Sanmina Corporation research snapshot
SANM AI stock analysis views Sanmina as an electronics manufacturing services provider whose mix shifted sharply toward cloud and AI infrastructure after the October 2025 ZT Systems acquisition from AMD. Fiscal Q3 2026 revenue was $3.46 billion, up 69.7% year over year, with GAAP diluted EPS of $2.12, a non-GAAP operating margin of 8.0%, and non-GAAP diluted EPS of $3.31, up 116% year over year. Management raised fiscal 2026 guidance to revenue of $14.0 billion to $14.3 billion and non-GAAP diluted EPS of $11.90 to $12.20, and reaffirmed confidence in $16 billion-plus revenue for fiscal 2027. At the August 3, 2026 data cutoff, the latest source-backed close was about $185.56 with market capitalization near $9.95 billion using 53.60 million shares. Trailing GAAP P/E was about 33x on $5.59 TTM diluted EPS, and the consensus analyst price target was about $260. The SANM AI stock forecast uses scenarios, not a certain price prediction. This is informational research, not investment advice.
Current price
$185.56 close around July 31, 2026
Market cap
About $9.95 billion
AI score
63 / 100
Rating
AI infrastructure EMS scale-up with raised guidance, balanced by mix timing and concentration risk
Trend status
Recovering after a post-earnings pullback, below the 50-day average near $231 and above the 200-day average near $177
Data cutoff (updated monthly)
August 4, 2026
Informational use only. This page is not investment advice.
| Dimension | Conclusion | Confidence |
|---|---|---|
| Business quality | Sanmina builds and integrates electronics and systems for OEMs across industrial, medical, defense, aerospace, automotive, communications, and now cloud and AI infrastructure after ZT Systems. | High |
| Moat | Global manufacturing scale, qualified processes, vertical integration, and customer qualification create switching friction, but EMS competition remains intense and large buyers keep pricing power. | Medium |
| Management | Chairman and CEO Jure Sola and CFO Jon Faust executed the ZT integration, raised fiscal 2026 guidance, and kept net leverage low near 0.29x, though key-person and integration execution risk remain. | Medium |
| Financial trend | Q3 FY2026 revenue rose 69.7% to $3.46 billion and non-GAAP diluted EPS rose 116% to $3.31. Fiscal 2026 non-GAAP EPS guidance was raised to $11.90 to $12.20. | High |
| Valuation | At about $185.56, financial_rigor.py calculated 33.2x TTM GAAP EPS of $5.59, 3.9x book value near $47.76, and 16.7x free cash flow. Forward guidance implies a lower multiple if delivered. | Medium |
| Technical trend | Price was below the cited 50-day average near $231 and above the 200-day average near $177 after a sharp post-earnings pullback. | Medium |
| Risk level | Risk is high because ten largest customers were 52% of FY2025 sales, Q4 ZT guidance came in below prior implied levels on legacy program timing, cloud and AI demand can reverse, and integration and working capital needs are material. | High |
| AI confidence | High for reported financial data, market-cap math, and guidance. Medium for multi-year returns because hyperscaler demand, mix, and investor multiples can change quickly. | High data confidence |
| Investment certainty | Medium certainty. The ZT-driven scale-up is real in reported numbers, but the investment outcome depends on profitable integration, mix timing, and a durable AI infrastructure cycle. | Medium |
SANM AI stock forecast
The SANM AI stock forecast uses scenario ranges around the $185.56 reference close. A mechanical financial_rigor.py three-year sensitivity model using $5.59 TTM GAAP EPS produced about $306 in a bull case (25% EPS growth, 28x terminal P/E), about $141 in a base case (12% growth, 18x), and about $67 in a bear case (0% growth, 12x). These outputs are not price promises. Fiscal 2026 non-GAAP EPS guidance of $11.90 to $12.20 and a consensus analyst target near $260 point to a different forward multiple if delivered.
$260 to $320
More likely if next-generation accelerated compute ramps in fiscal 2027 as planned, cloud and AI infrastructure demand stays strong, non-GAAP margins hold near 8%, free cash flow funds growth and buybacks, and the market awards a multiple near the analyst high target of $300 and the model bull path around $306.
$150 to $230
More likely if revenue grows but ZT mix timing, working capital build, interest expense, or normal EMS cyclicality cap near-term earnings, and the multiple settles toward analyst targets near $260 and the model base path around $141.
$65 to $145
More likely if AI or cloud orders slow, next-generation accelerated compute slips, ZT integration or customer concentration bites, tariffs raise costs, or the market applies a low multiple while GAAP earnings stay soft. The model zero-growth 12x case was about $67 and the lowest analyst target was $135.
