Plexus (PLXS)
NASDAQ:PLXS
Want to see PLXS full AI Analyst Report?
Top Page
Plexus
(NASDAQ:PLXS)
Select Model
Select Model
Rating:71Outperform
Price Target:
$302.00
▲(32.09% Upside)
Action:Reiterated
Date:06/09/26
The score is driven by solid overall financial quality (strong balance sheet and improving profitability) and supportive technical momentum. This is partially offset by weakened recent free-cash-flow conversion and a premium valuation (high P/E), while the latest earnings call adds upside due to upgraded FY2026 guidance and strong program-win momentum despite near-term working-capital and margin pressures.
Positive Factors
Conservative balance sheet
Sustained low leverage provides durable financial flexibility to fund program ramps, capex and strategic investments without forcing dilutive financing. A stronger capital structure reduces refinancing risk over the next 2–6 months and supports opportunistic M&A or share repurchases if cash generation recovers.
Negative Factors
Weakened free cash flow conversion
Declining FCF conversion reduces near-term financial flexibility and constrains the firm's ability to fund capex, working capital needs and buybacks without increasing leverage. If conversion does not normalize, planned investments and guidance-linked cash targets may be harder to achieve over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Sustained low leverage provides durable financial flexibility to fund program ramps, capex and strategic investments without forcing dilutive financing. A stronger capital structure reduces refinancing risk over the next 2–6 months and supports opportunistic M&A or share repurchases if cash generation recovers.
Read all positive factors
Plexus (PLXS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.89B
Dividend YieldN/A
Average Volume (3M)286.28K
Price to Earnings (P/E)41.5
Beta (1Y)1.03
Revenue Growth8.64%
EPS Growth32.91%
CountryUS
Employees20,000
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)6.98
Shares Outstanding26,756,420
10 Day Avg. Volume317,509
30 Day Avg. Volume286,281
Financial Highlights & Ratios
PEG Ratio0.40
Price to Book (P/B)2.66
Price to Sales (P/S)0.96
P/FCF Ratio25.16
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue1.80
Enterprise Value/Gross Profit17.88
Enterprise Value/Ebitda26.09
Forecast
1Y Price Target
$287.50Price Target Upside25.74% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)8.19
Revenue Forecast (FY)$4.72B
Plexus Business Overview & Revenue Model
Company Description
Operating globally across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific regions, Plexus Corp. and its subsidiaries specialize in delivering advanced electronic manufacturing solutions. The company provides a comprehensive ran...
How the Company Makes Money
Plexus primarily makes money by providing outsourced manufacturing and related lifecycle services to OEM customers. Revenue is generated from (1) manufacturing services that include printed circuit board assembly, systems integration, test, and fi...
Plexus Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive momentum: robust top-line growth (Q2 revenue +19% YoY), record new program wins ($355M) and an expanding $4B funnel, accompanied by profitability that exceeded guidance and an upgraded FY2026 outlook (mid-teens revenue growth and 6%+ operating margin). Near-term headwinds include increased working capital needs (Q3 cash usage), tightening in specific supply chain commodities, ramp-related margin pressure and higher SG&A/non-operating expenses tied to investments and incentive pay. Overall, the company appears well positioned for sustained growth, with manageable near-term operational and capital demands.Positive Updates
Strong Revenue Growth
Fiscal Q2 revenue of $1.164B, a 19% year-over-year increase and fifth consecutive quarter of sequential revenue growth; Q3 revenue guidance of $1.2B–$1.25B (midpoint ~20% YoY and ~5% sequential growth).
Negative Updates
Working Capital and Near-Term Cash Usage
Company expects higher working capital investments to support accelerating revenue; Q3 cash cycle guidance of 67–71 days and an expected free cash flow usage for Q3 (temporary drawdown versus prior quarter net cash position).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Fiscal Q2 revenue of $1.164B, a 19% year-over-year increase and fifth consecutive quarter of sequential revenue growth; Q3 revenue guidance of $1.2B–$1.25B (midpoint ~20% YoY and ~5% sequential growth).
