$Flex Ltd (FLEX.US)$In the analysis two years ago, despite t...

The American company listed in 1994 mainly engages in manufacturing services business, with a relatively diversified global market, current price is 27.31.

Over the past 5 years, revenue has slightly increased amidst fluctuations, with an average growth rate of 3.6%. Operating profit has rapidly increased in the past 3 years due to improvements in gross margin, with a 5-year average growth rate of 19%. Net income growth has been even faster, increasing 6 times in 2021, 53% in 2022, and 9.9% in 2023. In 2023, interest expenses accounted for 16.5% of operating profit, indicating a heavy interest burden. Gross margin has increased from 5.8% to 7.5% in the past 5 years, while return on equity has fluctuated from 3.1% increase to 24.8% and then back down to 16.7%.

In the first 3 quarters of 2024, revenue shrank by 4.2%, while operating profit grew by 12.6%, pre-tax profit increased by 13.7%. However, net profit attributable to common shareholders instead shrank by 6.1% due to a significant increase in net income attributable to minority shareholders.

Currently, the pe is 15.9, pe TTM is 16.2, valuation is slightly discounted, not very attractive.