# Plexus (PLXS.US)

Canonical: https://gigainvestors.com/s/PLXS

Analysis as of: 2026-10-16T07:31:15.019Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $238.71 per share; close as of 2026-10-15.

Estimated value: low $89.34 per share, central $118.37 per share, high $137.29 per share. Buy at or below the central value $118.37 per share. Valuation as of 2026-10-16T07:31:15.019Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.05×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.05×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.05×

- FY2024: 0.04×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 12.6%

- ROIC, second-lowest year: 11.5%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 9.3%

- Recent gross margin (lower of latest and 3-year median): 9.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 11.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.7%

- FY2017: 15.5%

- FY2018: 9.6%

- FY2019: 13.3%

- FY2020: 13.8%

- FY2021: 14.5%

- FY2022: 11.8%

- FY2023: 11.8%

- FY2024: 11.5%

- FY2025: 14.1%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $680M

- Net income, five-year total: $701M

- Return on incremental invested capital: 9.5%

- Working capital / revenue, annual change: 1.9 pp

- Working capital / revenue, change between three-year averages: 13.1 pp

- Working capital / revenue, final three-year average: 36.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.03×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.84×

- FY2025: 0.96×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.7% vs 11.8%

- Per-share earnings: 2.74 to 4.95 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.2%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: $2.0B

- Cumulative retained earnings: $947M

- Diluted shares, 10-year annual growth: -2.2%

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.6%

- Per-share value change: $2.20

- Per-share value, starting three-year median: $2.74

- Per-share value, ending three-year median: $4.95

- Buybacks concentrated in cheaper years (correlation): 0.35

- Average buyback yield: 3.6%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $12M

- Cumulative net income, 10 years: $1.1B

- ROIC, first three-year median: 11.7%

- ROIC, last three-year median: 11.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.24

- FY2017: $3.24

- FY2018: $0.38

- FY2019: $3.50

- FY2020: $3.93

- FY2021: $4.76

- FY2022: $4.86

- FY2023: $4.95

- FY2024: $4.01

- FY2025: $6.26

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -2.4%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 12.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.44×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.9%

- FY2017: -3.0%

- FY2018: -2.8%

- FY2019: -0.3%

- FY2020: -4.1%

- FY2021: -0.1%

- FY2022: 4.8%

- FY2023: -0.8%

- FY2024: -10.3%

- FY2025: -2.4%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 21% since Jun 2026 · "PLXS Q4 Deep Dive: Program Ramps and Market Share Gains Drive Guidance Upgrade" (finance.yahoo.com, Jan 2026) · sales +1.8%

Story as of 2026-10-16T09:59:24.977Z; price observation 2026-10-15.

Price needs cash profits to grow 14.6% a year for ten years

- 2026-01-29: PLXS Q4 Deep Dive: Program Ramps and Market Share Gains Drive Guidance Upgrade ([finance.yahoo.com](https://finance.yahoo.com/news/plxs-q4-deep-dive-program-171048881.html))

- 2026-08-05: Plexus Q3 Beat, Strong Outlook Clouded by Free Cash Flow Concerns ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/plexus-q3-beat-strong-outlook-155000448.html))

### Sales · FY2024–2025

sales +1.8%; source https://www.sec.gov/Archives/edgar/data/785786/000078578625000064/plxs-20250927.htm; observed 2025-11-14.

- FY2016: $2.6B 

- FY2017: $2.5B 

- FY2018: $2.9B 

- FY2019: $3.2B 

- FY2020: $3.4B 

- FY2021: $3.4B 

- FY2022: $3.8B 

- FY2023: $4.2B 

- FY2024: $4.0B 

- FY2025: $4.0B 

### Gross margin · FY2025

gross margin 10.1%; source https://www.sec.gov/Archives/edgar/data/785786/000078578625000064/plxs-20250927.htm; observed 2025-11-14.

- FY2016: 8.9% 

- FY2017: 10.1% 

- FY2018: 9.0% 

- FY2019: 9.2% 

- FY2020: 9.2% 

- FY2021: 9.6% 

- FY2022: 9.1% 

- FY2023: 9.4% 

- FY2024: 9.6% 

- FY2025: 10.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic components; annual sales are USD 4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/785786/000078578625000064/plxs-20250927.htm (filed 2025-11-14); FY2025: revenue 4032966000; grossProfit 406514000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PLXS.US: Plexus Corp. provides electronic manufacturing services in the United States, the Asia-Pacific, Europe, the Middle East, and Africa. The company offers design, develop, supply chain, new product introduction, and manufacturing solutions, as well as sustaining services. It serves the aerospace/defense, healthcare/life sciences, and industrial/commercial sectors. Plexus Corp. was founded in 1979 and is headquartered in Neenah, Wisconsin.

