Flex

What Flex does

Flex Ltd. (NASDAQ: FLEX), formerly Flextronics International, is a Singapore-incorporated advanced manufacturing company headquartered in Austin, Texas. Founded in 1990 and listed on NASDAQ since 1994, Flex operates approximately 100 manufacturing facilities across 30 countries with ~150,000 employees, providing end-to-end electronics manufacturing services — design, supply chain, advanced manufacturing, fulfillment/logistics, and aftermarket services — to customers across cloud/data center, communications, consumer devices, automotive, healthcare, industrial, and lifestyle end markets. The company was selected to join the S&P 500 Index effective June 22, 2026.

Flex's product portfolio is organized around four core hardware pillars plus services. Critical Power Solutions (busway, switchgear, modular enclosures, power management — delivered through Anord Mardix, Crown Technical Systems, and the May 2026-acquired EP²) serves data center and utility customers. Embedded Power Solutions (AC/DC and DC/DC converters, power modules, and power shelves under the Flex Power Modules brand) supplies OEMs. Liquid Cooling Solutions (single-phase direct-to-chip cooling via JetCool, acquired November 2024) targets AI and hyperscale data centers. Components (capacitors, interconnect, mechanicals, semiconductors) are delivered through Coreworks. Software/analytics layers include iENBL (rapid IoT platform), Flexino (sensor integration kit with 40+ sensors), and Flex Pulse (supply-chain analytics). Flagship recent products include the AMD Instinct MI355X 8x GPU platform manufactured at Flex's 1.4 million sq ft Austin facility and the 800 VDC Power Rack co-developed with NVIDIA for the Vera Rubin platform.

The business model is contract manufacturing plus engineered-to-order hardware supply, generating volume-driven revenue tied to OEM/ODM contracts and increasingly to AI infrastructure (data-center power, liquid cooling, hyperscale server platforms). FY2026 net sales were $27.9 billion (+8% YoY), with Q4 FY2026 net sales of $7.5 billion (+17% YoY) and FY2027 guidance of $32.3–$33.8 billion. The model is asset-heavy and capital-intensive — recent commitments include a $1.45 billion term loan (March 2026) for AI infrastructure, a $1 billion Mexico expansion, and the $1.1 billion EP² acquisition. In May 2026, Flex announced a tax-free spin-off of its Cloud and Power Infrastructure segment (SpinCo) targeted to close in Q1 2027; CEO Revathi Advaithi will lead SpinCo, with Michael Hartung becoming CEO of the remaining Flex.

Name

Flex

Legal name

Flex Ltd. (Flextronics International, LTD.)

Website

https://flex.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

1–10 employees

Short description

Flex Ltd. (NASDAQ: FLEX) is a Singapore-incorporated global advanced manufacturer, headquartered in Austin, Texas, operating ~100 facilities across 30 countries with ~150,000 employees. It designs, manufactures, and supplies critical power, embedded power, liquid cooling, components, and end-to-end electronics manufacturing services for AI data center, automotive, industrial, and consumer OEMs.

Ownership category

akta.pro rank

Product category

Electronics Manufacturing Services

NAICS

Electrical Equipment Manufacturing (33531), Relay and Industrial Control Manufacturing (335314), Motor and Generator Manufacturing (335312)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600), Motors & Generators (3621)

akta.pro primary industry

Industrial Power & Energy Electronics Manufacturing Services (UPS, converters, inverters, chargers) (IMAGAGAI)

akta.pro secondary industries

Automotive Power Electronics & Inverters/Converters Manufacturing (IMACAJAE), Renewable Monitoring, Controls & SCADA Hardware Manufacturing (Sensors, RTUs, Meters) (EUAMAHAJ)

Keywords

• Electronics manufacturing services
• Critical power solutions
• Embedded power modules
• Liquid cooling systems
• Contract manufacturing

Headquarters

HQ city

Austin

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Core offering

Flex designs, manufactures, and supplies electronics and power products for industrial, data center, automotive, and consumer customers, including critical power systems, embedded power modules, liquid cooling solutions, automotive compute platforms, and electronic components. The company also delivers end-to-end lifecycle services spanning design, engineering, supply chain, advanced manufacturing, fulfillment, and aftermarket support across approximately 30 countries.

