
Sanmina: All About The Outlook
Sanmina transformed its growth trajectory with the nearly $3B ZT Systems acquisition, capitalizing on surging AI/data center demand. ZT is accretive, driving Q1 revenue up 60% YoY and non-GAAP margins to 6.0%, but Q2 guidance signals slower sequential growth. Realistic 2026 earnings are $8/share on a $13B revenue run rate, with net debt lower than expected due to favorable working capital.


















