servers & ODM · 產業指數 11 (排名 #112) ·
價格: 截至 2026-10-29 指數: 截至 2026-10-29 基本面: 最新申報文件 2026-07-31 按季揭露（10-Q XBRL）
Flex is a global electronics manufacturing services company that provides data-center rack integration and, via Anord Mardix, critical power infrastructure for AI/hyperscale facilities.
產業曝險 0.3 (Data-center power and rack integration for AI are a fast-growing segment within a broad, diversified EMS business.)
延遲的日終逐合約彙總資料——不是即時盤口，也不是逐筆資金流。買賣方向是根據每個合約最後一筆成交在買賣價差中的位置推斷出來的，並非觀測到的委託流。除非有報價的合約佔當日權利金的四分之一以上，否則公司層級的方向會被隱去，因此下方個別合約有方向時這裡也可能為空。買權/賣權權利金是在我們擷取的合約範圍內計算的——最近的 6 個到期日、45 天以內，並非完整選擇權鏈——而下表最多列出 20 個被標記的合約，所以把這些列加總不會還原出上面的百分比。
標記原因：earnings in 6 days
| 日期 | 合約 | 異常分數 | 買賣方向（推斷）? | 未平倉變動? | 成交量 | 成交量/未平倉 | 標記 |
|---|---|---|---|---|---|---|---|
| 2026-10-28 | $95 CALL | 37 | 買方主動 | +449 | 1,965 | 1.4× | |
| 2026-10-28 | $90 CALL | 30 | 賣方主動 | +361 | 3,055 | 4.7× | |
| 2026-10-28 | $85 PUT | 29 | 價差中段 · 無法判定方向 | +85 | 624 | 1.0× | |
| 2026-10-28 | $100 CALL | 26 | 價差中段 · 無法判定方向 | +1,111 | 1,183 | 0.3× | |
| 2026-10-28 | $85 CALL | 22 | 價差中段 · 無法判定方向 | +1,672 | 1,749 | 0.7× | |
| 2026-10-27 | $90 CALL | 33 | 買方主動 | +18 | 434 | 1.5× | |
| 2026-10-27 | $100 CALL | 28 | 價差中段 · 無法判定方向 | +72 | 1,725 | 0.5× | |
| 2026-10-27 | $80 CALL | 23 | 價差中段 · 無法判定方向 | +330 | 1,637 | 1.0× | |
| 2026-10-27 | $85 CALL | 22 | 價差中段 · 無法判定方向 | -55 | 1,947 | 2.5× | |
| 2026-10-27 | $80 PUT | 20 | 價差中段 · 無法判定方向 | +125 | 232 | 0.4× | |
| 2026-10-26 | $80 CALL | 25 | 價差中段 · 無法判定方向 | +844 | 381 | 0.3× | |
| 2026-10-23 | $80 CALL | 37 | 賣方主動 | +419 | 904 | 2.0× | |
| 2026-10-22 | $80 CALL | 47 | 價差中段 · 無法判定方向 | +2 | 432 | 13.9× |
7 smaller flags (under $100000 premium) hidden.
