FLEX LTD. (FLEX)

Flex is an end-to-end manufacturing partner that helps customers design, build, deliver and manage products. Its capabilities include design and engineering, supply chain, manufacturing, and integrated services, plus a portfolio of power and cooling products. Manufacturing operations and systems assembly, including printed circuit board assembly and assembly of systems and subsystems with complex electromechanical components, generate the majority of its revenues. On May 5, 2026, Flex announced its intention to separate into two independent, publicly traded companies, one comprising its Cloud and Power Infrastructure segment and the other its advanced manufacturing and supply chain business (ITS and RMS). The spin-off is targeted for the first quarter of calendar 2027 and remains subject to board, shareholder and Singapore High Court approvals and other conditions. Flex completed the spin-off of Nextracker on January 2, 2024.

As of March 31, 2026, Flex had three reportable segments. Integrated Technology Solutions covers communications, high speed networking, enterprise and satellite communications systems, and lifestyle products. Regulated Manufacturing Solutions covers industrial, automotive and healthcare, including mission-critical automation, energy infrastructure, compute and power electronics, and regulated manufacturing for medical devices and drug delivery. Cloud and Power Infrastructure covers integrated compute systems, advanced liquid cooling, and utility- and facility-level power infrastructure, along with rack- and board-level power systems for power-intensive compute workloads. Services include design and engineering (system architecture, hardware and software integration, design for manufacturability), supply chain and component services, value-added fulfillment and forward logistics, and aftermarket services such as repair, refurbishment, asset recovery and recycling. Power, thermal and compute products include critical and embedded power, thermal management, and compute and rack-level infrastructure for AI data centers and mission-critical uses.

Flex serves customers in data center, healthcare, industrial, automotive, communications and lifestyle markets, ranging from multinational to regional companies. In fiscal year 2026, its ten largest customers accounted for 45% of net sales and no single customer exceeded 10%. By manufacturing location, net sales were 44% North America, 16% China, 20% Europe and 20% other areas.

Flex operates through more than 100 locations in approximately 30 countries on four continents, with major operations in Asia, the Americas and Europe, and about 150,000 employees including contractors. It has built self-contained industrial parks that co-locate manufacturing and logistics with suppliers in cost-efficient locations. The contract manufacturing services market is competitive, and Flex competes with numerous domestic and foreign manufacturing service providers as well as current and prospective customers. Key competitive factors include quality and range of services, design and technological capabilities, cost, site locations, supply chain resiliency, sustainability, and responsiveness. The text does not state the location of its headquarters.