Sanmina Corporation (SANM) Margin Analysis

Sanmina Corporation

SANM (NASDAQ)

(%)

Models
Sanmina Corporation Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 09	2025 Sep 27	2024 Sep 30	2023 Sep 30	2022 Sep 30
Revenue	9,312	8,128	7,568	8,935	7,920
Revenue Growth Rate	14.56%	7.4%	-15.3%	12.82%	17.53%
Cost of Revenue	8,522	7,412	6,928	8,192	7,297
Gross Profit	789.6	716.4	640.4	743.2	622.2
Gross Margin	8.48%	8.81%	8.46%	8.32%	7.86%
Operating Income	383.6	354.6	335.5	455.7	349.5
Operating Margin	4.12%	4.36%	4.43%	5.1%	4.41%
Net Income	230.2	245.9	222.5	310	240.4
Net Margin	2.47%	3.02%	2.94%	3.47%	3.03%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 09	2025 Sep 27	2024 Sep 30	2023 Sep 30	2022 Sep 30
Revenue	9,312	8,128	7,568	8,935	7,920
Cash from Operating Activities	735.4	620.7	340.2	235.2	330.9
Cash from Operating Activities Margin	7.9%	7.64%	4.5%	2.63%	4.18%
Free Cash Flow	518.3	473.3	229	43.8	192.2
Free Cash Flow Margin	5.57%	5.82%	3.03%	0.49%	2.43%
Depreciation and Amortization	127.2	119.5	122.4	118.2	108.8
Depreciation and Amortization Margin	1.37%	1.47%	1.62%	1.32%	1.37%
Capital Expenditure	-217.1	-147.4	-111.2	-191.4	-138.6
Capital Expenditure Margin	-2.33%	-1.81%	-1.47%	-2.14%	-1.75%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-09-30", "y": 7.86}, {"l": "2023", "x": "2023-09-30", "y": 8.32}, {"l": "2024", "x": "2024-09-30", "y": 8.46}, {"l": "2025", "x": "2025-09-27", "y": 8.81}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-09-30", "y": 4.41}, {"l": "2023", "x": "2023-09-30", "y": 5.1}, {"l": "2024", "x": "2024-09-30", "y": 4.43}, {"l": "2025", "x": "2025-09-27", "y": 4.36}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-09-30", "y": 3.04}, {"l": "2023", "x": "2023-09-30", "y": 3.47}, {"l": "2024", "x": "2024-09-30", "y": 2.94}, {"l": "2025", "x": "2025-09-27", "y": 3.03}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-09-30", "y": 2.43}, {"l": "2023", "x": "2023-09-30", "y": 0.49}, {"l": "2024", "x": "2024-09-30", "y": 3.03}, {"l": "2025", "x": "2025-09-27", "y": 5.82}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2026 (Q1) Dec 27	2025 (Q4) Sep 27	2025 (Q3) Jun 28	2025 (Q2) Mar 29	2025 (Q1) Dec 28	2024 (Q4) Sep 30
Revenue	3,190	2,096	2,042	1,984	2,006	2,018
Revenue Growth Rate	52.15%	2.69%	2.9%	-1.11%	-0.553%
Cost of Revenue	2,949	1,905	1,861	1,808	1,838	1,846
Gross Profit	241.2	191.2	181.1	176.2	167.9	171.3
Gross Margin	7.56%	9.12%	8.87%	8.88%	8.37%	8.49%
Operating Income	117.6	78.47	95.88	91.62	88.61	89.59
Operating Margin	3.69%	3.74%	4.7%	4.62%	4.42%	4.44%
Net Income	49.29	48.07	68.62	64.21	65	61.38
Net Margin	1.54%	2.29%	3.36%	3.24%	3.24%	3.04%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2026 (Q1) Dec 27	2025 (Q4) Sep 27	2025 (Q3) Jun 28	2025 (Q2) Mar 29	2025 (Q1) Dec 28	2024 (Q4) Sep 30
Revenue	3,190	2,096	2,042	1,984	2,006	2,018
Cash from Operating Activities	178.7	199.1	200.8	156.9	63.94	51.88
Cash from Operating Activities Margin	5.6%	9.5%	9.84%	7.91%	3.19%	2.57%
Free Cash Flow	91.89	136.6	163.7	126.1	46.85	29.28
Free Cash Flow Margin	2.88%	6.52%	8.02%	6.36%	2.33%	1.45%
Depreciation and Amortization	39.53	29.65	29.76	28.21	31.84	31.65
Depreciation and Amortization Margin	1.24%	1.41%	1.46%	1.42%	1.59%	1.57%
Capital Expenditure	-86.84	-62.47	-37.09	-30.71	-17.09	-22.6
Capital Expenditure Margin	-2.72%	-2.98%	-1.82%	-1.55%	-0.852%	-1.12%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q4)", "x": "2024-09-30", "y": 8.49}, {"l": "2025 (Q1)", "x": "2024-12-28", "y": 8.37}, {"l": "2025 (Q2)", "x": "2025-03-29", "y": 8.88}, {"l": "2025 (Q3)", "x": "2025-06-28", "y": 8.87}, {"l": "2025 (Q4)", "x": "2025-09-27", "y": 9.12}, {"l": "2026 (Q1)", "x": "2025-12-27", "y": 7.56}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q4)", "x": "2024-09-30", "y": 4.44}, {"l": "2025 (Q1)", "x": "2024-12-28", "y": 4.42}, {"l": "2025 (Q2)", "x": "2025-03-29", "y": 4.62}, {"l": "2025 (Q3)", "x": "2025-06-28", "y": 4.7}, {"l": "2025 (Q4)", "x": "2025-09-27", "y": 3.74}, {"l": "2026 (Q1)", "x": "2025-12-27", "y": 3.69}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q4)", "x": "2024-09-30", "y": 3.04}, {"l": "2025 (Q1)", "x": "2024-12-28", "y": 3.24}, {"l": "2025 (Q2)", "x": "2025-03-29", "y": 3.24}, {"l": "2025 (Q3)", "x": "2025-06-28", "y": 3.36}, {"l": "2025 (Q4)", "x": "2025-09-27", "y": 2.29}, {"l": "2026 (Q1)", "x": "2025-12-27", "y": 1.55}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q4)", "x": "2024-09-30", "y": 1.45}, {"l": "2025 (Q1)", "x": "2024-12-28", "y": 2.34}, {"l": "2025 (Q2)", "x": "2025-03-29", "y": 6.36}, {"l": "2025 (Q3)", "x": "2025-06-28", "y": 8.02}, {"l": "2025 (Q4)", "x": "2025-09-27", "y": 6.52}, {"l": "2026 (Q1)", "x": "2025-12-27", "y": 2.88}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}