What is Flex Ltd.'s work in process?

Flex Ltd. (FLEX) reported work in process of $462M in Q4 2025.

How has Flex Ltd.'s work in process changed year-over-year?

Flex Ltd.'s work in process decreased by 0.6% year-over-year, from $465M to $462M.

What is the long-term trend for Flex Ltd.'s work in process?

Over 4 years (2021 to 2025), Flex Ltd.'s work in process has grown at a 1.4% compound annual growth rate (CAGR), from $459M to $485M.

What does work in process mean?

Partially completed goods currently in the manufacturing process, including materials, labor, and overhead costs incurred to date.

Flex Ltd. FLEX Work in process

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Other financials

Income statement

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Revenue$7.5B+16.9%

Gross profit$730.0M+29.7%

Operating income$372.0M+22.0%

Net income$250.0M+12.6%

EPS (diluted)$0.67+17.5%

Balance sheet

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Cash & equivalents$2.4B+4.4%

Total debt$4.5B+4.2%

Total equity$5.1B+2.8%

Total assets$22.1B+20.0%

Cash flow

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Operating cash flow$413.0M-4.6%

CapEx$202.0M+80.4%

Free cash flow$211.0M-34.3%

Valuation

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Market cap$59.38B+168%

Enterprise value$61.46B+152%

P/E67.5×+42.6×

P/S2.1×+1.3×

Profitability

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Gross margin9.4%+0.9pp

Operating margin4.9%+0.4pp

Net margin3.2%-0.1pp

FCF margin3.8%-0.4pp

Returns & leverage

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Return on equity17.3%+1.1pp

Debt / equity0.9×0.0×

Current ratio1.4×+0.1×

Where this comes from

Reported directly by Flex Ltd. in its filing.

Tagged under the XBRL concept us-gaap:InventoryWorkInProcessNetOfReserves.

The official record: Flex Ltd.’s 10-Q, filed February 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Flex Ltd.'s work in process?: Flex Ltd. (FLEX) reported work in process of $462M in Q4 2025.
How has Flex Ltd.'s work in process changed year-over-year?: Flex Ltd.'s work in process decreased by 0.6% year-over-year, from $465M to $462M.
What is the long-term trend for Flex Ltd.'s work in process?: Over 4 years (2021 to 2025), Flex Ltd.'s work in process has grown at a 1.4% compound annual growth rate (CAGR), from $459M to $485M.
What does work in process mean?: Partially completed goods currently in the manufacturing process, including materials, labor, and overhead costs incurred to date.