### Why customers stay

Margins ranged from 9.4% to 10.1% during 2023–25; it earns 12.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); FY2023: grossProfit / revenue = 9.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); FY2024: grossProfit / revenue = 9.6%.

- Source: https://www.sec.gov/Archives/edgar/data/785786/000078578625000064/plxs-20250927.htm (filed 2025-11-14); FY2025: grossProfit / revenue = 10.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); 10-year return on capital observations [[2016,0.11651559609325116],[2017,0.1551562789763058],[2018,0.09559684029383825],[2019,0.13273413504735318],[2020,0.13815148494065294],[2021,0.14546146844008204],[2022,0.11821427817258423],[2023,0.11848124100107811],[2024,0.11497584637093104],[2025,0.14062183917510515]]; median 0.12560768802421565. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 9% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/785786/000078578625000064/plxs-20250927.htm (filed 2025-11-14); Gross margin observations: [[2021,0.09596585200059961],[2022,0.09110350929115216],[2023,0.09371150071075611]]; range within 2 percentage points.

### Where the cash goes

Spends 6.1% of cash earnings on expansion; earns 9.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); FY2016: growth capex 0; upkeep 31123000; cash acquisitions 0; owner earnings 92718000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); FY2017: growth capex 0; upkeep 38538000; cash acquisitions 0; owner earnings 118854000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); FY2018: growth capex 14484000; upkeep 48296000; cash acquisitions 12379000; owner earnings 13040000. Growth capex plus acquisitions / owner earnings = 2.0600460122699387.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); FY2019: growth capex 34804337.454938084; upkeep 55795662.545061916; owner earnings 105026337.45493808. Growth capex / owner earnings = 0.33138675782035154.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); FY2020: growth capex 0; upkeep 50088000; owner earnings 124081000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); FY2021: growth capex 0; upkeep 57099000; owner earnings 142827000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); FY2022: growth capex 38923000; upkeep 62689000; owner earnings 138243000. Growth capex / owner earnings = 0.2815549431074268.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); FY2023: growth capex 34291000; upkeep 69758000; owner earnings 139094000. Growth capex / owner earnings = 0.24653112283779316.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); FY2024: growth capex 0; upkeep 95182000; owner earnings 94480000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/785786/000078578625000064/plxs-20250927.htm (filed 2025-11-14); FY2025: growth capex 10164935.9579366; upkeep 85099064.0420634; owner earnings 165577935.95793658. Growth capex / owner earnings = 0.061390643017309385.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); Incremental return on capital 0.09456806136750379, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,2614000],[2020,12827000],[2021,3555000],[2022,480000],[2023,8000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/785786/000078578625000064/plxs-20250927.htm (filed 2025-11-14); FY2025: cash repurchases 65336000 USD.

### Are managers owners

Insiders own 1.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PLXS.US SharesStats.PercentInsiders = 1.433 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.6% yearly over ten years; actual growth was 6.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-14); Ten-year compound average after fade. Initial solved rate 0.1985054539892871. Price 238.71; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.130806597050525 → FY2025 5.99572479569585. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $45.81 per share

