MEDIUMOutside partyCustomer
49.1%
10 largest customers
“10-K Item 1A: 'Our 10 largest customers accounted for 49.1% and 47.8% of our net sales in fiscal 2025 and 2024, respectively.'”
PLXS · Concentration risk · 10-K extracted
Plexus (PLXS) concentration risks
Updated
The most significant concentration Plexus discloses is 10 largest customers at 49.1%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Plexus’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
Malaysia
“10-K Item 1A: 'A significant portion of our operations is currently located in the APAC region, particularly in Malaysia.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is shaped by two medium-share exposures — a customer dependency and a geographic manufacturing concentration — that operate on different risk axes. The 10 largest customers accounted for 49.1% of net sales in fiscal 2025 — a medium-share concentration for a contract electronics manufacturer serving a relatively small number of large OEM clients. While no individual customer percentage is disclosed, the aggregate share means that the loss or significant downsizing of even one or two major accounts would move consolidated revenue materially. The character is dependency: contract manufacturing relationships are governed by program awards that can be re-competed, transferred, or cancelled as customers adjust their supply chain strategies. The geographic manufacturing concentration is structural: a significant portion of operations is located in the Asia-Pacific region, particularly in Malaysia. This is a medium-share exposure where the dependency is on the operational and labor infrastructure of a specific country. Trade policy changes, export controls, natural disasters, or labor market disruptions in Malaysia could constrain production capacity without readily available short-term alternatives, given the capital and qualification requirements of establishing new manufacturing sites. The two exposures are partially linked: if a major customer were to re-onshore production or shift to a different geography, the Malaysia concentration would reduce but the customer concentration risk would remain until replacement programs are won. On balance, both exposures are at the medium-share level and represent the typical concentration profile of a tier-one contract manufacturer serving a concentrated OEM base from an established low-cost manufacturing region.
For the engine’s reasoning on PLXS’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Electronic Components
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CLS | Celestica, Inc. | 2 | 2 | 0 | 4 |
| APH | Amphenol Corporation | 2 | 1 | 1 | 4 |
| BELFB | Bel Fuse Inc. | 2 | 1 | 0 | 3 |
| BHE | Benchmark Electronics, Inc. | 2 | 0 | 0 | 2 |
| BELFA | Bel Fuse Inc. | 0 | 2 | 0 | 2 |
| PLXS● | Plexus Corp. | 0 | 2 | 0 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.