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FLEX Stock vs the S&P 500: Returns, Risk and Crash History

Flex Ltd., technology (market value $31.1 billion), an S&P 500 member: how it compared with the S&P 500, how it behaved in every crash since 2008, its risk‑adjusted returns and what analysts said. Data as of Oct 30, 2026.

Published Updated 4 min readHow we research

What changed since Oct 26

Exent re-checks this page every day. Ratings appear 30 days after they are published; the top‑ranked analysts’ calls are not counted here, they are in Gems.

10 analysts covering (was 11)6 4★+ analysts covering (was 7)+38.3% 1‑year return through Oct 30 (was +89.7%)

Key takeaways

  • FLEX returned +411.7% over the 5 years to Oct 30, 2026 versus +75.9% for the S&P 500: it beat the index.
  • Its 5-year Sharpe ratio was 0.82 against 0.58 for the S&P 500.
  • Its deepest crisis drawdown was −88.0% in the global financial crisis (2007–09) (S&P 500: −56.5%).
  • Five‑year volatility was 48.5% and beta 1.70.
  • 10 analysts rated it in the past year; 100% of their latest calls were Buy.
  • FLEX beat earnings estimates in 12 of its last 12 reports; the stock moved 7.0% on average, up or down, around each report.

What do the best‑ranked analysts on FLEX say now? See it in Exent Gems →

Did FLEX beat the S&P 500?

Over the 5 years to Oct 30, 2026, Flex Ltd. (FLEX) returned +411.7% including dividends, versus +75.9% for the S&P 500 (SPY). It beat the index by 335.8 percentage points, or +38.6% a year against +12.0%.

PeriodFLEXS&P 500FLEX per yearS&P 500 per yearResult
1 year+38.3%+12.0%+38.3%+12.0%Beat
3 years+236.2%+87.4%+49.8%+23.3%Beat
5 years+411.7%+75.9%+38.6%+12.0%Beat
10 years+509.4%+316.3%+19.8%+15.3%Beat
  • 1 year
    FLEX
    +38.3%
    S&P 500
    +12.0%
    FLEX per year
    +38.3%
    S&P 500 per year
    +12.0%
    Result
    Beat
  • 3 years
    FLEX
    +236.2%
    S&P 500
    +87.4%
    FLEX per year
    +49.8%
    S&P 500 per year
    +23.3%
    Result
    Beat
  • 5 years
    FLEX
    +411.7%
    S&P 500
    +75.9%
    FLEX per year
    +38.6%
    S&P 500 per year
    +12.0%
    Result
    Beat
  • 10 years
    FLEX
    +509.4%
    S&P 500
    +316.3%
    FLEX per year
    +19.8%
    S&P 500 per year
    +15.3%
    Result
    Beat

Total return with dividends reinvested, from month-end prices to Oct 30, 2026. Beating the index on raw return is only half the story: the next section adjusts for the risk taken. See also how to beat the S&P 500.

FLEX is in the S&P 500 (members as of Oct 20, 2026); the list shows every member’s return against the index.

What Wall Street analysts say about FLEX

In the 12 months to 30 days ago, 10 analysts published 67 ratings on FLEX. Their latest calls were 100% Buy, 0% Hold and 0% Sell. 6 of them rank 4★ or higher in Exent’s analyst scoring, which is based on each analyst’s past price‑target hit rate and returns.

The consensus 12‑month price target was $75.44 (range $70.00–$80.00), −10.4% from the last price. Remember that the average analyst’s target is hit only about half the time: how accurate are price targets?

Top‑ranked analyst coveringFirmStarsPrice‑target hit rate
??????5.0★63.1%
??????5.0★71.5%
??????4.9★60.9%
Mark DelaneyGoldman Sachs4.9★55.0%
Tim LongBarclays4.9★72.4%

Ratings are shown with a 30‑day delay. Who the top‑ranked analysts on FLEX are, their live calls and the median target of only the top‑rated analysts are in Exent Gems.

The average analyst’s target is reached about 53.1% of the time; Exent Gems is built on the top 50 of Exent’s ranking,where some reached 90% or more over the last two years. Unlock the top 50 analysts.

