Plexus Corp. research snapshot
PLXS AI stock analysis as of the August 3, 2026 data cutoff reads Plexus Corp. as a high-complexity electronic manufacturing services (EMS) provider in a strong operational upcycle whose stock already carries a high multiple. The stock closed at $251.34 on July 31, 2026, up 3.86% on the session, after the fiscal Q3 report on July 29 beat guidance with record revenue of $1.305 billion, up 28% year over year, non-GAAP EPS of $2.32 versus a $2.14 consensus, and a record $4.5 billion funnel of qualified manufacturing opportunities. Management now expects fiscal 2026 revenue growth in excess of 20%, non-GAAP operating margin above 6%, and a return to meaningful free cash flow above $100 million in fiscal 2027. The tension is valuation and timing: the stock still trades about 18% below its June 22 high of $307.06, below its 20-day and 50-day moving averages, at about 37x trailing earnings and near 29x the fiscal 2026 adjusted EPS consensus of $8.59, and the company now guides to a usage of free cash flow for fiscal 2026 as working capital supports the revenue ramp. This page is an informational research tool and not investment advice.
Current price
$251.34
Market cap
$6.72 billion
AI score
68 / 100
Rating
Quality growth with an already stretched valuation
Trend status
Long-term uptrend intact, correcting below the 20-day and 50-day moving averages after the June peak
Data cutoff (updated monthly)
August 4, 2026
Informational use only. This page is not investment advice.
| Dimension | Conclusion | Confidence |
|---|---|---|
| Business quality | Plexus provides design, supply chain, manufacturing, and sustaining services for complex electronic products in regulated industries, with record fiscal Q3 revenue of $1.305 billion, up 28% year over year, and a fiscal Q3 ROIC of 14.9%, which is 590 basis points above its 9.0% cost of capital. | Medium-high |
| Moat | The moat comes from customer qualification cycles, regulatory certifications, engineering relationships, and manufacturing complexity, and it is widening as the record $4.5 billion funnel and $400 million of aerospace and defense wins year to date, twice the combined prior two years, show. | Medium |
| Management | CEO Todd Kelsey and CFO David Abuhl are delivering record revenue, over 20% fiscal 2026 growth guidance, ROIC expansion, a 62-day cash cycle, a net cash balance sheet, and buybacks, while managing the CFO transition and an expanding Penang site. | Medium-high |
| Financial trend | Fiscal Q3 revenue rose 28% year over year, non-GAAP operating margin reached 6.3%, and fiscal 2026 revenue growth is guided above 20%, but nine-month operating cash flow of $39 million and a guided fiscal 2026 free cash flow usage are the offsets. | High |
| Valuation | At about 37x trailing earnings, near 29x the fiscal 2026 adjusted EPS consensus of $8.59, 1.46x sales, 4.4x book value, and near 109x trailing free cash flow, the stock prices in sustained high growth with a thin safety margin. | Medium |
| Technical trend | The long-term uptrend is intact with the stock up about 97% over 52 weeks and above its 100-day and 200-day moving averages, but the stock is correcting from the June high and sits below its 20-day and 50-day moving averages. | Medium |
| Risk level | Key risks are multiple compression from about 37x trailing earnings, fiscal 2026 free cash flow usage, top 10 customers at 55% of revenue, cyclicality in semi-cap and industrial, ramp execution risk, tariffs, and the CFO transition. | Medium-high |
| AI confidence | High for descriptive facts and cross-checked math that matched across StockAnalysis.com, SEC EDGAR XBRL, the fiscal Q3 2026 earnings release, and the earnings call transcript. Lower for forward return estimates because growth, margins, and multiples are uncertain. | High data confidence |
| Investment certainty | Medium-low. The page provides a framework and scenarios, not a buy or sell instruction, and the current price already discounts a strong base case. | Medium-low |
PLXS AI stock forecast
The PLXS AI stock forecast uses scenario math around the July 31, 2026 close of $251.34, the fiscal 2026 adjusted EPS consensus of $8.59, and management guidance of more than 20% fiscal 2026 revenue growth with a return to free cash flow above $100 million in fiscal 2027. The three-scenario framework produced a bearish area near $149, a base area near $265, and a bullish area near $395, using three-year adjusted EPS outcomes near $9.94, $12.07, and $14.11 and exit multiples of 15x, 22x, and 28x. These are scenarios, not price commitments.
