Forensic Analysis · Technology / Software · as of Aug 10, 2026

Sanmina Corp (SANM)

A forensic read on Sanmina Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

4.8

Distress distance

Clean

Earnings quality

Forensic signals

36.6

P / E (ttm)

9.7%

ROE

$10.9B

Market cap

7.4%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Sanmina Corp earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 4.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

172% of FCF

FY2022

Shareholder returns. Returned $331M to shareholders (buybacks + dividends) in FY2022 — 172% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely.

85d

FY2024→FY2025

Inventory days. Days inventory outstanding moved from 77 to 85 FY2024→FY2025 (against cost of goods sold; inventory +38% vs +7% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.

13.1%

FY2025

Return on invested capital. Return on invested capital is 13.1% in the latest fiscal year and slipping from 15% — a modest positive spread over its ~10% cost of capital — growth adds value, though not dramatically.

$7M

FY2020–FY2020

Goodwill impairments. Took $7M of goodwill writedowns across 1 year (FY2020 ($7M)) — about 5% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$8.13B

Revenue Growth YoY+7.4%

Net Margin3.0%

Free Cash Flow$473.3M

Return on Equity9.7%

Debt / Equity0.12x

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.