FLEX returns by year vs the S&P 500

FLEX beat the S&P 500 in 6 of the 9 full calendar years shown.

YearFLEXS&P 500Difference
2026 (to Oct 30, 2026)+43.1%+11.7%+31.4%
2025+57.4%+17.7%+39.7%
2024+73.2%+24.9%+48.3%
2023+3.3%+26.2%−22.9%
2022+17.1%−18.2%+35.3%
2021+1.9%+28.7%−26.8%
2020+42.5%+18.3%+24.2%
2019+65.8%+31.2%+34.6%
2018−57.7%−4.6%−53.1%
2017+25.2%+21.7%+3.5%

FLEX risk-adjusted returns: Sharpe, Sortino and volatility

Over 5 years, FLEX had a Sharpe ratio of 0.82 against 0.58 for the S&P 500, so it earned more return per unit of risk than the index. Its annualized volatility was 48.2% and its beta 1.70: it tended to move about 1.7× as much as the market.

MetricFLEXS&P 500
Annual return+38.6%+12.0%
Volatility (annualized)48.2%15.5%
Sharpe ratio0.820.58
Sortino ratio1.700.91
Max drawdown (month-end)−46.6%−23.9%
Beta to the S&P 5001.701.00

Sharpe divides return above cash by total volatility; Sortino counts only downside volatility. Both use monthly returns and the 1–3 month T‑bill ETF (BIL) as the risk‑free rate.

How FLEX behaved in past crashes

FLEX’s deepest fall in the crises below was −88.0% in the global financial crisis (2007–09), against −56.5% for the S&P 500. The last column turns that into money: what a $100,000 position would have lost from peak to trough.

CrisisFLEXS&P 500Loss on $100,000
Global financial crisis (2007–09)−88.0%−56.5%−$87,950
2018 trade-war selloff−48.1%−20.2%−$48,130
COVID crash (Feb–Mar 2020)−57.5%−34.1%−$57,450
2022 inflation bear market−24.2%−25.4%−$24,210
2025 tariff selloff−37.1%−19.0%−$37,150
WindowFLEX max drawdown
Last 1 year−52.8%
Last 3 years−52.8%
Last 5 years−52.8%
Last 10 years−70.0%

Peak‑to‑trough declines from daily prices inside each crisis window. A crash replay does not predict the next crisis; it shows how much room a holding needs. Run the same replay on a whole portfolio with the crash test.

What moves with FLEX, and what doesn’t

Correlation runs from −1 (moves opposite) to +1 (moves in lockstep). Over the last 60 months of monthly returns, FLEX’s correlation with the S&P 500 was 0.55, with the Nasdaq‑100 0.65, with long Treasuries (TLT) 0.05 and with gold (GLD) −0.05.

Adding a 5% FLEX position to an S&P 500 portfolio would have moved its 5‑year volatility from 15.5% to 16.1%.

Least correlated large capsCorrelationMost correlated large capsCorrelation
REGN−0.35CSCO0.69
CME−0.34MU0.68
COP−0.20DELL0.67
XOM−0.20MRVL0.64
ABT−0.20AMD0.60

Holdings that are highly correlated behave like one position in a selloff. See how to find hidden overlap.

Latest FLEX upgrades, downgrades and price‑target changes

DateRating and targetAnalyst
Oct 29Target cut
Buy
Target $128, was $144
Tim Long
Barclays

Named analysts’ rating and price‑target changes on FLEX in the 5 weeks to Oct 4, 2026, shown 30 days after publication (the free analysts’ calls 3 days after). The top‑ranked analysts’ calls are in Exent Gems. See all of the latest analyst upgrades and downgrades.

Do analysts get FLEX right?

Of the 83 analyst price targets on FLEX set from 2019 until a year ago, 92.8% were reached within 12 months (data to Oct 20, 2026), 24.2 points above the 68.6% hit rate of the median stock in Exent’s study of 794 stocks. Targets that were reached took a median of 77 days. The median target sat 18.7% above the share price on the day it was set.

Where analysts said FLEX would be by now: a year ago, 7 analysts had a price target on FLEX, and the median of their latest targets was $75.00. On Oct 20, 2026 FLEX closed at $87.48, 16.6% above it.

