Plexus Corp
plexus.comPlexus 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.
Products & 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.
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.
Customers & 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.
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.
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