$320 to $395
More likely if Plexus sustains high-teens to 20% revenue growth into fiscal 2028 led by aerospace and defense, semiconductor capital equipment, and data center power and thermal, expands non-GAAP operating margin above 6.5%, and returns free cash flow above $100 million, so investors hold a high-20s multiple. The $330 Stifel target and the $308 Sidoti upgrade sit near the low end of this band.
$240 to $290
More likely if fiscal 2026 revenue grows more than 20%, fiscal 2027 grows in line with or slightly above the 9% to 12% goal, non-GAAP operating margin stays above 6%, and the multiple normalizes toward the low-to-mid 20s. This case is roughly where the stock trades today, which shows the current price already discounts solid execution.
$140 to $170
More likely if the semi-cap or industrial cycle pauses, a large program ramps slower than planned, aerospace and defense budgets tighten, free cash flow stays negative longer than guided, or the market compresses the multiple from the high-20s toward 15x in a recession or a rotation out of growth names.
PLXS AI technical analysis
PLXS AI technical analysis shows a long-term uptrend that is correcting as of the August 3, 2026 data cutoff. The stock closed at $251.34 on July 31, 2026, after gaining 3.86% on the session following the July 29 fiscal Q3 report. It is above its 5-day moving average near $247.46, its 100-day near $250.49, and its 200-day near $207.74, but below its 20-day near $256.69 and its 50-day near $272.15, after a correction from the June 22, 2026 high of $307.06. The 14-day RSI near 43.5 and a 14-day ADX near 28 with a negative directional bias show the short-term trend is still pointing down while the longer-term trend remains up.
| Level | Value | Why it matters |
|---|---|---|
| Current price | $251.34 | StockAnalysis.com real-time quote at the July 31, 2026 close, with a day range of $245.79 to $256.91 and about 348,000 shares traded; the S&P-based history close was $251.48. |
| 5-day moving average | $247.46 | Barchart reported the 5-day moving average near $247.46 on July 31, 2026, below price after the post-earnings bounce. |
| Near support | $241 to $247 | The July 29 to July 30 gap area near $241 to $247 and the 5-day moving average near $247.46 form the first support zone; a hold here keeps the rebound intact. |
| Next support | $207 to $213 | The 200-day moving average was near $207.74 on July 31, 2026, and the stock held this trend line during the July correction, making it the key medium-term support reference. |
| Near resistance | $256 to $260 | The 20-day moving average was near $256.69 on July 31, 2026, and the July 23 to July 24 range near $261 to $264 sits just above, so bulls need a close through the low-$260s to repair the short-term trend. |
| Resistance zone | $272 to $290 | The 50-day moving average near $272.15 and the June breakdown area near $275 to $290 sit overhead and cap a V-shaped recovery until reclaimed. |
| 50-day moving average | $272.15 | Barchart and StockAnalysis both reported the 50-day moving average near $272.15 on July 31, 2026, above price after the correction. |
| 200-day moving average | $207.74 | Barchart and StockAnalysis both reported the 200-day moving average near $207.74, the strongest remaining uptrend confirmation. |
| Momentum | RSI near 43.5 | The 14-day RSI was near 43.52 on Barchart and 43.62 on StockAnalysis, neutral after the bounce, with the 9-day RSI near 44.45; the oscillator no longer points to an oversold or overbought extreme. |
| Volume | About 325,000 average shares | The 20-day average volume was near 324,885 on Barchart and 324,926 on StockAnalysis, with about 348,000 shares on July 31 and about 727,000 on July 30 after the report, so liquidity is modest for a small-cap EMS name. |
| Volatility | Moderate to elevated | Barchart reported 14-day historical volatility near 33.4% and 9-day near 37.7%, elevated for the stock but not extreme, with an average daily range near 4.7% over 20 days. |
| Invalidation | Close below $207 | A decisive daily close below the 200-day moving average near $207.74 would break the long-term uptrend; a recovery attempt needs a close back above the 20-day near $256.69 and then the 50-day near $272.15. |
PLXS AI trading strategy
The PLXS AI trading strategy is a rules-based research framework for a high-momentum EMS stock in a correction. It is not personal advice and should be paired with live chart data, filings, funnel and win trends, working capital and cash flow checks, position sizing, and a defined invalidation level.
