Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement.
Across FY2008–FY2026: $8.49B in buybacks.
Debt Profile
Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.
As of March 31, 2026, our total debt was $3.8 billion. This level of indebtedness could limit our flexibility as a result of debt service requirements and restrictive covenants, and may limit our ability to access additional capital or execute our business strategy. See also note 22 "Subsequent Events" to the consolidated financial statements in Item 8, "Financial Statements and Supplementary Data" for discussion of an additional $1.45 billion of borrowings undertaken since March 31, 2026.
As of March 31, 2025, our total debt was approximately $3.7 billion. This level of indebtedness could limit our flexibility as a result of debt service requirements and restrictive covenants, and may limit our ability to access additional capital or execute our business strategy.
As of March 31, 2024, our total debt was approximately $3.3 billion. This level of indebtedness could limit our flexibility as a result of debt service requirements and restrictive covenants, and may limit our ability to access additional capital or execute our business strategy.
As of March 31, 2022, our total debt was approximately $4.2 billion. This level of indebtedness could limit our flexibility as a result of debt service requirements and restrictive covenants, and may limit our ability to access additional capital or execute our business strategy.
Reported debt balances
Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.
8 filing observations remain unmatched and are excluded from instrument histories.
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
8 filings have incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.
Covenants
Some sections could not be verified in 2 agreement documents. Other restrictions or tests may apply.
Verified tests, triggers and restrictions appear with each agreement below. A verified term does not establish current compliance.
Loans, facilities and notes
6.000% Notes due 2028
Note · Flex Ltd.
Reference: 6.000% Notes due 2028
Active
Original principal
USD 400,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jan 15, 2028
Last reported interest terms:
6%
Reported 2022-12-07Later filings may not restate these terms; this does not confirm they still apply.
Verified covenant terms
Section 5.01(a) · Limitation on LiensThe Company will not, and will not permit any Restricted Subsidiary to create, incur or assume any Lien on any propertySection 5.01*. Limitation on Liens.*Full wording and supporting evidence
Source evidence: The Company will not, and will not permit any Restricted Subsidiary to create, incur or assume any Lien on any property (including shares of Capital Stock or Indebtedness) or assets, whether now owned or hereafter acquired, to secure Indebtedness (including Guarantees) of the Company, any Restricted Subsidiary, or any other Person, including, without limitation, Indebtedness under the Credit Facilities, without in any such case effectively providing concurrently with the creation, incurrence or assumption of such Lien with respect to such Indebtedness that the Notes (together with, if the Company so determines, any other Indebtedness of the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinated in right of payment to the Notes) will be secured by any such Lien equally and ratably with (or prior to) such secured Indebtedness, so long as such secured Indebtedness is so secured. In the case of the Credit Facilities, such obligation shall arise concurrently with the grant of any Lien thereunder, whether or not any Indebtedness will be outstanding under the Credit Facilities at such time. Any Lien created for the benefit of the Holders pursuant to this Section 5.01 shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Lien that gave rise to the obligation to secure the Notes.
Target identity evidence: FIFTH SUPPLEMENTAL INDENTURE, dated as of December 7, 2022 (“Fifth Supplemental Indenture”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by this Fifth Supplemental Indenture, the “Indenture”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “Trustee”).
Target identity evidence: There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “6.000% Notes due 2028.”
Target scope evidence: The Company will not, and will not permit any Restricted Subsidiary to create, incur or assume any Lien on any property (including shares of Capital Stock or Indebtedness) or assets, whether now owned or hereafter acquired, to secure Indebtedness (including Guarantees) of the Company, any Restricted Subsidiary, or any other Person, including, without limitation, Indebtedness under the Credit Facilities, without in any such case effectively providing concurrently with the creation, incurrence or assumption of such Lien with respect to such Indebtedness that the Notes (together with, if the Company so determines, any other Indebtedness of the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinated in right of payment to the Notes) will be secured by any such Lien equally and ratably with (or prior to) such secured Indebtedness, so long as such secured Indebtedness is so secured.
