SANM on Nasdaq

Sanmina Corporation

Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons4

American company

Sanmina Corporation is an American electronics manufacturing services (EMS) provider headquartered in San Jose, California that serves original equipment manufacturers (OEMs) in communications and computer hardware fields. The firm has nearly 80 manufacturing sites, and is one of the world’s largest independent manufacturers of printed circuit boards and backplanes.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

$8.1BRevenue, fiscal 20255
$245.9MNet income, fiscal 20255
1980Founded1

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  • TickerSANM on Nasdaq1
  • IndustryPrinted Circuit Boards1
  • HeadquartersSan Jose1
  • Websitewww.sanmina.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address2700 N First St, San Jose, Ca 951346
  • Filer categoryLarge accelerated filer6

Sanmina Corporation is an American electronics manufacturing services (EMS) provider headquartered in San Jose, California that serves original equipment manufacturers (OEMs) in communications and computer hardware fields. The firm has nearly 80 manufacturing sites, and is one of the world’s largest independent manufacturers of printed circuit boards and backplanes. As of 2026, it is ranked number 471 in the Fortune 500 list.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

8.8%Gross margin5
4.4%Operating margin5
3.0%Net margin5
7.4%Revenue growth, 20255
9.7%Return on equity5
0.11×Debt to equity5
$473.3MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Reportable Segment - IMS brought in 40% of the revenue Sanmina Corporation broke down this way in fiscal 2025.

  1. Reportable Segment - IMS$6.6B540%up 8% from 2024
  2. IMS Third Party Revenue$6.5B540%up 8% from 2024
  3. Other Segments - CPS$1.7B510%up 6% from 2024
  4. CPS Third Party Revenue$1.6B510%up 5% from 2024
Business segments by year
Business segments202320242025
Reportable Segment - IMS$7.3B$6.1B$6.6B
IMS Third Party Revenue$7.3B$6.0B$6.5B
Other Segments - CPS$1.7B$1.6B$1.7B
CPS Third Party Revenue$1.6B$1.5B$1.6B

Regions

Americas brought in 57% of the revenue Sanmina Corporation broke down this way in fiscal 2025.

  1. Americas$4.7B557%up 17% from 2024
  2. Asia Pacific$2.6B532%up 2% from 2024
  3. EMEA$866.4M511%down 17% from 2024
Regions by year
Regions202320242025
Americas$4.4B$4.0B$4.7B
Asia Pacific$3.2B$2.6B$2.6B
EMEA$1.3B$1.0B$866.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue91¢$7.4B
  • Research and development0¢$31.1M
  • Selling, general and admin4¢$290.2M
  • Other costs1¢$76.0M
  • Income tax1¢$73.2M
  • Profit3¢$245.9M

Out of $8.1B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending24¢$147.4M
  • Kept or used elsewhere76¢$473.3M

Out of $620.7M of cash from operations.5

Financial statements

Revenue891011125$8.1B in 2025+14% since 2018
0$2.5B$5.0B$7.5B$10.0B2018: $7.1B$7.1B20182019: $8.2B$8.2B2019+16%2020: $7.0B$7.0B2020−16%2021: $6.7B$6.7B2021−3%2022: $7.9B$7.9B2022+18%2023: $8.9B$8.9B2023+13%2024: $7.6B$7.6B2024−15%2025: $8.1B$8.1B2025+7%
Gross profit891011125$716.4M in 2025+54% since 2018
0$200.0M$400.0M$600.0M$800.0M2018: $463.8M$463.8M20182019: $591.9M$591.9M2019+28%2020: $517.2M$517.2M2020−13%2021: $526.4M$526.4M2021+2%2022: $622.2M$622.2M2022+18%2023: $743.2M$743.2M2023+19%2024: $640.4M$640.4M2024−14%2025: $716.4M$716.4M2025+12%
Operating income891011125$354.6M in 2025+197% since 2018
0$200.0M$400.0M$600.0M2018: $119.4M$119.4M20182019: $286.1M$286.1M2019+140%2020: $219.1M$219.1M2020−23%2021: $255.9M$255.9M2021+17%2022: $349.5M$349.5M2022+37%2023: $455.7M$455.7M2023+30%2024: $335.5M$335.5M2024−26%2025: $354.6M$354.6M2025+6%
Net income891011125$245.9M in 2025
-$200.0M0$200.0M$400.0M2018: -$95.5M-$95.5M20182019: $141.5M$141.5M20192020: $133.2M$133.2M2020−6%2021: $249.5M$249.5M2021+87%2022: $240.4M$240.4M2022−4%2023: $310.0M$310.0M2023+29%2024: $222.5M$222.5M2024−28%2025: $245.9M$245.9M2025+10%

Every line of the income statement in the latest annual report, as filed.5

Period ending2025-09-302024-09-302023-09-30
Net sales$8.1B$7.6B$8.9B
Cost of sales$7.4B$6.9B$8.2B
Gross profit$716.4M$640.4M$743.2M
Selling, general and administrative$290.2M$266.2M$255.1M
Research and development$31.1M$28.5M$26.4M
Acquisition and integration charges$34.2M$0$0
Restructuring$6.3M$10.2M$6.1M
Total operating expenses$361.8M$304.9M$287.6M
Operating income$354.6M$335.5M$455.7M
Interest income$15.9M$12.4M$13.6M
Interest expense-$20.2M-$29.2M-$36.3M
Other income (expense), net-$10.8M-$1.2M-$20.2M
Interest and other, net-$15.1M-$18.0M-$42.9M
Income before income taxes$339.4M$317.5M$412.8M
Provision for income taxes$73.2M$79.8M$85.3M
Net income before noncontrolling interest$266.3M$237.8M$327.5M
Less: Net income attributable to noncontrolling interest$20.4M$15.2M$17.5M
Net income attributable to common shareholders$245.9M$222.5M$310.0M
Basic$4.56$4.00$5.36
Diluted$4.46$3.91$5.18
Basic53.9M shares55.6M shares57.8M shares
Diluted55.2M shares57.0M shares59.8M shares