SANM AI technical analysis
SANM AI technical analysis uses the August 3, 2026 static data cutoff. StockAnalysis listed a 50-day moving average near $231.63, a 200-day moving average near $176.91, RSI near 39.96, beta of 1.56, and 20-day average volume of about 868,000 shares. The 52-week range was about $108.37 to $288.68. The stock fell about 19% after the July 27 Q3 report and then recovered to about $185.56. Confirm live chart data before acting because this page has no request-time market-data calls.
| Level | Value | Why it matters |
|---|---|---|
| Current price | $185.56 close around July 31, 2026 | Latest source-backed closing quote available near the data cutoff. |
| Near support | $169 to $177 | Uses the post-earnings low near $169.29 and the cited 200-day moving average near $176.91 as a planning zone, not a guaranteed floor. |
| Major support | $150 to $160 | A deeper round-number zone below the cited 200-day average. A sustained break below this area would damage the longer-term uptrend view. |
| Near resistance | $200 to $201 | Aligns with the July 31 day high near $200. A sustained close above this zone would signal early recovery strength. |
| Upper resistance | $231 to $232 | Uses the cited 50-day moving average. A sustained close above the zone with volume would improve the intermediate setup. |
| 52-week high | $288.68 | The cited 52-week high. Reclaiming this area would require a full re-rating of AI infrastructure expectations. |
| 50-day moving average | About $231.63 | StockAnalysis listed this level in its August 2026 statistics snapshot. Confirm against a live chart. |
| 200-day moving average | About $176.91 | The price was above this longer-term trend gauge at the cutoff. |
| Momentum | Soft after the pullback | RSI near 39.96 sat below the midpoint but was not at an extreme oversold print. |
| Volume | About 868,000 shares | This was the cited 20-day average volume. Use fresh volume data to assess conviction on a breakout or breakdown. |
| Volatility | Elevated | A five-year beta of 1.56 and a wide 52-week range indicate that position sizing matters. |
| Invalidation | Sustained close below $169, then $177 | A decisive loss of the post-earnings low near $169.29 would weaken the short-term setup. A close under the 200-day average near $176.91 would require a fresh thesis review. |
SANM AI trading strategy
This SANM AI trading strategy is an educational framework, not a personalized recommendation. It focuses on the relationship between the $231.63 50-day average, the $169 to $177 support zone, the $176.91 200-day average, volume, quarterly core and ZT Systems execution, working capital, and fiscal 2027 accelerated compute ramp commentary.
Wait for a sustained close above the $200 to $201 resistance area, then require volume confirmation and reassess after earnings, guidance, or major customer-program updates.
Define invalidation before entry. A failed breakout or close back below the breakout zone calls for reduced exposure or a new review.
Treat $169 to $177 as a watch zone only when price stabilizes and volume no longer signals persistent selling. The $200 to $201 area is a recovery marker, not a target.
A sustained close below $169 weakens this setup. A close below $177 invalidates the intermediate uptrend view. Use position size that can tolerate SANM volatility.
Track quarterly revenue, non-GAAP and GAAP operating margin, free cash flow, cash and debt, working capital, ZT mix timing, customer concentration, repurchase pace, and fiscal 2027 guidance.
Revisit the thesis if AI demand, margin, cash conversion, or major customer volume deteriorates instead of relying only on the chart.
Investment research summary
Customers pay Sanmina to design, manufacture, assemble, test, and fulfill complex electronics and systems so OEMs can scale production without owning every factory. After ZT Systems, a much larger share of sales is tied to cloud and AI data-center infrastructure manufacturing.
The moat rests on global plant scale, qualified manufacturing processes, vertical integration, engineering support, and deep customer relationships. It is useful but not absolute because EMS rivals can compete on price, capacity, and geography, and large buyers can dual-source.
The thesis fails if AI infrastructure demand cools while Sanmina is still digesting ZT working capital and integration costs, if next-generation accelerated compute ramps late, if a major customer shifts volume, or if thin EMS margins never convert top-line growth into durable free cash flow.
Jure Sola is Chairman and CEO. Management completed the ZT Systems acquisition from AMD in October 2025, raised fiscal 2026 non-GAAP EPS guidance to $11.90 to $12.20, kept net leverage near 0.29x, and has about $600 million left under the repurchase program. Key-person and integration execution risk remain material.
Cloud and AI infrastructure buildouts are a multi-year demand wave for rack, server, and related manufacturing capacity. Sanmina sits in the manufacturing and systems-integration layer rather than owning the GPU or cloud platform economics, so it participates in the spend without controlling the end market.
