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Equipment makers pay Sanmina to turn their product designs into finished equipment. Sanmina sources parts, manufactures components, assembles and tests products, and ships orders for customers in markets such as industrial equipment, medical devices and communications infrastructure. Its Integrated Manufacturing Solutions business supplies most revenue; component sales, its own products and services such as engineering and repair contribute a smaller share.
Sanmina also manufactures cloud and data-center equipment. It acquired ZT Systems’ data-center-infrastructure manufacturing business from Advanced Micro Devices, adding operations that support large-scale data-center rack deployments.
The business depends on orders from a relatively small group of large customers and on obtaining the components needed to build their products. Multi-year supply agreements generally do not guarantee minimum purchases, and customers can cancel or postpone deliveries. This means long-standing customer relationships do not assure future manufacturing volumes.
Some work carries specific regulatory requirements: medical products and facilities must meet applicable FDA standards, while the defense business, including SCI, must comply with U.S. export controls and government-contracting rules. Export controls also restrict certain movements of products containing U.S. technology into and out of China.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Celestica competes with Sanmina for customers paying them to design and build cloud, networking, industrial, medical and aerospace electronics. Watch Celestica’s cloud and connectivity business, especially servers, storage and data-center networking, for signs of competition in Sanmina’s infrastructure markets.
Flex competes with Sanmina for customers outsourcing electronics and system manufacturing in cloud, communications, industrial, automotive and medical markets. Its Cloud and Power Infrastructure results offer a view of the competing business in integrated compute systems and liquid cooling.
Jabil competes with Sanmina for companies’ outsourced engineering, circuit-board assembly and complete-system manufacturing work. That rivalry reaches Sanmina’s core business: assembly, testing and order fulfillment generated about 80% of its fiscal 2025 revenue.
Benchmark Electronics competes with Sanmina for equipment makers’ design and manufacturing contracts in industrial, medical, defense, aerospace and communications electronics. Its industrial, medical, and aerospace and defense sales are the lines to watch for competition in these shared markets.
Plexus competes with Sanmina for equipment makers paying for product design, materials management, assembly and ongoing manufacturing support. Plexus usually buys and stores the materials it assembles, so its customer programs encompass supply-chain work as well as factory production.
AMD and Sanmina both have exposure to AI computing investment: AMD sells computing technology, while Sanmina builds data-center infrastructure through the ZT manufacturing business it bought from AMD in October 2025. Watch AMD’s Data Center business alongside Sanmina’s integration of ZT and execution of large-scale rack deployments.
Arista Networks is a paying customer of Sanmina, hiring it to buy components and build networking products to Arista’s specifications. Watch Arista’s sales of cloud and AI networking equipment for a read on demand behind this manufacturing work, while remembering Sanmina is not its only manufacturer.
Fabrinet competes with Sanmina for communications equipment makers’ optical and precision electronics manufacturing contracts. Its optical communications business is the relevant one to watch, with revenue concentrated among a small number of customers.
TTM Technologies competes with Sanmina to supply customers with advanced circuit boards and defense electronics, including radio-frequency assemblies and systems. Watch TTM’s aerospace and defense business for competition with Sanmina’s defense products and manufacturing services.
Kimball Electronics, Inc. competes with Sanmina for equipment makers’ automotive, medical and industrial electronics and assembly orders. Its work on safety-critical automotive assemblies and medical devices shows where it brings specialized manufacturing capabilities to these shared markets.
Celestica, Inc. earningsCLS
Celestica’s report will show how demand is moving for servers, storage and data-center networking, markets where Sanmina also competes for manufacturing work.
Focus on Celestica’s cloud and connectivity business, especially servers, storage and data-center networking. Growth would show that demand is expanding in markets Sanmina also serves, but it could also mean Celestica is winning more work; those figures alone cannot distinguish the two. Weakness could signal a cooling shared market, not necessarily a Sanmina order loss. The takeaway is whether cloud competition is playing out in a growing or shrinking market, not Sanmina’s market share.
Benchmark Electronics earningsBHE
Benchmark Electronics’ report will show demand from industrial, medical, aerospace and defense customers, markets where it and Sanmina compete for manufacturing work.
Read Benchmark Electronics’ industrial and medical sales alongside its aerospace and defense sales. Growth across these lines would point to broad demand from equipment makers the two companies both serve; growth in only some would show that demand is concentrated in particular markets. Weakness in a shared market could mean less demand for Sanmina there, but would not prove that orders went to Benchmark. The takeaway is whether demand is broad or concentrated, and where pressure is showing.
Fed Interest Rate Decision
The Fed’s rate decision signals the direction of borrowing costs; higher rates can raise Sanmina’s interest expense on variable-rate credit-facility borrowings and reduce cash proceeds from receivables factoring.
Expected4.0%Last release4.0%
If it comes in above expectations
If the Fed sets rates higher than expected, Sanmina may pay more interest on variable-rate borrowings and receive less cash from factoring receivables, leaving less cash flow for operations and other needs.
If it comes in below expectations
If the Fed sets rates lower than expected, Sanmina may pay less interest on variable-rate borrowings and receive more cash from factoring receivables, easing pressure on cash flow.
Sanmina Corp earningsThis company
Sanmina builds and tests products for customers, and this report will show whether growth in cloud and communications also improves returns from that core work.
Read sales in communications networks and cloud infrastructure alongside the gross margin of Integrated Manufacturing Solutions (IMS), Sanmina’s largest business. Gross margin is the share of sales left after manufacturing costs. Rising sales with a steady or higher margin would mean new programs are adding work without diluting manufacturing returns; rising sales with a falling margin would mean price, costs or product mix are eating into the added volume. If both sales and margin weaken, demand and returns are both under pressure. The results can show whether growth is profitable, but not which customer or program drove it.
Arista Networks earningsANET
Arista Networks’ report will show demand for cloud and AI networking equipment, some of which Sanmina builds to Arista’s specifications.
Watch Arista Networks’ sales of cloud and AI networking equipment. Growth would show stronger demand for products this customer buys, supporting demand for Sanmina’s related manufacturing work; weakness would mean that work faces softer customer demand. Arista uses other manufacturers too, so its report cannot show how much work Sanmina receives. The takeaway is whether demand from this customer is strengthening or weakening, not Sanmina’s share of its orders.
Jabil Inc. earningsJBL
Jabil competes with Sanmina for circuit-board assembly and complete-system manufacturing, so its report will show how demand and margin pressure are moving in outsourced electronics work.
Read Jabil’s sales alongside its operating margin, the share of sales left after operating expenses. Sales growth with a stable margin would suggest demand for outsourced manufacturing is holding up without obvious erosion in returns. Sales growth with a falling margin would point to price competition, costs or product mix weighing on returns, pressures that could also reach Sanmina’s core manufacturing business. Their business mixes differ, so compare the direction, not the margin levels. The takeaway is whether demand is holding up and whether industry pressure is squeezing returns.