最近交易日：為 13 日基準的 0.9 倍
買權 90% / 賣權 10%（按權利金）
新聞 定下了基調，但群體不願下結論——正向傾斜加上薄弱的一致度，因此結論為中性。
多數投票者傾向一致；結構性 投了反對票。方向一致度 0.23。
分數略偏負，但一致度薄弱——因此引擎給出沒有信心度的中性，而不是過度斷言。這是系統拒絕硬湊一個它並不具備的結論。
Flex designs, builds and manages products for other companies through, per its FY2026 10-K, three segments: Integrated Technology Solutions (communications, enterprise and lifestyle products), Regulated Manufacturing Solutions (industrial, automotive and healthcare) and Cloud and Power Infrastructure (integrated compute systems, liquid cooling, and utility-, facility-, rack- and board-level power). It runs more than 100 facilities in approximately 30 countries; its ten largest customers were 45% of fiscal 2026 net sales and none exceeded 10%. The data-centre business is the growth engine: on the Q1 FY2027 call (2026-07-29) the CFO said CPI revenue "totaled $2.2 billion, up 35% from the prior year, driven by strong growth in power", at a 9.7% adjusted operating margin, against 5.2% for ITS and 6.6% for RMS. Flex plans to spin CPI off as Axiom in the first quarter of calendar 2027, after funds affiliated with General Catalyst, Koch Equity Development and co-investors agreed a $2.0 billion convertible preferred investment "at an initial enterprise value for Axiom of $37.5 billion" (Flex release, 2026-10-05: https://www.sec.gov/Archives/edgar/data/866374/000119312526413173/d123485dex991.htm). The filing itself describes no durable barrier: the industry is "extremely competitive", rivals including Taiwanese ODM suppliers "in some cases, have a substantial share of global information technology hardware and related infrastructure production", customers can in-source or reallocate volume, and hyperscalers can use their leverage "to obtain favorable pricing". An independent tally (EMSNOW/in4ma, 2026-03-06) puts Foxconn, Wistron, Quanta and Wiwynn at "nearly 57% of global EMS/ODM production" and counts Flex among the US "big four". Scale plus a fast-growing power franchise that is about to leave the group, but no moat.
評級: 無
The FY2026 10-K (fiscal year ended March 31, 2026) concedes the core business is contested on every side: "Our industry is extremely competitive, many of our competitors have achieved substantial market share, and some may have lower cost structures or greater design, manufacturing, financial or other resources than we do." Customers "could in the future decide to in-source, dual-source, regionalize, or otherwise reallocate manufacturing volumes among suppliers", certain contracts "permit the customer to terminate the agreement for convenience upon prior written notice", and hyperscale customers "typically have substantial purchasing power and negotiating leverage". TradingPilot's stored fundamentals (SEC XBRL) show gross profit of $1,976 million on net sales of $28,502 million in fiscal 2023 and $2,567 million on $27,914 million in fiscal 2026: a thin margin, even after widening. The Cloud and Power Infrastructure (CPI) segment sells its own power and cooling products, but the 10-K says it must keep offering "significant price and/or performance advantages over competitive products", and Flex intends to separate it into an independent company targeted for the first quarter of calendar 2027. A large contract manufacturer whose own filing describes no protected position: no moat is claimable.
類型: 無
The 10-K's competitive strengths are operating capabilities, not a durable barrier: "Global Scale and Regional Strength" (more than 100 facilities across approximately 30 countries, staffed by approximately 150,000 employees), "Long-Standing, Diverse Customer Relationships", "Cross-Industry Synergies" and cost-efficient industrial parks. On intellectual property it says "we do not consider any single patent, trademark, or license to be material to our business as a whole" and that the carrying value of its intellectual property "was not material". Switching costs are limited by short commitments: "We generally do not obtain firm, long-term purchase commitments from our customers", and termination-for-convenience notice periods "may be relatively short".
領先地位: 勢均力敵
EMSNOW/in4ma's "EMS&ODM Global 100" (2026-03-06, https://www.emsnow.com/?p=53535) says Wistron, Quanta and Wiwynn "plus Foxconn together account for nearly 57% of global EMS/ODM production", and groups Flex with Jabil, Celestica and Sanmina as the US "big four", "representing about 85% of the revenue base among ~20 US headquartered EMS/ODM". The FY2026 10-K claims no rank and says "many of our competitors have achieved substantial market share". One of a handful of large Western contract manufacturers, behind the Taiwanese leaders in scale: at parity with its peer group, not a leader.
定價權: 弱
Stored fundamentals show gross profit of $1,976 million on $28,502 million of net sales in fiscal 2023 and $2,567 million on $27,914 million in fiscal 2026; on the Q1 FY2027 call (https://earningswhispers.com/transcript/FLEX/Q12027) the CFO said adjusted gross margin "improved to 9.6%, up 50 basis points from the prior year". The 10-K sets the limits: hyperscale customers have "substantial purchasing power and negotiating leverage, which they may use to obtain favorable pricing, extended payment terms, volume flexibility, or other concessions that could reduce our margins", and if CPI's competitors "adopt innovations more quickly or develop superior products, our win rates, pricing, and margins may suffer".