Section 5.01(c) · Limitation on Liensthe restriction on Liens on property or assets of the Company or any Restricted Subsidiary contained above will also not applySection 5.01*. Limitation on Liens.*Full wording and supporting evidence
Source evidence: Except in the case of any lien granted under the Credit Facilities (as to which no exceptions to the restrictions on Liens and the obligation to equally and ratably secure the Notes set forth in this Section 5.01(a) and (b) apply), the restriction on Liens on property or assets of the Company or any Restricted Subsidiary contained above will also not apply to the creation, incurrence or assumption by the Company or any Restricted Subsidiary of a Lien which would otherwise be subject to the restrictions under this Section 5.01 if the aggregate principal amount of all Indebtedness secured by Liens on property or assets of the Company and of any Restricted Subsidiary then outstanding (not including any such Indebtedness secured by Liens permitted to be incurred pursuant to clauses (1) through (24) above) plus Attributable Debt of the Company and its Restricted Subsidiaries in respect of Sale and Leaseback Transactions, that would otherwise be subject to the restrictions of Section 5.02 below (not including any such Sale and Leaseback transaction permitted under paragraph (1) thereof in reliance on an exception set forth in clauses (1) through (24) above of this Section 5.01) does not at the time such Indebtedness is incurred exceed an amount equal to the greater of $1,500,000,000 and 15% of Consolidated Net Tangible Assets.
Target identity evidence: FIFTH SUPPLEMENTAL INDENTURE, dated as of December 7, 2022 (“Fifth Supplemental Indenture”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by this Fifth Supplemental Indenture, the “Indenture”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “Trustee”).
Target identity evidence: There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “6.000% Notes due 2028.”
Section 4.03(f) · Offer to PurchaseThe Company will not be required to make an offer to repurchase Notes upon a Change of Control Repurchase Event if a third party makes such an offerSection 4.03. Offer to Purchase.Full wording and supporting evidence
Source evidence: (f) The Company will not be required to make an offer to repurchase Notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer.
Target identity evidence: FIFTH SUPPLEMENTAL INDENTURE, dated as of December 7, 2022 (“Fifth Supplemental Indenture”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by this Fifth Supplemental Indenture, the “Indenture”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “Trustee”).
Target identity evidence: There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “6.000% Notes due 2028.”
Target scope evidence: (f) The Company will not be required to make an offer to repurchase Notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer.
Section 5.03 · Repurchase of Notes Upon a Change of ControlWithin 30 days following a Change of Control Repurchase Event with respect to the NotesSpringingTrigger: a Change of Control Repurchase EventSection 5.03*. Repurchase of Notes Upon a Change of Control.*Full wording and supporting evidence
Source evidence: Within 30 days following a Change of Control Repurchase Event with respect to the Notes, or, at the Company’s option, prior to such Change of Control but after public announcement thereof, the Company (unless it has exercised its right to redeem all the Notes) shall make an Offer to Purchase all outstanding Notes at a purchase price equal to 101% of the aggregate principal amount plus accrued and unpaid interest to but not including the date of purchase.
Target identity evidence: FIFTH SUPPLEMENTAL INDENTURE, dated as of December 7, 2022 (“Fifth Supplemental Indenture”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by this Fifth Supplemental Indenture, the “Indenture”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “Trustee”).
Target identity evidence: There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “6.000% Notes due 2028.”
Target scope evidence: Within 30 days following a Change of Control Repurchase Event with respect to the Notes, or, at the Company’s option, prior to such Change of Control but after public announcement thereof, the Company (unless it has exercised its right to redeem all the Notes) shall make an Offer to Purchase all outstanding Notes at a purchase price equal to 101% of the aggregate principal amount plus accrued and unpaid interest to but not including the date of purchase.
Source evidence: (1) the Company defaults in the payment of interest on any Note, or any Additional Amounts payable with respect thereto, when the same becomes due and payable, and the default continues for a period of 30 days;
Target identity evidence: FIFTH SUPPLEMENTAL INDENTURE, dated as of December 7, 2022 (“Fifth Supplemental Indenture”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by this Fifth Supplemental Indenture, the “Indenture”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “Trustee”).
Target identity evidence: There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “6.000% Notes due 2028.”
Target scope evidence: (1) the Company defaults in the payment of interest on any Note, or any Additional Amounts payable with respect thereto, when the same becomes due and payable, and the default continues for a period of 30 days;
Source evidence: (2) the Company defaults in the payment of the principal or any premium with respect to any Note, or any Additional Amounts payable with respect thereto, when the same becomes due and payable at maturity, upon acceleration or redemption, or otherwise;
Target identity evidence: FIFTH SUPPLEMENTAL INDENTURE, dated as of December 7, 2022 (“Fifth Supplemental Indenture”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by this Fifth Supplemental Indenture, the “Indenture”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “Trustee”).