92.8%of targets reached within 12 monthsMedian stock: 68.6%
77 daysmedian time to reach a target
+16.6%price now vs the median target set a year ago
AfterCallsMove on the call3 months vs S&P 500
Upgrades of FLEX6+0.1%+0.2%
Upgrades, all stocks11,514+2.5%+3.4%
Downgrades of FLEX3+5.2%+7.6%
Downgrades, all stocks10,700−3.0%−1.6%

The move on the call runs from the close before the rating change to the close after it; the last column is the stock’s return minus the S&P 500’s over the next three months. Averages of rating changes on FLEX through Sep 15, 2026; analysts are not named here. Do analyst upgrades move stocks?

How FLEX moves after earnings

FLEX beat the consensus earnings‑per‑share estimate in 12 of its last 12 quarterly reports, through the one on Jul 29, 2026, and the revenue estimate in 10 of 12. From the close before each report to the close after it, the stock moved 7.0% on average, up or down, against 6.8% for the average report across the 1,002 US stocks Exent tracks. It rose after 6 of the 12 reports. In 5 of the 12 beats the stock still fell.

12/12earnings beats
±7.0%average move per report
6/12reports followed by a rise
ReportEPS vs estimateRevenue vs estimateStock move
Jul 29, 2026$1.00 vs $0.90+5.3%−1.2%
May 6, 2026$0.93 vs $0.87+7.4%+37.9%
Feb 4, 2026$0.87 vs $0.78+3.3%−8.8%
Oct 29, 2025$0.79 vs $0.75+1.8%−0.4%
Jul 24, 2025$0.72 vs $0.63+4.6%−7.1%
May 7, 2025$0.73 vs $0.69+2.6%+4.8%
Jan 29, 2025$0.77 vs $0.64+5.6%+3.7%
Oct 30, 2024$0.64 vs $0.56−0.4%0.0%

Reported earnings per share against the consensus estimate, revenue surprise in percent, and the stock’s price change over the two sessions around the report. How stocks move after earnings

Where FLEX’s revenue comes from

In fiscal 2026 (the year to Mar 31, 2026), 22.9% of FLEX’s $19.6 billion revenue came from China. By region: Mexico 35.6%; United States 26.4%; China 22.9%; Malaysia 15.1%.

By business, the largest segment was Flex Agility Solutions (FAS), with 54.5% of $25.8 billion revenue (+1.1% on the year before).

  • Mexico35.6%
  • United States26.4%
  • China22.9%
  • Malaysia15.1%
SegmentRevenueShareGrowth
Flex Agility Solutions (FAS)$14.1 billion54.5%+1.1%
Flex Reliability Solutions (FRS)$11.7 billion45.5%−6.0%

From FLEX’s annual filings; segment growth compares fiscal 2025 with the year before. Regions are as each company reports them, so one company’s “Asia Pacific” is not another’s. China counts the regions a company reports as China, Greater China or Hong Kong; a separately reported Taiwan is not counted. Which S&P 500 companies depend most on China?

Members of Congress who traded FLEX

As of Oct 20, 2026, 4 members of Congress had disclosed 27 trades in FLEX (8 buys and 19 sales) in STOCK Act disclosures filed with the House and Senate. The latest public trade is dated May 14, 2026.

Trade dateMemberTypeAmount
May 14, 2026Gilbert CisnerosSale$1,001–$15,000
May 12, 2026Gilbert CisnerosSale$1,001–$15,000
May 11, 2026Gilbert CisnerosSale$50,001–$100,000
May 7, 2026Gilbert CisnerosSale$15,001–$50,000
May 1, 2026Gilbert CisnerosSale$1,001–$15,000
Apr 27, 2026Gilbert CisnerosSale$1,001–$15,000
Apr 22, 2026Gilbert CisnerosSale$1,001–$15,000
Apr 15, 2026Gilbert CisnerosSale$1,001–$15,000
Apr 13, 2026Gilbert CisnerosSale$15,001–$50,000
Mar 27, 2026Gilbert CisnerosSale$1,001–$15,000

Amounts are the ranges members report, not exact values. The STOCK Act gives members up to 45 days to disclose a trade, so trades appear weeks after they are made. See every member’s disclosed trades

One trade in FLEX disclosed in the last 30 days is in Exent Radar.

