product design and engineering, assembly and test, direct order fulfillment and logistics, after-market product service and support, and supply chain management, as well as components such as printed circuit boards, backplane assemblies, cable assemblies, fabricated metal and precision machined parts, and plastic injection molded parts, along with memory solutions, storage platforms, optical, radio frequency, and microelectronic solutions, defense and aerospace products and services, and cloud-based manufacturing execution software. Its customers are primarily original equipment manufacturers in the industrial, medical, defense and aerospace, automotive, communications networks, and cloud infrastructure industries. The company was formerly known as Sanmina-SCI Corp., was incorporated in 1980, and is headquartered in San Jose, California.
AI Infrastructure Demand Drives Sanmina's Profit Surge, But Cash Tightens
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AI-Driven Profit Surge Sanmina's non-GAAP operating profit jumped 131.5% to $257 million, with revenue more than doubling to $4.01 billion, fueled by its ZT Systems acquisition and strong demand for accelerated computing. This shows the company is winning big in AI hardware, pushing the stock up.
This is the core new event that explains the profit explosion and sets the stage for the period's positive momentum.
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Raised Outlook on AI Demand Sanmina beat earnings and revenue estimates and raised its full-year revenue outlook to $14.0–$14.3 billion, citing strong AI infrastructure demand. Management also expects to exceed $16 billion in fiscal 2027 revenue, boosting investor confidence and lifting the stock.
This is a new forward-looking catalyst that directly drives the stock higher by signaling sustained growth.
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Buyback Halt and Cash Strain Sanmina stopped buying back shares to fund AI expansion, and free cash flow fell to $23.6 million from $342 million. This raises concerns about cash priorities and margin pressure, weighing on the stock despite strong revenue growth.
This is a new counterweight that explains recent stock weakness and provides a balanced view of the risks.
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Stock Outperformance Since Q3 Sanmina shares have risen 10.8% since the Q3 earnings beat, outperforming the S&P 500, as investors cheer the raised guidance and AI-driven growth. This confirms the market's positive reaction to the company's fundamentals.
This is a new data point showing the stock's recent performance, reinforcing the positive impact of the earnings and outlook.
Q3 2026
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AI Infrastructure Demand Drives Sanmina's Profit Surge, But Cash Tightens
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AI-Driven Profit Surge Sanmina's non-GAAP operating profit jumped 131.5% to $257 million, with revenue more than doubling to $4.01 billion, fueled by its ZT Systems acquisition and strong demand for accelerated computing. This shows the company is winning big in AI hardware, pushing the stock up.
This is the core new event that explains the profit explosion and sets the stage for the period's positive momentum.
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Raised Outlook on AI Demand Sanmina beat earnings and revenue estimates and raised its full-year revenue outlook to $14.0–$14.3 billion, citing strong AI infrastructure demand. Management also expects to exceed $16 billion in fiscal 2027 revenue, boosting investor confidence and lifting the stock.
This is a new forward-looking catalyst that directly drives the stock higher by signaling sustained growth.
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Buyback Halt and Cash Strain Sanmina stopped buying back shares to fund AI expansion, and free cash flow fell to $23.6 million from $342 million. This raises concerns about cash priorities and margin pressure, weighing on the stock despite strong revenue growth.
This is a new counterweight that explains recent stock weakness and provides a balanced view of the risks.
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Stock Outperformance Since Q3 Sanmina shares have risen 10.8% since the Q3 earnings beat, outperforming the S&P 500, as investors cheer the raised guidance and AI-driven growth. This confirms the market's positive reaction to the company's fundamentals.
This is a new data point showing the stock's recent performance, reinforcing the positive impact of the earnings and outlook.
Garrett Motion reported second-quarter revenues of $976 million, up 6.9% year on year and 3.3% above analysts' expectations, with full-year EBITDA guidance also beating projections. Across the 14 electrical systems stocks tracked, group revenues beat consensus estimates by 2.3% while next-quarter revenue guidance came in 0.6% below, and share prices have fallen an average of 7% since the latest earnings results. Garrett Motion shares are down 12.1% since reporting and trade at $26.30. Among peers, Atkore posted revenues of $794.8 million, up 8.1% year on year and 4.7% above expectations, with its stock up 30.3% at $95.07, while Powell reported revenues of $311.7 million, up 8.9% but 1.6% short of estimates, and its stock is down 13.1% at $191.00. Verra Mobility reported revenues of $263.6 million, up 11.7% and 3.8% above expectations, but logged the weakest full-year guidance update of the group and saw its stock fall 46.2% to $3.02, while Sanmina reported revenues of $3.46 billion, up 69.7% and 1.8% above estimates, with its stock up 6.4% at $222.34.
