Sanmina (SANM) FY2021 results: revenue $6.7 billion, down 3.2% on the year

Sanmina Corp. (SANM) reported revenue of $6.7 billion for fiscal 2021, the year ended 2 October 2021, down 3.2% on the year before. Net income was $250 million, up 87.4%, and diluted earnings per share $3.72. The figures are the company's own, from the 10-K it filed with the SEC on 12 November 2021.

Revenue

$6.7 billion

-3.2% on the year

FY2014FY2021

Operating margin

3.8%

3.1% a year earlier

FY2014FY2021

Net income

$250 million

+87.4% on the year

FY2014FY2021

Diluted EPS

$3.72

+97.9% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	6,738	6,960	8,234	-3.2%
Cost of revenue	6,205	6,435	7,642	-3.6%
Gross profit	526	517	592	+1.8%
Gross margin	7.8%	7.4%	7.2%
Research and development	20.9	22.6	27.6	-7.3%
Selling, general and administrative	235	241	260	-2.7%
Operating income	256	219	286	+16.8%
Operating margin	3.8%	3.1%	3.5%
Interest expense	19.6	28.9	30.8	-32.4%
Pre-tax income	282	192	246	+46.5%
Income tax	32.1	59.0	104	-45.6%
Effective tax rate	11.4%	30.7%	42.4%
Net income	250	133	142	+87.4%
Net margin	3.7%	1.9%	1.7%
Diluted EPS	$3.72	$1.88	$1.97	+97.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	338	301	383	+12.6%
Capital expenditure	73.3	66.0	135	+11.1%
Free cash flow	265	235	248	+13.0%
Free cash flow margin	3.9%	3.4%	3.0%
Cash from investing	-91.3	-64.4	-128
Cash from financing	-77.3	-210	-220
Depreciation and amortisation	110	114	117	-4.0%
Share-based compensation	35.0	26.2	30.8	+33.3%
Buybacks	64.1	179	12.6	-64.2%
Diluted shares, weighted	67m	71m	72m	-5.2%
Shares outstanding at period end	64m	65m	70m	-1.1%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,853	1,623	1,647	+14.1%
Debt	330	348	385	-5.1%
Operating lease liabilities	38.6	37.0	n/a	+4.2%
Other liabilities	1,985	1,764	1,873	+12.5%
Total liabilities and equity	4,207	3,773	3,906	+11.5%
Fixed assets	533	559	631	-4.7%
Goodwill	n/a	n/a	28.5
Cash and equivalents	650	481	455	+35.3%
Receivables	1,192	1,043	1,128	+14.3%
Inventory	1,042	861	901	+21.0%
Other assets	789	828	763	-4.7%
Total assets	4,207	3,773	3,906	+11.5%

10-K for the year ended 2 October 2021, filed 12 November 2021: the filing.