Are FLEX insiders buying or selling?

In the 12 months to Oct 20, 2026, FLEX insiders made no open‑market purchases and 156 sales, according to SEC Form 4 filings. The last open‑market purchase on record was on Dec 4, 2018.

After the 5 insider purchases of $10,000 or more since 2012, FLEX beat the S&P 500 by an average of 14.9 percentage points over the next 12 months; 80% of them were followed by a beat. Across all 17,865 insider purchases in Exent’s study, the average was +17.2% and the median +1.0% against the index.

Q4 ’24
Q1 ’25
Q2 ’25
Q3 ’25
Q4 ’25
Q1 ’26
Q2 ’26
Q3 ’26
DateInsiderRoleValue
Dec 4, 2018Onetto Marc ADirector$97,632
Oct 30, 2018Offer David ScottEVP, General Counsel$202,273
Oct 3, 2014Glenview Capital Management, Llc10 percent owner$50.9 million
Jul 30, 2014Collier ChristopherChief Financial Officer$105,400
May 24, 2013Collier ChristopherChief Financial Officer$110,100

The table lists the latest open‑market purchases on record, leaving out the last 30 days. The chart counts Form 4 purchases and sales by calendar quarter. Purchases are open‑market buys; sales include planned sales under 10b5‑1 trading plans. Do insider buys beat the market?

How much of FLEX is sold short?

As of the Sep 30, 2026 settlement date, 2.41% of FLEX’s float was sold short: 8.8 million shares, or 2.5 days of average trading volume to cover. A year earlier (Oct 15, 2025) it was 1.49%. The median across the 997 US stocks Exent tracks was 4.77%, so FLEX is less heavily shorted than most.

  • Apr 30, 20262.13%
  • May 29, 20261.80%
  • Jun 30, 20262.02%
  • Jul 31, 20262.54%
  • Aug 31, 20262.69%
  • Sep 30, 20262.41%

From FINRA short‑interest reports, filed twice a month; the bars show the short share of the float at each month‑end. Days to cover divides the shares short by the average daily volume. The most shorted stocks

How many institutions own FLEX?

At the end of Q2 2026 (Jun 30, 2026), 1,165 institutions reported holding FLEX in 13F filings, up 346 from the quarter before and up from 676 a year earlier. Their reported holdings add up to 94.0% of FLEX’s shares. In the quarter 675 institutions added to their positions and 363 cut them.

1,16513F holders
396new positions
67positions closed
94.0%of shares held by 13F filers

Investment managers with over $100 million in US equities file 13F reports within 45 days of each quarter end, so this is the latest complete quarter. Holdings can add up to more than 100% when shares are lent and counted twice. Which stocks institutions are buying and selling

Is FLEX diluting shareholders?

FLEX’s diluted share count fell 26.1% over the five fiscal years to fiscal 2026 and fell 6.0% in fiscal 2026 alone. Each share now owns a larger slice of the company. The median change across the 1,005 US stocks Exent tracks was −0.1%.

Stock‑based compensation was $142.0 million in fiscal 2026, 0.5% of revenue. FLEX spent $944.0 million buying back shares, a buyback yield of 2.31% of its market value; stock pay equaled 15.0% of the buybacks.

−6.0%share count, 1 year
−26.1%share count, 5 years
0.5%stock pay as % of revenue
2.31%buyback yield

Weighted‑average diluted shares from FLEX’s annual income statements; stock‑based compensation and buybacks from its cash‑flow statement. Stock dilution and stock‑based compensation, explained

FLEX financial health scores

In Exent’s Oct 20, 2026 snapshot, FLEX’s Altman Z‑score was 2.72, in the grey zone (where 149 of the 794 non‑financial US stocks Exent tracks sit). Its Piotroski F‑score was 7 out of 9; 40% of scored stocks reach 7 or more.

