Abstract
Sanmina will report fiscal Q1 2026 results on January 26, 2026 Post Market; this preview consolidates last quarter’s performance, current-quarter guidance elements, and recent institutional sentiment to frame expectations for revenue, margins, net profit, and adjusted EPS in context for investors.
Market Forecast
Based on Sanmina’s latest available financial forecast, this quarter’s revenue estimate is USD 3.08 billion (+55.37% YoY), with forecast EPS at USD 2.13 (+56.24% YoY) and EBIT at USD 0.17 billion (+55.62% YoY). Margin-specific guidance was not disclosed; therefore, consensus highlights focus on strong top-line acceleration and earnings leverage. Sanmina’s main business is Integrated Manufacturing Solutions, and management’s trajectory implies an improving demand backdrop and mix uplift across complex manufacturing programs and components. The most promising segment is Integrated Manufacturing Solutions with USD 6.56 billion in trailing-quarter revenue; the company’s recent outlook suggests YoY uplift in complex programs, though precise YoY segment metrics for the forecast quarter are not disclosed.
Last Quarter Review
Sanmina’s previous quarter delivered revenue of USD 2.10 billion, gross profit margin of 9.12%, GAAP net profit attributable to the parent company of USD 48.07 million with a net profit margin of 2.29%, and adjusted EPS of USD 1.67 (+16.78% YoY). Net profit decreased on a sequential basis with quarter-on-quarter change at -29.95%, reflecting mix normalization and operating-cost timing. Main business highlights: Integrated Manufacturing Solutions generated USD 6.56 billion in revenue, Components, Products and Services contributed USD 1.70 billion, and inter-segment eliminations were USD -0.13 billion.
Current Quarter Outlook
Integrated Manufacturing Solutions
Integrated Manufacturing Solutions is the operational backbone of Sanmina’s model, spanning end-to-end design, manufacturing, and supply chain execution for complex electronic systems. The company’s guidance implies a rebound in program volumes and favorable mix toward higher-value builds, which can support stronger conversion of revenue to EBIT and EPS. A critical factor this quarter is program timing with existing customers in communications infrastructure, industrial, and medical technology, where build schedules can swing conversion and factory utilization. If schedule adherence improves and materials flow stays stable, the business can sustain the projected revenue acceleration while defending the 9.12% gross margin baseline seen last quarter. Management’s execution on cost control and continuous-improvement initiatives, alongside selective pricing in complex assemblies, is likely to be instrumental in keeping operating margins aligned with the forecast EPS uplift.
Components, Products and Services
Components, Products and Services provides complementary offerings that amplify Sanmina’s value proposition, including precision components and after-market services. In the last quarter, this segment contributed USD 1.70 billion, indicating substantial scale that can buffer volatility in complex-systems builds. For the current quarter, demand visibility is tied to customer inventory normalization and pull-ins for product refresh cycles. Positive sequential momentum can materialize if customers replenish lean inventories and align with broader market restocking trends. However, to translate revenue into profit, Sanmina must maintain tight operational discipline, balancing labor efficiency, materials sourcing, and scrap minimization, given the slim net margin of 2.29% last quarter. Any sourcing improvements or favorable commodity trends could add incremental basis points to gross margin without undermining competitive position.
Stock Price Drivers This Quarter
The foremost stock-price driver is whether Sanmina meets or exceeds its USD 3.08 billion revenue and USD 2.13 EPS estimates. Delivery against the top-line target would validate the implied demand recovery across core programs; missing it could revive concerns about order timing and backlog digestion. Margin commentary will be closely watched because last quarter’s 9.12% gross margin and 2.29% net margin left limited cushion, so any indication of mix improvement or factory utilization gains can influence valuation. Finally, visibility into customer pipeline and the pace of new program ramps will shape expectations for sustainability of the YoY growth implied by the current forecast; investors will parse whether the acceleration reflects one-off ramps or more durable multi-quarter trajectories.
Analyst Opinions
Across recent institutional commentary, constructive views outweigh cautious ones, with the majority leaning bullish on near-term earnings leverage. Analysts point to EPS guidance at USD 2.13 and revenue estimates at USD 3.08 billion as signals of stronger operational throughput and mix improvement, indicating that operating execution could support multiple expansion if delivery aligns with estimates. Coverage emphasizes that last quarter’s adjusted EPS beat versus estimates (USD 1.67 actual vs. USD 1.57 estimated) and EBIT upside reinforced management’s cost-control credibility. The prevailing view is that improved demand visibility in complex manufacturing programs, coupled with ongoing efficiency initiatives, may allow Sanmina to translate higher volumes into proportionally stronger earnings, provided materials availability and customer schedules remain favorable.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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