{"schemaVersion":1,"research":true,"symbol":"flex","name":"FLEX","topic":"moat","path":"/stock/flex/moat","status":"published","version":3,"updatedAt":"2026-10-18T00:01:52.576Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Flex demonstrates manufacturing breadth, operational flexibility and some ability to recover input costs, but the supplied disclosures do not establish a durable economic moat. Realized customer insourcing, weak purchase commitments and customer termination rights constrain switching costs and pricing power. Recent growth and improved profitability demonstrate execution, rather than structural protection from competition. The proposed CPI separation could further change the competitive position.","advantages":[{"mechanism":"switching_costs","claim":"Regulated manufacturing and complex systems integration offer potential switching friction, but demonstrated customer insourcing and limited contractual commitments prevent these capabilities from establishing a moat.","durability":"Multi-year supply arrangements exist, but generally lack minimum purchase volumes. The passages do not demonstrate durable customer dependency or sustained protection from supplier substitution.","risks":"Customers can terminate certain agreements on short notice, and some have already moved manufacturing away from Flex. CPI contracts also permit cancellations and include pricing concessions.","invalidation":"A stronger switching-cost thesis would require demonstrated program renewals and persistent customer dependence despite competing offers. Further transfers to internal factories or alternative suppliers would reinforce the current negative assessment.","competitors":[],"evidenceIds":["e1","e2","e5"],"counterEvidenceIds":["e3","e4","e6","e26","e27"]},{"mechanism":"cost_advantage","claim":"The shared manufacturing platform provides current operating flexibility, including demonstrated production relocation after disruption. Relative cost superiority over competitors is not established.","durability":"The platform supports execution today, but disclosed competition and potential loss of purchasing scale after separation limit confidence in a durable cost advantage.","risks":"Competitors may have lower costs or greater resources. Demand fluctuations have previously harmed results, while separation could reduce purchasing power and increase aggregate overhead.","invalidation":"Persistent underutilization, unsuccessful production transfers or sustained deterioration in cost recovery would undermine the platform's operating benefit. A moat upgrade would require demonstrated relative cost leadership through competitive and demand cycles.","competitors":[],"evidenceIds":["e7","e8","e9","e12"],"counterEvidenceIds":["e10","e11","e25"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: segment capabilities and regulated markets","excerpt":"Reflecting the evolution of our portfolio and operating model, as of March 31, 2026, Flex's three operating and reportable segments were as follows, to serve distinct customer needs and end markets: •Integrated Technology Solutions (\"ITS\"), which is comprised of the following end markets: ◦Communications, high speed networking, enterprise, and satellite communications systems ◦Lifestyle, premium products across commercial, home and personal product categories •Regulated Manufacturing Solutions (\"RMS\"), which is comprised of the following end markets: ◦Industrial, mission-critical automation, energy, and industrial infrastructure ◦Automotive, compute and power electronics platforms, and integrated systems ◦Healthcare, regulated manufacturing for medical devices, drug delivery and equipment •Cloud and Power Infrastructure (\"CPI\"), which is comprised of the following end markets: ◦Cloud and Cooling, integrated compute systems supporting power‑dense digital infrastructure deployments, and advanced liquid cooling solutions supporting higher-density, power-intensive rack architectures ◦Power, utility and facility‑level electrical infrastructure enabling reliable, scalable power delivery and high-density rack- and board-level power systems supporting power-intensive compute workloads Our ITS segment serves customers building technology-driven, intelligent products that require fast innovation cycles, while our RMS segment focuses on regulated, safety-critical markets requiring a high level of precision, compliance, and reliability."},{"id":"e2","sourceId":"filing-1","location":"Business: CPI engineering and systems integration","excerpt":"CPI programs are characterized by systems-level integration, high power density requirements, proprietary engineering and complex global manufacturing and supply chain execution, including capabilities that extend across rack‑level systems through facility and utility-level electrical infrastructure."