Key Moments
- Sanmina Corporation shares jumped 21.0% in pre-market trading after fiscal fourth-quarter 2026 results surpassed analyst forecasts on all major metrics.
- Adjusted EPS of $4.43 and revenue of $3.86 billion both exceeded Wall Street estimates, supported by broad-based demand and the integration of ZT Systems.
- Management issued fiscal 2027 guidance for revenue of $17.5 billion to $19.5 billion and non-GAAP EPS of $15.50 to $17.50, with AI systems revenue expected at $7.5 billion to $9 billion.
Fourth-Quarter 2026 Earnings Drive Sharp Rebound
Sanmina Corporation stock rallied 21.0% in pre-open trading after the company released fiscal fourth-quarter 2026 results that far outpaced analyst projections across all key performance indicators, triggering a strong rebound following an extended period of heavy selling.
Adjusted earnings per share were reported at $4.43, surpassing the Wall Street consensus of $3.27 by $1.16, representing an upside surprise of roughly 35%. Quarterly revenue reached $3.86 billion, ahead of expectations of $3.48 billion by nearly 11%. Management attributed the top-line strength to broad-based performance across end markets and the effective integration of ZT Systems.
Guidance for Fiscal 2027 Lifts Sentiment
The company’s forward guidance added further momentum to the stock. Sanmina forecast fiscal 2027 revenue between $17.5 billion and $19.5 billion, with non-GAAP EPS projected in a range of $15.50 to $17.50. Both outlooks stood above prior consensus estimates.
Within that framework, AI systems revenue alone is anticipated to total $7.5 billion to $9 billion, with management expecting growth to accelerate in the second half of the fiscal year.
First-Quarter 2027 Outlook Tops Expectations
For the first quarter of fiscal 2027, Sanmina guided EPS to a range of $3.50 to $3.85. The midpoint of that range sits roughly 25% above the analyst consensus of $2.95. Revenue for the quarter is projected between $3.8 billion and $4.1 billion, also well ahead of prevailing estimates.
On the sell-side, JPMorgan revised its price target on the stock to $230 from $270, while reiterating its Neutral rating. The move reflected a valuation adjustment rather than a renewed bullish stance.
Market Context: Company Move Isolated From Macro
Broader equity markets offered limited support. The S&P 500 was up 0.1%, the Dow Jones gained 0.3%, and the NASDAQ slipped 0.2%, indicating that Sanmina’s price action was driven primarily by company-specific news. There were no significant macroeconomic releases or central bank announcements cited as influencing overall market conditions.
Full-Year 2026 Highlights Structural Shift
Full fiscal year 2026 results emphasized the scale of the company’s ongoing transformation. Total revenue reached $14.53 billion, an increase of 79% year over year. Within that, cloud and AI infrastructure revenue surged 198% to $9.25 billion. Full-year non-GAAP diluted EPS more than doubled compared with the prior year.
| Metric | Result | Comparison / Detail |
|---|---|---|
| Q4 2026 adjusted EPS | $4.43 | Beat consensus of $3.27 by $1.16 (roughly 35% upside) |
| Q4 2026 revenue | $3.86 billion | Above estimate of $3.48 billion by nearly 11% |
| FY 2026 total revenue | $14.53 billion | Up 79% year over year |
| FY 2026 cloud and AI infrastructure revenue | $9.25 billion | Up 198% year over year |
| FY 2026 non-GAAP diluted EPS | Not specified | More than doubled versus prior year |
| FY 2027 revenue guidance | $17.5 billion – $19.5 billion | Above prior consensus |
| FY 2027 non-GAAP EPS guidance | $15.50 – $17.50 | Above prior consensus |
| FY 2027 AI systems revenue outlook | $7.5 billion – $9 billion | Expected to accelerate in back half of year |
| Q1 FY 2027 EPS guidance | $3.50 – $3.85 | Midpoint roughly 25% above $2.95 consensus |
| Q1 FY 2027 revenue guidance | $3.8 billion – $4.1 billion | Well ahead of expectations |
| JPMorgan price target | $230 | Lowered from $270; rating kept at Neutral |
| 52-week high | $288.68 | |
| 52-week low | $118.10 |
Repricing After Extended Weakness
The combination of a substantial quarterly earnings beat, a guidance upgrade that exceeded consensus by a wide margin, and a growth narrative centered on AI and cloud infrastructure triggered a swift revaluation of the stock. The reaction was particularly notable in light of the significant selling pressure Sanmina had experienced in recent months, during which the shares traded well below their 52-week high of $288.68 and had previously fallen toward a 52-week low of $118.10.
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