2.72Altman Z‑score: grey zone
7/9Piotroski F‑score

The Altman Z‑score combines five balance‑sheet and earnings ratios into one bankruptcy‑risk score: below 1.81 is the distress zone, 1.81–2.99 grey, above 2.99 safe. It is not meaningful for banks, insurers and REITs. The Piotroski F‑score counts nine yes/no tests of profitability, leverage and efficiency; 8–9 is strong, 0–2 weak. Both come from the latest annual statements. Which stocks have the highest bankruptcy risk?

What FLEX talks about on earnings calls

On its latest earnings call (Jul 29, 2026), FLEX’s executives and analysts mentioned AI 14 times, against 10 on the call before (May 6, 2026); the average across 455 S&P 500 calls that quarter was 12.9. After AI, the most mentioned topic was data centers (12). Tariffs and recession did not come up.

MentionsJul ’26May ’26Feb ’26Oct ’25
AI14101111
AI agents0000
Data centers12192833
Tariffs0004
China0000
Recession0000
  • AI
    Jul ’26
    14
    May ’26
    10
    Feb ’26
    11
    Oct ’25
    11
  • AI agents
    Jul ’26
    0
    May ’26
    0
    Feb ’26
    0
    Oct ’25
    0
  • Data centers
    Jul ’26
    12
    May ’26
    19
    Feb ’26
    28
    Oct ’25
    33
  • Tariffs
    Jul ’26
    0
    May ’26
    0
    Feb ’26
    0
    Oct ’25
    4
  • China
    Jul ’26
    0
    May ’26
    0
    Feb ’26
    0
    Oct ’25
    0
  • Recession
    Jul ’26
    0
    May ’26
    0
    Feb ’26
    0
    Oct ’25
    0

Word counts in the full transcript of each call, prepared remarks and Q&A, newest first. “AI” also counts generative AI and large language models; “AI agents” counts agentic AI. Which companies talk most about AI?

Which ETFs hold FLEX?

As of Oct 20, 2026, 54 of the 304 ETFs Exent tracks held FLEX. Its largest weight is in VBK (Vanguard Small-Cap Growth Index Fund ETF Shares), at 0.58% of the fund.

ETFFundWeight of FLEX
VBKVanguard Small-Cap Growth Index Fund ETF Shares0.58%
VOTVanguard Mid-Cap Growth Index Fund0.48%
IWSiShares Russell Mid-Cap Value ETF0.32%
VBVanguard Small-Cap Index Fund ETF Shares0.26%
MTUMiShares MSCI USA Momentum Factor ETF0.25%
IWRiShares Russell Mid-Cap ETF0.24%
FFLCFidelity Covington Trust - Fidelity Fundamental Large Cap Core ETF0.23%
VOVanguard Mid-Cap Index Fund ETF Shares0.20%

Owning several of these funds stacks the same position. How much do VOO, QQQ and VTI overlap?

The right benchmark for FLEX

Exent matches every holding to the index with the most similar risk. For FLEX that is QQQ (the Nasdaq‑100). Comparing a holding with an index that carries very different risk makes good results look bad and risky ones look clever. Read why the S&P 500 is the wrong benchmark for most portfolios.

Other technology stocks

TickerName5‑year returnVolatility (5y)
NVDANVIDIA Corporation+704.3%51.1%
AAPLApple Inc.+135.9%27.9%
MSFTMicrosoft Corporation+64.0%26.5%
AVGOBroadcom Inc.+570.0%44.2%
MUMicron Technology, Inc.+1,211%51.9%
AMDAdvanced Micro Devices, Inc.+319.9%57.5%
INTCIntel Corporation+45.7%51.2%
PLTRPalantir Technologies Inc.+611.4%64.4%

Data and methodology

Returns are total returns from month‑end adjusted closing prices (dividends reinvested) through Oct 30, 2026. Crisis drawdowns and trailing maximum drawdowns use daily prices. Analyst coverage counts ratings published in the last 12 months, shown with a 30‑day delay. Full method: Exent methodology.

Company data as of Oct 20, 2026. The move around an earnings report runs from the close before it to the close after it; a price target counts as hit when the stock closed at or beyond it within 12 months (Exent analyst data). Revenue by region and segment, share counts and executive pay come from company filings; insider trades from SEC Form 4, short interest from FINRA, institutional ownership from 13F filings, Congress trades from STOCK Act disclosures filed with the House and Senate, federal contracts from USAspending.gov. Filings from the last 30 days are shown as counts only.