},{"id":"e3","sourceId":"filing-1","location":"Risk factors: realized customer insourcing","excerpt":"In the past, some of our customers moved a portion of their manufacturing away from us in order to more fully utilize their excess internal manufacturing capacity, and customers could in the future decide to in-source, dual‑source, regionalize, or otherwise reallocate manufacturing volumes among suppliers."},{"id":"e4","sourceId":"filing-1","location":"Risk factors: termination for convenience","excerpt":"In addition, certain of our customer contracts contain provisions that permit the customer to terminate the agreement for convenience upon prior written notice, which notice periods may be relatively short."},{"id":"e5","sourceId":"filing-1","location":"Risk factors: customer transactions and multi-year supply agreements","excerpt":"In the past, we have completed strategic transactions with customers under which we acquired inventory, equipment and other assets from those customers and leased or acquired their manufacturing facilities, while simultaneously entering into multi-year manufacturing and supply agreements for the production of their products."},{"id":"e6","sourceId":"filing-1","location":"Risk factors: customer arrangements and absence of minimum volumes","excerpt":"These arrangements with divesting customers involve a number of risks, including the following: •we may need to pay a purchase price to the divesting customer that exceeds the value we ultimately realize from the customer’s future business; •the integration of the acquired assets and facilities into our business may be time-consuming and costly, including as a result of restructuring activities; •we, rather than the divesting customer, generally bear the risk of excess capacity at the facility; •we may not achieve anticipated cost reductions or operational efficiencies; •we may be unable to meet customer expectations with respect to volume, product quality, timeliness and cost reductions; 21 Table of Contents •our supply agreements generally do not require customers to purchase minimum volumes, and actual purchase volumes may be lower than anticipated; and •if demand for a customer’s products declines, the customer may reduce its purchase volumes, and we may not be able to sufficiently reduce the expenses of operating the facility or use the facility to provide services to other customers."},{"id":"e7","sourceId":"filing-2","location":"MD&A: flexible manufacturing platform","excerpt":"The flexible design of our manufacturing processes allows us to manufacture a broad range of products in our facilities and better utilize our manufacturing capacity across our diverse geographic footprint and service customers from all markets."},{"id":"e8","sourceId":"filing-2","location":"MD&A: contingency manufacturing response","excerpt":"In response, we activated contingency manufacturing plans and transitioned production to alternative facilities."},{"id":"e9","sourceId":"filing-2","location":"MD&A: realized tariff recovery and profitability impact","excerpt":"During the quarter ended June 26, 2026, tariff costs paid and recoveries from our customers impacted our revenues and costs of goods by approximately one percent and had a negligible impact on our profitability."},{"id":"e10","sourceId":"filing-1","location":"Risk factors: competition and relative resources","excerpt":"Our industry is extremely competitive, many of our competitors have achieved substantial market share, and some may have lower cost structures or greater design, manufacturing, financial or other resources than we do, including the ability to deploy capital at greater scale to support capacity expansion, advanced manufacturing technologies, or significant upfront investments required by certain power and components programs."},{"id":"e11","sourceId":"filing-1","location":"Risk factors: historical effects of demand fluctuations","excerpt":"Many of our costs and operating expenses are relatively fixed, and thus customer order fluctuations, deferrals, and transfers of demand from one facility to another, as described above, have had a material adverse effect on our results of operations in the past and we may experience such effects in the future."},{"id":"e12","sourceId":"filing-2","location":"MD&A: comparative gross profit and margin","excerpt":"Gross profit during the three-month period ended June 26, 2026 increased $0.2 billion to $0.7 billion, or 9.4% of net sales, from $0.6 billion, or 8.7% of net sales, during the three-month period ended June 27, 2025."