HIGHBuilt-inGeographic
non-U.S. operations
“10-K Item 1A: 'The substantial majority of our net sales are generated through our non-U.S. operations'”
SANM · Concentration risk · 10-K extracted
Sanmina (SANM) concentration risks
Updated
The most significant concentration Sanmina discloses is non-U.S. operations, classified HIGH 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: Sanmina’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
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).
MEDIUMOutside partyCustomer
top-ten customers
“10-K Item 1A: 'Sales to our ten largest customers have historically represented approximately half of our net sales'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines a high-share geographic exposure — with the substantial majority of net sales generated through non-U.S. operations — and a medium-share customer concentration where the ten largest customers have historically represented approximately half of net sales. Both are structural and dependency in character, respectively, and together describe a business whose revenue base is both internationally anchored and meaningfully skewed toward a relatively small customer cohort. The geographic exposure is high-share and structural: the deliberate operating model is one of global manufacturing, and the preponderance of international revenue flows from where the company has built its production network, not from reliance on any single foreign country or customer. This introduces currency, regulatory, and geopolitical risks that move with broad international conditions rather than with any specific counterparty. Tariff and trade policy changes are a particularly relevant monitoring variable given the breadth of the international manufacturing footprint. The customer concentration is medium-share and dependency in character: reliance on the ten largest customers for approximately half of net sales means that shifting program volumes, design-win changes, or inventory cycles at a handful of accounts can move aggregate revenue materially. Contract electronics manufacturing relationships tend to be multi-year but are ultimately subject to competitive re-bids, and an outsized portion of revenue is exposed to decisions made by a small number of buyers. The two exposures are complementary in risk: international manufacturing cost advantages support the company's competitive position with large customers, but both the geographic and customer concentrations amplify sensitivity to global trade conditions and individual customer program dynamics.
For the engine’s reasoning on SANM’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 |
| SANM● | Sanmina Corporation | 1 | 1 | 0 | 2 |
| BELFA | Bel Fuse Inc. | 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.