Sanmina's 2025 Revenue Driven by Integrated Manufacturing Solutions

TL;DR

**Sanmina's deep dive into high-margin, complex manufacturing makes it a solid long-term play, despite global supply chain jitters.**

AI Summary

Sanmina Corporation, a global provider of integrated manufacturing solutions, reported that its Integrated Manufacturing Solutions (IMS) segment generated approximately 80% of its total revenue in fiscal year 2025. The Components, Products and Services (CPS) segment accounted for the remaining 20% of total revenue. The company focuses on high-growth industries such as industrial, medical, defense and aerospace, automotive, communications networks, and cloud infrastructure, which require complex, mission-critical products and higher value-added manufacturing services. Sanmina emphasizes its end-to-end solutions, including product design, manufacturing, and after-market services, to attract and retain long-term customer partnerships. Strategic initiatives include extending technology capabilities, promoting New Product Introduction (NPI) and Joint Design Manufacturing (JDM) solutions, and pursuing strategic transactions. The company also continues to seek cost savings and efficiency improvements through investments in factory automation, robotics, and AI. A key risk factor is the reliance on a global supply chain and the potential impact of geopolitical environments and tariffs.

Why It Matters

Sanmina's focus on high-value, complex manufacturing in regulated industries like medical and defense offers stability and higher margins, which is crucial for investors seeking resilient growth. The company's end-to-end solutions and vertical integration strategy enhance its competitive position against rivals by offering a single source for design, supply chain, and manufacturing needs. This approach can lead to stronger customer relationships and increased market share, benefiting employees through sustained business and customers through accelerated time-to-market. The emphasis on AI and automation also signals a commitment to efficiency and innovation, potentially impacting the broader electronics manufacturing services market.

Risk Assessment

Risk Level: medium — The company operates a global network across 20 countries, making it susceptible to geopolitical risks, tariffs, and supply chain disruptions, as explicitly mentioned in its global manufacturing capabilities section. While Sanmina aims to mitigate this through regional manufacturing, the inherent complexity of managing a global supply chain for 'mission critical products' introduces significant operational and financial risk.

Analyst Insight

Investors should monitor Sanmina's progress in diversifying its customer base and end markets, particularly its penetration into industrial, medical, defense, and aerospace sectors. Evaluate the impact of its investments in automation and AI on cost savings and efficiency, as these could significantly boost profitability and competitive advantage in the long run.

Revenue Breakdown

Key Numbers

• 80% — Revenue contribution (Integrated Manufacturing Solutions (IMS) segment's share of total revenue in 2025)
• 20% — Revenue contribution (Components, Products and Services (CPS) segment's share of total revenue in 2025)
• $2.3B — Market Value (Aggregate market value of non-affiliate common stock as of March 29, 2025)
• 54.56M — Shares Outstanding (Common stock shares outstanding as of October 31, 2025)
• 39,000 — Total Employees (Global workforce, including 4,000 temporary employees)

Key Players & Entities

• SANMINA CORP (company) — Registrant
• NASDAQ Global Select Market (regulator) — Exchange where common stock is registered
• $2.3 billion (dollar_amount) — Aggregate market value of voting and non-voting common stock held by non-affiliates as of March 29, 2025
• 54,563,887 (dollar_amount) — Shares outstanding of common stock as of October 31, 2025
• Integrated Manufacturing Solutions (company) — Sanmina's business segment, generating approximately 80% of total revenue in 2025
• Components, Products and Services (company) — Sanmina's business segment, generating approximately 20% of total revenue in 2025
• 39,000 (dollar_amount) — Total employees, including 4,000 temporary employees
• 20 (dollar_amount) — Number of countries Sanmina operates in
• Responsible Business Alliance (company) — Code of Conduct adhered to by Sanmina's business partners

FAQ

Risk Factors

• Global Supply Chain Reliance [high — operational]: The company relies heavily on a global supply chain for its operations. Disruptions due to geopolitical environments, tariffs, or other unforeseen events can significantly impact the availability of components and the cost of goods sold, potentially affecting production schedules and profitability.
• Dependence on Key Industries [medium — market]: Sanmina focuses on high-growth industries such as industrial, medical, defense and aerospace, automotive, communications networks, and cloud infrastructure. A downturn or significant changes in any of these specific sectors could materially affect the company's revenue and growth prospects.
• Customer Concentration [medium — operational]: While not explicitly quantified in the provided text, a reliance on a few large customers within its target industries could pose a risk. The loss of a major customer or a significant reduction in their orders could have a material adverse effect on the company's financial condition and results of operations.
• Technological Obsolescence [medium — operational]: The company operates in technology-driven markets. Failure to keep pace with rapid technological advancements, invest in new capabilities, or adapt to evolving customer requirements could lead to a loss of competitive advantage and impact future revenue.

Industry Context

Sanmina operates in highly competitive, technology-driven markets, serving industries like industrial, medical, defense, aerospace, automotive, communications networks, and cloud infrastructure. These sectors demand complex, mission-critical products and advanced manufacturing capabilities. Key trends include the increasing demand for integrated end-to-end solutions, from design to after-market services, and the adoption of automation and AI to enhance efficiency and cost-effectiveness.

Regulatory Implications

While specific regulatory risks are not detailed in the provided text, Sanmina's global operations expose it to varying international trade regulations, tariffs, and compliance requirements in the 20 countries it operates in. Adherence to industry-specific regulations (e.g., medical devices, defense) is also critical.