Target identity evidence: There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “6.000% Notes due 2028.”
Target scope evidence: (2) the Company defaults in the payment of the principal or any premium with respect to any Note, or any Additional Amounts payable with respect thereto, when the same becomes due and payable at maturity, upon acceleration or redemption, or otherwise;
Section 5.04(a)(3) · Events of Defaultthe Company defaults in the performance of or breaches any other covenantSection 5.04*. Events of Default; Acceleration.*Full wording and supporting evidence
Source evidence: (3) the Company defaults in the performance of or breaches any other covenant, warranty or agreement of the Company in the Indenture with respect to the Notes or under the Notes (other than a covenant or warranty included therein solely for the benefit of one or more series of Securities other than the Notes) and the default or breach continues for a period of 90 consecutive days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than 25% in aggregate principal amount of the Notes specifying such default or breach and requiring it to be remedied and stating that it is a “Notice of Default” under the Indenture;
Target identity evidence: FIFTH SUPPLEMENTAL INDENTURE, dated as of December 7, 2022 (“Fifth Supplemental Indenture”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by this Fifth Supplemental Indenture, the “Indenture”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “Trustee”).
Target identity evidence: There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “6.000% Notes due 2028.”
Target scope evidence: (3) the Company defaults in the performance of or breaches any other covenant, warranty or agreement of the Company in the Indenture with respect to the Notes or under the Notes (other than a covenant or warranty included therein solely for the benefit of one or more series of Securities other than the Notes) and the default or breach continues for a period of 90 consecutive days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than 25% in aggregate principal amount of the Notes specifying such default or breach and requiring it to be remedied and stating that it is a “Notice of Default” under the Indenture;
(b) The aggregate principal amount of Notes that initially may be authenticated and delivered under this Fifth Supplemental Indenture (the “**Initial Notes**”) shall be limited to $400,000,000, subject to increase as set forth in Section 3.03.
Issuer evidence: FIFTH SUPPLEMENTAL INDENTURE, dated as of December 7, 2022 (“**Fifth Supplemental Indenture**”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “**Base Indenture**” and, as amended, modified and supplemented by this Fifth Supplemental Indenture, the “**Indenture**”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “**Company**”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “**Trustee**”).
Supporting evidence: (c) The Stated Maturity of the Notes shall be January 15, 2028. The Notes shall be payable and may be presented for payment, purchase, redemption, registration of transfer and exchange, without service charge (in accordance with and subject to Section 2.08 of the Base Indenture), at the office or agency of the Company maintained for such purpose, which shall initially be the Corporate Trust Office.
Supporting evidence: (d) The Notes shall bear interest at the rate of 6.000% per annum, beginning on December 7, 2022, or from the most recent Interest Payment Date to or for which interest has been paid or duly provided for, as further provided in the form of Note annexed hereto as Exhibit A. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The interest payment dates for the Notes shall be January 15 and July 15 of each year, beginning on July 15, 2023 (each such date, an “**Interest Payment Date**”) and the “**record date**” for any interest payable on each such Interest Payment Date shall be the immediately preceding January 1 and July 1; *provided* that upon the Stated Maturity of the Notes, interest shall be payable on such Stated Maturity from the most recent date to which interest has been paid or duly provided, and shall include the required payment of principal or premium, if any; and *provided further*, the “**record date**” for any interest, principal, or premium, if any, payable on the Stated Maturity of the Notes shall be the immediately preceding January 1, 2028. If any Interest Payment Date, Stated Maturity or other payment date with respect to the Notes is not a Business Day, the required payment of principal, premium, if any, or interest shall be due on the next succeeding Business Day as if made on the date that such payment was due, and, unless the Company defaults on such payment, no interest shall accrue on that payment for the period from and after that Interest Payment Date, Stated Maturity or other payment date, as the case may be, to the date of that payment on the next succeeding Business Day.
Supporting evidence: WHEREAS, the Company has duly authorized the execution and delivery, and desires and has requested the Trustee to join it in the execution and delivery, of this Fifth Supplemental Indenture in order to establish and provide for the issuance by the Company of a series of Securities designated as its 6.000% Notes due 2028 (the “**Notes**”), on the terms set forth herein;
Supporting evidence: WHEREAS, the Company has duly authorized the execution and delivery, and desires and has requested the Trustee to join it in the execution and delivery, of this Fifth Supplemental Indenture in order to establish and provide for the issuance by the Company of a series of Securities designated as its 6.000% Notes due 2028 (the “**Notes**”), on the terms set forth herein;
5.250% Notes due 2032
Note · Flex Ltd.
