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PLXS, Plexus Corp.

Electronic Components & Instruments asset-light

Plexus Corp. design and Development Using standard tools and processes throughout our six design centers worldwide, we leverage the latest technology and state-of-the-art design automation methodologies to provide comprehensive new product development and product commercialization solutions.

At Plexus, we help create the products that build a better world.

Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments.

Latest annual: FY2025 10-K

PLXS · Plexus Corp.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$4.0B

+1.8% YoY · 3% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $4.0B 5-yr avg $3.9B

Operating margin 5.5% 5-yr avg 4.7%

ROIC 14% 5-yr avg 18%

Owner-earnings margin 2% 5-yr avg 3%

Free cash flow margin 2% 5-yr avg 3%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Gross margin has run about 10% and operating margin about 4.4% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from −93% to 5.1% over the years, so the cost line is where the needle moves. Inventory runs near 28% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on process leadership and the capex cycle. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run in the teens (median 16%, above 15% in 6 of 10 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. Owner earnings, the cash-based check, have been thin too. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

83% of revenue comes from outside the United States.

Revenue by geography, FY2025

Malaysia46%$1.9B
United States17%$691M
Mexico13%$526M
China10%$414M
Romania8%$334M
Thailand3%$107M
Other3%$106M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2014–2025

realized figures from each filing · older years to the left

2014’14	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMApr 2026
											Income statement
($108M)	$2.5B	$2.9B	$3.3B	$3.5B	$3.5B	$3.9B	$4.2B	$4.0B	$4.0B	$4.0B	RevenueRevenue
—	10%	9%	13%	12%	13%	12%	9%	10%	10%	—	Gross marginGross mgn
−105%	5%	5%	4%	4%	4%	4%	4%	5%	5%	5%	SG&A / revenueSG&A/rev
$101M	$130M	$118M	$142M	$153M	$176M	$178M	$196M	$168M	$202M	$223M	Operating incomeOp. inc.
−92.8%	5.1%	4.1%	4.3%	4.4%	5.1%	4.5%	4.7%	4.2%	5.0%	5.5%	Operating marginOp. mgn
$87M	$112M	$13M	$109M	$117M	$139M	$138M	$139M	$112M	$173M	$188M	Net incomeNet inc.
7%	8%	—	14%	13%	13%	13%	14%	14%	8%	10%	Effective tax rateTax rate
											Cash flow & returns
$88M	$172M	$67M	$115M	$210M	$143M	($26M)	$166M	$437M	$249M	$172M	Operating cash flowOp. cash
$47M	$45M	$48M	$52M	$57M	$61M	$63M	$70M	$78M	$78M	$77M	DepreciationDeprec.
($59M)	($3M)	($12M)	($67M)	$12M	($82M)	($251M)	($64M)	$217M	($32M)	($124M)	Working capital & otherWC & other
$65M	$39M	$63M	$91M	$50M	$57M	$102M	$104M	$95M	$95M	$96M	CapexCapex
−60.2%	1.5%	2.2%	2.7%	1.4%	1.6%	2.6%	2.5%	2.4%	2.4%	2.4%	Capex / revenueCapex/rev
$41M	$133M	$19M	$63M	$160M	$85M	($89M)	$96M	$341M	$154M	$76M	Owner earningsOwner earn.
−38.0%	5.3%	0.6%	1.9%	4.6%	2.5%	−2.3%	2.3%	8.6%	3.8%	1.9%	Owner earnings marginOE mgn
$23M	$133M	$4M	$25M	$160M	$85M	($128M)	$62M	$341M	$154M	$76M	Free cash flowFCF
−21.4%	5.3%	0.1%	0.7%	4.6%	2.5%	−3.3%	1.5%	8.6%	3.8%	1.9%	Free cash flow marginFCF mgn
—	$0	$12M	—	—	—	—	—	—	—	$12M	AcquisitionsAcquis.
$30M	$34M	$137M	$182M	$41M	$108M	$50M	$41M	$56M	$65M	—	BuybacksBuybacks
13%	16%	7%	13%	22%	20%	19%	18%	15%	16%	14%	ROICROIC
11%	11%	1%	13%	12%	14%	13%	11%	8%	12%	13%	Return on equityROE
11%	11%	1%	13%	12%	14%	13%	11%	8%	12%	13%	Retained to equityRetained/eq
											Balance sheet
$347M	$569M	$297M	$224M	$386M	$270M	$275M	$256M	$345M	$306M	$303M	Cash & investmentsCash+inv
$324M	$366M	$395M	$488M	$482M	$520M	$738M	$662M	$622M	$657M	$702M	ReceivablesReceiv.
$526M	$655M	$794M	$701M	$763M	$972M	$1.6B	$1.6B	$1.3B	$1.2B	$1.4B	InventoryInvent.
$396M	$414M	$506M	$445M	$516M	$635M	$806M	$647M	$606M	$727M	$852M	Accounts payablePayables
$454M	$606M	$683M	$744M	$729M	$857M	$1.5B	$1.6B	$1.3B	$1.2B	$1.2B	Operating working capitalOper. WC
$1.2B	$1.6B	$1.5B	$1.5B	$1.8B	$1.9B	$2.8B	$2.7B	$2.5B	$2.4B	$2.6B	Current assetsCur. assets
$547M	$908M	$738M	$866M	$1.0B	$1.1B	$2.0B	$1.8B	$1.6B	$1.5B	$1.7B	Current liabilitiesCur. liab.
2.2×	1.8×	2.1×	1.8×	1.8×	1.7×	1.4×	1.5×	1.5×	1.6×	1.5×	Current ratioCurr. ratio
$1.6B	$2.0B	$1.9B	$2.0B	$2.3B	$2.5B	$3.4B	$3.3B	$3.2B	$3.1B	$3.4B	Total assetsAssets
$266M	$313M	$189M	$288M	—	—	—	—	—	—	$293M	Total debtDebt
($80M)	($256M)	($109M)	$64M	—	—	—	—	—	—	($10M)	Net debt / (cash)Net debt
8.2×	9.6×	9.7×	11.1×	9.5×	12.4×	11.2×	6.2×	5.8×	17.4×	19.9×	Interest coverageInt. cov.
$781M	$1.0B	$921M	$866M	$977M	$1.0B	$1.1B	$1.2B	$1.3B	$1.5B	$1.5B	Shareholders’ equityEquity
−12.0%	0.7%	0.6%	0.6%	0.7%	0.7%	0.6%	0.5%	0.8%	0.8%	0.8%	Stock comp / revenueSBC/rev
											Per share
34.7M	34.6M	33.9M	31.1M	29.9M	29.2M	28.4M	28.1M	27.9M	27.6M	27.4M	Shares out (diluted)Shares
$-3.13	$73.16	$84.72	$106.08	$117.05	$119.34	$138.11	$149.76	$141.92	$146.04	$147.37	Revenue / shareRev/sh
$2.52	$3.24	$0.38	$3.50	$3.93	$4.76	$4.86	$4.95	$4.01	$6.26	$6.85	EPS (diluted)EPS
$1.19	$3.85	$0.55	$2.03	$5.36	$2.93	$-3.13	$3.42	$12.23	$5.58	$2.77	Owner earnings / shareOE/sh
$0.67	$3.85	$0.12	$0.79	$5.36	$2.93	$-4.50	$2.20	$12.23	$5.58	$2.77	Free cash flow / shareFCF/sh
$1.88	$1.12	$1.85	$2.92	$1.67	$1.96	$3.57	$3.70	$3.41	$3.45	$3.51	Cap. spending / shareCapex/sh
$22.54	$29.69	$27.16	$27.86	$32.67	$35.25	$38.53	$43.19	$47.47	$52.67	$54.43	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	11-yr	5-yr
Revenue / share	—	+4.5%/yr
Owner earnings / share	+15.1%/yr	+0.8%/yr
EPS	+8.6%/yr	+9.8%/yr
Capital spending / share	+5.7%/yr	+15.6%/yr
Book value / share	+8.0%/yr	+10.0%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Revenue+1.8%
“Net sales for fiscal 2025 in the Healthcare/Life Sciences sector increased $74.5 million, or 4.8%, as compared to fiscal 2024. The increase in net sales was driven by an increase of $112.8 million in production ramps of new products for existing customers.”
✓ figure matches the filed record

