SANM // Sanmina Corporation

DES <GO> NASDAQ CIK 0000897723 ↗

Technology • Electrical Products

$173.06 ▼ -2.72 (-1.55%)

MKT CAP: $9.28B • VOL: 749.7K

52W L $118 52W H $289

ALTMAN Z

2.82 GREY

PIOTROSKI

8 / 9

SANM // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 61/100 [C-] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C-

RQD CONFIDENCE

61 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Cautious Neutral

01 MASSIVE / SEC XBRL

Forensic Fundamentals

13 / 20

SOLID

FCF +106.7% vs NI +10.5% • ROIC-WACC -5.1% • Z 2.82

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

13 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

Why did SANM's Whale & Options Flow & Insider Conviction sub-score just flash a warning? Enter your email to unlock the full 5-Pillar Rating Breakdown + get instant alerts whenever SANM is Upgraded or Downgraded.

SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON SANM)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 83/100 Z-SCORE: +2.42σ

SANM Accounting Gap: Net Income (+10.5%) Outpaced OCF (+82.4%) With +91.6% Working-Capital Build

CASH CONVERSION GAP

-71.9% (NI vs OCF)

RECEIVABLES / WC BLOAT

+91.6% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Sanmina Corporation (SANM) exposes a +-71.9% Cash Conversion Gap as YoY Net Income growth (+10.5%) diverged from Operating Cash Flow growth (+82.4%). Non-cash current assets and receivables expanded +91.6% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

SANM // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -23.99%📐 HORIZONTAL RANGE

2026-10-30O $162.6H $167.0L $159.0C $165.6VOL 1.42M

RES: $237.4SUP: $147.5SMA50: $198.0SMA200: $191.9

SANM // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 45/100

BEAR 0

100 BULL

Sanmina Corporation (SANM) exhibits 8.8% gross margins and 4.9% return on invested capital within Technology (Electrical Products), balanced against a 20.5x enterprise multiple and 8.2% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 8.8% gross profitability converts into 4.4% operating margin and 4.9% ROIC, outpacing sector cost of capital.

ROIC: 4.9% // GM: 8.8%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +7.4% paired with 5.10% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +7.4% // FCF YLD: 5.10%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 2.82 and Piotroski F-Score of 8/9 indicate low near-term refinancing stress.

ALTMAN Z: 2.82 // F-SCORE: 8/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 37.7x trailing P/E (35.1x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 37.7x // EV/EBITDA: 20.5x

02. Options Skew & Event Volatility Risk

Options market prices a ±8.2% implied move with a 0.84 put/call ratio around $170.00 max pain.

IMPL MOVE: ±8.2% // P/C: 0.84

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Electrical Products require continuous execution to defend 3.0% net margins.

NET MARGIN: 3.0% // D/E: 0.39x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 35.1x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.39).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 37.7x

FORWARD P/E 35.1x

EV / EBITDA 20.5x

FCF YIELD 5.10%

GROSS MARGIN 8.8%

OPERATING MARGIN 4.4%

NET MARGIN 3.0%

ROIC % 4.9%

REV GROWTH YOY +7.4%

DILUTED EPS TTM $4.59

DEBT / EQUITY 0.39x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 37.3

5Y EQUITY BETA 1.39

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // SANMPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $158.36

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for SANM & activate live FRED threshold breach alerts.

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