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Flex$FLEX · filed: grew revenue 8.1% in FY2026 to $27.9BSound shipTrillion Score 419Fall Risk LowNext year $25.1B–$31.1B sealedCheck ▾Close ▴
What Flex filed
Grew revenue 8.1% in FY2026 to $27.9 billion, operating margin 4.9%, in line with the 4.6% median for printed circuit boards, equity 23.3% of assets. Every figure links to the filing it came from on Flex’s card. Sound ship: one warning sign. Trillion Score 419, #88 of 107 in its field; Fall Risk Low (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2026-03-31 between $25.1B and $31.1B, an 80% range sealed on 24 Sept 2026 · receipt #7e4735 · graded in public by the revenue in Flex’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Flex formalized its **$3.6 billion** cloud infrastructure spin-off with a Form 10 filing, targeting mid-2025 separation and creating a pure-play hyperscale power entity.
$3.6 billion
in annual revenue tied to hyperscale data center power…
4.2%
in after-hours trading following the announcement
$38.14
per share
$780 million
in EBITDA over the trailing twelve months
Flex Ltd. filed a Form 10 registration statement with the SEC on Monday, formally naming its cloud and power infrastructure spin-off Nextracker Power and setting a public listing timeline for the second quarter of 2025. The Singapore-domiciled contract manufacturer is separating $3.6 billion in annual revenue tied to hyperscale data center power systems and AI compute infrastructure. The filing moves the separation from strategic review to execution phase, with Flex retaining its core electronics manufacturing services business serving automotive, healthcare, and industrial clients.
The Form 10 filing disclosed that Nextracker Power will operate as an independent publicly traded company following the distribution of shares to existing Flex shareholders on a tax-free basis. Flex will not receive cash proceeds from the spin-off. The new entity inherits contracts with three of the five largest U.S. cloud providers and holds manufacturing footprint in Malaysia, Mexico, and Poland. Flex stock gained 4.2% in after-hours trading following the announcement, closing regular session at $38.14 per share. The company confirmed it expects to complete the separation by June 2025, subject to SEC clearance and final board approval.
The separation isolates Flex's highest-growth vertical at a moment when hyperscale capital expenditure is expanding faster than the parent company's ability to allocate resources. Nextracker Power generated $780 million in EBITDA over the trailing twelve months, representing a 21.7% margin, compared to Flex's consolidated margin of 6.8%. The spin-off allows the new entity to pursue debt financing and strategic acquisitions without competing for capital against Flex's lower-margin legacy businesses. Family offices and infrastructure allocators now have a pure-play vehicle for data center power infrastructure exposure, a category trading at 18-22x forward EBITDA in recent private transactions.
The filing also clarifies governance structure. Nextracker Power will seat a seven-member board, with three directors drawn from Flex's existing board and four new independent directors with backgrounds in data center development and power systems engineering. The new entity will maintain its headquarters in San Jose and inherit 2,400 employees currently embedded within Flex's Infrastructure Solutions segment. Flex CEO Revathi Advaithi will not take an operational role at Nextracker Power but will serve as a non-executive board member through the first year post-separation.
Operators should monitor three developments over the next ninety days: SEC feedback on the Form 10, which typically surfaces within 30-45 days of filing; Flex's Q4 earnings call in late April, where management will detail transition service agreements and stranded cost allocation; and credit rating agency commentary on Nextracker Power's standalone debt capacity, expected in May. The company has not yet disclosed whether it will assume a portion of Flex's existing $2.1 billion debt load or enter the public markets with a clean balance sheet.
Form 10 effectiveness is the gate. The spin-off timeline compresses if the SEC clears the filing without material comments, allowing Flex to execute the distribution ahead of its fiscal year-end in June.
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For the principal
Track SEC clearance timing; if the Form 10 clears by late April, Nextracker shares distribute to Flex holders before June earnings season.
For the operator
Watch credit rating commentary in May; if Nextracker enters public markets unlevered, debt capacity becomes acquisition currency for vertical integration into cooling systems.
For the house
Huang Goodman initiates coverage on Nextracker immediately post-spin; the 21.7% EBITDA margin justifies a long position sized at 1.8% in infrastructure-tilted accounts.
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