Sanmina (SANM) FY2024 results: revenue $7.6 billion, down 15.3% on the year

Sanmina Corp. (SANM) reported revenue of $7.6 billion for fiscal 2024, the year ended 28 September 2024, down 15.3% on the year before. Net income was $223 million, down 28.2%, and diluted earnings per share $3.91. The figures are the company's own, from the 10-K it filed with the SEC on 27 November 2024.

Revenue

$7.6 billion

-15.3% on the year

FY2017FY2024

Operating margin

4.4%

5.1% a year earlier

FY2017FY2024

Net income

$223 million

-28.2% on the year

FY2017FY2024

Diluted EPS

$3.91

-24.5% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	7,568	8,935	7,920	-15.3%
Cost of revenue	6,928	8,192	7,297	-15.4%
Gross profit	640	743	622	-13.8%
Gross margin	8.5%	8.3%	7.9%
Research and development	28.5	26.4	21.3	+7.9%
Selling, general and administrative	266	255	245	+4.4%
Operating income	335	456	349	-26.4%
Operating margin	4.4%	5.1%	4.4%
Interest expense	29.2	36.3	22.5	-19.6%
Pre-tax income	318	413	302	-23.1%
Income tax	79.8	85.3	61.9	-6.5%
Effective tax rate	25.1%	20.7%	20.5%
Net income	223	310	240	-28.2%
Net margin	2.9%	3.5%	3.0%
Diluted EPS	$3.91	$5.18	$3.81	-24.5%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	340	235	331	+44.7%
Capital expenditure	111	191	139	-41.9%
Free cash flow	229	43.8	192	+422.8%
Free cash flow margin	3.0%	0.5%	2.4%
Cash from investing	-114	-192	-132
Cash from financing	-270	94.5	-314
Depreciation and amortisation	122	118	109	+3.5%
Share-based compensation	57.4	50.4	39.6	+13.9%
Buybacks	n/a	n/a	331
Diluted shares, weighted	57m	60m	63m	-4.8%
Shares outstanding at period end	54m	57m	57m	-5.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,362	2,319	1,820	+1.8%
Debt	317	338	347	-6.2%
Operating lease liabilities	44.5	60.7	48.6	-26.6%
Other liabilities	2,100	2,156	2,621	-2.6%
Total liabilities and equity	4,823	4,874	4,836	-1.0%
Fixed assets	616	633	575	-2.6%
Cash and equivalents	626	668	530	-6.2%
Receivables	1,338	1,231	1,139	+8.7%
Inventory	1,444	1,477	1,684	-2.3%
Other assets	800	866	908	-7.6%
Total assets	4,823	4,874	4,836	-1.0%

10-K for the year ended 28 September 2024, filed 27 November 2024: the filing.