Sanmina Corporation (SANM)

Sanmina reported third-quarter fiscal 2026 revenue of $3.46 billion on July 27, 2026, for the quarter ended June 27 1. Non-GAAP diluted earnings per share, a measure that excludes some items, were $3.31, and GAAP diluted earnings per share were $2.12 1.

Net sales rose 70 percent from the year before, mainly in the cloud infrastructure end market, which the company ties to the ZT Systems acquisition, new program wins and ramp-ups in communications networks 2.

The company expects fourth-quarter fiscal 2026 revenue of $3.3 billion to $3.6 billion 1. It narrowed its full-year revenue range to $14.0 billion to $14.3 billion, from $13.7 billion to $14.3 billion 1. Chairman and CEO Jure Sola said the company sees "strong demand for fiscal 2027" 1.

The newest filing is a Form 8-K of September 15, 2026, reporting that the board appointed Shanker S Trivedi, 69, a director on September 14 4. He was at NVIDIA from 2009 to 2026 4.

The open question is the integration of ZT Systems, which the company's own release lists first among the risks that could make results differ 1.

Sanmina builds electronics for other companies 3. It calls itself a provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services, sold mainly to original equipment manufacturers, the brands that sell the finished products 3.

Revenue fell about 15 percent from fiscal 2023 to fiscal 2024, to $7.6 billion from $8.9 billion 3. The drop was sharpest in communications networks and cloud infrastructure, down 25.2 percent 3.

Revenue then rose 7.4 percent to $8.1 billion in fiscal 2025 3. The company said the increase came mainly from new program wins and ramp-ups in communications networks, cloud infrastructure and medical 3.

Gross margin, revenue minus production costs as a share of revenue, was 8.8 percent in fiscal 2025, 8.5 percent in 2024 and 8.3 percent in 2023 3. Net income attributable to common shareholders was $246 million in 2025, up from $223 million 3.

In fiscal 2023, Reliance Strategic Business Ventures Limited bought 50.1 percent of Sanmina SCI India Private Limited, the company's Indian manufacturing entity, for $216 million of cash 32. Sanmina holds the other 49.9 percent 3.

On May 18, 2025, Sanmina signed an agreement to buy ZT Systems from AMD 2. The deal closed on October 27, 2025 2. ZT Systems makes artificial intelligence and general purpose computer infrastructure for hyperscale computing companies, the very large cloud operators 2.

The purchase consideration paid at closing was $1.62 billion, made up of $1.356 billion in cash and 1,151,052 shares of company stock 2. A later working capital settlement cut the total consideration by $243 million 2.

Integrated Manufacturing Solutions

Integrated Manufacturing Solutions (IMS) is one operating segment that assembles and tests printed circuit boards and complete products, and fulfills customer orders directly 3. It generated about 80 percent of fiscal 2025 revenue and about 90 percent of revenue for the nine months ended June 27, 2026 32.

IMS gross margin rose to 10.2 percent from 7.5 percent in the third quarter, which the company attributes to the ZT Systems acquisition and product mix 2. Communications networks and cloud and AI infrastructure sales rose 173.2 percent in the quarter to $2.1 billion 2.

Components, Products and Services

Components, Products and Services (CPS) makes advanced circuit boards, backplanes, cable assemblies and machined parts 3. Its products include memory modules from Viking Technology, storage platforms from Viking Enterprise Solutions, defense and aerospace work from SCI Technology and manufacturing software from 42Q 3. It generated about 20 percent of fiscal 2025 revenue 3.

CPS gross margin fell to 12.8 percent from 14.7 percent in the third quarter, mainly because of manufacturing inefficiencies 2.

Customers and end markets

Industrial, medical, defense and aerospace, and automotive sales were $5.0 billion in fiscal 2025, and communications networks and cloud infrastructure sales were $3.1 billion 3. Sales to the ten largest customers represent 67 percent of net sales 2.

Plants and people

The 10-K counted 39,000 employees, including 4,000 temporary employees, in 20 countries on four continents 3. Active manufacturing space totals 11,441,310 square feet, about nine million owned and two million leased 3.

Sanmina's October 27, 2025 release said ZT Systems brings manufacturing facilities in New Jersey and Texas and an operation in the Netherlands 5. Jure Sola is Chairman and CEO 1. Jonathan Faust is executive vice president and chief financial officer 4.

Rivals and open problems

The company says it competes against numerous domestic and foreign electronic manufacturing service providers, diversified manufacturing service providers and design providers 3. It also lists an Internal Revenue Service audit of certain tax returns, with a revenue agent's report received in November 2023 2.

Financing

On July 29, 2025, Sanmina entered a credit agreement for senior secured facilities totaling $3.5 billion, a $1.5 billion revolver and a $2.0 billion term loan 2. Long-term debt was $2.17 billion at June 27, 2026 2.

The umbrella, in words

Sanmina names these units in its annual report: Viking Technology (memory), Viking Enterprise Solutions (storage), SCI Technology, Inc. (defense and aerospace), Advanced Microsystems Technologies (optical and radio frequency) and 42Q (software) 3.

Sanmina owns all of ZT Systems since October 27, 2025, and reports its results inside IMS 2. It owns 49.9 percent of Sanmina SCI India Private Limited, where Reliance owns 50.1 percent, and the company has by contract the unilateral ability to control its significant decisions 2.

The company expects fourth-quarter fiscal 2026 revenue of $3.3 billion to $3.6 billion, non-GAAP operating margin of 7.5% to 8.0% and non-GAAP diluted earnings per share of $3.05 to $3.35 1.

For fiscal 2026 it now expects revenue of $14.0 billion to $14.3 billion, non-GAAP operating margin of 6.85% to 7.25% and non-GAAP diluted earnings per share of $11.90 to $12.20 1. The prior ranges were $13.7 billion to $14.3 billion, 6.3% to 6.6% and $10.75 to $11.35 1.

Fiscal 2026 is a 53-week year, with the extra week in the fourth quarter 2. Mr. Sola said the company expects growth ramping throughout fiscal 2027 and into fiscal 2028 1.

The seller of ZT Systems is entitled to up to $450 million in contingent cash if certain gross profit and revenue metrics are met in the three years after closing 2. The company recognized $183 million as the fair value of that liability as of June 27, 2026 2.

AMD entered a relationship with Sanmina as its U.S.-based new product introduction manufacturing partner of choice for AMD AI rack and cluster-scale systems 2.