Plexus Corp. (PLXS)

NASDAQInformation TechnologyHardware, Equipment & PartsSnapshot 2026-10-23

$216.98-1.72%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Plexus Corp.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
EPS	$2.47–$2.63non-GAAP	—
FY 2027 · Q1
Revenue	—	1.36B
EPS	—	2.422
FY 2026 · Annual
Free cash flow	$50M–$75M	—
FY 2027 · Annual
Revenue	—	5.64B
EPS	—	10.15
FY 2028 · Annual
Revenue	—	6.16B
EPS	—	11.398

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain strong cash flow supported by new $500 million credit agreement	The company secured a $500 million credit line supporting cash flow.	Intact	cash flow weakens or credit facility is withdrawn	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Achieve non-GAAP EPS of $2.02 to $2.18 next quarter	Non-GAAP EPS rose to $2.05, with guidance targeting $2.1 next quarter.	Intact	EPS falls below $1.8 next quarter	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Increase revenue to $1.2-$1.25 billion next quarter	Plexus grows revenue about 19% year over year, nearing $1.2 billion next quarter.	Intact	revenue falls below $1.1 billion next quarter	Revenue: $1.305M FY2026-Q3; GAAP. Published target: >= $1.2 billion. Target period is not explicitly aligned with this observation. Source published Aug 6, 20261,304,778 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q3 · Period ending Jul 4, 2026 Source: company_financial_results. Reference: ae948f13-0aa4-4d36-ab9f-705af2425185. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2028 · fiscal year ending 2028-09-27 · fmp

FY2028 EPS: comparable history unavailable.

FY2028 revenue$6.16B

$6.16B → $6.16B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2028 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-09-28	Unavailable	$6,155,813,440	3 / 5
2026-09-29	Unavailable	$6,155,813,440	3 / 5
2026-09-30	Unavailable	$6,155,813,440	3 / 5
2026-10-01	Unavailable	$6,155,813,440	3 / 5
2026-10-02	Unavailable	$6,155,813,440	3 / 5
2026-10-03	Unavailable	$6,155,813,440	3 / 5
2026-10-04	Unavailable	$6,155,813,440	3 / 5
2026-10-05	Unavailable	$6,155,813,440	3 / 5
2026-10-06	Unavailable	$6,155,813,440	3 / 5
2026-10-07	Unavailable	$6,155,813,440	3 / 5
2026-10-08	Unavailable	$6,155,813,440	3 / 5
2026-10-09	Unavailable	$6,155,813,440	3 / 5
2026-10-10	Unavailable	$6,155,813,440	3 / 5
2026-10-11	Unavailable	$6,155,813,440	3 / 5
2026-10-12	Unavailable	$6,155,813,440	3 / 5
2026-10-13	Unavailable	$6,155,813,440	3 / 5
2026-10-14	Unavailable	$6,155,813,440	3 / 5
2026-10-15	Unavailable	$6,155,813,440	3 / 5
2026-10-16	Unavailable	$6,155,813,440	3 / 5
2026-10-17	Unavailable	$6,155,813,440	3 / 5
2026-10-18	Unavailable	$6,155,813,440	3 / 5
2026-10-19	Unavailable	$6,155,813,440	3 / 5
2026-10-20	Unavailable	$6,155,813,440	3 / 5
2026-10-21	Unavailable	$6,155,813,440	3 / 5
2026-10-22	Unavailable	$6,155,813,440	3 / 5
2026-10-23	Unavailable	$6,155,813,440	3 / 5
2026-10-24	Unavailable	$6,155,813,440	3 / 5

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	4	2
2026-06-01	3	2
2026-07-01	4	2
2026-08-01	4	2
2026-09-01	5	1
2026-10-01	5	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 5 Buy / Strong Buy · 0 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain strong cash flow supported by new $500 million credit agreementQualitative condition
Achieve non-GAAP EPS of $2.02 to $2.18 next quarterDirect metric needs a verified mapping
Increase revenue to $1.2-$1.25 billion next quarterRevenue: $1.305M

Next proof point

Oct 28, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.4%Typical daily move · historical

Downside history

-28.6%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Plexus Corp. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

PLXS is a growth-oriented manufacturing business whose results are currently strong, with new program wins supporting revenue growth and margins above 6%. The long-term thesis is intact, but the evidence is mixed on cash generation and earnings quality remains fragile.

What's priced into Plexus Corp.

The evidence describes PLXS as expensive versus peers, with a stretched priced-in tag and an elevated fragility rating. The expectations gap is modest, so valuation leaves limited room for execution to disappoint, even as recent momentum has improved.

What the fundamentals likely do

Near-term, revenue growth and margin progress have been supported by new wins, and recent results have been strong. Cash-cycle efficiency is improving, but management expects free cash flow usage in fiscal 2026 before meaningful generation returns in early 2027; a guidance cut is a key risk.

What Plexus Corp. hinges on

Over the next several quarters, the thesis depends on continued program wins, revenue growth, and margin expansion without a guidance cut. Fed rate cuts and stronger results from sector bellwethers could support the sector backdrop, while weak execution or deteriorating peer trends could challenge the setup.