Flex Ltd.

Overview

Flex is an end-to-end manufacturing partner that helps customers design, build, deliver, and manage products.
The company combines design and engineering, supply chain, manufacturing, and lifecycle services with a portfolio of power and cooling products.
It focuses on high-precision, compliant manufacturing for technology-driven and regulated markets, with integrated services across product lifecycles.

Integrated Technology Solutions (ITS)
- End markets: Communications, high-speed networking, enterprise, satellite communications systems; Lifestyle (premium consumer/home products)
Regulated Manufacturing Solutions (RMS)
- End markets: Industrial (mission-critical automation, energy, industrial infrastructure), Automotive (compute and power electronics platforms, integrated systems), Healthcare (regulated manufacturing for medical devices, drug delivery, equipment)
Cloud and Power Infrastructure (CPI)
- End markets: Cloud and Cooling (integrated compute systems for data centers, advanced liquid cooling for high-density deployments); Power (utility and facility-level electrical infrastructure)

Operations in approximately 30 countries with a global network of more than 100 locations.
Total employees: about 150,000 (149,686 reported as of March 31, 2026); includes a contractor workforce.
Geographic distribution (fiscal year 2026): about 44% of net sales in North America, 16% in China, 20% in Europe, 20% in other regions.
Capabilities across end markets include design and engineering, supply chain, manufacturing, and aftermarket services, plus power and cooling products.

In fiscal year 2026, Flex’s ten largest customers accounted for 45% of net sales.
No single customer accounted for more than 10% of net sales in 2026.

Nextracker spin-off: Completed January 2, 2024. Nextracker’s historical results and balance sheet are presented as discontinued operations in Flex’s filings.
Planned CPI separation: On May 5, 2026, Flex announced an intention to spin off the CPI segment into a separate publicly traded company. The spin-off is targeted for completion in the first quarter of calendar 2027 and is intended to be tax-free for U.S. federal income tax purposes for shareholders, subject to Board and shareholder approvals, regulatory clearances, and other conditions.
Post-spin-off structure: The plan anticipates two independent entities—one comprising CPI and the other comprising ITS and RMS.

Total debt: $3.8 billion as of March 31, 2026.
Additional borrowings: $1.45 billion of borrowings undertaken since March 31, 2026.

Design and Engineering: system architecture, hardware/software integration, design for manufacturability, advanced PCBA, and lifecycle capabilities.
Supply Chain: digital supply chain, procurement, logistics, and supplier collaboration.
Manufacturing and assembly: PCBA, systems and subsystems, enclosures, testing, and materials management.
Fulfillment and logistics: value-added fulfillment, forward logistics, and aftermarket services (repair, refurbishment, asset recovery, circular services).
Infrastructure support: power, thermal, and compute infrastructure for AI data centers and mission-critical applications.

Scale core manufacturing, supply chain, and lifecycle capabilities while aligning the portfolio with distinct customer needs and end markets.
Invest in power, cooling, systems-level capabilities, factory automation, robotics, AI, digital twins, and power technologies.
Emphasize ethical, resilient supply chains, employee development, and community investment.
Sustainability framework aligned with UN SDGs and standards (RBA, ISO 14001, TCFD), with a net-zero GHG goal by 2040.

The information above reflects Flex’s operations, segments, customer relationships, and corporate actions as disclosed in the Form 10-K excerpts provided.