Product overview

Flex operates a platform-plus-modules architecture that delivers a portfolio of integrated hardware products, software-enabled platforms, and end-to-end lifecycle services across multiple industry verticals. The Critical Power Solutions line (Busway, Switchgear, Modular solutions and enclosures, Power management, Field services) is delivered through the Anord Mardix, Crown Technical Systems, and Electrical Power Products (EP²) sub-brands; the Embedded Power Solutions line (standard AC/DC and DC/DC converters, power modules, and custom solutions) is offered as Flex Power Modules; the Liquid Cooling Solutions line (hybrid cooling, cold plates, direct-to-die cooling modules, coolant distribution units, in-rack manifolds, quick disconnects) is delivered through the JetCool sub-brand; the Automotive Products line (compute platforms, power electronics, motion and interfaces) supports next-generation mobility; the Components line (capacitors, interconnect, mechanicals, semiconductors) is offered through the Coreworks sub-brand; and Flexible Circuits & Materials is delivered through the Sheldahl sub-brand. Cross-industry software/technology platforms include the iENBL rapid IoT development platform, the Flexino sensor integration development kit, and the Flex Pulse supply chain analytics platform (with Network Design, Risk Management, and Actionable Insights modules). Reference designs for smart audio (TrueWireless Stereo Plus earbuds, smart wireless headphones, smart speakers, video conferencing soundbars) extend the offering into connected consumer devices. Flex also serves as a U.S. manufacturer of AI infrastructure products, including the AMD Instinct MI355X 8x GPU Platform produced at its Austin, Texas facility and the 800 VDC Power Rack designed for the NVIDIA Vera Rubin platform. The Flex Lifecycle Services layer — Design & Engineering, Supply Chain, Advanced Manufacturing, Value-Added Fulfillment & Logistics, and Aftermarket Services — ties the product portfolio together from concept to scale across approximately 30 countries, with the Cloud and Power Infrastructure (CPI) segment announced for spin-off in Q1 2027.

Differentiator

Problem solved

Functional benefit

Brands

• Anord Mardix: A Flex company providing critical power products including busway, switchgear, and modular power solutions.
• Coreworks
• Crown Technical Systems
• Electrical Power Products (EP²)
• JetCool
• Flex Power Modules
• Flex Pulse

Products and services

• Critical Power Solutions Engineered-to-order electrical power control and protection portfolio including busway (Databar, IBar, Resinbar), switchgear (AMX switchboards, distribution panelboards, LV/MV switchgear, UL1558 switchgear, packaged substations), modular solutions and enclosures, power management systems, and field services. Sold to data center, utility, power generation, and industrial customers.
• Embedded Power Solutions Standard and custom embedded power products including AC/DC and DC/DC converters, isolated and non-isolated DC/DC modules, digital and analog point-of-load converters, integrated power stage modules, multi-output power interface modules, evaluation boards, the Flex Power Designer tool, custom power shelves, capacitive energy storage systems, and vertical power delivery. Sold to communications, enterprise, and industrial OEMs.
• Liquid Cooling Solutions Single-phase direct-to-chip liquid cooling portfolio for AI and high-performance computing data centers, delivered under the JetCool brand. Includes hybrid cooling, cold plates (1000W+ TDP support), direct-to-die cooling modules (SmartLid), coolant distribution units with redundant pumps, custom in-rack manifolds, and UQD quick disconnects for multi-vendor integration.
• Automotive Products Automotive compute platforms, power electronics, and motion and interface products for next-generation mobility applications, supporting both in-vehicle and infrastructure use cases.
• Components Portfolio of capacitors, interconnect, mechanicals, and semiconductors offered under the Coreworks brand, supporting design and engineering across multiple industry verticals.
• Design & Engineering Services Product design, development, and engineering services delivered to OEM customers across industries, supporting concept-to-production development.
• Supply Chain Services Supply chain management services including the Flex Pulse analytics platform with Network Design, Risk Management, and Actionable Insights modules for global OEM customers.
• Advanced Manufacturing Services Contract manufacturing services delivered across a global network of more than 100 facilities in 30 countries, including precision assembly, integration, and test for OEM customers.
• Value-Added Fulfillment & Logistics Value-added fulfillment, configuration, and logistics services to OEM customers, including packaging, kitting, and distribution.
• Aftermarket Services Aftermarket and reverse logistics services, including repair, refurbishment, and asset disposition enabled by the FreeFlow digital marketplace platform for surplus and returned items.
• AMD Instinct MI355X 8x GPU Platform Manufacturing U.S.-manufactured AI compute platform featuring eight AMD Instinct GPUs with PCIe Gen 5 interfaces, high-bandwidth memory, high-speed interconnect fabric, and JetCool liquid-cooling hardware. Sold to enterprise and data center customers.
• 800 VDC Power Rack for NVIDIA AI Infrastructure Power rack engineered to support the NVIDIA Vera Rubin AI platform, increasing available compute power per rack from approximately 125 kW to up to 880 kW. Sold to AI data center operators.

