Business Description

Founded in 1979, Plexus Corp. is a technology-focused electronics manufacturing services company specializing in the design, manufacture, and support of complex electronic systems. The firm generates revenue from high-margin, value-added services across aerospace, medical, defense, and industrial sectors. Led by CEO Michael J. O'Brien since 2018, Plexus differentiates itself through advanced engineering processes and a global manufacturing footprint. It is actively investing in digital transformation and capacity expansion to spur growth in a competitive market.

Financial Statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Total Revenues4,032,9703,960,8304,210,3103,811,370
Cost of Sales3,626,4503,582,3003,815,7503,464,140
Gross Profit406,514378,530394,554347,229
Other Operating Expenses204,143210,798198,734169,044
Operating Profit202,371167,732195,820178,185
Interest and Investment Income3,9223,8603,1381,305
Interest Expense(11,605)(28,876)(31,542)(15,858)
Non-Operating Income(6,670)(13,184)(6,403)(5,329)
Total Non-Operating Income(14,353)(38,200)(34,807)(19,882)
Income Before Provision for Income Taxes188,018129,532161,013158,303
Provision for Income Taxes15,13317,71721,91920,060
Consolidated Net Income172,885111,815139,094138,243
Net Income Attributable to Common Shareholders172,885111,815139,094138,243
Basic EPS6.394.085.044.96
Diluted EPS6.264.014.954.86
Basic Weighted Average Shares Outstanding27,03827,39727,58227,862
Diluted Weighted Average Shares Outstanding27,61627,90928,11428,439
Shares Outstanding26,82827,12227,46627,679
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents306,464345,109256,233274,805
Total Cash and Cash Equivalents306,464345,109256,233274,805
Accounts Receivable807,227742,926803,839876,236
Total Trade Receivables807,227742,926803,839876,236
Inventories1,229,8401,311,4301,562,0401,602,780
Other Current Assets55,26377,68150,11462,298
Total Current Assets2,398,7902,477,1502,672,2202,816,120
Net Property, Plant & Equipment618,915575,472561,399509,839
Other Long-Term Assets119,402101,19987,55067,264
Total Assets3,137,1103,153,8203,321,1703,393,230
Accounts Payable726,597606,378646,610805,583
Accrued Expenses170,443170,439165,501147,349
Current Portion of Long-Term Debt45,793157,325240,205273,971
Unearned Revenue575,850709,152760,351779,286
Total Current Liabilities1,518,6801,643,2901,812,6702,006,190
Long-Term Debt91,98789,993190,853187,776
Leases29,42232,27538,55233,628
Other Long-Term Liabilities42,43063,43464,71869,901
Total Long-Term Liabilities163,839185,702294,123291,305
Total Liabilities1,682,5201,829,0002,106,7902,297,490
Common Stock547545543541
Treasury Stock(1,255,450)(1,190,120)(1,134,430)(1,093,480)
Additional Paid-in Capital695,653680,638661,270652,467
Accumulated Other Comprehensive Income17,81110,614(24,330)(36,028)
Retained Earnings1,996,0301,823,1401,711,3301,572,230
Total Common Shareholders' Equity1,454,5901,324,8301,214,3801,095,730
Total Shareholders' Equity1,454,5901,324,8301,214,3801,095,730
Total Liabilities and Shareholders' Equity3,137,1103,153,8203,321,1703,393,230
FY 2025FY 2024FY 2023FY 2022
Net Income172,885111,815139,094138,243
Depreciation & Amortization77,79277,84769,75862,689
Share-Based Compensation Expense30,26830,31421,30023,336
Other Adjustments(22,856)(8,072)(23,017)(9,828)
Changes in Trade Receivables(60,427)66,64778,373(253,467)
Changes in Inventories84,862262,26648,613(652,989)
Changes in Accounts Payable98,644(30,829)(170,685)176,037
Changes in Income Taxes Payable(14,663)(18,147)(5,745)(713)
Changes in Unearned Revenue(134,533)(55,865)(21,775)479,734
Changes in Other Operating Activities17,25952629,90610,718
Cash from Operating Activities249,231436,502165,822(26,240)
Capital Expenditure(95,264)(95,182)(104,049)(101,612)
Other Investing Activities(347)23510,74551
Cash from Investing Activities(95,611)(94,947)(93,304)(101,561)
Issuance of Long-Term Debt477,000550,500748,500758,000
Repayments of Long-Term Debt(592,817)(739,456)(787,785)(556,726)
Net Issuance / (Repayments) of Long-Term Debt(115,817)(188,956)(39,285)201,274
Issuance of Common Shares—2108480
Repurchases of Common Shares(80,587)(66,840)(53,448)(61,561)
Net Issuance / (Repurchases) of Common Shares(80,587)(66,630)(53,440)(61,081)
Other Financing Activities———(898)
Cash from Financing Activities(196,404)(255,586)(92,725)139,295
Effect of Exchange Rate Changes on Cash and Cash Equivalents2,0804,8391,391(6,537)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash(40,704)90,808(18,816)4,957

Key Metrics & Ratios

MetricValue
Market Cap$3.84B
P/E22.89x
P/S0.95x
EV/EBITDA13.22x
Return on Equity12.4%
Return on Invested Capital9.4%
Current Ratio1.58x
Free Cash Flow Margin3.8%

Margins

Gross margin
10.1%
Operating margin
5.0%
Net margin
4.3%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q2 2026 $1.16B +18.7% 5.3% $62M
Q1 2026 $1.07B +9.6% 5.1% $54M
Q4 2025 $1.06B +0.7% 5.0% $53M
Q3 2025 $1.02B +6.0% 5.3% $54M
Q2 2025 $980M — 5.0% $49M
Q1 2025 $976M — 4.8% $47M
Q4 2024 $1.05B — 5.1% $54M
Q3 2024 $961M — 4.1% $39M

More on Plexus Corp.

Company

Plexus Corp. overview
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Leadership
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Earnings transcripts
Financial data last updated 2026-06-19. Figures compiled from public company filings.

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