The record, charted

FY2014–2025

Each measure over its full record; the current point and the worst year marked.

Share count

28Mpeak FY2014

ROIC

16%low FY2018

Gross margin

10%low FY2018

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$154Mowner earningsvs.$173Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2014FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $173M of profit but $154M of owner earnings: $19M less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$173M

Owner earnings$154M · 4% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$173M	$112M	$139M	$138M	$139M
Depreciation & amortizationnon-cash charge added back	+$78M	+$78M	+$70M	+$63M	+$61M
Stock-based compensationreal costnon-cash, but a real cost	+$30M	+$30M	+$21M	+$23M	+$25M
Working capital & othertiming of cash in and out, other non-cash items	−$32M	+$217M	−$64M	−$251M	−$82M
Cash from operations	$249M	$437M	$166M	($26M)	$143M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$95M	−$95M	−$70M	−$63M	−$57M
Owner earnings	$154M	$341M	$96M	($89M)	$85M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	−$34M	−$39M	—
Free cash flow	$154M	$341M	$62M	($128M)	$85M
Owner-earnings marginowner earnings ÷ revenue	4%	9%	2%	-2%	2%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $30M), owner earnings is nearer $124M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 17.4×

Comfortable

Operating income $202M ÷ interest expense $12M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$18M

Net cash

Cash $306M − debt $288M

What this means
Cash and short-term investments exceed every dollar of debt by $18M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 110d

Long (60+ days)