Read all positive updates
Company Guidance
Plexus guided fiscal Q3 revenue of $1.20–$1.25 billion (midpoint ~+5% sequential, ~+20% year‑over‑year) with non‑GAAP operating margin of 5.9%–6.3% and non‑GAAP EPS of $2.02–$2.18; management expects Q3 gross margin of 9.9%–10.2%, SG&A of $69–$70 million, non‑operating expense of about $5.4 million, and a non‑GAAP tax rate of 16%–18%. For fiscal 2026 the company now targets mid‑teens (or greater) revenue growth, 6%+ non‑GAAP operating margin, $100–$120 million of capital expenditures, and $50–$75 million of free cash flow while managing cash cycle days to the low‑60s by year‑end (expecting 67–71 days in Q3); management also noted double‑digit revenue growth expected across each market sector—particularly aerospace & defense and industrial/semicap—supported by a $4 billion funnel (up 11% sequentially).Plexus Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
80
Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.31B | 4.03B | 3.96B | 4.21B | 3.81B | 3.37B |
| Gross Profit | 433.38M | 406.51M | 378.53M | 394.55M | 347.23M | 323.30M |
| EBITDA | 296.99M | 277.42M | 236.25M | 262.31M | 236.85M | 235.68M |
| Net Income | 187.54M | 172.88M | 111.81M | 139.09M | 138.24M | 138.91M |
Balance Sheet | ||||||
| Total Assets | 3.36B | 3.14B | 3.15B | 3.32B | 3.39B | 2.46B |
| Cash, Cash Equivalents and Short-Term Investments | 303.13M | 306.76M | 345.11M | 256.23M | 274.81M | 270.17M |
| Total Debt | 259.92M | 175.46M | 279.59M | 469.61M | 495.38M | 291.32M |
| Total Liabilities | 1.87B | 1.68B | 1.83B | 2.11B | 2.30B | 1.43B |
| Stockholders Equity | 1.49B | 1.45B | 1.32B | 1.21B | 1.10B | 1.03B |
Cash Flow | ||||||
| Free Cash Flow | 75.79M | 153.97M | 341.32M | 61.77M | -127.85M | 85.48M |
| Operating Cash Flow | 171.98M | 249.23M | 436.50M | 165.82M | -26.24M | 142.58M |
| Investing Cash Flow | -96.54M | -95.61M | -94.95M | -93.30M | -101.56M | -56.97M |
| Financing Cash Flow | -88.53M | -196.40M | -255.59M | -92.72M | 139.29M | -203.88M |
Plexus Technical Analysis
Positive
228.64
Price Trends
258.08
Positive
227.79
Positive
187.89
Positive
Market Momentum
9.89
Negative
63.26
Neutral
76.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLXS, the sentiment is Positive. The current price of 228.64 is below the 20-day moving average (MA) of 275.64, below the 50-day MA of 258.08, and above the 200-day MA of 187.89, indicating a bullish trend. The MACD of 9.89 indicates Negative momentum. The RSI at 63.26 is Neutral, neither overbought nor oversold. The STOCH value of 76.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PLXS.
Plexus Risk Analysis
Plexus disclosed 21 risk factors in its most recent earnings report. Plexus reported the most risks in the "Ability to Sell" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Plexus Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $13.93B | 52.04 | 10.88% | ― | 44.48% | 8.59% | |
71 Outperform | $7.89B | 41.55 | 12.83% | ― | 8.64% | 32.91% | |
68 Neutral | $925.15M | 32.95 | 8.90% | 1.07% | 11.42% | 5.37% | |
66 Neutral | $1.01B | 35.78 | 9.64% | ― | 0.36% | 1138.56% | |
64 Neutral | $3.28B | 93.16 | 3.10% | 1.44% | 3.53% | -34.92% | |
62 Neutral | $3.65B | 23.89 | 16.74% | ― | 6.98% | 8.41% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
PLXS
Plexus
291.16
160.32
122.53%
BHE
Benchmark Electronics
89.16
51.73
138.20%
DAKT
Daktronics
20.23
6.34
45.64%
LYTS
Lsi Industries
24.95
9.00
56.42%
OSIS
OSI Systems
220.70
-4.07
-1.81%
SANM
Sanmina-Sci
249.05
160.09
179.96%
Plexus Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Plexus Expands Revolving Credit Facility to Support Growth
Positive
Jun 8, 2026
On June 5, 2026, Plexus Corp. entered into a Second Amended and Restated Credit Agreement that fully replaces its June 9, 2022 facility, establishing a revolving credit line maturing on June 5, 2031, with a maximum commitment of $500 million that ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.