Sanmina (SANM) FY2023 results: revenue $8.9 billion, up 12.8% on the year

Sanmina Corp. (SANM) reported revenue of $8.9 billion for fiscal 2023, the year ended 30 September 2023, up 12.8% on the year before. Net income was $310 million, up 28.9%, and diluted earnings per share $5.18. The figures are the company's own, from the 10-K it filed with the SEC on 16 November 2023.

Revenue

$8.9 billion

+12.8% on the year

FY2016FY2023

Operating margin

5.1%

4.4% a year earlier

FY2016FY2023

Net income

$310 million

+28.9% on the year

FY2016FY2023

Diluted EPS

$5.18

+36.0% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	8,935	7,920	6,738	+12.8%
Cost of revenue	8,192	7,297	6,205	+12.3%
Gross profit	743	622	526	+19.4%
Gross margin	8.3%	7.9%	7.8%
Research and development	26.4	21.3	20.9	+23.8%
Selling, general and administrative	255	245	235	+4.3%
Operating income	456	349	256	+30.4%
Operating margin	5.1%	4.4%	3.8%
Interest expense	36.3	22.5	19.6	+61.5%
Pre-tax income	413	302	282	+36.5%
Income tax	85.3	61.9	32.1	+37.7%
Effective tax rate	20.7%	20.5%	11.4%
Net income	310	240	250	+28.9%
Net margin	3.5%	3.0%	3.7%
Diluted EPS	$5.18	$3.81	$3.72	+36.0%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	235	331	338	-28.9%
Capital expenditure	191	139	73.3	+38.0%
Free cash flow	43.8	192	265	-77.2%
Free cash flow margin	0.5%	2.4%	3.9%
Cash from investing	-192	-132	-91.3
Cash from financing	94.5	-314	-77.3
Depreciation and amortisation	118	109	110	+8.7%
Share-based compensation	50.4	39.6	35.0	+27.3%
Buybacks	n/a	331	64.1
Diluted shares, weighted	60m	63m	67m	-5.2%
Shares outstanding at period end	57m	57m	64m	-1.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,319	1,820	1,853	+27.4%
Debt	338	347	330	-2.4%
Operating lease liabilities	60.7	48.6	38.6	+24.9%
Other liabilities	2,156	2,621	1,985	-17.7%
Total liabilities and equity	4,874	4,836	4,207	+0.8%
Fixed assets	633	575	533	+10.0%
Cash and equivalents	668	530	650	+26.0%
Receivables	1,231	1,139	1,192	+8.1%
Inventory	1,477	1,684	1,042	-12.3%
Other assets	866	908	789	-4.6%
Total assets	4,874	4,836	4,207	+0.8%

10-K for the year ended 30 September 2023, filed 16 November 2023: the filing.