},{"id":"e13","sourceId":"filing-2","location":"Segment reporting: June 2026 sales and segment income","excerpt":"ITS RMS CPI Total Three-Months Ended June 26, 2026 (In millions) Net Sales $ 3,056 $ 2,670 $ 2,202 $ 7,928 Segment Cost of Sales Total (2,831) (2,403) (1,928) Segment selling, general and administrative expenses (67) (91) (60) Segment income $ 158 $ 176 $ 214 $ 548 Reconciling items: Corporate & other $ 14 Intangible amortization 23 Stock-based compensation 51 Restructuring and impairment charges (1) 1 Legal and other (2) 67 Interest expenses 60 Interest income 13 Other charges (income), net (37) Equity in earnings (losses) of unconsolidated affiliates (5) Income before income taxes $ 377 (1)Certain restructuring charges of $1 million are excluded from the reconciling amount of $1 million as they are included within segment income."},{"id":"e14","sourceId":"filing-2","location":"Segment reporting: June 2025 comparative results","excerpt":"22 Table of Contents ITS RMS CPI Total Three-Months Ended June 27, 2025 (In millions) Net Sales $ 2,558 $ 2,391 $ 1,626 $ 6,575 Segment Cost of Sales Total (2,363) (2,182) (1,428) Segment selling, general and administrative expenses (64) (83) (43) Segment income $ 131 $ 126 $ 155 $ 412 Reconciling items: Corporate & other $ 17 Intangible amortization 21 Stock-based compensation 34 Restructuring charges 23 Legal and other (1) 6 Interest expenses 51 Interest income 13 Other charges (income), net 7 Equity in earnings (losses) of unconsolidated affiliates (20) Income before income taxes $ 246 (1)Legal and other consists of costs not directly related to core business results and including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims and other issues on a global basis as well as acquisition and portfolio optimization related costs and asset impairments."},{"id":"e15","sourceId":"filing-1","location":"Liquidity: operating cash flow and capital expenditures","excerpt":"Free cash flows reconcile to the most directly comparable GAAP financial measure of net cash provided by operating activities as follows: Fiscal Year Ended March 31, 2026 2025 (In millions) Net cash provided by operating activities $ 1,685 $ 1,505 Purchases of property and equipment (633) (438) Proceeds from the disposition of property and equipment 8 15 Free cash flow $ 1,060 $ 1,082 Our cash balances are generated and held in numerous locations throughout the world."},{"id":"e16","sourceId":"filing-1","location":"Liquidity: fiscal 2026 share repurchases","excerpt":"During fiscal year 2026, we paid $0.9 billion to repurchase shares under the current and prior repurchase plans at an average price of $49.08 per share."},{"id":"e17","sourceId":"filing-2","location":"Cash flow statement: investment, financing and cash generation","excerpt":"7 Table of Contents FLEX LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three-Month Periods Ended June 26, 2026 June 27, 2025 (In millions) (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 285 $ 192 Depreciation, amortization and other impairment charges 140 142 Changes in working capital and other, net (149) 65 Net cash provided by operating activities 276 399 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (236) (133) Proceeds from the disposition of property and equipment 1 2 Acquisition of businesses, net of cash acquired (1,134) (41) Proceeds from divestiture of businesses, net of cash held in divested businesses 90 — Other investing activities, net — (7) Net cash used in investing activities (1,279) (179) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from bank borrowings and long-term debt 2,830 500 Payments of bank borrowings, long-term debt and other financing liabilities (1,385) (532) Payments for repurchases of ordinary shares — (247) Other financing activities, net 10 (4) Net cash (used in) provided by financing activities 1,455 (283) Effect of exchange rates on cash and cash equivalents (1) 13 Net change in cash and cash equivalents 451 (50) Cash and cash equivalents, beginning of period 2,389 2,289 Cash and cash equivalents, end of period $ 2,840 $ 2,239 Non-cash investing activities: Unpaid purchases of property and equipment $ 183 $ 109 Right-of-use assets obtained in exchange for operating lease liabilities 177 152 The accompanying notes are an integral part of these condensed consolidated financial statements."},{"id":"e18","sourceId":"filing-2","location":"Debt: syndication accounting in borrowing and repayment flows","excerpt":"This transfer is accounted for as a debt extinguishment and so is presented as additional borrowings and repayments in the condensed consolidated statements of cash flows."},{"id":"e19","sourceId":"filing-2","location":"Share-based compensation: expense and actual RSU grants","excerpt":"Share-Based Compensation Expense The following table summarizes the Company’s share-based compensation expense for the 2017 Plan: Three-Month Periods Ended June 26, 2026 June 27, 2025 (In millions) Cost of sales $ 7 $ 8 Selling, general and administrative expenses 44 26 Total share-based compensation expense $ 51 $ 34 The 2017 Plan During the three-month period ended June 26, 2026, the Company granted 1.7 million restricted share unit (\"RSU\") awards."