FLEX

What FLEX does

Flex Ltd. (NASDAQ: FLEX), originally incorporated as Flextronics International in the Republic of Singapore in May 1990 and IPO'd in March 1994, is an advanced manufacturing and supply chain services company that operates approximately 100 facilities across roughly 30 countries with about 150,000 employees. The company serves hyperscalers, chip vendors, automotive OEMs, healthcare equipment manufacturers, and industrial customers through vertically organized business units covering Data Center, Automotive, Healthcare, Industrial, Communications, Consumer Devices and Lifestyle, and Cloud, supplemented by a use-case segment in Utility and Power Generation. Revenue is generated primarily through B2B contract manufacturing fees, hardware sales of power and cooling infrastructure, and aftermarket/reverse-logistics services priced via quote-based multi-year enterprise contracts (pricing is not publicly disclosed).

Flex's core product portfolio is anchored by Power and Cooling Solutions (Critical Power, Embedded Power, and Liquid Cooling), Compute and Storage rack-level systems, automotive compute/power/motion products, and proprietary software platforms including Flex Pulse (supply chain analytics), FreeFlow (B2B inventory remarketing marketplace), and Circale (digital circularity/carbon accounting). Notable technology includes the 800 VDC Power Rack co-developed with NVIDIA for the Vera Rubin platform, NVIDIA Omniverse DSX reference designs that claim up to 30% faster AI factory deployment, and liquid cooling solutions delivered through the JetCool subsidiary. Acquired brands including Anord Mardix (critical power), Coreworks (electronic components), Crown Technical Systems (technical power systems), MCi (motion controls), and Electrical Power Products (EP², closed May 2026 for $1.1 billion) extend the technology footprint into utility-grade power.

The go-to-market is enterprise field sales targeting large hyperscalers and technology companies, with multi-year contracts and direct relationships rather than channel partners. Flex reported FY2026 full-year net sales of $27.9 billion (+8% YoY), record Q4 FY2026 net sales of $7.5 billion (+17% YoY), record FY2026 adjusted operating margin of 6.3%, and FY2027 guidance of $32.3-$33.8 billion in net sales (~18% growth) and $4.21-$4.51 adjusted EPS (~32% growth). The company joined the S&P 500 effective June 22, 2026, and announced in May 2026 a plan to spin off its Cloud and Power Infrastructure segment (SpinCo) into an independent publicly traded company targeted to close in Q1 2027, with current CEO Revathi Advaithi set to lead the new entity.

Name

FLEX

Legal name

Flex Ltd.

Website

https://flex.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Flex Ltd. (NASDAQ: FLEX) is an advanced manufacturing and supply chain services company operating 100+ facilities across roughly 30 countries, serving hyperscalers, chip vendors, and OEMs in automotive, healthcare, industrial, and data center markets with power, cooling, compute, and supply chain software solutions.

Ownership category

akta.pro rank

Headquarters

HQ city

Hägglingen

HQ country

Switzerland

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Manufacturing Services: Advanced manufacturing services including design, engineering, supply chain management, and production across multiple industries. Revenue is generated through manufacturing fees, component costs, and value-added services.
2. Aftermarket Services: Integrated reverse logistics, repair, refurbishment, and recycling services including spare parts logistics, circular economy solutions (Circale platform), and remarketing (FreeFlow marketplace).
3. Power and Cooling Solutions: Sale of power infrastructure products including critical power systems, embedded power modules, and liquid cooling solutions for AI data centers.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

Flex is an advanced manufacturing services partner that delivers end-to-end solutions spanning design and engineering, supply chain management, advanced manufacturing, value-added fulfillment and logistics, and aftermarket services. The company produces physical products including power and cooling infrastructure (Critical Power, Embedded Power, Liquid Cooling), integrated compute and storage systems, automotive electronics, and electronic components for customers across automotive, cloud, communications, consumer devices, data center, healthcare, industrial, and lifestyle markets. It also operates software platforms for supply chain visibility (Flex Pulse), B2B inventory remarketing (FreeFlow), and circularity tracking (Circale).

Product overview

Flex is an advanced manufacturing services company offering end-to-end solutions across design & engineering, supply chain, advanced manufacturing, value-added fulfillment & logistics, and aftermarket services. The company operates across multiple industries including Automotive, Cloud/Communications, Consumer Devices, Data Center, Healthcare, Industrial, and Lifestyle. The product portfolio includes power and cooling solutions (Critical Power, Embedded Power, Liquid Cooling), compute/storage systems, and automotive products (compute platforms, power electronics, motion/interface systems). Software platforms include Flex Pulse for supply chain analytics, FreeFlow for inventory marketplace management, and Circale for circular economy/carbon tracking. Flex has acquired several specialized brands including Electrical Power Products (EP²) for power control systems, JetCool for liquid cooling, Anord Mardix for critical power, Coreworks for electronic components, and Crown Technical Systems for power distribution.