依所引來源做出的人工整理護城河判斷。 來源：sec.gov
層級: servers & ODM
Contract designer-manufacturer across many end markets and, through CPI, a supplier of power, cooling and rack-level compute infrastructure to "a limited number of hyperscale cloud providers, colocation companies, and large enterprise data center operators" (10-K), which Flex plans to separate as Axiom in the first quarter of calendar 2027.
由這家公司已對應的供應鏈關係及其所屬產業層級推導而來。
護城河先驗在長週期（約 6 個月）投出 -0.06 票，權重為 0.20——該週期上的群體判斷是 neutral（分數 0.18，信念度 2）。
編輯先驗——主觀、未經回測。它有界（±0.6）、低信賴度，且從不對短週期與中週期投票。 檢視它究竟如何投票 →
產品與服務，附編輯判定的市佔區間與技術門檻區間——這些是與所引依據綁定的定性判斷，絕非杜撰的數字。
| 產品 | 市場佔有率 | 技術門檻 |
|---|---|---|
| Cloud and cooling (rack-level compute integration and liquid cooling) · AI data-centre rack integration and thermal management Part of the CPI segment: integrated compute systems and liquid cooling for power-dense racks. On the Q1 FY2027 call the CEO said the JetCool acquisition "really got us some cold plate capability" and that Flex "had to develop and introduce CDUs into the market". | 未知 The call gives no share figure; the CFO said only that cloud and cooling "continues to ramp new programs". The FY2026 10-K says competitors including Taiwanese ODM suppliers "in some cases, have a substantial share of global information technology hardware and related infrastructure production". No independent share source for Flex's rack integration or cooling was found, so the band is left unknown. | 中等 Cold-plate capability was bought (JetCool) and CDUs had to be developed, per the call. The FY2026 10-K says staying competitive in this field requires continual investment "in engineering capabilities, validation and testing infrastructure, supply chain enablement, specialized integration capabilities, and capital equipment", amid "frequent platform transitions, increasing rack power densities, adoption of liquid and hybrid cooling technologies". Capital and engineering raise the bar, but the filing names well-resourced rivals, so the barrier is moderate. |
| Data-centre power (critical and embedded power) · Data-centre electrical infrastructure Part of the CPI segment: per the FY2026 10-K, "utility and facility-level electrical infrastructure enabling reliable, scalable power delivery and high-density rack- and board-level power systems supporting power-intensive compute workloads"; the 10-K lists critical power products and embedded power products among its capabilities. | 未知 The FY2026 10-K gives no market share for its power products and claims no rank, and no independent share source was found, so the band is left unknown. | 中等 The 10-K describes CPI programs as "characterized by systems-level integration, high power density requirements, proprietary engineering and complex global manufacturing and supply chain execution", requiring substantial investment in R&D, intellectual property, test and tooling equipment, facility expansions, and "customer qualification and production ramp-up costs". It also warns of "evolving power delivery architectures and voltage standards" and that competitors may "adopt innovations more quickly or develop superior products", so the barrier is moderate rather than deep. |