Past performance does not guarantee future results. Historical figures are calculated by Exent from market data and are for education only; they are not investment advice or a recommendation to buy or sell any security.

Check FLEX with Exent Gems

Wall Street’s average FLEX price target is 10.4% below the latest share price. See what the best‑ranked analysts on FLEX say now in Exent Gems.

  1. Exent ranks Wall Street analysts by their past price‑target hit rate and returns, and keeps the best‑ranked few.
  2. Gems shows who the top‑ranked analysts covering FLEX are, their live calls and the median target of only the top‑rated analysts.
  3. Gems flags the stocks where several top‑ranked analysts agree: a starting point for your own research, not a promise.

Exent is our product. Educational content, not investment advice.

Frequently asked questions

Yes. FLEX returned +509.4% (+19.8% a year) over the 10 years to Oct 30, 2026, versus +316.3% (+15.3% a year) for the S&P 500, including dividends.

Yes. As of Oct 20, 2026, FLEX (Flex Ltd.) is one of the 503 stocks in the S&P 500.

No. As of Oct 20, 2026, FLEX (Flex Ltd.) is not one of the 101 stocks in the Nasdaq-100.

FLEX fell −88.0% from peak to trough during the global financial crisis (2007–09), versus −56.5% for the S&P 500.

FLEX fell −57.5% from peak to trough during the covid crash (feb–mar 2020), versus −34.1% for the S&P 500.

FLEX fell −24.2% from peak to trough during the 2022 inflation bear market, versus −25.4% for the S&P 500.

Over the 5 years to Oct 30, 2026, FLEX’s Sharpe ratio was 0.82 and its Sortino ratio 1.70, versus 0.58 and 0.91 for the S&P 500.

FLEX’s 5‑year annualized volatility was 48.5%, higher than the S&P 500’s 17.0%, with a beta of 1.70.

Among large US stocks, the lowest correlations with FLEX over the last 60 months were REGN (−0.35), CME (−0.34), COP (−0.20). Its correlation with long Treasuries (TLT) was 0.05 and with gold (GLD) −0.05.

FLEX beat the consensus earnings-per-share estimate in 12 of its last 12 quarterly reports through Jul 29, 2026, and the revenue estimate in 10 of 12. The stock moved 7.0% on average, up or down, from the close before each report to the close after it.

In fiscal 2026 (the year to Mar 31, 2026), 22.9% of FLEX’s $19.6 billion revenue came from China, about $4.5 billion. Regions are as FLEX reports them in its annual filings.

Yes. As of Oct 20, 2026, 4 members of Congress had disclosed 27 trades in FLEX (8 buys and 19 sales) in STOCK Act disclosures filed with the House and Senate.

As of the Sep 30, 2026 settlement date, 2.41% of FLEX’s float was sold short (8.8 million shares, 2.5 days to cover), according to FINRA short-interest reports. A year earlier it was 1.49%.

No. FLEX’s diluted share count fell 26.1% over the five fiscal years to fiscal 2026 and fell 6.0% in the latest year. Stock-based compensation was 0.5% of revenue, and buybacks totaled $944.0 million.

What do the best‑ranked analysts say on FLEX now?

Exent ranks Wall Street analysts by their track record. Gems shows who the top‑ranked analysts on FLEX are, their latest calls and the stocks where several of them agree.

See this week’s GemsLimited offer$1.95 for full access· full access

Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.

DISCLAIMER: Exent AI is an informational research platform and does not provide investment advice, financial advice, or act as an investment adviser, broker-dealer, or fiduciary. All content, analytics, and model outputs are provided for educational and informational purposes only and should not be relied upon as a recommendation to buy, sell, or hold any financial instrument. Investing involves risk, including the possible loss of principal. Exent AI does not execute trades, hold customer funds, or provide brokerage services. Past performance and hypothetical results are not indicative of future results. Third-party data and AI-generated outputs may be incomplete or inaccurate.