Sanmina: Four EPS Beats, $3.95M in Insider Exits
Sanmina Corporation has beaten consensus EPS estimates for four consecutive quarters, most recently posting $3.31 against a $2.79 estimate on July 27, 2026. That beat streak sits alongside $3.95 milli
Sanmina Beats for Fourth Straight Quarter, Stock Lags
NEW YORK, August 25 —
Sanmina Corporation (SANM), a contract electronics manufacturer serving defense, cloud, and industrial OEMs, has beaten consensus EPS estimates four quarters running. Its shares trade at $185.41, however, below every price at which the CFO and head of HR sold nearly $4 million of stock in late May 2026. The beat streak and the insider exits pull in opposite directions.
- Most recent quarter: $3.31 actual EPS vs. $2.79 estimate, 18.6% positive surprise, per the July 27, 2026 8-K.
- Insider activity: ~$3.95 million in open-market sales over 90 days, $0 in purchases, per Form 4 filings.
- Consensus analyst price target of $260 is roughly $75 above the current $185.41 share price.
Defense, Cloud, and a Very Thin Margin
Sanmina makes the hardware nobody sees: printed circuit boards, backplane assemblies, precision machined parts, memory solutions, and cable assemblies for OEMs in defense, medical, cloud infrastructure, and automotive markets. It also provides services from product design and assembly through logistics and after-market support. The four-quarter beat streak is not a rounding error; actual earnings have climbed from $1.67 to $2.38 to $3.16 to $3.31 in successive periods, each quarter surpassing consensus by at least 6.4%. Trailing twelve-month revenue reached $12.76 billion, up 69.7% year-over-year. The structural constraint is a 9% gross margin: thin enough that any volume pullback or pricing shift flows directly to the bottom line.
The Selling Pattern
CFO Jonathan Faust executed two open-market sales on May 29, 2026, selling 5,038 shares at $265.73 and 5,038 more at $265.86, for total proceeds of approximately $2.68 million, per Form 4 filings. Three days earlier, EVP of Global Human Resources Alan McWilliams Reid sold 5,000 shares at $254.39, generating approximately $1.27 million. The 90-day net: $3.95 million in open-market sales, $0 in purchases. All three transactions cleared between $254 and $266; today's share price sits below each one. Concurrent selling at the executive level, with no offsetting purchases in the period, is the kind of pattern analysts weigh alongside the headline earnings numbers rather than after them.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| SANM | $9.9B | 13.3x | +60.9% |
| FLEX | $39.4B | 15.0x | +99.4% |
| JBL | $31.9B | 18.1x | +46.3% |
| PLXS | $6.3B | 23.6x | +74.0% |
| CLS | $37.1B | 15.1x | +48.3% |
| BHE | $2.6B | 21.7x | +75.1% |
What the Next Quarter Settles
The next earnings print is the relevant checkpoint. If EPS continues past $3.31 with another beat, the case that May insider sales were personal rather than predictive grows stronger; if gross margin, currently 9.0%, compresses or EPS growth decelerates, the insider timing will look less incidental. Sanmina held $1.85 billion in cash against $2.43 billion in total debt at last report, generating $901 million in trailing operating cash flow, enough to sustain operations through another reporting period. The analyst consensus at $260 is worth stress-testing against different margin scenarios in the DCF calculator. For a live reading before the next print, run the free Sanmina Corporation deep-dive →.
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
What were Sanmina's most recent earnings results?
Sanmina posted actual EPS of $3.31 against a consensus estimate of $2.79, an 18.6 percent positive surprise, per its July 27, 2026 8-K. That extended a streak now running four consecutive quarters, with actual earnings climbing from $1.67 to $2.38 to $3.16 to $3.31 in successive periods.
Why are Sanmina insiders selling stock?
CFO Jonathan Faust sold approximately $2.68 million in shares on May 29, 2026, and EVP of Human Resources Alan McWilliams Reid sold approximately $1.27 million three days earlier. No purchases were reported in the 90-day period, and all three transactions cleared between $254 and $266, above the current $185.41 share price.
What is the analyst price target for Sanmina?
The consensus analyst price target is $260, roughly $75 above the current share price of $185.41. The next earnings print is the relevant checkpoint for testing whether that gap closes or the insider timing proves prescient.
What markets does Sanmina serve?
Sanmina makes printed circuit boards, backplane assemblies, precision machined parts, memory solutions, and cable assemblies for OEMs in defense, medical, cloud infrastructure, and automotive markets. It also provides services from product design and assembly through logistics and after-market support.
What is Sanmina's gross margin and revenue scale?
Sanmina operates at a 9 percent gross margin, thin enough that any volume pullback or pricing shift flows directly to the bottom line. Trailing twelve-month revenue reached $12.76 billion, up 69.7 percent year over year.
Sanmina Corporation has beaten consensus EPS estimates in each of its four most recently reported quarters — yet the stock sits at $185.41, well below the prices at which its CFO unloaded $2.68 million of shares in late May and nearly $75 below the consensus analyst target. The gap between a four-quarter earnings streak and a sharply lower share price forces a single uncomfortable question: what did the executives know that the headline numbers do not show?