| Integrated Technology Solutions (communications, enterprise and lifestyle manufacturing) · Electronics manufacturing services Per the FY2026 10-K, the ITS segment serves communications (high-speed networking, enterprise and satellite communications systems) and lifestyle (premium commercial, home and personal products) customers that "require fast innovation cycles". | 未知 The 10-K gives no share for this segment. Company-level, EMSNOW/in4ma (2026-03-06) counts Flex among the US "big four" but puts Foxconn, Wistron, Quanta and Wiwynn at nearly 57% of global EMS/ODM production; that tally is not segment-specific, so the band is left unknown. | 低 The 10-K says Flex competes "with major global EMS providers, other smaller EMS companies that have a regional or product-specific focus and Original Design Manufacturers" and with customers themselves: "In the past, some of our customers moved a portion of their manufacturing away from us in order to more fully utilize their excess internal manufacturing capacity." |
| Regulated Manufacturing Solutions (industrial, automotive and healthcare) · Regulated electronics manufacturing Per the FY2026 10-K, the RMS segment "focuses on regulated, safety-critical markets requiring a high level of precision, compliance, and reliability": mission-critical automation, energy and industrial infrastructure; automotive compute and power electronics; and manufacturing for medical devices, drug delivery and equipment. | 未知 The 10-K gives no share for regulated manufacturing and no independent share source was found, so the band is left unknown. | 中等 Compliance raises the bar: the 10-K says medical-device work is subject to inspection under the FDA's Quality System Regulation, and that some products it designs, "including in the automotive and healthcare industries, must satisfy safety and regulatory standards and some must receive government certifications". The same risk factor says customer contracts for products it designs "can generally be terminated on short notice", so the barrier is moderate, not deep. |
這些圖表繪製的是 Flex 在其 SEC 申報文件中已申報的損益表、現金流量表與資產負債表（截至 2026-07-31）。每一個數字都是申報原值 XBRL——沒有任何一項是預估。
在已申報的區間內，FY2026 淨利為 $880.0M。
分析師一致預期——來自 Yahoo Finance 的第三方預估，截至 2026-10-26。這不是 SEC 申報文件，也不是 TradingPilot 的預測。 來源：finance.yahoo.com
| 期間 | 每股盈餘（預估） | 營收（預估） | 年增率 |
|---|---|---|---|
| Q/E Sep 2026 | USD 1.06 (USD 1.04–USD 1.14) · 10 | USD 8.2B (USD 8.1B–USD 8.4B) · 9 | +20% |
每個數字顯示一致預期平均值、可得時的（最低–最高）區間，以及 · 後面給出該預估背後的分析師人數。
下次財報約在 2026-10-28。
我們的模型在中週期上對這檔股票偏向 Bullish——這是對市場方向的判斷，不是對獲利的預測。檢視「訊號」分頁。
正在與同業比較…
| 機構 | 股數 | 金額 | 季增減股數 | 佔 13F 比例 | 佔流通股比例 |
|---|---|---|---|---|---|
| BlackRock 被動 / 指數 | 42,106,411 | $6.8B | -2,935,490 | 0.1% | 11.40% |
| FMR (Fidelity) 被動 / 指數 | 19,538,636 | $3.2B | 3,157,171 | 0.1% | 5.29% |
| State Street 被動 / 指數 | 16,984,384 | $2.8B | 2,711,560 | 0.1% | 4.60% |
| Third Point (Daniel Loeb) 大師 | 1,030,000 | $166.9M | 1,030,000 | 3.6% | 0.28% |
| Bridgewater Associates (Ray Dalio (founder)) 大師 | 34,390 | $5.6M | -21,710 | 0.0% | 0.01% |
TradingPilot 計算的欄位（佔 13F 比例、佔流通股比例）由申報原值推導而來；只有名稱、股數與金額是申報原值。
Lightmatter · 2026-10-12 · 產品
Lightmatter unveiled a 204.8T co-packaged optics switch tray and a 102.4T XPU tray built to Open Compute Project rack and server specifications at the 2026 OCP Global Summit. Flex collaborated on the switch tray as a production validation platform, and the XPU tray uses expanded beam PRIZM TMT optical connector technology from Corning.
PR Newswire · 2026-10-12 · 產品
Flex announced an expanded portfolio of prefabricated modular data center solutions, including AI Modules that integrate power, high-density compute and liquid cooling into factory-built systems that it says can cut deployment timelines by up to 50% compared with traditional construction. The modules, including an 800 VDC power rack and cooling distribution units, belong to Flex's Cloud and Power Infrastructure segment, which Flex plans to separate into Axiom, an independent publicly traded company, in the first quarter of calendar 2027.
