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Punching Out: How Are the Big Boys in Electronics Doing?

Let’s see what the public companies are up to in the PCB and EMS industries.

In North America, there are only a couple of publicly traded PCB (bare board) companies: TTM Technologies (Nasdaq: TTMI) and Firan Technology Group (FTG.TO). 

On the EMS side, there are a few more publicly traded (“pubco”) companies: Flex (FLEX), Jabil (JBL), Celestica (CLS), Sanmina (SANM), Benchmark (BHE), Fabrinet (FN), Kimball Electronics (KE), Plexus Corp (PLXS), Nortech Systems (NSYS), and Key Tronic Corp (KTCC). Until recently, there were two more pubcos in the EMS sector, but they were taken private: Sigmatron by Transom Capital Group in May 2025 and SMTC by HIG Capital in January 2021.

From an M&A standpoint, these public companies have been fairly quiet in the past five years. FTG completed two deals in 2022 (IMI and Holaday), Flex had three deals, Jabil had five deals, and Sanmina had one deal.

Most deals in the EMS sector involved adding products or services, such as Sanmina’s acquisition of ZT Systems’ data center infrastructure business from AMD. COVID and its after-effects definitely influenced the number of deals. Between threats of shutdowns, component shortages, and tariffs, EMS companies have had enough headaches without having to worry about major acquisitions. Instead of 1 + 1 = 3, it would have been 1 + 1 = 5 headaches.

Rather than make a bunch of acquisitions, TTM has invested heavily in its Malaysian and New York facilities over the past few years. It has focused on organic growth since the acquisition of Telephonics Corporation in 2022 and on reducing debt. That strategy seems to be paying off, as revenues climbed to $2.9 billion in 2025 vs. $2.4 billion in 2024. Its stock price hit an all-time high in May with a market capitalization of $16 billion.

FTG is doing very well, too, with its stock up over 120% in the past year, hitting an all-time high in April. Q1 sales are up 10%, and bookings are up 17%. The company seems to be hitting on all eight cylinders: integrating recent acquisitions, succeeding with its Aerospace Calgary Division, and securing new defense contracts.

Looking at EMS companies, Flex’s stock price had already hit an all-time high in April, growing over 120% since January 2025. On May 6, the company announced that it was splitting off its Cloud and Infrastructure segment, and the stock surged another 40%. Overall, revenue was up only 8%, but the spinoff is projected to grow over 60% this fiscal year.

Jabil also hit an all-time stock high in April. It too cited a surge in AI-related infrastructure. The company raised its outlook for 2026. Sales for the most recent quarter rose 23.1% over a year ago.

Celestica’s revenues grew 28% in 2025 and earnings per share climbed 56%. For Q1 2026, overall sales grew 53%, and connectivity products grew 76% versus one year ago.

Sanmina’s stock tripled over the past year, and sales are expected to grow over 60% YOY. Much of that is due to data center and AI-related infrastructure growth following the acquisition of ZT Systems.

Benchmark Electronics has seen its stock double over the past year. Sales for full-year 2025 was flat, however, the company expects 9-10% growth in 2026. The company cited strong results for its Aerospace & Defense and Medical divisions. Earnings per share were up strongly.

Fabrinet’s stock is up over 70% in the past year, mostly due to sales increases for optical products. They have a partnership with NVIDIA that is fueling growth along with demand for autonomous vehicles/lidar systems. Quarterly sales were up 39% compared to a year ago.

Kimball Electronics’ stock grew just 14% over the past year, which normally would be pretty good. Sales were down 5% in 2025, but the company said it saw strong growth in the medical field. The most recent quarterly sales were up compared to the previous quarter.

Plexus’ stock is up almost 100% from a year ago and revenues climbed, especially in mil/aero and healthcare/life sciences. Fiscal Q2 2026 sales rose 19%.

Nortech Systems’ sales were down in 2025 compared to 2024, but Q4 sales were up 6%. As of April, its stock had climbed 74% since a year ago. Aerospace & defense is growing for them, as are fiber-optic products.

Key Tronic had a sales decline 15% in 2025, they had an operating loss, and their stock has not performed well. Management cited the ending of a few legacy programs and the delayed start of new programs as a major cause for the decline. The company is winding down its China operations in favor of Vietnam and an expanded facility in Arkansas.

For the most part, publicly traded companies in the PCB and EMS sectors are doing well, and their stock prices would indicate that investors see a lot of upside in these sectors. Perhaps some of the “sizzle” is coming from AI-related sectors; many of these companies are also seeing growth in mil/aero, medical, and EV/autonomous vehicles.

Personally, my firm is seeing more M&A activity so far this year. Many smaller, private firms had a slow 2025 in terms of sales, but orders and backlog were picking up. Some owners seem cautious due to geopolitical issues and the potential for higher gas prices to affect consumer spending.

However, one issue that almost all companies face is the difficulty of hiring good talent, as experienced employees are getting older and looking to retire. Just like the big companies, the small and medium-sized companies that are doing well generally invest in new programs, equipment, and people.

The views expressed in this column are solely the author's own and are published in an industry editorial capacity. Nothing in this column constitutes investment advice, a securities recommendation, or an offer or solicitation to buy or sell any security. Readers should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. The author does not hold positions in securities of companies mentioned herein.

Tom Kastner is the president of GP Ventures, an investment banking firm focused on sell-side and buy-side transactions in the tech and electronics industries. GP Ventures has offices in Chicago and Tokyo, with five people in total. Tom Kastner is a registered representative of, and securities transactions are conducted through, StillPoint Capital, LLC—a Tampa, Florida, member of FINRA and SIPC. StillPoint Capital is not affiliated with GP Ventures.