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The story

Founded by Milan Mandarić in 1980.1

Sanmina was founded by Jure Sola and Milan Mandarić in 1980 as a manufacturer of printed circuit boards. It later expanded into manufacturing backplanes and backplane subassemblies. By 1989 the company's revenue had grown to around $60 million and it was focused on providing electronics manufacturing services for several customers in the telecommunications industry. That year, Sola led a management buy-out of his co-founder's share in the company with investment from Morgan Stanley and became its president. In 1991, Sola became Sanmina's chairman and CEO.

In the 1990s original equipment manufacturers (OEMs) had increasingly begun outsourcing production to firms like Sanmina. Sola was able to grow the company in the early 1990s by focusing on providing contract manufacturing, and Sanmina established itself as an electronics manufacturer for OEMs. The company increased its annual revenue by more than $20 million over the 5 years following the management buy-out. In February 1993, the company went public.

Merger and name changes

In December 2001, Sanmina merged with SCI Systems of Huntsville, Alabama, for $6 billion in cash, stock, and debt. Although Sanmina was only half as large as SCI at the time, it was in a better cash position because its core telecommunications business was performing well, whereas SCI's lower-margin businesses such as personal computer manufacturing, were struggling. Shortly after, Sanmina-SCI bought E-M Solutions, a bankrupt Fremont, California electronics manufacturer, for $110 million in cash. Then in early 2002, Sanmina acquired Rancho Santa Margarita-based Viking Interworks for $15 million ($10.9 million in cash and 390,000 shares of Sanmina stock worth $10.26 per share at the time).

On November 15, 2012, the company changed its name to Sanmina.

On July 2, 2015, the company announced that it had acquired the CertainSource Technology Group.

Change of leadership

Bob Eulau replaced co-founder Jure Sola becoming the CEO effective October 2, 2017. After this change, Sola assumed the role of Executive Chairman of the Board. Hartmut Liebel assumed the role of CEO in October, 2019. Jure Sola returned again as CEO in August 2020.

From Wikipedia’s article on Sanmina Corporation, shared under CC BY-SA 4.0.7

Leadership

Who has led Sanmina Corporation, and when. Pick a name to see everywhere that person has worked.

Products and brands

In 2015, the San Jose, California-based company had 38,417 employees in over 27 countries on six continents. It serves clients in the fields of communications, computing, multimedia, semiconductors, defense, aerospace, medical applications, and automotive technology. It provides consulting, design, engineering, logistics, new product introduction, assembly, machining, and fabrication, to produce printed circuit boards, backplanes, electrical cables, injection-molded plastics, enclosures and frames, optics.

On May 11, 2018, Ather Energy, announced it had entered into an agreement with the company to develop and manufacture key components for its maiden scooter and production would take place in the company's facility in Chennai, India.

On March 3, 2021, Astrotech Corporation announced that its Astrotech Technologies, Inc. subsidiary has entered into an agreement with Sanmina Corporation to manufacture its mass spectrometry products. As part of the relationship, Sanmina will manufacture 1st Detect’s TRACER 1000. They have also agreed to manufacture AgLAB’s AgLAB-1000 and BreathTech’s BreathTest-1000 once those products are officially released.

On October 27, 2025, Sanmina announced the acquisition of ZT Systems, a leading provider of data center infrastructure and manufacturing solutions, from its previous owner, AMD. The transaction was valued at approximately $2.55 billion in a combination of cash and equity, with the potential for up to an additional $450 million in performance-based earnout bonuses subject to achieving specific financial and operational milestones. Strategic rationale for the acquisition centered on expanding Sanmina's footprint within AI and Cloud manufacturing services, enhancing high-density server integration, and deepening its comprehensive end-to-end global manufacturing capabilities for enterprise and hyperscale data center clients.

From Wikipedia’s article on Sanmina Corporation, shared under CC BY-SA 4.0.7

Former names

  • SANMINA-SCI CORPFeb 14, 2002 to Oct 30, 20126
  • SANMINA CORP/DEFeb 14, 1994 to Jan 10, 20026

Timeline

  1. Jun 22, 1993Went public Listed on NASDAQ1
  2. 1980Founded Founded1

Recent filings

  1. Sep 21, 20264 OWNERSHIP DOCUMENT
  2. Sep 17, 20263 OWNERSHIP DOCUMENT
  3. Sep 17, 2026144
  4. Sep 15, 20268-K
  5. Sep 1, 20264 OWNERSHIP DOCUMENT
  6. Aug 28, 2026144
  7. Aug 6, 2026SCHEDULE 13G/A
  8. Jul 31, 2026SCHEDULE 13G/A
  9. Jul 27, 20268-K
  10. Jul 27, 202610-Q
  11. Jun 1, 20264 OWNERSHIP DOCUMENT
  12. May 29, 2026144
  13. May 28, 2026SD
  14. May 28, 20264 OWNERSHIP DOCUMENT
  15. May 26, 2026144

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2