Plexus is benefiting from strong program ramps across Healthcare/Life Sciences and Aerospace and Defense sectors, with improved demand in semiconductors and energy markets. The company is positioned to accelerate revenue growth toward a 9% to 12% goal and sustain strong financial performance in fiscal 2026.
Cyborg Score Rationale
Plexus reported Q1 fiscal 2026 revenue of $1.07 billion, representing 10% growth compared to the same period last year. The qualified manufacturing funnel remains robust at $3.59 billion with $283 million in new program wins during the quarter. However, free cash flow was negative $50.6 million in Q1, compared to positive $27.1 million in the same quarter last year.
Top Insights
Aerospace and Defense posted record quarterly wins of $220 million, demonstrating significant market share gains in defense.
Healthcare and life sciences segment revenue reached $466 million in Q1, up from $374 million in the same quarter last year, showing 24% growth.
Automation and AI adoption across global sites is aimed at improving asset utilization, reducing labor costs, and accelerating the quoting process.
Top 10 customers account for 49% of revenues, representing meaningful customer concentration risk despite some recent improvement.
Named Competitors
Electronics Manufacturing Services — Diversified EMS provider across multiple end markets
Electronics Manufacturing Services — Broad-based EMS player with aerospace/defense exposure
Electronics Manufacturing Services — Global EMS competitor with varied industry exposure
Recent Developments
(January 2026) Q1 2026 results: $1.07B revenue (+10% YoY), $1.78 adjusted EPS, $283M in new program wins including record $220M aerospace wins
(January 2026) Upgraded Q2 2026 guidance to $1.11-1.15B revenue with $1.80-1.95 non-GAAP EPS, signaling momentum
(December 2025) FY2025 results: $4.03B revenue with 40bps operating margin expansion and 30% non-GAAP EPS growth to $6.26
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