The Next Web · 2026-10-11 · 監管
The US International Trade Commission said on Friday it opened a patent case against 20 companies over power systems inside AI servers that feed top-end chips from directly below them, after a complaint by power-chip maker Vicor. Besides Foxconn, Luxshare and Quanta, the named companies include Delta Electronics, Monolithic Power Systems, Infineon, Flex and Celestica. Vicor wants the products barred from the US and the firms ordered to stop selling them; the commission has not yet ruled on the claims.
SEC EDGAR (8-K Exhibit 99.1) · 2026-10-05 · 合作
Flex agreed to sell $2.0 billion of Series A Convertible Preferred Stock of Axiom, its Cloud and Power Infrastructure segment, to funds affiliated with General Catalyst, Koch Equity Development and co-investors. Flex intends to separate Axiom into an independent, publicly traded company in the first quarter of calendar 2027.
2026-10-29 Business Wire AI · Pika Launches Pika H3 Flex, a Video Model Built for Professional Iteration
2026-10-29 Yahoo Finance: FLEX · Flex Q2 Earnings Call Highlights
2026-10-29 Yahoo Finance: FLEX · Raised Guidance Might Change The Case For Flex Stock (FLEX)
2026-10-29 Yahoo Finance: FLEX · Flex (FLEX) stock is up, what you need to know
2026-10-28 Yahoo Finance: FLEX · Flex: Fiscal Q2 Earnings Snapshot
2026-10-28 Yahoo Finance: FLEX · Flex (FLEX) Q2 2027 Earnings Call Transcript
2026-10-28 Yahoo Finance: FLEX · Flex Ltd. Q2 2027 Earnings Call Summary
2026-10-28 Yahoo Finance: FLEX · Flex Stock Rise on Earnings. Its Upcoming AI Infrastructure Spinoff May Be the Real Winner.
2026-10-28 Yahoo Finance: SNPS · FLEX Q2 Earnings Beat Estimates on CPI Strength, Outlook Raised
2026-10-28 Yahoo Finance: FLEX · Flex Fiscal Q2 Adjusted Earnings, Sales Rise; Fiscal Q3 Outlook Set; Fiscal 2026 Guidance Increased
2026-10-28 Yahoo Finance: FLEX · Flex (FLEX) Q2 Earnings and Revenues Surpass Estimates
2026-10-28 Yahoo Finance: FLEX · Flex (NASDAQ:FLEX) delivers strong Q3 CY2026 numbers, stock soars
2026-10-28 EDGAR current 8-K filings · 8-K - FLEX LTD. (0000866374) (Filer)
2026-10-28 Yahoo Finance: FLEX · FLEX REPORTS SECOND QUARTER FISCAL 2027 RESULTS
2026-10-28 PR Newswire Aerospace/Defense · Flex LNG - Invitation to the 2026 Third Quarter Presentation
2026-10-27 PR Newswire Financial Services · Billd Launches Flex Line Nationally, Expanding Working Capital Access for Subcontractors Across the U.S.
2026-10-27 Yahoo Finance: FLEX · Flex (FLEX) to report earnings tomorrow: here is what to expect
2026-10-26 Yahoo Finance: FLEX · Flex to Report Q2 Earnings: What's in the Cards for the Stock?
2026-10-24 Yahoo Finance: FLEX · What Flex Bulls Got Right
2026-10-23 Yahoo Finance: FLEX · Flex Earnings Preview: What to Expect
影響 = 公司顯著度層級（高/中由圖譜中心度與規模自動判定；低僅用於人工整理的次要事件），並非對波動幅度的預測。
| 日期 | 事件 | 影響 | 結果 |
|---|---|---|---|
| 2026-10-28 | Flex earnings 已確認 | 中 | 每股盈餘優於預期 · 營收優於預期 |
| 2026-07-29 | Flex earnings 已確認 | 中 | 每股盈餘優於預期 · +8.6% |
| 2026-05-05 | Flex earnings 已確認 | 中 | 每股盈餘優於預期 · +39.7% |
