Plexus Corp (NASDAQ: PLXS) is an electronics manufacturing services company that designs, manufactures, and delivers complex products for customers across the Healthcare/Life Sciences, Industrial, and Aerospace/Defense sectors. Revenue is transactional, generated when manufactured products are delivered to customers under contract. Plexus reported net sales of $4,033.0 million in FY2025 (fiscal year ended September 27, 2025), up from $3,960.8 million in FY2024. Healthcare/Life Sciences was the largest sector at $1,629.3 million (40% of FY2025 net sales), followed by Industrial at $1,715.2 million (43%), and Aerospace/Defense at $688.5 million (17%). Gross margin was 10.1% and operating margin was 5.0% in FY2025. As of the end of FY2025, the company held $307 million in cash and equivalents with $138 million in debt and finance lease obligations. Plexus does not pay a cash dividend. Todd P. Kelsey serves as President and CEO. The company operates across Americas, EMEA, and Asia-Pacific reporting segments.

Revenue model

Transactional manufacturing services revenue: customers pay per unit or program for electronics design, manufacturing, and fulfillment services. Net sales of $4,033.0 million in FY2025.

Products and services

Contract electronics manufacturing services including product design, printed circuit board assembly, complex product assembly, supply chain management, and fulfillment services for customers in Healthcare/Life Sciences, Industrial, and Aerospace/Defense end markets.

Customers and end markets

Healthcare/Life Sciences: $1,629.3 million (40% of FY2025 net sales). Industrial: $1,715.2 million (43%). Aerospace/Defense: $688.5 million (17%). Revenue is subject to customer disengagements and program discontinuations, as noted in FY2025 segment results.

Value-chain role

Outsourced electronics manufacturer (EMS provider) sitting between component suppliers and original equipment manufacturers (OEMs). Plexus manufactures products to customer specifications rather than selling under its own brand.

Geographic exposure

Three reportable segments: Americas, EMEA, and Asia-Pacific. EMEA net sales declined $98.1 million (18.2%) in FY2025 versus FY2024, driven by decreased end-market demand and customer disengagements.

Source: SEC 10-K, filed 2025-11-14

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