Reference: 5.250% Notes due 2032
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jan 15, 2032
Last reported interest terms:
5.25%
Reported 2024-08-21Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On August 21, 2024, Flex Ltd. (the “Company”) completed its sale of $500,000,000 aggregate principal amount of its 5.250% Notes due 2032 (the “Notes”).
Issuer evidence: On August 21, 2024, Flex Ltd. (the “Company”) completed its sale of $500,000,000 aggregate principal amount of its 5.250% Notes due 2032 (the “Notes”).
Supporting evidence: Interest on the Notes is payable on January 15 and July 15 of each year, beginning on January 15, 2025. The Notes will mature on January 15, 2032.
Supporting evidence: On August 21, 2024, Flex Ltd. (the “Company”) completed its sale of $500,000,000 aggregate principal amount of its 5.250% Notes due 2032 (the “Notes”).
5.250% Notes due 2032
Note · Flex Ltd.
Reference: 5.250% Notes due 2032
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jan 15, 2032
Last reported interest terms:
5.25%
Reported 2024-08-21Later filings may not restate these terms; this does not confirm they still apply.
Verified covenant terms
Section 5.01(c) · Limitation on Liens(c) Except in the case of any lien granted under the Credit Facilities (as to which no exceptions to the restrictions on Liens and the obligation to equally and ratably secure the Notes set forth in this Section 5.01(a) and (b) apply), the restriction on Liens on property or assets of the Company or any Restricted Subsidiary contained above will also not apply to the creation, incurrence or assumption by the Company or any Restricted Subsidiary of a Lien which would otherwise be subject to the…Section 5.01. Limitation on Liens.Full wording and supporting evidence
Source evidence: (c) Except in the case of any lien granted under the Credit Facilities (as to which no exceptions to the restrictions on Liens and the obligation to equally and ratably secure the Notes set forth in this Section 5.01(a) and (b) apply), the restriction on Liens on property or assets of the Company or any Restricted Subsidiary contained above will also not apply to the creation, incurrence or assumption by the Company or any Restricted Subsidiary of a Lien which would otherwise be subject to the restrictions under this Section 5.01 if the aggregate principal amount of all Indebtedness secured by Liens on property or assets of the Company and of any Restricted Subsidiary then outstanding (not including any such Indebtedness secured by Liens permitted to be incurred pursuant to clauses (1) through (24) above) plus Attributable Debt of the Company and its Restricted Subsidiaries in respect of Sale and Leaseback Transactions, that would otherwise be subject to the restrictions of Section 5.02 below (not including any such Sale and Leaseback transaction permitted under paragraph (1) thereof in reliance on an exception set forth in clauses (1) through (24) above of this Section 5.01) does not at the time such Indebtedness is incurred exceed an amount equal to the greater of $1,500,000,000 and 15% of Consolidated Net Tangible Assets.
Target identity evidence: SIXTH SUPPLEMENTAL INDENTURE, dated as of August 21, 2024 (“Sixth Supplemental Indenture”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by this Sixth Supplemental Indenture, the “Indenture”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “Trustee”).
Target identity evidence: Indenture dated as of June 6, 2019
Target identity evidence: Section 3.01*. Amount; Series; Terms.* (a) There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “5.250% Notes due 2032.” The changes, modifications and supplements to the Base Indenture effected by this Sixth Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes and shall not apply to any other series of Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other series of Securities specifically incorporates such changes, modifications and supplements.
