Sanmina (SANM) FY2022 results: revenue $7.9 billion, up 17.5% on the year

Sanmina Corp. (SANM) reported revenue of $7.9 billion for fiscal 2022, the year ended 1 October 2022, up 17.5% on the year before. Net income was $240 million, down 3.7%, and diluted earnings per share $3.81. The figures are the company's own, from the 10-K it filed with the SEC on 10 November 2022.

Revenue

$7.9 billion

+17.5% on the year

FY2015FY2022

Operating margin

4.4%

3.8% a year earlier

FY2015FY2022

Net income

$240 million

-3.7% on the year

FY2015FY2022

Diluted EPS

$3.81

+2.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	7,920	6,738	6,960	+17.5%
Cost of revenue	7,297	6,205	6,435	+17.6%
Gross profit	622	526	517	+18.2%
Gross margin	7.9%	7.8%	7.4%
Research and development	21.3	20.9	22.6	+2.1%
Selling, general and administrative	245	235	241	+4.3%
Operating income	349	256	219	+36.5%
Operating margin	4.4%	3.8%	3.1%
Interest expense	22.5	19.6	28.9	+14.9%
Pre-tax income	302	282	192	+7.3%
Income tax	61.9	32.1	59.0	+93.0%
Effective tax rate	20.5%	11.4%	30.7%
Net income	240	250	133	-3.7%
Net margin	3.0%	3.7%	1.9%
Diluted EPS	$3.81	$3.72	$1.88	+2.4%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	331	338	301	-2.2%
Capital expenditure	139	73.3	66.0	+89.1%
Free cash flow	192	265	235	-27.5%
Free cash flow margin	2.4%	3.9%	3.4%
Cash from investing	-132	-91.3	-64.4
Cash from financing	-314	-77.3	-210
Depreciation and amortisation	109	110	114	-0.8%
Share-based compensation	39.6	35.0	26.2	+13.2%
Buybacks	331	64.1	179	+416.9%
Diluted shares, weighted	63m	67m	71m	-5.9%
Shares outstanding at period end	57m	64m	65m	-10.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,820	1,853	1,623	-1.8%
Debt	347	330	348	+5.0%
Operating lease liabilities	48.6	38.6	37.0	+25.9%
Other liabilities	2,621	1,985	1,764	+32.0%
Total liabilities and equity	4,836	4,207	3,773	+14.9%
Fixed assets	575	533	559	+7.9%
Cash and equivalents	530	650	481	-18.5%
Receivables	1,139	1,192	1,043	-4.5%
Inventory	1,684	1,042	861	+61.7%
Other assets	908	789	828	+14.9%
Total assets	4,836	4,207	3,773	+14.9%

10-K for the year ended 1 October 2022, filed 10 November 2022: the filing.