Sanmina Corp (NASDAQ: SANM) is an electronics manufacturing services company that provides vertically integrated manufacturing solutions to original equipment manufacturers (OEMs). Revenue comes from manufacturing and assembling complex electronic systems and components, including printed circuit boards (PCBs), backplanes, cable assemblies, fabricated metal parts, precision machined parts, and memory modules, under customer-specific contracts and purchase orders. Sanmina also sells hardware products through its Viking Technology division (solid-state drives, DRAM modules, CXL-attached memory) and high-performance storage platforms through Viking Enterprise Solutions, targeting enterprise and hyperscaler data centers. End markets span cloud/data center, communications, industrial, medical, defense and aerospace, and automotive. The company operates manufacturing facilities across every major region worldwide, with design and prototyping located close to customer product development centers. Sanmina completed the acquisition of ZT Systems, as noted in its FY2025 10-K filed November 13, 2025.

Revenue model

Transactional manufacturing contracts with OEM customers. Sanmina procures inventory based on specific customer orders and forecasts, manufactures to customer specifications, and delivers finished systems or components. Additional revenue comes from product sales through the Viking Technology and Viking Enterprise Solutions divisions. Customers in certain cases provide advances to offset Sanmina's working capital investment in raw materials.

Products and services

PCBs and PCB assemblies, backplanes and backplane assemblies, cable assemblies, fabricated metal parts, precision machined parts, plastic injection molded parts, memory modules, optical modules, RF microelectronics modules. Viking Technology produces SSDs, DRAM memory modules, Non-Volatile DIMMs, CXL-attached memory, and ruggedized Multi-Chip Package memory. Viking Enterprise Solutions provides NVMe flash and disk-based storage platforms for enterprise and hyperscaler data centers. Services include new product introduction (NPI), joint design manufacturing (JDM), supply chain management, direct order fulfillment, logistics, and after-market product service.

Customers and end markets

OEM customers across cloud and data center, communications networking, industrial, medical, defense and aerospace, transportation, and AI/machine learning markets. Viking Technology targets networking, industrial, transportation, medical, AI, data center, and defense and aerospace customers. Viking Enterprise Solutions targets enterprise and hyperscaler data centers globally. The company targets customers that are leaders in their industries, per the FY2025 10-K.

Value-chain role

Contract electronics manufacturer and component supplier positioned between component suppliers and OEM brand owners. Sanmina manages the entire supply chain, manufactures system components and subassemblies internally, integrates them into final products or systems, and delivers to the final point of use. Also acts as a product design partner through NPI and JDM services, and provides after-market service and support.

Geographic exposure

Operations in every major region worldwide, with design and prototyping close to customer product development centers, per the FY2025 10-K. The company also has an India joint venture referenced in the same filing.

Source: SEC 10-K, filed 2025-11-13

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