Plexus Corp (PLXS)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Whoever buys today is betting that Plexus sustains the fresh order pace and lifts its thin margin durably — and pays, at a P/E around 43, a price historically high for a contract manufacturer. Whoever stays cautious waits for the proof in the quarterly numbers: an operating margin that climbs sustainably above five percent, and growth that does not hinge on individual programs. If the momentum breaks, a thin margin is unforgiving. The decision is yours.
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Plexus builds complex electronics for other companies’ brands — ventilators, defense electronics, industrial gear — and shows up in our "Joshua" growth scanner while the stock has more than doubled in twelve months (data as of July 17, 2026). We read the annual reports (10-K) for fiscal years 2024 and 2025 and the quarterly report (10-Q) as of April 4, 2026: a good $4 billion in revenue, of which only about five cents on the dollar survives as operating profit — a record profit, a re-accelerating top line (plus 18.7 percent in the latest quarter), and the question of why the market pays 43 times earnings for a contract manufacturer. Not investment advice — just a reminder that a big revenue number is not the same as a big margin.
Read the analysis
Stock Watch
This analysis is as of July 17, 2026. Stock Watch will tell you what's changed at PLXS since then.
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Appears in These Scanners
This stock currently matches 24 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 251.30 $ — 71% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIPlexus ist ein Auftragsfertiger für komplexe Elektronik (EMS) und verkauft keine KI-Produkte — KI ist keine Umsatzquelle. Die Geschäftsberichte (10-K FY 2025 und FY 2024, Item 1 „Business“) belegen aber ausdrücklich den operativen Einsatz von Künstlicher Intelligenz in der eigenen Fertigung: Plexus investiert in KI, Prozess- und Lagerautomatisierung sowie Echtzeit-Bildverarbeitung/Anomalieerkennung, um Produktivität und operative Effizienz zu steigern. Die KI-Nennungen im Risikoabschnitt (Wettbewerber könnten schneller auf KI reagieren; Technologien wie KI könnten Personal/Anlagen obsolet machen) sind generische Technologiewandel-Floskeln ohne konkreten, KI-spezifischen Modellbezug und begründen kein „bedroht“. Damit greift Rang 3: nutzt KI.
View the full file — quotes, sources, reviewed filings
„In addition to our core solutions, we are committed to investing in new platform technologies, such as advanced manufacturing execution systems, process automation, warehouse automation, artificial intelligence, real-time vision and anomaly detection systems and collaboration tools. These investments are aimed at enhancing productivity, optimizing operational efficiency, and driving differentiation in a competitive landscape."
Über unsere Kernlösungen hinaus sind wir entschlossen, in neue Plattform-Technologien zu investieren — etwa fortschrittliche Fertigungssteuerungssysteme, Prozessautomatisierung, Lagerautomatisierung, Künstliche Intelligenz, Echtzeit-Bildverarbeitung und Anomalieerkennungssysteme sowie Kollaborationswerkzeuge. Diese Investitionen zielen darauf ab, die Produktivität zu steigern, die operative Effizienz zu optimieren und die Differenzierung in einem Wettbewerbsumfeld voranzutreiben.
„In addition to our core solutions, we are committed to investing in new platform technologies, such as advanced manufacturing execution systems, process automation, warehouse automation, artificial intelligence, realtime vision and anomaly detection systems and collaboration tools. These investments are aimed at enhancing productivity, optimizing operational efficiency, and driving differentiation in a competitive landscape."
Über unsere Kernlösungen hinaus sind wir entschlossen, in neue Plattform-Technologien zu investieren — etwa fortschrittliche Fertigungssteuerungssysteme, Prozessautomatisierung, Lagerautomatisierung, Künstliche Intelligenz, Echtzeit-Bildverarbeitung und Anomalieerkennungssysteme sowie Kollaborationswerkzeuge. Diese Investitionen zielen darauf ab, die Produktivität zu steigern, die operative Effizienz zu optimieren und die Differenzierung in einem Wettbewerbsumfeld voranzutreiben.