Section 5.01(a) · Limitation on LiensSection 5.01*. Limitation on Liens.* (a) The Company will not, and will not permit any Restricted Subsidiary to create, incur or assume any Lien on any property (including shares of Capital Stock or Indebtedness) or assets, whether now owned or hereafter acquired, to secure Indebtedness (including Guarantees) of the Company, any Restricted Subsidiary, or any other Person, including, without limitation, Indebtedness under the Credit Facilities, without in any such case effectively providing concurrently…Section 5.01. Limitation on Liens.Full wording and supporting evidence
Source evidence: Section 5.01*. Limitation on Liens.* (a) The Company will not, and will not permit any Restricted Subsidiary to create, incur or assume any Lien on any property (including shares of Capital Stock or Indebtedness) or assets, whether now owned or hereafter acquired, to secure Indebtedness (including Guarantees) of the Company, any Restricted Subsidiary, or any other Person, including, without limitation, Indebtedness under the Credit Facilities, without in any such case effectively providing concurrently with the creation, incurrence or assumption of such Lien with respect to such Indebtedness that the Notes (together with, if the Company so determines, any other Indebtedness of the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinated in right of payment to the Notes) will be secured by any such Lien equally and ratably with (or prior to) such secured Indebtedness, so long as such secured Indebtedness is so secured. In the case of the Credit Facilities, such obligation shall arise concurrently with the grant of any Lien thereunder, whether or not any Indebtedness will be outstanding under the Credit Facilities at such time. Any Lien created for the benefit of the Holders pursuant to this Section 5.01 shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Lien that gave rise to the obligation to secure the Notes.
Target identity evidence: SIXTH SUPPLEMENTAL INDENTURE, dated as of August 21, 2024 (“Sixth Supplemental Indenture”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by this Sixth Supplemental Indenture, the “Indenture”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “Trustee”).
Target identity evidence: Indenture dated as of June 6, 2019
Target identity evidence: Section 3.01*. Amount; Series; Terms.* (a) There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “5.250% Notes due 2032.” The changes, modifications and supplements to the Base Indenture effected by this Sixth Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes and shall not apply to any other series of Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other series of Securities specifically incorporates such changes, modifications and supplements.
Target scope evidence: Section 5.01*. Limitation on Liens.* (a) The Company will not, and will not permit any Restricted Subsidiary to create, incur or assume any Lien on any property (including shares of Capital Stock or Indebtedness) or assets, whether now owned or hereafter acquired, to secure Indebtedness (including Guarantees) of the Company, any Restricted Subsidiary, or any other Person, including, without limitation, Indebtedness under the Credit Facilities, without in any such case effectively providing concurrently with the creation, incurrence or assumption of such Lien with respect to such Indebtedness that the Notes (together with, if the Company so determines, any other Indebtedness of the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinated in right of payment to the Notes) will be secured by any such Lien equally and ratably with (or prior to) such secured Indebtedness, so long as such secured Indebtedness is so secured.
Section 5.03 · Repurchase of Notes Upon a Change of ControlWithin 30 days following a Change of Control Repurchase Event with respect to the Notes, or, at the Company’s option, prior to such Change of Control but after public announcement thereof, the Company (unless it has exercised its right to redeem all the Notes) shall make an Offer to Purchase all outstanding Notes at a purchase price equal to 101% of the aggregate principal amount plus accrued and unpaid interest to but not including the date of purchase.SpringingTrigger: a Change of Control Repurchase Event with respect to the NotesSection 5.03. Repurchase of Notes Upon a Change of Control.Full wording and supporting evidence
Source evidence: Section 5.03*. Repurchase of Notes Upon a Change of Control.* Within 30 days following a Change of Control Repurchase Event with respect to the Notes, or, at the Company’s option, prior to such Change of Control but after public announcement thereof, the Company (unless it has exercised its right to redeem all the Notes) shall make an Offer to Purchase all outstanding Notes at a purchase price equal to 101% of the aggregate principal amount plus accrued and unpaid interest to but not including the date of purchase.
Target identity evidence: SIXTH SUPPLEMENTAL INDENTURE, dated as of August 21, 2024 (“Sixth Supplemental Indenture”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by this Sixth Supplemental Indenture, the “Indenture”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “Trustee”).
Target identity evidence: Indenture dated as of June 6, 2019
Target identity evidence: Section 3.01*. Amount; Series; Terms.* (a) There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “5.250% Notes due 2032.” The changes, modifications and supplements to the Base Indenture effected by this Sixth Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes and shall not apply to any other series of Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other series of Securities specifically incorporates such changes, modifications and supplements.
Target scope evidence: Section 5.03*. Repurchase of Notes Upon a Change of Control.* Within 30 days following a Change of Control Repurchase Event with respect to the Notes, or, at the Company’s option, prior to such Change of Control but after public announcement thereof, the Company (unless it has exercised its right to redeem all the Notes) shall make an Offer to Purchase all outstanding Notes at a purchase price equal to 101% of the aggregate principal amount plus accrued and unpaid interest to but not including the date of purchase.
