PLXSPlexus Corp.
Is the business good?
The checks split: nothing decisive, though 7 of 9 health tests passed.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is mostly backed by cash. Conversion is worsening vs a year ago.
Profits are tracking sales roughly one-for-one, limited operating leverage either way.
A balanced mix of margins, efficiency, and leverage. ROE 12% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is PLXS?
Plexus Corp. earns 13% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 3.7 points above what the capital costs: growth creates value
- Operating margin
- 5.0%
Operating margin · Electronic Components median 7.9% · 12 months to Q3 2026
- Cash conversion
- 0.86×
Cash conversion · 1.88× a year ago · most of the operating profit arrived as cash, working capital took the rest
- Share count, year on year
- −0.86%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 4.4% |
| FY2021 | 5.1% |
| FY2022 | 4.5% |
| FY2023 | 4.7% |
| FY2024 | 4.2% |
| FY2025 | 5.0% |
Details›
- Gross margin12 months to Q3 2026
- 10%
- Operating margin12 months to Q3 2026
- 5.0%
- Net margin12 months to Q3 2026
- 4.0%
- Free cash flow margin
- 1.4%
- Revenue, trailing twelve months
- $4.60B
- Free cash flow, trailing twelve months
- $62M
- Net income, trailing twelve months
- $185M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 13%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from PLXS and who it buys from, as the companies report it.
- 10 largest customers49%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; PLXS’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.