},{"id":"e20","sourceId":"filing-2","location":"Share-based compensation: service-based vesting","excerpt":"Of this amount, 0.8 million are plain-vanilla unvested RSU awards that vest over a period of three years, with no performance or market conditions, with an average grant date price of $151.88 per award."},{"id":"e21","sourceId":"filing-2","location":"Share-based compensation: actual performance-conditioned grants","excerpt":"In addition, 0.3 million unvested shares represent the target amount of grants made to certain key employees whereby vesting is contingent on certain performance conditions, with an average grant date price of $151.99 per award."},{"id":"e22","sourceId":"filing-2","location":"Share-based compensation: earnings and operating profit conditions","excerpt":"These performance-based RSUs include awards tied to the Company's adjusted earnings per share growth and awards tied to operating profit goals."},{"id":"e23","sourceId":"filing-3","location":"Shareholder letter: established Lead Independent Director position and proposed compensation","excerpt":"In addition, as part of our ongoing commitment to strong corporate governance, the Flex Board of Directors has established a new Lead Independent Director position and approved the additional annual cash compensation payable for this position, subject to the approval of Flex shareholders, as required under the Singapore Companies Act."},{"id":"e24","sourceId":"filing-3","location":"Governance: Lead Independent Director responsibilities","excerpt":"Such committee reviewed, among other things, the additional responsibilities and time commitment associated with the Lead Independent Director role, including presiding at executive sessions of the independent directors, serving as the principal liaison between the independent directors and the Chair of the Flex Board of Directors, as well as the CEO of the Company, providing input on board meeting agendas, and such other duties as may be set forth in the Company’s Guidelines with Regards to Certain Governance Matters."},{"id":"e25","sourceId":"filing-3","location":"Separation: board consideration of lost scale and additional costs","excerpt":"The Flex Board of Directors also considered potentially negative factors in evaluating the Spin-Off, including, among other things, the potential for increased aggregated ongoing administrative costs for the two companies operating on a stand-alone basis post-Spin-Off, the inability to take advantage of pre-Spin-Off Flex’s size, purchasing power, borrowing leverage, and available capital for investments, one-time costs expected to be incurred related to the Spin-Off and in connection with the transition to 9 Table of Contents becoming a stand-alone public company, the potential for execution risks related to the Spin-Off, and that the Spin-Off may divert management’s time and attention."},{"id":"e26","sourceId":"filing-3","location":"Spinco customer contracts: inventory protection and contractual price reductions","excerpt":"Many agreements provide for non-cancellable/non-returnable (NCNR) terms or other inventory liability coverage, and some agreements include contractual price reductions or other pricing mechanisms over the term, which can adversely affect revenue and margins."},{"id":"e27","sourceId":"filing-3","location":"Spinco customer contracts: forecasts and minimum quantities","excerpt":"Spinco’s customers generally do not commit to long-term production schedules or provide binding forecasts of their product needs, and Spinco’s contracts with customers typically do not require them to purchase any minimum quantities."},{"id":"e28","sourceId":"filing-2","location":"Customer warrant: shares actually vested and exercisable","excerpt":"As of the quarter ended June 26, 2026, 0.1 million Warrant Shares have vested and are exercisable."},{"id":"e29","sourceId":"filing-2","location":"Customer warrant: purchase-linked deductions from revenue","excerpt":"The expense associated with the Warrant Shares will be recorded as a deduction to revenue as the customer purchases products and services over the vesting period."},{"id":"e30","sourceId":"filing-2","location":"Customer warrant: vesting based on qualifying purchases","excerpt":"The Warrant Shares are subject to vesting based on qualifying payments (as defined in the Warrant) for the purchase of all products and services by or on behalf of Parent and its affiliates over the term of the Warrant."