Section 5.04(a)(3) · Events of Default; Acceleration(3) the Company defaults in the performance of or breaches any other covenant, warranty or agreement of the Company in the Indenture with respect to the Notes or under the Notes (other than a covenant or warranty included therein solely for the benefit of one or more series of Securities other than the Notes) and the default or breach continues for a period of 90 consecutive days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than 25% in…Section 5.04. Events of Default; Acceleration.Full wording and supporting evidence
Source evidence: (3) the Company defaults in the performance of or breaches any other covenant, warranty or agreement of the Company in the Indenture with respect to the Notes or under the Notes (other than a covenant or warranty included therein solely for the benefit of one or more series of Securities other than the Notes) and the default or breach continues for a period of 90 consecutive days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than 25% in aggregate principal amount of the Notes specifying such default or breach and requiring it to be remedied and stating that it is a “Notice of Default” under the Indenture;
Target identity evidence: SIXTH SUPPLEMENTAL INDENTURE, dated as of August 21, 2024 (“Sixth Supplemental Indenture”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by this Sixth Supplemental Indenture, the “Indenture”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “Trustee”).
Target identity evidence: Indenture dated as of June 6, 2019
Target identity evidence: Section 3.01*. Amount; Series; Terms.* (a) There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “5.250% Notes due 2032.” The changes, modifications and supplements to the Base Indenture effected by this Sixth Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes and shall not apply to any other series of Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other series of Securities specifically incorporates such changes, modifications and supplements.
Section 5.04(a)(1) · Events of Default; Accelerationthe Company defaults in the payment of interest on any Note, or any Additional Amounts payable with respect thereto, when the same becomes due and payable, and the default continues for a period of 30 daysSection 5.04. Events of Default; Acceleration.Full wording and supporting evidence
Source evidence: (1) the Company defaults in the payment of interest on any Note, or any Additional Amounts payable with respect thereto, when the same becomes due and payable, and the default continues for a period of 30 days;
Target identity evidence: SIXTH SUPPLEMENTAL INDENTURE, dated as of August 21, 2024 (“Sixth Supplemental Indenture”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by this Sixth Supplemental Indenture, the “Indenture”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “Trustee”).
Target identity evidence: Indenture dated as of June 6, 2019
Target identity evidence: Section 3.01*. Amount; Series; Terms.* (a) There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “5.250% Notes due 2032.” The changes, modifications and supplements to the Base Indenture effected by this Sixth Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes and shall not apply to any other series of Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other series of Securities specifically incorporates such changes, modifications and supplements.
Section 5.04(a)(2) · Events of Default; Accelerationthe Company defaults in the payment of the principal or any premium with respect to any Note, or any Additional Amounts payable with respect thereto, when the same becomes due and payable at maturity, upon acceleration or redemption, or otherwiseSection 5.04. Events of Default; Acceleration.Full wording and supporting evidence
Source evidence: (2) the Company defaults in the payment of the principal or any premium with respect to any Note, or any Additional Amounts payable with respect thereto, when the same becomes due and payable at maturity, upon acceleration or redemption, or otherwise;
Target identity evidence: SIXTH SUPPLEMENTAL INDENTURE, dated as of August 21, 2024 (“Sixth Supplemental Indenture”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by this Sixth Supplemental Indenture, the “Indenture”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “Trustee”).
Target identity evidence: Indenture dated as of June 6, 2019
Target identity evidence: Section 3.01*. Amount; Series; Terms.* (a) There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “5.250% Notes due 2032.” The changes, modifications and supplements to the Base Indenture effected by this Sixth Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes and shall not apply to any other series of Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other series of Securities specifically incorporates such changes, modifications and supplements.
(b) The aggregate principal amount of Notes that initially may be authenticated and delivered under this Sixth Supplemental Indenture (the “**Initial Notes**”) shall be limited to $500,000,000, subject to increase as set forth in Section 3.03.
Issuer evidence: SIXTH SUPPLEMENTAL INDENTURE, dated as of August 21, 2024 (“**Sixth Supplemental Indenture**”), to the Indenture dated as of June 6, 2019 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “**Base Indenture**” and, as amended, modified and supplemented by this Sixth Supplemental Indenture, the “**Indenture**”), by and between Flex Ltd., a Singapore registered public company limited by shares and having company registration no. 199002645H, acting (subject to Section 1.17 of the Base Indenture) through its Bermuda branch, as issuer (the “**Company**”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), a national banking association, as trustee (the “**Trustee**”).