Sanmina Corporation announced that Shanker Trivedi has been appointed to its board of directors, effective September 14, 2026. Trivedi brings more than 30 years of leadership experience in enterprise technology, data centers, cloud infrastructure, and go-to-market execution, having spent 2009 to 2026 at NVIDIA Corporation, most recently as Senior Vice President, Enterprise Business from April 2016 to April 2026. During his 17-year tenure at NVIDIA, he led worldwide sales for data center and professional visualization products and business development for industry verticals including manufacturing, healthcare, financial services, telecommunications, government, and education. He currently serves on the board of directors of Enphase Energy, Inc., and previously held senior leadership positions at Callidus Software, Sun Microsystems, IBM and ICL. Chairman and Chief Executive Officer Jure Sola said Trivedi's expertise across the AI and data center markets will be invaluable to driving long-term value for stakeholders.
SANM · Capital · Positive Sanmina appoints former NVIDIA enterprise/data-center sales leader Shanker Trivedi to its board, a governance/leadership addition.
Sanmina Corporation generated $702 million in cash from operations in the first nine months of fiscal 2026, up from $421.6 million a year earlier, while free cash flow rose to $457.8 million from $341.4 million. The growth is driven by strong demand in the AI infrastructure vertical, with third-quarter revenues in communications networks and cloud and AI infrastructure reaching $2.15 billion, a 173.2% increase. Sanmina has secured additional orders for next-generation accelerated-compute products from hyperscale and OEM customers, and the integration of ZT Systems strengthens this opportunity. However, ongoing investments in production capacity could impact near-term free cash flow, and the company faces risks from tariffs, trade policy, and customer concentration. Sanmina shares have surged 67.6% compared with the industry's growth of 43.4%, and the stock trades at 14.86 times forward earnings, lower than the industry. Earnings estimates for fiscal 2026 and 2027 have risen over the past 60 days, and Sanmina holds a Zacks Rank #1 (Strong Buy).
Sanmina Shares Up 10.8% Since Q3 Beat, Outlook Raised
Sanmina Corporation's shares have risen 10.8% since its last earnings report, outperforming the S&P 500, as the company reported strong fiscal third-quarter results and raised its full-year guidance. Non-GAAP earnings came in at $3.31 per share, up 116% year over year and beating the consensus estimate of $2.78, while revenues of $3.46 billion increased 69.7% and exceeded expectations. The growth was driven by cloud and AI infrastructure demand, with core Sanmina revenues up 17% to $2.4 billion and ZT Systems contributing $1.1 billion. Management raised its fiscal 2026 revenue outlook to $14.0-$14.3 billion and non-GAAP earnings to $11.90-$12.20 per share, and reiterated confidence in exceeding $16 billion in revenue for fiscal 2027. The company ended the quarter with $1.84 billion in cash and no borrowings under its revolving credit facility.
Sanmina Halts Buybacks as AI Ramp Takes Cash Priority
Sanmina repurchased no shares in its June quarter, leaving about $600 million of board authorization unused, and the cash is instead funding an AI-driven expansion. The company's stock has fallen 26.5% over the past three months and trades about 32% below its 52-week high, despite being up 65.5% over the past twelve months. Over the last three years, Sanmina shrank its share count by about 2.4% a year on average, which widened the gap between EPS growth of 4.4% and net income growth of 2.6%. However, the share count has fallen just 0.5% over the past year, as the company prioritizes spending on metal fabrication for AI system racks, high-technology PCBs, and a new medium-voltage transformer business. Revenue reached $3.46 billion in fiscal Q3 2026, up 69.7% year over year, but free cash flow dropped to $23.6 million from $342 million in the prior quarter due to working capital investment. Management expects the pressure to continue, with the next-generation accelerated compute program set to contribute revenue in fiscal Q1 2027, and the 8% non-GAAP operating margin must hold above the long-term 6% to 7% range. Trailing free cash flow still covers shareholder payouts about 2.5 times, and net debt is near 0.5 times EBITDA, so the buyback pause is a preference, not a limit.
Sanmina Raises Full-Year Revenue Outlook on AI Infrastructure Demand
Sanmina Corporation reported third-quarter 2026 sales of US$3.46 billion, up from US$2.04 billion a year earlier, and raised its full-year revenue guidance to a range of US$14.00 billion to US$14.30 billion, citing strong contributions from communications networks, cloud, and AI infrastructure. Net income rose to US$117.13 million, with diluted earnings per share from continuing operations improving to US$2.12. The company's updated outlook, up from a prior low end of US$13.70 billion, reflects AI-driven growth and expanding manufacturing capacity, though risks remain around concentrated AI data center demand and ZT Systems inventory exposure.