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability9 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Jabil: Jabil (NYSE: JBL) is a direct peer — a US-headquartered, publicly listed contract electronics manufacturer (EMS) with comparable scale, AI/data-center manufacturing capabilities, automotive, and consumer-device exposure. Jabil competes directly with Flex on hyperscaler rack integration, AI server build, and power/thermal subsystems.
• Hon Hai Precision (Foxconn): Foxconn is the world's largest EMS provider and Flex's largest direct peer across consumer devices, communications, cloud/AI server assembly, and components. Foxconn competes with Flex on AI server manufacturing for hyperscalers and on critical component supply chains.
• Sanmina: Sanmina (NASDAQ: SANM) is a US-headquartered EMS peer with comparable exposure to communications, cloud, industrial, medical and high-reliability markets. Sanmina competes directly with Flex on complex integrated assemblies and on data-center / AI infrastructure manufacturing.
• Celestica: Celestica (NYSE/TSX: CLS) is a Canada-headquartered direct peer with concentrated exposure to communications and hyperscaler / AI cloud infrastructure — overlapping directly with Flex's Communications, Enterprise & Cloud segment.
• Benchmark Electronics: Benchmark Electronics (NYSE: BHE) is a smaller US-headquartered EMS peer focused on complex, high-mix, low-volume industrial, medical, aerospace and defense manufacturing — overlapping with Flex's high-reliability solutions and Industrial business.
• Plexus: Plexus (NASDAQ: PLXS) is a US-headquartered mid-tier EMS peer focused on regulated and complex markets (healthcare/life sciences, industrial, aerospace/defense) — directly comparable to Flex's industrial and healthcare verticals.
• Fabrinet: Fabrinet (NYSE: FN) is a direct peer in optical communications, complex instrumentation, and high-reliability contract manufacturing — overlapping with Flex's communications and high-reliability solutions segments.
• Wistron: Wistron is a Taiwan-headquartered EMS peer with direct exposure to AI server manufacturing for hyperscalers and on consumer devices — competing with Flex on cloud/AI server build and on laptop/consumer-device assembly.
• Quanta Computer: Quanta Computer is a Taiwan-headquartered EMS peer and a leading AI server contract manufacturer for major hyperscalers — competing directly with Flex on AI server platforms (e.g., NVIDIA reference designs).

Broad incumbents

• Vertiv: Vertiv (NYSE: VRT) is the closest pure-play incumbent in data-center critical power and thermal management — overlapping directly with Flex's Anord Mardix, EP², and JetCool offerings for AI and hyperscale data centers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/flextronics
• Facebookfacebook.com/FlexCorporate
• LinkedInlinkedin.com/company/flexintl

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries10 records

Funding overview

Funding rounds6 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A21 records

Investments21 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Flex