Estimated reading time: 4 minutes

Punching Out: How Are the Big Boys Doing Now?

I thought it would be interesting to check in again on what the larger North America-based public companies in the PCB and EMS industry are doing. In general, sales, profits, and stock prices are up, and many are doing smaller, non-core acquisitions. In particular, growth markets include AI infrastructure, defense, and certain areas of healthcare.

Here’s a breakdown of some of the largest companies:

Jabil's sales grew by approximately 21% year-over-year. FY2026 net revenue was $36 billion compared to FY2025 net revenue of $29.8 billion. Looking back over the past year (October 2025 to October 2026), JBL's stock rose from roughly $220 to $306.28, reflecting a 39% year-over-year increase. The 52-week high was $428 earlier in 2026. Jabil has completed six deals since 2023, but none of them could be considered “large” or “core” (for example, acquiring another $1 billion+ revenue EMS company). Its most recent acquisition was of Rebound Electronics, a UK-based component distributor in July 2026.

Flex saw annual revenue increase to $27.91 billion for FY2026 (up 8.1% year-over-year). The stock price increased from ~$58.83 in October 2025 to ~$119.83 as of October 2026, a gain of +103.7%. Its 52-week high was $166. The company cited increased demand for high-performance computing, cloud storage, and power architecture. Flex also did not make any “core” acquisitions, but it did have a major deal: the $4.4B acquisition of EPC Power to build out their data center infrastructure offerings. Also, Flex was added to the S&P 500 Index in mid-2026, driving increased institutional buying and broad market inclusion.

Celestica reported TTM revenue growth to $15.6 billion, driven largely by its Hardware Platform Solutions (HPS) segment. Full-year 2026 revenue guidance was raised to $19.0 billion. The stock price rose from $261 in October 2025 to $362 for a 38.7% year-over-year gain, with a high of $474. Celestica has not made an acquisition since the Singapore-based PCI in 2021, choosing to focus on internal expansion rather than pursuing deals.

Sanmina’s trailing 12-month revenue grew to $12.8 billion compared to FY2025 of $8.13 billion, 57% growth over the trailing 12 months. Its communications networks, cloud, and AI infrastructure division surged over 170% year-over-year, representing more than 60% of total revenue. This is mostly due to the acquisition of ZT Systems in May 2025, which is providing more than $1 billion in quarterly revenue.  Sanmina’s stock price has surged from $125 in mid-October 2025 to $217, with a peak of $288.

TTM Technologies Q3 2026 revenue was $1.20 billion, up 60% year-over-year (compared to $752.1 million in Q3 2025). Its stock rose from roughly $56 in October 2025 to $121, more than doubling YOY, with a peak of $224 in mid-2026. TTM has made three acquisitions in 2026: a Swiss Technology Group (Switzerland) and ILFA (Germany) in June 2026 and Epiq (US) in August. These acquisitions are expected to add significantly to TTM’s revenue. The company’s guidance for 2026 revenue is $4.4 billion, up from $2.9 billion in 2025. TTM also just announced a $400 million expansion in Malaysia and China to meet demand for AI infrastructure.

Plexus saw trailing 12-month revenue (mid-2026) grow to $4.6 billion, representing a 14.2% increase over the same prior-year period. Full-year FY2026 revenue is projected to reach approximately $4.9 billion, reflecting about a 20% overall annual growth compared to FY2025. Plexus’ stock price has grown from $143 in October 2025 to $262, an 85% increase year-over-year.  The company has seen growth in its healthcare/life sciences, aerospace & defense, and industrial segments. Plexus has not completed an acquisition in over 20 years, deciding instead to focus on organic growth.

Benchmark has not seen the rapid growth of some of their peers. Recent TTM revenue was $2.82 billion, up 8.9% year-over-year compared to $2.59 billion in the prior period. Full-year FY2026 guidance from Benchmark is above $3.0 billion, representing about 13% to 15% overall annual growth compared to FY2025. Key revenue drivers were advanced computing and communications, semiconductor capital equipment, and medical & defense. The stock price has gained from $38.5 in October 2025 to $81.47 as of October 2026, more than doubling. The peak was $100 in mid-2026.

Kimball: FY2026 Q4 net sales reached $371.6 million, with full-year guidance for fiscal 2027 targeted at $1.5 billion. That would be just a 4% increase over 2025. Kimball made some big moves: It re-branded to Kimball Solutions and made a strategic acquisition of Helvoet Polymer Technologies B.V. in Belgium, adding precision polymer and liquid silicone manufacturing capabilities to accelerate its medical market presence. Aside from the medical sector, the company has seen weakness in automotive and industrial markets. The stock price has been basically flat.

Most of the North America-based EMS companies are doing well. For reference, Taiwan’s Foxconn, the world’s largest CM, is forecasting 2026 revenue of $310 billion, up from $258 billion in 2025. Q3 2026 revenue was $95 billion, up 47% year-over-year.  Similar to other CMs, much of that growth is coming from AI-related markets.

It is great to see all the growth in the industry. There are certainly some headwinds, such as rising labor, materials, and freight costs. For now, many of these companies are forecasting growth for at least a few more quarters. Let’s all keep making AI videos of our cats!

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.