- 2016-11: $51.10 per share

- 2016-12: $54.04 per share

- 2017-01: $54.30 per share

- 2017-02: $56.07 per share

- 2017-03: $57.80 per share

- 2017-04: $51.99 per share

- 2017-05: $51.98 per share

- 2017-06: $52.57 per share

- 2017-07: $53.61 per share

- 2017-08: $52.08 per share

- 2017-09: $56.08 per share

- 2017-10: $61.43 per share

- 2017-11: $62.51 per share

- 2017-12: $60.72 per share

- 2018-01: $59.75 per share

- 2018-02: $60.32 per share

- 2018-03: $59.73 per share

- 2018-04: $54.84 per share

- 2018-05: $58.15 per share

- 2018-06: $59.54 per share

- 2018-07: $59.42 per share

- 2018-08: $63.29 per share

- 2018-09: $58.51 per share

- 2018-10: $58.40 per share

- 2018-11: $61.04 per share

- 2018-12: $51.08 per share

- 2019-01: $56.12 per share

- 2019-02: $61.76 per share

- 2019-03: $60.95 per share

- 2019-04: $60.18 per share

- 2019-05: $49.53 per share

- 2019-06: $58.37 per share

- 2019-07: $59.71 per share

- 2019-08: $57.21 per share

- 2019-09: $62.51 per share

- 2019-10: $73.94 per share

- 2019-11: $75.90 per share

- 2019-12: $76.94 per share

- 2020-01: $71.12 per share

- 2020-02: $66.35 per share

- 2020-03: $54.56 per share

- 2020-04: $62.69 per share

- 2020-05: $64.22 per share

- 2020-06: $70.56 per share

- 2020-07: $74.29 per share

- 2020-08: $76.07 per share

- 2020-09: $70.63 per share

- 2020-10: $69.54 per share

- 2020-11: $74.71 per share

- 2020-12: $78.21 per share

- 2021-01: $76.92 per share

- 2021-02: $83.98 per share

- 2021-03: $91.84 per share

- 2021-04: $92.44 per share

- 2021-05: $98.81 per share

- 2021-06: $91.41 per share

- 2021-07: $90.32 per share

- 2021-08: $91.83 per share

- 2021-09: $89.41 per share

- 2021-10: $87.32 per share

- 2021-11: $84.14 per share

- 2021-12: $95.89 per share

- 2022-01: $77.52 per share

- 2022-02: $81.47 per share

- 2022-03: $81.81 per share

- 2022-04: $81.14 per share

- 2022-05: $84.80 per share

- 2022-06: $78.50 per share

- 2022-07: $93.95 per share

- 2022-08: $93.73 per share

- 2022-09: $87.56 per share

- 2022-10: $98.40 per share

- 2022-11: $110.22 per share

- 2022-12: $102.93 per share

- 2023-01: $95.99 per share

- 2023-02: $95.89 per share

- 2023-03: $97.57 per share

- 2023-04: $87.47 per share

- 2023-05: $90.68 per share

- 2023-06: $98.24 per share

- 2023-07: $98.49 per share

- 2023-08: $101.55 per share

- 2023-09: $92.98 per share

- 2023-10: $98.32 per share

- 2023-11: $101.89 per share

- 2023-12: $108.13 per share

- 2024-01: $94.72 per share

- 2024-02: $94.40 per share

- 2024-03: $94.82 per share

- 2024-04: $101.01 per share

- 2024-05: $110.14 per share

- 2024-06: $103.18 per share

- 2024-07: $128.17 per share

- 2024-08: $128.11 per share

- 2024-09: $136.71 per share

- 2024-10: $144.10 per share

- 2024-11: $164.40 per share

- 2024-12: $156.48 per share

- 2025-01: $141.71 per share

- 2025-02: $132.92 per share

- 2025-03: $128.13 per share

- 2025-04: $122.43 per share

- 2025-05: $131.26 per share

- 2025-06: $135.31 per share

- 2025-07: $127.50 per share

- 2025-08: $137.01 per share

- 2025-09: $144.69 per share

- 2025-10: $139.90 per share

- 2025-11: $142.95 per share

- 2025-12: $147.00 per share

- 2026-01: $199.33 per share

- 2026-02: $194.13 per share

- 2026-03: $202.54 per share

- 2026-04: $250.58 per share

- 2026-05: $268.36 per share

- 2026-06: $300.67 per share

- 2026-07: $251.34 per share

- 2026-08: $239.47 per share

- 2026-09: $260.95 per share

- 2026-10: $238.71 per share

## Annual estimated value (USD per share)

- FY2016: low $41.56 per share, central $46.54 per share, high $52.29 per share

- FY2017: low $49.69 per share, central $62.05 per share, high $70.14 per share

- FY2018: low $41.03 per share, central $45.71 per share, high $51.94 per share

- FY2019: low $53.14 per share, central $70.54 per share, high $81.79 per share

- FY2020: low $60.00 per share, central $72.66 per share, high $83.04 per share

- FY2021: low $60.19 per share, central $77.21 per share, high $89.18 per share

- FY2022: low $72.09 per share, central $98.57 per share, high $114.49 per share

- FY2023: low $76.51 per share, central $101.82 per share, high $118.27 per share

- FY2024: low $70.61 per share, central $85.31 per share, high $97.94 per share

- FY2025: low $76.77 per share, central $101.36 per share, high $117.38 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:36:59.474Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/785786/000078578625000064/plxs-20250927.htm); period 2025-09-27, filed 2025-11-14.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.