Sanmina Turns Revenue Growth Into Higher Profitability
Sanmina Corporation has demonstrated an ability to convert revenue growth into stronger margins and earnings. The company posted strong revenue growth driven by cloud and AI infrastructure demand, contributions from the ZT Systems acquisition, and expanding customer programs. Gross and operating margins improved due to a favorable business mix, disciplined cost management, higher non-recurring engineering services, and increasing operating leverage. Higher revenue and operating leverage translated into stronger earnings, an earnings beat, and increased fiscal 2026 guidance. The stock carries a Zacks Rank #3 (Hold), a Value Score of A, Growth Score of A, Momentum Score of B, and VGM Score of A.
Sanmina reported quarterly earnings of $3.31 per share, beating the Zacks Consensus Estimate of $2.78 per share by 19.07%. Revenue came in at $3.46 billion, surpassing the consensus estimate by 0.90% and more than doubling the year-ago figure of $2.04 billion. The company has now exceeded consensus EPS and revenue estimates in each of the last four quarters. Sanmina shares have gained about 38.9% year-to-date, outpacing the S&P 500's 8.3% advance.
Sanmina to report Q2 earnings with revenue expected to grow 66.6%
Sanmina is set to report its second-quarter earnings this Monday after market hours. Analysts expect the electronics manufacturing services company to post revenue growth of 66.6% year on year, a sharp acceleration from the 10.9% increase recorded in the same quarter last year. Last quarter, Sanmina beat revenue expectations with $4.01 billion, up 102% year on year, and also exceeded EPS and adjusted operating income estimates. The company rarely misses Wall Street revenue estimates, and analysts have largely maintained their forecasts over the past 30 days. Sanmina shares are down 12.9% over the last month, heading into earnings with an average analyst price target of $240 compared to the current share price of $206.
SANM · Capital · Neutral Earnings report expected with strong revenue growth, but shares have declined recently and analyst price target implies upside.
Celestica's Industrial & Smart Energy solutions span automation, robotics, renewable energy, battery storage, solar inverters and EV charging infrastructure, positioning the company to benefit from long-term industrial and energy transformation. The company provides end-to-end support from product design to supply chain management, leveraging a global manufacturing network to optimize sourcing and resilience. Competitors Jabil and Sanmina also serve the sector with control systems, power solutions, and grid infrastructure. Celestica shares have surged 123.9% over the past year, outpacing the industry's 99.3% growth, and trade at a forward price-to-earnings ratio of 29.2 versus the industry average of 26.17. Earnings estimates for 2026 and 2027 remain at $10.16 and $14.60, respectively, and the stock carries a Zacks Rank #3 (Hold).
Sanmina Stock Soars After Microbot Medical Manufacturing Deal
Sanmina shares jumped 5.4% after Microbot Medical selected the company as a manufacturing partner for its LIBERTY Endovascular Robotic System. Sanmina will serve as an additional manufacturing site for the FDA-cleared, single-use, remotely operated robotic system used in certain vascular procedures. The agreement aims to increase production capacity to meet rising customer demand and is part of a cost-reduction effort for Microbot. For Sanmina, the partnership represents a new business contract in the medical device manufacturing sector.
Microbot Medical signs manufacturing deal with Sanmina to boost LIBERTY system capacity
Microbot Medical has entered into a Letter of Agreement with Sanmina Corporation to manufacture the LIBERTY Endovascular Robotic System, the only FDA-cleared single-use, remotely operated robotic system for peripheral endovascular procedures. The partnership is expected to increase manufacturing capacity to meet rising demand from existing and new accounts in the U.S. and international markets, while also supporting the company's cost reduction strategy. Sanmina will serve as a second manufacturing site, which Microbot anticipates will improve operating efficiencies, lower costs, and expand gross margins. The move comes as the company sees increased utilization across several Eastern U.S. states, plans to expand its sales footprint to the Western U.S. later this year, and pursues additional regulatory clearances including the CE Mark following recent approval in Israel.
Sanmina Named Top Pick While M&T Bank and TFS Financial Underwhelm
StockStory identifies Sanmina as a stock to buy, citing outstanding annual revenue growth of 19.3% over the past two years and projected revenue growth of 29.3% for the next 12 months, which points to accelerating demand. Share repurchases helped drive annual earnings per share growth of 25.3%, outpacing revenue gains. In contrast, M&T Bank is flagged for muted 3% annual revenue growth over the last two years and estimated net interest income growth of just 3.3% for the next 12 months, signaling slowing demand. TFS Financial is also passed over due to weak unit economics reflected in a net interest margin of 1.7%, one of the worst among bank companies, and annual earnings per share growth of only 2% over the last five years.
MTB · Demand · Negative Muted 3% annual revenue growth over last two years and estimated net interest income growth of just 3.3% signal slowing demand.
