Flex Ltd. (NASDAQ: FLEX)

Flex is the advanced, end-to-end manufacturing partner of choice that helps a diverse customer base design, build, deliver and manage products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, we deliver technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. The Company’s full suite of specialized capabilities includes design and engineering, supply chain, manufacturing, and integrated services, plus a portfolio of power and cooling products. Over time, we have built differentiated scale and expertise across both technology-driven and regulated markets, enabling us to support customers with increasingly complex product, infrastructure, and compliance requirements. We partner with customers across a diverse set of industries including data center, healthcare, industrial, automotive, communications, and lifestyle.

Flex generates revenue through the design, engineering, supply chain, manufacturing, value-added fulfillment and forward logistics, and aftermarket services it provides to customers worldwide. The company’s operations and systems assembly generate the majority of its revenues and include PCBA and assembly of systems and subsystems that incorporate printed circuit boards and complex electromechanical components. Additional revenue comes from its power, thermal, and compute infrastructure capabilities, which include critical power products, embedded power products, thermal management products, and compute and rack-level infrastructure, delivered through integrated design and engineering, supply chain, manufacturing, and aftermarket services to support AI data centers and mission-critical applications.

Flex operates through the following segments: Integrated Technology Solutions (ITS), Regulated Manufacturing Solutions (RMS), and Cloud and Power Infrastructure (CPI).

• Integrated Technology Solutions (ITS): This segment serves customers building technology-driven, intelligent products that require fast innovation cycles. It is comprised of the communications, high speed networking, enterprise, and satellite communications systems end markets, as well as the lifestyle end market covering premium products across commercial, home and personal product categories. The segment leverages a shared operating model with RMS to deliver product-centric innovation and global execution at scale.

• Regulated Manufacturing Solutions (RMS): This segment focuses on regulated, safety-critical markets requiring a high level of precision, compliance, and reliability. It comprises the industrial end market for mission-critical automation, energy, and industrial infrastructure, the automotive end market for compute and power electronics platforms and integrated systems, and the healthcare end market for regulated manufacturing of medical devices, drug delivery and equipment. RMS combines design and engineering expertise with advanced manufacturing and supply chain capabilities to serve complex product lifecycles and regulatory requirements.

• Cloud and Power Infrastructure (CPI): This segment is focused on delivering integrated compute systems, power, and cooling technologies that support large-scale cloud, data center, and AI-enabled infrastructure deployments. It comprises the Cloud and Cooling end market, offering integrated compute systems and advanced liquid cooling solutions for high-density, power-intensive rack architectures, and the Power end market, providing utility and facility-level electrical infrastructure for reliable, scalable power delivery. CPI programs are characterized by systems-level integration, high power density requirements, and complex global manufacturing and supply chain execution extending from rack-level systems to facility and utility-level electrical infrastructure.

Flex holds a strong position in the contract manufacturing services market, competing against numerous domestic and foreign providers. The company believes its competitive advantages stem from quality and range of services, design and technological capabilities, cost, location of sites, supply chain resiliency, sustainability, and responsiveness and flexibility. Its global scale and regional strength, with facilities across approximately 30 countries, provide a significant edge in meeting diverse customer needs. Flex also leverages cross-industry synergies, applying technology from one sector to another, such as using data center expertise to support power and compute applications in automotive.

Flex serves a broad and diversified customer base across technology-driven and regulated markets, including leaders in data center, healthcare, industrial, automotive, communications, and lifestyle industries. The company’s ten largest customers accounted for 45% of net sales in fiscal year 2026, with no single customer exceeding 10% of revenue. Its customer base spans multinational and regional companies requiring support for products ranging from consumer electronics to mission-critical infrastructure.