For traders who want to rejoin the uptrend, wait for PLXS to reclaim its 20-day moving average near $256.69 and then the 50-day near $272.15 on rising volume, with the 200-day trend line near $207.74 still well below price, while quarterly results confirm revenue growth above 20% and non-GAAP operating margin above 6%.
A daily close below the 200-day moving average near $207.74 invalidates the long-term trend, and a failed test of the 20-day near $256.69 keeps the short-term correction in place.
If PLXS pulls back toward the $241 to $247 gap support or the $207 to $213 200-day zone without a fundamental thesis break, compare the price reaction with the fiscal Q4 report, the free cash flow trajectory, and the funnel and win trends before acting.
Do not average down without a maximum loss rule, because a large program delay, a semi-cap cycle pause, or margin pressure can turn a support zone into a falling knife.
Track what drives PLXS: quarterly manufacturing wins and the funnel near $4.5 billion, aerospace and defense wins of $400 million year to date, semi-cap outgrowth versus WFE, the data center power and thermal pipeline near $500 million, non-GAAP operating margin versus the 6% goal, cash cycle days near 62, the free cash flow inflection above $100 million in fiscal 2027, and the next buyback authorization.
Reduce confidence when the stock price moves on multiple expansion alone without matching revenue, margin, and free cash flow improvement.
Investment research summary
Customers pay Plexus to design, build, and sustain complex electronic products in regulated industries where quality, delivery, and regulatory compliance matter more than lowest cost. In fiscal 2025 revenue was $4.03 billion, split roughly between Healthcare/Life Sciences near $1.63 billion, Industrial near $1.72 billion, and Aerospace/Defense near $0.69 billion, and fiscal 2026 revenue is now guided above 20% growth.
Switching costs are high because of customer qualification cycles, regulatory certifications, and embedded engineering relationships, and the moat is widening with a record $4.5 billion funnel, $400 million of aerospace and defense wins year to date, and a commercial space leadership position, but EMS remains competitive and pricing-sensitive.
The thesis fails if the market compresses the multiple from near 29x forward earnings toward the mid-teens as growth normalizes, if free cash flow stays negative through fiscal 2026 and beyond, if a large program or a semi-cap cycle pauses, if top 10 customer concentration at 55% of revenue becomes a problem, or if margin expansion stalls.
CEO Todd Kelsey and CFO David Abuhl have guided fiscal 2026 revenue growth above 20%, kept non-GAAP operating margin above 6%, delivered a 62-day cash cycle (the best in five years), maintained a net cash balance sheet, repurchased $20.6 million of stock in the quarter, and announced capacity expansion in Penang while keeping capex at 2% to 3% of revenue. The CFO transition from Patrick Jermain to David Abuhl is the main people risk.
EMS rides secular electronics complexity, onshoring and reshoring, defense modernization, medical device innovation, semiconductor capital equipment expansion, and data center power and thermal needs. Plexus expects to outgrow WFE in semi-cap, expects defense and unmanned revenue to more than double versus two years ago, and sees commercial aerospace as the remaining recovery upside.
At $251.34, PLXS trades at about 37x trailing earnings, near 29x the fiscal 2026 adjusted EPS consensus of $8.59, 1.46x sales, and near 109x trailing free cash flow. The three-scenario valuation suggests the stock is priced for a strong base case, so the margin of safety is thin and the upside depends on sustained high-teens growth and margin expansion.