Supporting evidence: (c) The Stated Maturity of the Notes shall be January 15, 2032. The Notes shall be payable and may be presented for payment, purchase, redemption, registration of transfer and exchange, without service charge (in accordance with and subject to Section 2.08 of the Base Indenture), at the office or agency of the Company maintained for such purpose, which shall initially be the Corporate Trust Office.
Supporting evidence: (d) The Notes shall bear interest at the rate of 5.250% per annum, beginning on August 21, 2024, or from the most recent Interest Payment Date to or for which interest has been paid or duly provided for, as further provided in the form of Note annexed hereto as Exhibit A. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The interest payment dates for the Notes shall be January 15 and July 15 of each year, beginning on January 15, 2025 (each such date, an “**Interest Payment Date**”) and the “**record date**” for any interest payable on each such Interest Payment Date shall be the immediately preceding January 1 and July 1; *provided* that upon the Stated Maturity of the Notes, interest shall be payable on such Stated Maturity from the most recent date to which interest has been paid or duly provided, and shall include the required payment of principal or premium, if any; and *provided further*, the “**record date**” for any interest, principal, or premium, if any, payable on the Stated Maturity of the Notes shall be the immediately preceding January 1, 2032. If any Interest Payment Date, Stated Maturity or other payment date with respect to the Notes is not a Business Day, the required payment of principal, premium, if any, or interest shall be due on the next succeeding Business Day as if made on the date that such payment was due, and, unless the Company defaults on such payment, no interest shall accrue on that payment for the period from and after that Interest Payment Date, Stated Maturity or other payment date, as the case may be, to the date of that payment on the next succeeding Business Day.
Supporting evidence: Section 3.01*. Amount; Series; Terms.* (a) There is hereby created and designated one series of Securities under the Base Indenture: the title of the Notes shall be “5.250% Notes due 2032.” The changes, modifications and supplements to the Base Indenture effected by this Sixth Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes and shall not apply to any other series of Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other series of Securities specifically incorporates such changes, modifications and supplements.
Supporting evidence: WHEREAS, the Company has duly authorized the execution and delivery, and desires and has requested the Trustee to join it in the execution and delivery, of this Sixth Supplemental Indenture in order to establish and provide for the issuance by the Company of a series of Securities designated as its 5.250% Notes due 2032 (the “**Notes**”), on the terms set forth herein;
Supporting evidence: WHEREAS, the Company has duly authorized the execution and delivery, and desires and has requested the Trustee to join it in the execution and delivery, of this Sixth Supplemental Indenture in order to establish and provide for the issuance by the Company of a series of Securities designated as its 5.250% Notes due 2032 (the “**Notes**”), on the terms set forth herein;
Bridge Facility
TermLoan · Flex Ltd.
Reference: Bridge Facility
Active
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Reported commitment:USD 4,400,000,000Reported 2026-09-04Disclosed facility capacity; the amount drawn and capacity available today are not established.
Covenant terms for this agreement are not yet verified.
The Debt Commitment Letter provides for a senior unsecured 364-day bridge loan credit facility in an aggregate principal amount of up to $4.4 billion (the “Bridge Facility”), which is intended to be available to the Company to finance, together with other sources of funds, the Transaction and related expenses in the event that the Company has not obtained other permanent financing prior to the closing of the Transaction. The Bridge Facility is subject to customary conditions precedent to funding, including the consummation of the Transaction materially in accordance with the terms of the Purchase Agreement, the absence of a Material Adverse Effect (as defined in the Purchase Agreement) and other customary funding conditions for facilities of this type.
Issuer evidence: On September 3, 2026, Flex Ltd., a company organized under the laws of Singapore (the “Company” or “Flex”), ACS Acquisitions, Inc., a Delaware corporation and wholly owned subsidiary of the Company (the “Purchaser”), EPC Power Corp., a Delaware corporation (the “EPC Power”), and Charge Parent, LLC, a Delaware limited liability company (the “Seller”), entered into a Stock Purchase Agreement (the “Purchase Agreement”), pursuant to which the Purchaser will acquire all of the equity interests (the “Shares”) of EPC Power from the Seller (such transaction, the “Transaction”). EPC Power is expected to become part of the Company’s Cloud and Power Infrastructure business, which, as previously announced, the Company plans to separate into an independent publicly traded company (“SpinCo”) in the first quarter of 2027 (the “Spin-Off”). The Company is a party to the Purchase Agreement solely for purposes of guaranteeing the due and punctual performance of the Purchaser’s obligations thereunder.
