Plexus Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Growth & order book
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).
Profitability & margin
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).
Concentration risks (customers & Malaysia)
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.
Balance sheet & cash cushion
$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).
Valuation & technicals
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at PLXS since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 132.70 $ to 303.80 $ · Last price: 245.70 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electronic Components
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Plexus Corp PLXS | 6.6 | 35.9 | 21.2 | 10.0 | 5.3 | 1.8 | 77.7 |
| Corning Incorporated GLW | 127.2 | 68.9 | 35.8 | 36.4 | 15.7 | 19.1 | 93.9 |
| Amphenol Corporation APH | 96.5 | 22.3 | 23.8 | 39.0 | 27.3 | 51.7 | 33.1 |
| TE Connectivity Ltd TEL | 59.8 | 20.2 | 13.2 | 36.1 | 20.8 | 7.9 | -3.5 |
| Flex Ltd FLEX | 41.0 | 41.3 | 20.9 | 9.5 | 5.7 | 8.1 | 93.1 |
| Jabil Circuit Inc JBL | 31.6 | 35.3 | 16.7 | 9.2 | 5.2 | 3.2 | 39.5 |
| Fabrinet FN | 14.4 | 30.6 | 20.6 | 12.0 | 9.9 | 18.6 | 6.3 |
| TTM Technologies Inc TTMI | 11.9 | 93.8 | 30.2 | 21.2 | 8.6 | 19.0 | 134.1 |
| Vicor Corporation VICR | 10.7 | 69.1 | 73.4 | 56.6 | 15.0 | 13.6 | 314.5 |
| Median of companies shown | 31.6 | 35.9 | 21.2 | 21.2 | 9.9 | 13.6 | 77.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· 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
| 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 |
| 2026: Q2 | 1.58 | -3.70 | 1 | -99.90 | 3,307.70 | 26 | -1 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 20 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- CANSLIM Type RS
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Power Trend Leader
- Near 52-Week High
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
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
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
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 | 10.07 | 10.00 – 10.18 | 5,568 | 15.9% | 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.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 30.8% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $61.9M |
|---|---|
| Market cap | $6.58B |
| Free cash flow in year ten | $904.9M |
| Terminal value as a share of market value | 72.5% |
For comparison: over the past five years free cash flow shrank by 0.8% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Plexus 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.
10-K · 2025-11-14 · View SEC filing
„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.
10-K · 2024-11-15 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 1.9%
- More than 10% revenue growth is expected for the coming year 10.9%
- Share count grows by less than 3% a year -1.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 5.6%
- Gross margin at 40% or higher and without meaningful erosion 10.1%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 131 m net cash
- Operating cash flow covers the profits of the last three years 428 m
- Return on capital at 15% or higher, or up versus two years ago 12.5%
- Insiders hold at least 10% or are net buyers 1.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 5.2%
- Exp. sales growth 3Y > 5% 17.5%
- EBIT growth 10Y > 5% 8.2%
- Exp. EBIT growth 3Y > 5% 26.8%
- Net debt < 4x EBIT -0.6x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 14.3%
- Return on equity > 15% 11.9%
- ROCE > 15% 12.5%
- Expected return > 10% 29.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
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.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Abuhl David Westen | Sr. VP & CFO | Other | 800 | 238.53 | 190,824 |
| Sep 15, 2026 | Abuhl David Westen | Sr. VP & CFO | Other | 2,500 | – | – |
| Aug 31, 2026 | Rapp Karen Marie | Director | Sell | 500 | 240.87 | 120,435 |
| Aug 19, 2026 | Kelsey Todd P. | President & CEO | Sell | 500 | 252.23 | 126,115 |
| Aug 19, 2026 | Kelsey Todd P. | President & CEO | Sell | 681 | 251.09 | 170,989 |
| Aug 19, 2026 | Kelsey Todd P. | President & CEO | Sell | 319 | 248.79 | 79,364 |
| Aug 11, 2026 | Schrock Michael V | Director | Sell | 4,000 | 275.00 | 1,100,000 |
| Jul 15, 2026 | Kelsey Todd P. | President & CEO | Sell | 1,000 | 261.07 | 261,070 |
| Jul 15, 2026 | Kelsey Todd P. | President & CEO | Sell | 500 | 260.51 | 130,255 |
The company
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
- 02/05/1986
- ISIN
- US7291321005
- Stock Split
- 2:1 on 09/01/2000
- Stock Split
- 2:1 on 08/26/1997
- Stock Split
- 3:2 on 03/23/1992
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 |
| Victor Tan | Regional President of APAC | 1964 |
| David Abuhl | CFO & Senior VP | – |
| Kyle McMillan | Chief Information & Technology Officer | – |
| Shawn Matthew Harrison | Vice President of Investor Relations | – |
| Lori Ney | Chief Human Resources Officer | – |
| Michael J. Running | Regional President of AMER | 1976 |
| Scott Theune | Chief Quality Officer | 1965 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 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.