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2026-02-05 · 10-Q 2025-08-01 · 10-Q 2025-05-02 · 10-K 2025-11-14 · 10-K 2024-11-15
Rated on July 17, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 21.7% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 5
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 09/30/2026 | 8.69 | 8.65 – 8.72 | 4,897 | 17.0% | 5 |
| 09/30/2027 | 10.01 | 9.87 – 10.16 | 5,590 | 15.1% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.34 | 28.70 | 976 | -0.70 | 3.80 | 54 | 27 |
| 2025: Q1 | 1.41 | 142.90 | 980 | 1.40 | 4.00 | 37 | 17 |
| 2025: Q2 | 1.64 | 81.00 | 1,018 | 6.00 | 4.40 | 27 | 13 |
| 2025: Q3 | 1.87 | 26.30 | 1,058 | 0.70 | 4.90 | 132 | 97 |
| 2025: Q4 | 1.51 | 12.20 | 1,070 | 9.60 | 3.80 | -15 | -51 |
| 2026: Q1 | 1.82 | 28.80 | 1,164 | 18.70 | 4.30 | 29 | 16 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 2,556 | 99 | 76 | 2.24 | 128 | 917 | 1,766 |
| 2017 | 2,528 | 130 | 112 | 3.24 | 172 | 1,026 | 1,976 |
| 2018 | 2,874 | 118 | 13 | 0.38 | 67 | 921 | 1,933 |
| 2019 | 3,164 | 142 | 109 | 3.50 | 115 | 866 | 2,001 |
| 2020 | 3,390 | 153 | 117 | 3.93 | 210 | 977 | 2,290 |
| 2021 | 3,369 | 176 | 139 | 4.76 | 143 | 1,028 | 2,462 |
| 2022 | 3,811 | 178 | 138 | 4.86 | -26 | 1,096 | 3,393 |
| 2023 | 4,210 | 196 | 139 | 4.95 | 166 | 1,214 | 3,321 |
| 2024 | 3,961 | 168 | 112 | 4.01 | 437 | 1,325 | 3,154 |
| 2025 | 4,033 | 202 | 173 | 6.26 | 249 | 1,455 | 3,137 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Revenue in the second quarter of fiscal year 2026 (through April 4, 2026) up 18.7 percent to $1.16 billion, per the quarterly report on production ramps of new products for existing (+$87.2M) and new customers (+$28.9M); net income up 27.5 percent. Genuine, won order growth, not a mere market tailwind (10-Q as of 04/04/2026).
Record net income of $172.9 million in fiscal 2025 (+54.6 percent), operating margin improved to 5.0 percent (+80 bps) — but at its core a five-percent-margin business: of $4 billion in revenue, only about four cents on the dollar remain. Part of the earnings jump also came from interest expense falling from $28.9 million to $11.6 million (10-K FY 2025).
The ten largest customers account for 49.1 percent of revenue, the business runs through individual "programs" with a limited life; at the same time the majority of revenue and operating income is earned abroad, "with a particular concentration in Malaysia" (10-K FY 2025, Item 1/1A). Two concentration risks a supposed U.S. stock hides at first glance.
$303.1 million in cash against roughly $137.8 million of financial debt, $1.45 billion in equity on $3.14 billion in total assets (equity ratio around 46 percent), return on equity 13.2 percent — one of the more solid balance sheets in the industry and a buffer for cyclical troughs (10-Q as of 04/04/2026).
A trailing P/E around 43 and P/S around 1.8 (data as of July 17, 2026) are historically expensive for a low-margin contract manufacturer — the price (up 114 percent in twelve months) already bakes in a durable margin improvement. Growth and trend hits (Joshua, Stan Weinstein stage 2) meet a sporty price tag.
Plexus is a rock-solid, profitable company with a clean balance sheet, genuine order growth (plus 18.7 percent in the latest quarter) and a record profit. But it remains a contract manufacturer with a razor-thin margin: of $4 billion in revenue only about five cents of operating profit survive on the dollar, half the business hangs on ten customers, and the profit is earned mostly in Asia. At a trailing P/E around 43 the market is paying a growth price for a five-percent-margin business. Whoever invests here is betting the shift into higher-margin niches justifies the price tag. Not investment advice.
- PLXS reached our research list via the "Joshua" growth scanner plus trend confluence in our in-house stock scanner (data as of July 17, 2026): Stan Weinstein stage 2, above the 50- and 200-day averages, RS leader ≥ 90, near 52-week high; analyst consensus 1.4 of 5.
- All fiscal-year and quarterly references carry the 52/53-week offset: fiscal 2025 ended September 27, 2025, and the second quarter of fiscal 2026 ended April 4, 2026. Segment and concentration figures from the 10-K for fiscal 2025 (Item 1/1A, Note 11).
- Price and valuation figures are dated to July 17, 2026 (price around $270, market value roughly $7.4 billion); analyses are evergreen, daily prices are not a buy argument. Interest expense fell from $31.5 million to $11.6 million in two years — part of the earnings increase is thus one-time relief.
About the Company
Plexus Corp. bietet elektronische Fertigungsdienste in den USA, dem asiatisch-pazifischen Raum, Europa, dem Nahen Osten und Afrika an.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 20,000 |
| Headquarters | Neenah, WI |
| Address | One Plexus Way, 54956 Neenah, United States |
| Phone | 920 969 6000 |
| Website | plexus.com |
| IPO Date | 5. Feb 1986 |
| ISIN | US7291321005 |
| Stock Split | 2:1 on 09/01/2000 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Todd P. Kelsey | President, CEO & Director | 1965 |
| Oliver K. Mihm | Executive VP & COO | 1972 |
| Angelo M. Ninivaggi J.D. | Executive VP, Chief Legal & Public Affairs Officer and Secretary | 1967 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 15. Jul 2026 | Kelsey Todd P. | President & CEO | Sell | 1,000 | 261.07 | 261,070 |
| 15. Jul 2026 | Kelsey Todd P. | President & CEO | Sell | 500 | 260.51 | 130,255 |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.