SANM · Demand · Positive Outstanding annual revenue growth of 19.3% over past two years and projected 29.3% growth indicate accelerating demand.
TFSL · Capital · Negative Weak unit economics with net interest margin of 1.7% and only 2% annual EPS growth over five years reflect poor financial performance.
Zacks Recommends Three AI-Powered EMS Stocks for Second-Half Gains
Zacks Investment Research recommends three electronics manufacturing services stocks—Celestica, Jabil, and Sanmina—as buys for the second half of 2026, citing strong AI-driven demand. Celestica is expected to grow revenue 53.8% and earnings 67.9% this year, with its consensus earnings estimate rising 13.6% over the past 60 days. Jabil is projected to increase revenue 14.2% and earnings 27.7% for its fiscal year ending August 2026, while Sanmina is forecast to achieve revenue growth of 75.5% and earnings growth of 85.8% for its fiscal year ending September 2026. All three companies carry a Zacks Rank #2, or Buy, and have long-term growth rates well above the S&P 500's 17.6%.
Artificial Intelligence › AI Server OEM & System Integration ▲Demand
JBL · Demand · Positive Zacks recommends Jabil as a buy due to strong AI-driven demand, with projected revenue growth of 14.2% and earnings growth of 27.7%.
SANM · Demand · Positive Zacks recommends Sanmina as a buy due to strong AI-driven demand, with projected revenue growth of 75.5% and earnings growth of 85.8%.
Whirlpool posts weakest Q1 among electrical systems stocks as revenue falls 9.6%
Whirlpool reported first-quarter revenue of $3.27 billion, down 9.6% year on year and missing analyst estimates by 4.4%, making it the weakest performer among the 14 electrical systems stocks tracked. The company also issued full-year EPS guidance below expectations and significantly missed adjusted operating income estimates. In contrast, Garrett Motion posted revenue of $985 million, up 12.2% and beating estimates by 9.3%, while Sanmina delivered the biggest beat with revenue of $4.01 billion, up 102% and topping expectations by 22.8%. GE Vernova reported revenue of $9.34 billion, up 16.3% and surpassing estimates by 0.8%, and Powell Industries posted revenue of $296.6 million, up 6.5% but missing estimates by 0.8%. As a group, the 14 electrical systems stocks beat revenue consensus by 3.4% but guided next-quarter revenue 3.3% below estimates, and their shares have risen 4.5% on average since reporting.
StockStory picks Sanmina as a Russell 2000 buy, flags Genco and Progyny as sells
StockStory highlights Sanmina as a Russell 2000 stock for long-term investors while recommending selling Genco and Progyny. Sanmina, an electronics manufacturing services company with a $13.24 billion market cap, posted 19.3% annual revenue growth over the past two years and has a 29.3% growth outlook for the next 12 months, with earnings per share boosted by share buybacks. Genco, a dry bulk shipping firm valued at $1.03 billion, saw earnings per share fall 32.6% annually over two years and its free cash flow margin shrink by 75.7 percentage points over five years. Progyny, a fertility benefits provider with a $2.01 billion market cap, showed underwhelming unit sales and static adjusted operating margins on a $1.29 billion revenue base.
Sanmina's Non-GAAP Operating Profit Surges 131.5% to $257 Million
Sanmina Corporation reported a non-GAAP operating profit of $257 million in the second quarter of 2026, up 131.5% from $111 million a year ago, driven by strong performance in its ZT systems business and disciplined cost management. Non-GAAP operating margin improved to 6.4% from 5.6%, while revenues surged 102.3% to $4.01 billion. The ZT system generated $1.88 billion in revenues, supported by strong customer demand for accelerated compute systems and earlier-than-expected shipments. Core business revenues grew 7.3% year over year, and management expects a 6.4% to 6.9% operating margin in the third quarter of 2026. Sanmina shares have rallied 168.8% over the past year, and earnings estimates for 2026 have risen 10.11% to $11.22 per share over the past 60 days.
Artificial Intelligence › AI Server OEM & System Integration ▲Demand
SANM · Capital · Positive Sanmina reported a 131.5% surge in non-GAAP operating profit and strong revenue growth, driven by ZT systems and cost management.
Sanmina Shares Surge 67.8% in Six Months on Strong Growth Metrics
Sanmina shares have surged 67.8% over the past six months to $243.24, driven by solid quarterly results and robust long-term growth. The electronics manufacturing services company grew revenue at a 10.2% compound annual rate over five years, outpacing the average industrial, while earnings per share expanded at a 17% annual clip, signaling improving profitability. Wall Street analysts project revenue will rise 29.3% over the next 12 months, a notable acceleration from its historical pace. The stock now trades at 21.2 times forward earnings.
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