Sanmina
25 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.
Customers
Ten largest customers
concentrated in · 52% of our net sales in 2025named as a riskSales to our ten largest customers represented 52% of our net sales in 2025.Business (Item 1)
Single largest customer
concentrated in · 10.1% of our net salesnamed as a riskOne customer represented 10.1% of our net sales in both 2025 and 2024 and one customer represented 13.2% of our net sales in 2023.Business (Item 1)
U.S. government
earns fromnamed as a riskSCI’s customers include U.S. government agencies, U.S. allies and major defense and aerospace prime contractors.Business (Item 1)
Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more
Cloud service providers and data center operators
earns fromnamed as a riskWe realize a substantial portion of our revenue from communications equipment customers, including cloud service providers and data center operators.Risk factors (Item 1A)
Suppliers
Network security vendor (July 2024 outage)
depends onnamed as a riskFor example, in July 2024, a misconfigured system update initiated by one of our network security vendors caused our worldwide manufacturing operations to be temporarily disrupted.Risk factors (Item 1A)
Partners and platforms
Reliance Strategic Business Ventures Limited (India joint venture)
named as a riskThe success of our India joint venture is also subject to a number of risks and uncertainties, including adverse changes in the key markets the joint venture targets and the risks described above under the caption “We are subject to risks arising from our international operations”.Risk factors (Item 1A)
Other companies
Term Loan Due 2027
$302 millionOur primary exposure to market risk for changes in interest rates as of September 27, 2025 relates to our Term Loan Due 2027, under which $302 million is currently outstanding, and borrowings under our revolving credit facility, for which the interest rate we pay is based on a floating index.Market risk (Item 7A)
ZT Systems
named as a riskOur ability to realize any of the anticipated benefits from the acquisition of ZT Systems depends on us successfully integrating ZT Systems into our business and executing on our business plan to support large scale data center rack deployments.Risk factors (Item 1A)
Competitors
Benchmark Electronics, Celestica, Flex, Foxconn, Jabil, Plexus
competes withnamed as a riskOur competitors include major global EMS providers, including Benchmark Electronics, Inc., Celestica, Inc., Flex Ltd., Hon Hai Precision Industry Co., Ltd. (Foxconn), Jabil Inc. and Plexus Corp., as well as other companies that have a regional, product, service or industry-specific focus.Risk factors (Item 1A)
Places
Foreign jurisdictions (cash held)
concentrated in · approximately 60% of our cashnamed as a riskAs of September 27, 2025, approximately 60% of our cash was held in foreign jurisdictions.Risk factors (Item 1A)
China
operates innamed as a riskThese laws could negatively impact our operations in China by making it more difficult to import components containing U.S. technology into China and to export finished products containing such components out of China.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Mexico
operates innamed as a riskAs a result, we are exposed to increased tariffs with respect to components, products and certain raw materials we import into the U.S. from China, Mexico and other countries, with some exceptions.Risk factors (Item 1A)
Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more
Israel
operates innamed as a riskWe operate in countries that have experienced labor unrest, political instability or conflict and strife in the past, including China, India, Israel, Malaysia, Mexico and Thailand, and we have experienced work stoppages and similar disruptions at our plants in these countries.Risk factors (Item 1A)
Also named by AIOT, AKAM, AMAT, AMGN, APP, ASTS, AVY, BSX and 31 more
Orange County, California
operates innamed as a riskIn addition, we are currently responding to a regulatory inquiry relating to environmental conditions at a former facility in Orange County, California and also have ongoing investigation activities at and adjacent to two other former facilities in Orange County to determine the extent of any soil, soil vapor, and groundwater contamination.Business (Item 1)
Hazards
Commodities and inputs
Indian rupee, Mexican peso and Chinese renminbi
exposed to its price · $491 millionnamed as a riskWe enter into short-term foreign currency forward contracts to hedge currency exposures associated with certain monetary assets and liabilities denominated in non-functional currencies such as Indian rupee, Mexican peso and Chinese renminbi.Market risk (Item 7A)
Regulators
Internal Revenue Service (IRS)
subject to · approximately $8 millionnamed as a riskIn connection with one such audit, on November 17, 2023, we received a Revenue Agent’s Report (“RAR”) from the Internal Revenue Service (the “IRS”), which asserted an underpayment of tax of approximately $8 million for fiscal 2009.Risk factors (Item 1A)
Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more
U.S. Food and Drug Administration
subject tonamed as a riskFor example, many of the medical products that we manufacture, as well as the facilities and manufacturing processes that we use to produce them, must comply with standards established by the U.S. Food and Drug Administration and products we manufacture for the automotive end market are generally subject to the IATF 16949:2016 standard.Risk factors (Item 1A)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
U.S. Department of Justice
subject tonamed as a riskFor example, in 2023 we responded to several Civil Investigative Demands from the U.S. Department of Justice relating to certain contracts, projects, proposals, and business activities of our SCI subsidiary, and in 2024 a qui tam lawsuit filed by a former SCI employee was unsealed relating to these matters.Risk factors (Item 1A)
Also named by AAPL, ACN, AMAT, ASO, BEN, BSX, CAH, CDNA and 21 more
U.S. Commerce Department export controls
subject tonamed as a riskThe U.S. Commerce Department has released rules that in some cases significantly restrict the export of U.S. technology to or from China.Risk factors (Item 1A)
Laws and programs
California Labor Code
subject to · approximately $4 millionnamed as a riskFor example, in the first quarter of fiscal 2022, we paid approximately $4 million in a judicially approved settlement in connection with a lawsuit against us alleging violations of California Labor Code provisions governing overtime, meal and rest periods, wages, wage statements and reimbursements of business expenses, and in fiscal 2024, four putative class actions were filed in California alleging similar violations.Risk factors (Item 1A)
International Traffic in Arms Regulations (ITAR)
subject tonamed as a riskIn particular, our activities must comply with the restrictions relating to the export of controlled technology and sales to denied or sanctioned parties contained in the International Traffic in Arms Regulations, the U.S. Export Administration Regulations and sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department.Risk factors (Item 1A)
Also named by ACHR, ADI, AIR, ALSN, APH, AVAV, CDRE, CLS and 29 more
U.S. tariffs on imported components, aluminum, steel and copper
subject tonamed as a riskThe U.S. has recently announced or enacted broad increases in tariffs on all imported components, as well as on aluminum, steel, copper and derivatives thereof, subject to limited exceptions.Risk factors (Item 1A)
Cybersecurity Maturity Model Certification (CMMC)
subject toOur SCI subsidiary has been certified under the U.S. Cybersecurity Maturity Model Certification (CMMC) program.Cybersecurity (Item 1C)
Also named by ADI, AVAV, BWXT, GE, HEI, HLIO, HON, HWM and 15 more
EU RoHS Directive
subject toWe have implemented procedures intended to ensure our manufacturing processes are compliant with RoHS and the European Union’s Registration, Evaluation and Authorization of Chemicals (“REACH”) legislation, when required.Business (Item 1)