Supporting evidence: In connection with the Purchase Agreement, on September 3, 2026, the Company entered into a Senior Unsecured 364-Day Bridge Facility Commitment Letter (the “Debt Commitment Letter”) with Citigroup Global Markets Inc., Bank of America, N.A. and BofA Securities, Inc.
Supporting evidence: The Debt Commitment Letter provides for a senior unsecured 364-day bridge loan credit facility in an aggregate principal amount of up to $4.4 billion (the “Bridge Facility”), which is intended to be available to the Company to finance, together with other sources of funds, the Transaction and related expenses in the event that the Company has not obtained other permanent financing prior to the closing of the Transaction. The Bridge Facility is subject to customary conditions precedent to funding, including the consummation of the Transaction materially in accordance with the terms of the Purchase Agreement, the absence of a Material Adverse Effect (as defined in the Purchase Agreement) and other customary funding conditions for facilities of this type.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
1.12×
Peer median 2.39×
EV/EBIT
22.13×
Peer median 19.60×
P/E (TTM)
31.81×
Peer median 29.35×
Price/Sales (TTM)
1.05×
Peer median 2.92×
Price/Book
5.61×
Peer median 4.78×
Peer medians compare against the 14 similar-size Electronic Components companies (of 46 listed).
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
Component
FY2026
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
Integrated Technology Solutions ITS
$11,109,000,000
$11,336,000,000
$12,636,000,000
—
—
—
—
—
Regulated Manufacturing Solutions RMS
$10,191,000,000
$9,678,000,000
$10,535,000,000
—
—
—
—
—
Cloud Power Infrastructure CPI
$6,614,000,000
$4,799,000,000
$3,244,000,000
—
—
—
—
—
Communications and Enterprise Compute
—
—
—
—
—
—
—
$8,336,330,000
Consumer Technology Group (CTG)
—
—
—
—
—
—
—
$6,862,594,000
CTG
—
—
—
—
—
—
—
$6,182,637,000
Flex Agility Solutions (FAS)
—
—
—
$15,769,000,000
$14,027,000,000
$13,493,000,000
$14,053,000,000
$16,855,000,000
Flex Reliability Solutions (FRS)
—
—
—
$12,733,000,000
$10,606,000,000
—
$9,053,000,000
$9,356,000,000
FRS Segment
—
—
—
—
—
$9,495,000,000
—
—
High Reliability Solutions HRS
—
—
—
—
—
—
—
$4,828,950,000
HRS
—
—
—
—
—
—
—
$6,862,594,000
IEI
—
—
—
—
—
—
—
$8,336,330,000
Industrial Emerging Industries IEI
—
—
—
—
—
—
—
$6,182,637,000
Nextracker Segment
—
—
—
—
—
$1,195,000,000
$1,171,000,000
—
By Geography (USD)
Component
FY2026
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
Americas
$13,820,000,000
$12,656,000,000
$12,232,000,000
$11,906,000,000
$9,414,000,000
$9,672,000,000
$10,066,000,000
$9,893,000,000
Asia
$8,401,000,000
$7,701,000,000
$8,540,000,000
$10,384,000,000
$9,615,000,000
$9,326,000,000
$9,362,000,000
$11,470,000,000
Mexico
$6,994,000,000
$6,854,000,000
$6,935,000,000
$6,626,000,000
$5,092,000,000
$4,413,000,000
$4,449,000,000
$4,539,000,000
Europe
$5,693,000,000
$5,456,000,000
$5,643,000,000
$6,212,000,000
$5,604,000,000
$5,126,000,000
$4,782,000,000
$4,848,000,000
United States
$5,186,000,000
$4,162,000,000
$3,598,000,000
$3,394,000,000
$2,414,000,000
$3,648,000,000
$3,719,000,000
$3,106,000,000
China
$4,494,000,000
$4,319,000,000
$5,117,000,000
$6,562,000,000
$6,160,000,000
$6,147,000,000
$5,665,000,000
$6,649,000,000
Malaysia
$2,967,000,000
$2,379,000,000
$2,122,000,000
—
—
—
—
—
Singapore
$194,000,000
$266,000,000
$660,000,000
$552,000,000
$519,000,000
$507,000,000
$574,600,000
$642,700,000
Brazil
—
—
—
—
—
—
$1,831,214,000
$2,181,025,000
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