},{"id":"e31","sourceId":"filing-2","location":"MD&A: ITS margin improvement and memory-cost pressure","excerpt":"Three-Month Periods Ended June 26, 2026 June 27, 2025 (In millions) Segment income: Integrated Technology Solutions $ 158 5.2 % $ 131 5.1 % Regulated Manufacturing Solutions 176 6.6 % 126 5.3 % Cloud and Power Infrastructure 214 9.7 % 155 9.5 % ITS segment margin increased 10 basis points to 5.2% for the three-month period ended June 26, 2026, compared to 5.1% for the three-month period ended June 27, 2025, primarily driven by growth in Communications from increased demand with higher margins partially offset by the impact of lower margins due to memory price increases."},{"id":"e32","sourceId":"filing-2","location":"MD&A: contractual limits on memory-cost recovery","excerpt":"The Company generally expects to pass through increases in memory costs to its customers, where contractual mechanisms permit recovery of component cost increases, however, sustained increases in memory pricing could continue to favorably impact net sales, while unfavorably impacting our gross profit percentage and increasing inventory balances and working capital requirements."},{"id":"e33","sourceId":"filing-3","location":"Shareholder letter: separation remains subject to approvals","excerpt":"The completion of this spin-off is subject to the approval of Flex’s Board of Directors, our shareholders, and the High Court of the Republic of Singapore (“High Court Approval”)."},{"id":"e34","sourceId":"filing-1","location":"Risk factors: generic competitor categories","excerpt":"We face competition from Asian-based competitors, including Taiwanese ODM suppliers, as well as other large, diversified manufacturing and design service providers, who compete in a variety of our end markets and, in some cases, have a substantial share of global information technology hardware and related infrastructure production."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only supplied passages from filings dated May 20, July 31 and October 5, 2026; these dates retain dateKind filed.","Competition passages identify categories rather than named competitors. Customer, transaction-party and auditor names are not evidence of competitor coverage.","Capabilities and expected separation benefits are issuer assertions; operating results and contractual disclosures provide firmer evidence, but no relative cost benchmark or durable market-share record is supplied.","Growth is indirect evidence of demand, not a customer retention rate. Program renewal, customer tenure and switching-cost measurements are absent.","CPI remains part of the assessed business because completion of its separation is not established. Spinco-specific contractual disclosures should not automatically be generalized to ITS and RMS.","Actual equity grants support a limited alignment assessment, but management ownership, complete executive compensation terms and comprehensive current board independence disclosures are missing. Proposed director compensation and future Spinco governance are not treated as adopted arrangements.","No sustained discretionary price-increase record is supplied. Cost recovery demonstrates limited pricing capability, rather than broad freedom to raise economic prices."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Specialized manufacturing and engineering capabilities exist, but relative superiority is unproven and customers have actually moved production away.","evidenceIds":["e1","e2","e3","e10"]},{"criterion":"durability","grade":1,"rationale":"Multi-year arrangements provide some continuity, but termination rights and absent minimum purchase volumes weaken protection. No durable exclusivity is demonstrated.","evidenceIds":["e4","e5","e6"]},{"criterion":"customer_dependency","grade":1,"rationale":"Realized insourcing and limited binding commitments indicate weak demonstrated dependency despite technically complex programs.","evidenceIds":["e2","e3","e27"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Production relocation and effective tariff recovery demonstrate resilience, balanced against historical demand-related harm and prospective separation-related loss of scale.","evidenceIds":["e8","e9","e11","e25"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Actual tariff recovery had negligible profitability impact, demonstrating cost pass-through. Memory inflation nevertheless pressured ITS margins, and the purchase-linked customer warrant reduces revenue. Broad discretionary pricing power is unproven.","evidenceIds":["e9","e29","e31"]},{"criterion":"retention","grade":2,"rationale":"All three segments grew sales, and purchase-linked warrant vesting supplies limited evidence of customer activity. These indirect demand indicators coexist with historical customer insourcing and weak volume commitments; no retention rate is inferred.","evidenceIds":["e13","e14","e28","e30","e3","e6"]},{"criterion":"margin_resilience","grade":2,"rationale":"Gross margin improved and tariff effects were absorbed, but memory-cost pressure and