What Investors Should Do

1. Monitor segment performance, particularly the revenue contribution and growth of IMS and CPS.
2. Assess the impact of supply chain risks and geopolitical factors on operational efficiency and costs.
3. Evaluate the success of strategic initiatives like NPI and JDM in driving customer partnerships and revenue growth.
4. Track investments in automation, robotics, and AI for cost savings and efficiency improvements.

Glossary

OEMs

Original Equipment Manufacturers, companies that produce goods as they are used by the brands that sell them. (Sanmina provides manufacturing solutions primarily to OEMs in various high-growth industries.)

IMS

Integrated Manufacturing Solutions, one of Sanmina's two operating segments, focusing on PCB assembly and test, high-level assembly and test, and direct order fulfillment. (This segment is a significant revenue driver, accounting for approximately 80% of total revenue in 2025.)

CPS

Components, Products and Services, Sanmina's other operating segment, encompassing a wide range of components, products, and services. (This segment contributes approximately 20% of Sanmina's total revenue and includes diverse offerings like PCBs, defense products, and software.)

NPI

New Product Introduction, the process of bringing a new product to market. (Sanmina emphasizes NPI solutions as a strategic initiative to drive growth and customer partnerships.)

JDM

Joint Design Manufacturing, a collaborative approach where the manufacturer also participates in the product design phase. (Sanmina promotes JDM solutions, indicating a strategy to offer more value-added services beyond traditional manufacturing.)

PCB

Printed Circuit Board, a board used to connect electronic components using conductive tracks, pads, and other features etched from copper sheets laminated onto a non-conductive substrate. (PCB assembly and test is a core activity within Sanmina's IMS segment.)

Year-Over-Year Comparison

The provided text focuses on fiscal year 2025 and does not contain comparative data from a previous filing. Therefore, a comparison of key metrics such as revenue growth, margin changes, or the emergence of new risks against the prior year cannot be performed based on this information.

Filing Documents

• sanm-20250927.htm (10-K) — 1766KB
• sanm_09272025xex1023x10k.htm (EX-10.23) — 2231KB
• sanm_09272025xex211x10k.htm (EX-21.1) — 30KB
• sanm_09272025xex231x10k.htm (EX-23.1) — 3KB
• sanm_09272025xex311x10k.htm (EX-31.1) — 10KB
• sanm_09272025xex312x10k.htm (EX-31.2) — 9KB
• sanm_09272024xex321x10k.htm (EX-32.1) — 6KB
• sanm_09272025xex322x10k.htm (EX-32.2) — 6KB
• sanm-20250927_g1.jpg (GRAPHIC) — 108KB
• 0000897723-25-000042.txt ( ) — 12886KB
• sanm-20250927.xsd (EX-101.SCH) — 65KB
• sanm-20250927_cal.xml (EX-101.CAL) — 78KB
• sanm-20250927_def.xml (EX-101.DEF) — 419KB
• sanm-20250927_lab.xml (EX-101.LAB) — 902KB
• sanm-20250927_pre.xml (EX-101.PRE) — 625KB
• sanm-20250927_htm.xml (XML) — 1401KB

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 27

Cybersecurity

Item 1C. Cybersecurity 27

Properties

Item 2. Properties 28

Legal Proceedings

Item 3. Legal Proceedings 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29 PART II

Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

[Reserved]

Item 6. [Reserved] 31

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 44

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 44 Note 1. Organization of Sanmina 52 Note 2. Summary of Significant Accounting Policies 52 Note 3. Balance Sheet Details 58 Note 4. Revenue 59 Note 5. Financial Instruments and Concentration of Credit Risk 60 Note 6. Debt 63 Note 7. Leases 66 Note 8. Accounts Receivable Sale Programs 67 Note 9. Contingencies 67 Note 10. Income Taxes 70 Note 11. Earnings Per Share 73 Note 12. Stockholders' Equity 73 Note 13. Business Segment and Geographic Information 74 Note 14. Stock- b ased Compensation 76 Note 15. Employee Benefit Plans 77 Note 16. Business Combination 78

Changes In and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 79

Controls and Procedures

Item 9A. Controls and Procedures 79

Other Information

Item 9B. Other Information 80

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 80 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 81

Executive Compensation

Item 11. Executive Compensation 81

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 81

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 81

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 81 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 82

Form 10K Summary

Item 16. Form 10K Summary 85

Signatures

Signatures 86 3 Table of Contents

Business

Item 1. Business Overview Sanmina Corporation ("we" or "Sanmina" or the "Company") is a leading global provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. We provide these comprehensive offerings primarily to original equipment manufacturers ("OEMs") in the following industries: industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure. Our customer-focused organization with 39,000 employees, including 4,000 temporary employees, supports our customers from 20 countries on four continents. We locate our facilities near our customers and their end markets in major centers for the electronics industry or in lower-cost locations. The combination of our advanced technologies, extensive manufacturing expertise and economies of scale enables us to meet the specialized needs of our customers. All references in this report to years refer to our fiscal years unless otherwise noted. Our end-to-end solutions, combined with our global supply chain management expertise, allow us to manage our customers' products throughout their life cycles. These solutions include: product design and engineering, including concept development, detailed design, prototyping, validation, preproduction services and manufacturing design release and product industrialization; manufacturing of components, subassemblies and complete systems; high-level assembly and test; direct order fulfillment and logistics services; after-market product service and support; and global supply chain management. We manage our operations as two businesses: 1) Integrated Manufacturing Solutions ("IMS"). IMS is a single operating segment consisting of printed circuit board ("PCB") assembly and test, high-level assembly and test and direct order fulfillment. This segment generated approximately 80% of our total revenue in 2025. 2) Components, Products and Services ("CPS"). Components include ad

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