At about $185.56, trailing GAAP P/E near 33x prices a lot of growth and multiple support from the AI narrative. Margin of safety is limited unless fiscal 2026 non-GAAP earnings power near the $11.90 to $12.20 guided range is delivered and sustained after acquisition noise fades.
Q3 FY2026 revenue, EPS, margins, cash flow, and guidance were taken from the Sanmina Q3 FY2026 earnings release and call. Market-cap math was verified with financial_rigor.py using $185.56 and 53.60 million shares against about $9.95 billion. Three-scenario valuation used $5.59 TTM GAAP EPS with explicit growth and P/E assumptions.
For a long-term owner, the key question is whether ZT-driven AI infrastructure scale can produce durable free cash flow and returns on capital after integration, working capital needs, and customer concentration. The answer should be updated with each earnings release and the fiscal 2027 guide.
Source-backed data
Every metric below includes a source and last verification date.
| Metric | Value | Source | Last verified |
|---|---|---|---|
| FY2025 net sales | $8.128 billion | Sanmina FY2025 earnings release and StockAnalysis | August 3, 2026 |
| FY2025 net income attributable to common shareholders | $245.9 million; GAAP diluted EPS $4.46 | Sanmina FY2025 earnings release and StockAnalysis | August 3, 2026 |
| Q3 FY2026 revenue and growth | $3.46 billion revenue; up 69.7% year over year | Sanmina Q3 FY2026 earnings release | August 3, 2026 |
| Q3 FY2026 EPS and margins | GAAP diluted EPS $2.12; non-GAAP diluted EPS $3.31; non-GAAP operating margin 8.0% | Sanmina Q3 FY2026 earnings release | August 3, 2026 |
| Q3 FY2026 cash flow and cash | Operating cash flow $124 million; free cash flow $24 million; ending cash $1.84 billion | Sanmina Q3 FY2026 earnings release | August 3, 2026 |
| Q3 FY2026 balance sheet leverage snapshot | Cash $1.84 billion; short-term debt $215 million; long-term debt $1.96 billion; stockholders equity $2.76 billion | Sanmina Q3 FY2026 earnings release | August 3, 2026 |
| Q4 fiscal 2026 outlook | Revenue $3.3B to $3.6B; non-GAAP operating margin 7.5% to 8.0%; non-GAAP diluted EPS $3.05 to $3.35 | Sanmina Q3 FY2026 earnings release | August 3, 2026 |
| Fiscal 2026 raised outlook | Revenue $14.0B to $14.3B; non-GAAP operating margin 6.85% to 7.25%; non-GAAP diluted EPS $11.90 to $12.20 | Sanmina Q3 FY2026 earnings release | August 3, 2026 |
| Fiscal 2027 commentary | Company confident in $16 billion-plus revenue; next-generation accelerated compute ramps from Q1 fiscal 2027 | Sanmina Q3 FY2026 earnings call | August 3, 2026 |
| FY2025 customer concentration | Ten largest customers 52% of net sales | Sanmina 2025 Form 10-K summary coverage | August 3, 2026 |
| Shares outstanding and market capitalization | 53.60 million shares; about $9.95 billion at $185.56 | StockAnalysis, with financial_rigor.py market-cap verification | August 3, 2026 |
| TTM diluted EPS and valuation snapshot | TTM EPS $5.59; tool PE 33.2x; tool PB 3.9x; tool P/FCF 16.7x | StockAnalysis, with financial_rigor.py | August 3, 2026 |
| Analyst consensus and price target | Consensus Hold; average price target about $260; range $210 to $300 | StockAnalysis forecast, S&P Global | August 3, 2026 |
| Technical snapshot | 50-day about $231.63; 200-day about $176.91; RSI about 39.96; 20-day volume about 868K; beta 1.56 | StockAnalysis statistics | August 3, 2026 |
This page is an informational tool, not investment advice or a recommendation to buy or sell any security. Forecast scenarios are based on available data and explicit assumptions, can be wrong, and may change without notice. Verify current market data and consider independent professional advice before making an investment decision.
Design trading strategies visually with 10+ indicators. Set entry/exit conditions and risk management, then generate Pine Script code with no coding required.
Filter and discover stocks based on market cap, dividend yield, P/E ratio, sector, and more. Screen thousands of stocks with real-time data.
Smart AI-driven stock selection with fundamental screening, analyst estimates, and key metrics. Filter by P/E, market cap, dividends, and more.