historical fixed-cost sensitivity show incomplete protection. The short comparative period does not establish resilience through a full cycle.","evidenceIds":["e9","e12","e31","e11"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Cost recovery depends on contractual mechanisms, certain customers can terminate for convenience, and some CPI agreements include contractual price reductions. These are disclosed constraints on pricing and terms.","evidenceIds":["e32","e4","e26","e27"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Annual operating cash generation supported investment and repurchases. The latest quarter combined lower operating cash flow with substantially higher capital spending and acquisition outlays; acquisition returns remain unproven. Gross borrowing flows partly reflect syndication accounting.","evidenceIds":["e15","e16","e17","e18"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual grants include earnings-growth and operating-profit conditions alongside service-based awards. This establishes partial performance alignment, but rising compensation expense, absent management ownership data and incomplete executive terms limit the assessment.","evidenceIds":["e19","e20","e21","e22"]},{"criterion":"execution","grade":3,"rationale":"Comparative results demonstrate sales and segment-income growth across all three segments, improved consolidated gross margin and effective contingency production transfers. This is operating evidence; acquisition integration and separation benefits remain unproven.","evidenceIds":["e13","e14","e12","e8","e17","e33"]},{"criterion":"governance","grade":2,"rationale":"The disclosed establishment of a Lead Independent Director role and its oversight responsibilities provide concrete governance evidence. Additional compensation remains subject to shareholder approval, and broader board effectiveness and independence cannot be established from the supplied passages.","evidenceIds":["e23","e24"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"de4c92ea78943f845df5f45300e7b390b91424d99b858481b2c4e61f7458afca","updatedAt":"2026-10-18T00:01:52.576Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/866374/000086637426000012/flex-20260331.htm","publishedAt":"2026-05-20","sha256":"0608547ee98e7b1b33055afd365dea48de6c56023a24b7d9295f584f36177e20","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/866374/000086637426000030/flex-20260626.htm","publishedAt":"2026-07-31","sha256":"30aaab2a1a3fc0b9cc4010a8d365473b0cec9c036d23cd32e0baafb28bfc99d5","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/866374/000119312526413189/d79728ddef14a.htm","publishedAt":"2026-10-05","sha256":"d794292c01ffb72195ab760f42e32699e08de11733adf5ade3ce68201f0d1e58","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:9c71a0ce5ab868f3f5417025bdec5897f6aa07d821d281dbf97e6d2c7163b592","usage":{"input_tokens":53772,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3549,"reasoning_output_tokens":404}},"signals":[{"period":"2022","end":"2022-03-31","values":{"gross_margin":7.4190699281901615,"operating_margin":3.732575553934181,"roic":17.5851755476602,"fcf_margin":2.231097116086172,"sbc_revenue":0.34944894589301484},"issues":{"pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-03-31","values":{"gross_margin":7.46391616687537,"operating_margin":3.9016674355763525,"roic":null,"fcf_margin":1.0380280761879654,"sbc_revenue":0.43827852105714094},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-03-31","values":{"gross_margin":7.060382358508423,"operating_margin":3.2292258186636382,"roic":null,"fcf_margin":3.013439333711906,"sbc_revenue":0.575430626537952},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-03-31","values":{"gross_margin":8.364002634331538,"operating_margin":4.528725835819161,"roic":15.300747191053793,"fcf_margin":4.13357610506334,"sbc_revenue":0.4842521210242901},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2026","end":"2026-03-31","values":{"gross_margin":9.196102314250913,"operating_margin":4.900766640395501,"roic":16.315209456381268,"fcf_margin":3.768718205918177,"sbc_revenue":0.5087053091638604},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/866374/000086637426000012/flex-20260331.htm","publishedAt":"2026-05-20","sha256":"0608547ee98e7b1b33055afd365dea48de6c56023a24b7d9295f584f36177e20","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/866374/000086637426000030/flex-20260626.htm","publishedAt":"2026-07-31","sha256":"30aaab2a1a3fc0b9cc4010a8d365473b0cec9c036d23cd32e0baafb28bfc99d5","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/866374/000119312526413189/d79728ddef14a.htm","publishedAt":"2026-10-05","sha256":"d794292c01ffb72195ab760f42e32699e08de11733adf5ade3ce68201f0d1e58","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"none","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}