DSO 59 + DIO 124 − DPO 73 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 16%

High through the cycle

10-yr median, range 7%–22%; 13% latest = NOPAT $186M ÷ invested capital $1.4B

Industry peers: median 7%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 13% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 4%

Thin, recently turned positive

latest $154M = operating cash $249M − maintenance capex $95M; positive each of the last 3 years, after an earlier loss stretch (10-yr median 2%)

Industry peers: median 11%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 4% of revenue this year, a 2% median across 10 years. Treating stock comp as the real expense it is (less $30M of SBC) leaves $124M.
Are earnings backed by cash? 1.44×

Cash-backed

Cash from ops $249M ÷ net income $173M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 42%

Returns about half

Dividends + buybacks $65M ÷ Owner Earnings $154M

What this means
Of $154M Owner Earnings, $65M (42%) went back to shareholders, $0 dividends, $65M buybacks. Net of $30M stock comp, the real buyback was about $35M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.22×

Expanding

Capex $95M ÷ depreciation $78M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 4 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $4.0B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.58×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $288M vs $880M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +100%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $5.28/share (latest year $6.46), the averaged base the calculator's gate runs on, and book value is $54.36/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2014–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 1 of 4 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −28% → 5% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −28% early to 5% lately, median 4% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +10%/yr

What this means
Owner earnings grew about 10% a year over the record.
Worst year 2014 · −92.8% op. margin

What this means
Operations went underwater in 2014, understand why before trusting the good years.
Share count −2.0%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“The emergence or advancement in technologies, such as artificial intelligence, industry standards or customer requirements may render our technical personnel, equipment, inventory or processes obsolete or noncompetitive.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Apr 4, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.6B

Cash & short-term investments$303M
Receivables$702M
Inventory$1.4B
Other current assets$258M

Current liabilities$1.7B

Accounts payable$852M
Other current liabilities$860M

Current ratio1.54×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.74×stricter: inventory excluded

Cash ratio0.18×strictest: cash alone against what's due

Working capital$925Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+18.7%the freshest read on whether the business is still growing

Current ratio, recent quarters1.5× → 1.5×

Deeper floors

Tangible book value$1.5Bequity stripped of goodwill & intangibles

Net current asset value$766MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$209M$34M of it operating leases

Deferred revenue$565Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2014–2025

Over the record, the business generated $1.6B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$760M · 47%
Buybacks$745M · 46%
Retained (debt / cash)$115M · 7%

Returned to owners$745M
74% of the owner earnings the business produced over the span, $0 as dividends and $745M as buybacks.
Average price paid for buybacks—
Buybacks ran $745M over the span, but a stock split in the window left the reported buyback-share counts on a basis the diluted-share count doesn't match, so a comparable average price can't be drawn.
Net change in share count−21.0%
The diluted count fell from 35M to 27M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained34%
Of the earnings it kept rather than paid out ($394M over the span), annual owner earnings (first three years vs last three) grew $133M, so each retained $1 added about 0.34 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Kelsey	$7.6M	$12.9M	$85M
2022	Mr. Kelsey	$7.4M	$8.0M	($89M)
2023	Mr. Kelsey	$9.1M	$10.3M	$96M
2024	Mr. Kelsey	$8.4M	$18.3M	$341M
2025	Mr. Kelsey	$10.8M	$15.0M	$154M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership1.8%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$30M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 15% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Plexus Corp. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2014–2025.

None of the 5 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Did reported profit become cash?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Electronic Components & Instruments

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
SANMSanmina Corporation	$8.1B	8%	3.6%	12%	3%
MCHPMicrochip Technology Incorporated	$4.7B	61%	15.9%	7%	31%
SWKSSkyworks Solutions Inc.	$4.1B	47%	27.8%	23%	28%
PLXSPlexus Corp.	$4.0B	10%	4.5%	16%	2%
QRVOQorvo Inc.	$3.7B	40%	6.1%	3%	19%
NXTNextpower Inc.	$3.6B	26%	16.4%	59%	11%
TTMITTM Technologies Inc.	$2.9B	18%	5.5%	5%	7%
BHEBenchmark Electronics Inc.	$2.7B	12%	2.9%	5%	4%
Group median	—	22%	5.8%	9%	9%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Plexus Corp. has delivered.

Plexus Corp.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Plexus Corp. earns about $96M on its 2.4% median owner-earnings margin. This year’s 3.8% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($96M) Net of stock comp (−$31M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’14→’25+11%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $76M on 27M shares outstanding, per the 10-Q cover, as of 2026-05-05; net cash $10M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh PLXS against another business →

The owners of PLXS: the meeting and the votes →

Cite: Owner Scorecard, "Plexus Corp. (PLXS), the owner's record," https://ownerscorecard.com/c/PLXS, data as of 2026-07-09.

Manual order: ← PLX its page in the Manual PM →

Industry order: ← PLUS the Electronic Components & Instruments chapter PN →