Differentiator

Problem solved

Functional benefit

Brands

• FreeFlow: B2B marketplace for inventory management and remarketing of retail, returned, obsolete, or excess stock
• Circale
• Flex Pulse
• aQuire

Products and services

• Critical Power Tailored power solutions for data centers that drive energy efficiency and performance while reducing operational costs, including busway, switchgear, modular power systems, power management, and field services. Targeted at data center operators and hyperscalers.
• Embedded Power Power modules and custom power solutions that address data center power density requirements by improving efficiency and reducing latency and space. Used by data center and electronics customers.
• Liquid Cooling Board and rack level liquid cooling solutions for AI data centers, including hybrid cooling, cold plates, and coolant distribution units (CDUs). Addresses power density and heat challenges from AI workloads.
• Compute and Storage Systems Compute and storage systems ranging from components to fully integrated racks built to technical specifications and time-to-market goals for data center deployments. Targeted at hyperscalers and enterprise data center customers.
• 800 VDC Power Rack

Quantifiable outcome

• Q4 FY2026 record revenue of $7.5 billion, up 17% year-over-year
• +6 more outcomes

Named customers6 records

Segments8 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature7 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• GooglecoreTechnology or Integration · 6 May 2026Multi-year contracts with Google and other hyperscalers for AI infrastructure. Flex's Cloud and Power Infrastructure segment is booked out for capacity through the next couple of years serving hyperscaler customers.
• Teradyne RoboticsminorStrategic or Co-development Partner · 28 April 2026Expanded partnership to scale deployment of automation technologies across Flex's global production footprint. Aims to accelerate factory automation capabilities at Flex's manufacturing facilities worldwide.
• NVIDIAcoreStrategic or Co-development Partner · 16 March 2026Strategic collaboration for AI factory infrastructure including 800 VDC Power Rack for NVIDIA Vera Rubin platform and Omniverse DSX reference designs. The solutions integrate power, compute, and cooling systems to support megawatt-scale AI workloads and reduce deployment time by up to 30%.
• BroadcomcoreTechnology or Integration · 13 March 2026Liquid cooling collaboration for high-powered AI processors. Flex provides manufacturing capabilities for AI chip liquid cooling solutions in partnership with Broadcom and JetCool.
• AMDcoreTechnology or Integration · 2 March 2026Manufacturing collaboration for AMD Instinct MI355X GPU platforms at Flex's Austin, Texas facility. Flex assembles eight AMD Instinct GPUs and essential components into high-density system designs for large-scale AI data center deployments.
• LG ElectronicscoreStrategic or Co-development Partner · 3 November 2025Partnership to co-develop advanced thermal management solutions for gigawatt data centers. Combines Flex's liquid cooling and IT infrastructure with LG's high-performance cooling modules for scalable, efficient AI data center deployment.
• JetCoolcoreTechnology or Integration · 29 October 2025Liquid cooling technology partnership through Flex's subsidiary portfolio. JetCool provides SmartPlate systems, cold plates, and coolant distribution units (CDUs) for AI data center cooling solutions.

Scale indicators20 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Quanta Computer: Quanta Computer is the world's largest notebook manufacturer and a major server ODM with significant AI server exposure. Directly comparable in cloud server and AI infrastructure manufacturing serving similar hyperscaler customers.
• Hon Hai Technology Group (Foxconn): Foxconn is the world's largest contract electronics manufacturer, providing similar advanced manufacturing and supply chain services to hyperscalers and global technology brands. Directly competes with Flex in server, AI infrastructure, and consumer electronics manufacturing.
• Pegatron: Pegatron is a Taiwan-based EMS company providing design and manufacturing services for computing, communications, and consumer electronics. Directly competes with Flex in contract manufacturing and has data center exposure.
• Wiwynn: Wiwynn is a specialist cloud server and AI infrastructure ODM/EMS serving major hyperscalers. Directly comparable to Flex's CPI segment in manufacturing high-density compute systems for AI data center deployments.
• Celestica: Celestica provides design, manufacturing, and supply chain solutions with particular strength in data center, communications, and aerospace. Direct competitor in hyperscaler and AI infrastructure manufacturing with similar customer profile.
• Jabil: Jabil is a global electronics manufacturing services company with comparable scale (~250,000 employees) providing design, engineering, and manufacturing services across similar end-markets including data center, automotive, healthcare, and cloud. Directly competes with Flex in EMS contract manufacturing and AI infrastructure.
• Wistron: Wistron is a Taiwan-based EMS company with significant exposure to server and AI infrastructure manufacturing. Direct competitor particularly in data center and hyperscaler workloads similar to Flex's CPI segment.
• Benchmark Electronics: Benchmark Electronics provides advanced manufacturing services and engineering solutions for similar end-markets including aerospace, medical, industrial, and data center. Direct competitor in mid-to-high complexity EMS segments.
• Sanmina: Sanmina is an integrated manufacturing solutions provider serving similar end-markets including data center, communications, medical, and industrial. Direct competitor in EMS with comparable end-to-end services model.

Emerging players

• Vertiv Holdings: Vertiv specializes in data center critical power and cooling infrastructure, overlapping with Flex's Critical Power and Liquid Cooling product lines. Comparable in addressing AI data center power density and thermal management challenges though focused specifically on the data center segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/flexintl

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about FLEX