Source-backed data
Every metric below includes a source and last verification date.
| Metric | Value | Source | Last verified |
|---|---|---|---|
| PLXS price | $251.34 at the July 31, 2026 close, day range $245.79 to $256.91; S&P-based history close $251.48 | StockAnalysis.com real-time quote | August 3, 2026 |
| Market capitalization | $6.72 billion, computed as $251.34 x 26.76 million shares outstanding | StockAnalysis.com quote and share statistics | August 3, 2026 |
| Shares outstanding | 26.76 million shares outstanding per the StockAnalysis statistics page, down 1.26% year over year; weighted average diluted shares of 27.29 million for fiscal Q3 | StockAnalysis.com statistics and Plexus fiscal Q3 2026 earnings release | August 3, 2026 |
| Fiscal Q3 2026 GAAP results | Revenue $1.305 billion (record), up 28% year over year, gross margin 10.1%, operating margin 4.7%, net income $42.99 million, GAAP diluted EPS $1.58 | Plexus fiscal Q3 2026 earnings release | August 3, 2026 |
| Fiscal Q3 2026 non-GAAP results | Non-GAAP operating margin 6.3%, adjusted net income $63.33 million, adjusted diluted EPS $2.32 versus a $2.14 consensus, ROIC 14.9% and economic return 5.9% above a 9.0% weighted average cost of capital | Plexus fiscal Q3 2026 earnings release and earnings call | August 3, 2026 |
| Nine-month fiscal 2026 results | Revenue $3.538 billion, net income $133.98 million, GAAP diluted EPS $4.90, adjusted diluted EPS $6.13, operating cash flow $38.99 million, capital expenditures $74.31 million | Plexus fiscal Q3 2026 earnings release | August 3, 2026 |
| Fiscal 2026 guidance | Revenue growth in excess of 20%, non-GAAP operating margin above 6%, free cash flow usage for fiscal 2026, capex of $100 million to $120 million, non-GAAP tax rate of 15% to 17%, and cash cycle in the low-to-mid 60s | Plexus fiscal Q3 2026 earnings release and earnings call | August 3, 2026 |
| Fiscal Q4 2026 guidance | Revenue $1.330 billion to $1.380 billion, non-GAAP EPS $2.47 to $2.63, GAAP EPS $2.18 to $2.34, gross margin 10% to 10.3%, non-GAAP operating margin 6.1% to 6.5%, non-GAAP tax rate 12% to 14% | Plexus fiscal Q3 2026 earnings release | August 3, 2026 |
| Fiscal 2027 outlook | Revenue growth in excess of the 9% to 12% goal led by aerospace and defense and industrial including semi-cap, operating margin expansion, free cash flow above $100 million, capex of 2% to 3% of revenue, non-GAAP tax rate of 16% to 18% | Plexus fiscal Q3 2026 earnings call | August 3, 2026 |
| Wins and funnel | 31 manufacturing programs won in fiscal Q3 worth $255 million in annualized revenue; $400 million of aerospace and defense wins year to date, more than twice the combined fiscal 2024 and 2025 performance; record funnel of $4.5 billion, up 23% year over year; data center power and thermal funnel near $500 million | Plexus fiscal Q3 2026 earnings release and earnings call | August 3, 2026 |
| Market sectors, fiscal Q3 | Aerospace/Defense $233 million (18% of revenue), Healthcare/Life Sciences $483 million (37%), Industrial $589 million (45%); top 10 customers 55% of revenue | Plexus fiscal Q3 2026 earnings release | August 3, 2026 |
| Balance sheet | Cash and cash equivalents $314.05 million, total debt per the earnings release of about $275.46 million (current portion $183.81 million plus long-term $91.64 million), total assets $3.63 billion, total shareholders equity $1.53 billion as of July 4, 2026; net cash position with $172 million drawn on the revolving facility and over $320 million available to borrow | Plexus fiscal Q3 2026 earnings release and earnings call | August 3, 2026 |
| TTM results | TTM revenue near $4.60 billion, TTM net income near $185 million, TTM EPS near $6.77, TTM operating cash flow near $171 million, TTM free cash flow near $62 million | StockAnalysis.com financials and statistics | August 3, 2026 |
| FY2025 results | Revenue $4.033 billion up 1.82%, net income $172.89 million up 54.6%, GAAP EPS $6.26, adjusted EPS $7.43; segment revenue of Aerospace/Defense $688.5 million, Healthcare/Life Sciences $1.63 billion, and Industrial $1.72 billion | StockAnalysis.com financials and SEC EDGAR XBRL 10-K | August 3, 2026 |
| Valuation snapshot | PE 37.11, forward PE 25.29 on the statistics basis versus about 29.3x computed as $251.34 divided by the fiscal 2026 adjusted EPS consensus of $8.59, PS 1.46, forward PS 1.26, PB 4.39, P/FCF 108.69, EV/EBITDA 21.86, EV/FCF 108.58, PEG 1.33 | StockAnalysis.com statistics | August 3, 2026 |
| Balance sheet ratios and efficiency | Current ratio 1.49, quick ratio 0.67, debt to equity 0.20, interest coverage 18.0, ROE 12.58%, ROIC 13.36% under S&P classification, and company-reported fiscal Q3 ROIC of 14.9% | StockAnalysis.com statistics and Plexus fiscal Q3 2026 earnings release | August 3, 2026 |
| Analyst consensus | Buy with an average price target of $305.75 across 5 analysts polled by S&P Global, low $275 and high $330, median $309 | StockAnalysis.com forecast | August 3, 2026 |
| Recent analyst target updates | Sidoti upgraded to Buy with $308 on July 31, Stifel maintained Buy with $330 on July 30, Benchmark maintained Buy with $310 on July 30, Needham maintained Buy with $285 on May 1, KeyBanc maintained Hold on July 31 | StockAnalysis.com forecast | August 3, 2026 |
| Consensus estimates | Fiscal 2026 revenue estimate $4.85 billion with adjusted EPS $8.59; fiscal 2027 revenue $5.43 billion with adjusted EPS $9.82 | StockAnalysis.com forecast | August 3, 2026 |
| Short interest | 846,430 shares short, 3.16% of shares outstanding, 3.21% of float, 2.50 days to cover, down from 913,438 a month earlier | StockAnalysis.com statistics short selling | August 3, 2026 |
| Buybacks and capital returns | $20.6 million of shares repurchased in fiscal Q3 at an average price of $258.75, leaving $21.4 million under the current $100 million authorization, with a new authorization to be discussed with the board in August; buyback yield 1.26% | Plexus fiscal Q3 2026 earnings release and earnings call | August 3, 2026 |
| Technical snapshot | 5-day SMA near $247.46, 20-day SMA near $256.69, 50-day SMA near $272.15, 100-day SMA near $250.49, 200-day SMA near $207.74, 14-day RSI near 43.5, 14-day ADX near 28.09 with a negative directional bias, 14-day historical volatility near 33.4% | Barchart and StockAnalysis.com technical snapshots | August 3, 2026 |
| 52-week range | $124.49 to $307.06, with the 52-week price change near +96.6% and the year-to-date change near +71.0% | StockAnalysis.com quote and statistics | August 3, 2026 |
| CFO transition | Patrick Jermain retired as CFO after a 15-plus year career including 12 years as CFO; David Abuhl became CFO; accelerated stock-based compensation of $12.9 million in fiscal Q3 related to previously announced executive retirement agreements | Plexus fiscal Q3 2026 earnings release and GlobeNewswire announcement | August 3, 2026 |
This PLXS AI stock analysis page is an informational research tool, not investment advice, a recommendation, or a promise of future returns. Forecast scenarios are based on available filings, quote snapshots, and third-party data as of the stated cutoff date. They may be wrong, incomplete, or outdated after new earnings, program news, working capital results, tariff changes, market moves, or macro conditions.
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