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Side-by-side financial comparison of FLEX LTD. (FLEX) and HSBC HOLDINGS PLC (HSBC). Click either name above to swap in a different company.
HSBC HOLDINGS PLC is the larger business by last-quarter revenue ($28.6B vs $27.9B, roughly 1.0× FLEX LTD.). HSBC HOLDINGS PLC runs the higher net margin — 25.7% vs 0.9%, a 24.8% gap on every dollar of revenue. HSBC HOLDINGS PLC produced more free cash flow last quarter ($64.0B vs $212.0M).
Flex Ltd. is a Singaporean–American multinational manufacturing company. It is the third largest global electronics manufacturing services (EMS), original design manufacturer (ODM) company by revenue, behind only Pegatron for what concerns original equipment manufacturers. Flex's U.S. corporate headquarters are located in Austin, Texas. The company has manufacturing operations in over 30 countries, totaling about 172,000 employees.
HSBC Holdings plc is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$3.098 trillion as of September 2024. This also puts it as the 7th largest bank in the world by total assets behind Bank of America, and the 3rd largest non-state owned bank in the world.
FLEX vs HSBC — Head-to-Head
Income Statement — Q4 FY2026 vs Q4 FY2024
| Metric | | |
|---|---|---|
| Revenue | $27.9B | $28.6B |
| Net Profit | $250.0M | $7.3B |
| Gross Margin | 2.5% | — |
| Operating Margin | 1.3% | 33.1% |
| Net Margin | 0.9% | 25.7% |
| Revenue YoY | 16.9% | — |
| Net Profit YoY | 12.6% | — |
| EPS (diluted) | $0.67 | $0.36 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $27.9B | — | ||
| Q4 25 | $7.1B | — | ||
| Q3 25 | $6.8B | — | ||
| Q2 25 | $6.6B | — | ||
| Q1 25 | $6.4B | $28.6B | ||
| Q4 24 | $6.6B | — | ||
| Q3 24 | $6.5B | — | ||
| Q2 24 | $6.3B | — |
| Q1 26 | $250.0M | — | ||
| Q4 25 | $239.0M | — | ||
| Q3 25 | $199.0M | — | ||
| Q2 25 | $192.0M | — | ||
| Q1 25 | $222.0M | $7.3B | ||
| Q4 24 | $263.0M | — | ||
| Q3 24 | $214.0M | — | ||
| Q2 24 | $139.0M | — |
| Q1 26 | 2.5% | — | ||
| Q4 25 | 9.6% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 8.7% | — | ||
| Q1 25 | 8.8% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | 8.1% | — | ||
| Q2 24 | 7.5% | — |
| Q1 26 | 1.3% | — | ||
| Q4 25 | 5.5% | — | ||
| Q3 25 | 4.4% | — | ||
| Q2 25 | 4.7% | — | ||
| Q1 25 | 4.8% | 33.1% | ||
| Q4 24 | 5.1% | — | ||
| Q3 24 | 4.5% | — | ||
| Q2 24 | 3.7% | — |
| Q1 26 | 0.9% | — | ||
| Q4 25 | 3.4% | — | ||
| Q3 25 | 2.9% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 3.5% | 25.7% | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 2.2% | — |
| Q1 26 | $0.67 | — | ||
| Q4 25 | $0.64 | — | ||
| Q3 25 | $0.52 | — | ||
| Q2 25 | $0.50 | — | ||
| Q1 25 | $0.56 | $0.36 | ||
| Q4 24 | $0.67 | — | ||
| Q3 24 | $0.54 | — | ||
| Q2 24 | $0.34 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.4B | $434.9B |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $5.1B | $192.3B |
| Total Assets | $22.1B | $3017.0B |
| Debt / EquityLower = less leverage | 0.73× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.4B | — | ||
| Q4 25 | $3.1B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.3B | $434.9B | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.2B | — |
| Q1 26 | $3.8B | — | ||
| Q4 25 | $4.4B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $3.7B | — | ||
| Q2 24 | $3.2B | — |
| Q1 26 | $5.1B | — | ||
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.1B | — | ||
| Q1 25 | $5.0B | $192.3B | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $5.0B | — | ||
| Q2 24 | $5.0B | — |
| Q1 26 | $22.1B | — | ||
| Q4 25 | $20.8B | — | ||
| Q3 25 | $19.5B | — | ||
| Q2 25 | $19.1B | — | ||
| Q1 25 | $18.4B | $3017.0B | ||
| Q4 24 | $18.3B | — | ||
| Q3 24 | $18.6B | — | ||
| Q2 24 | $17.7B | — |
| Q1 26 | 0.73× | — | ||
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.74× | — | ||
| Q4 24 | 0.74× | — | ||
| Q3 24 | 0.74× | — | ||
| Q2 24 | 0.64× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $413.0M | $65.3B |
| Free Cash FlowOCF − Capex | $212.0M | $64.0B |
| FCF MarginFCF / Revenue | 0.8% | 223.9% |
| Capex IntensityCapex / Revenue | — | 4.7% |
| Cash ConversionOCF / Net Profit | 1.65× | 8.90× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $413.0M | — | ||
| Q4 25 | $420.0M | — | ||
| Q3 25 | $453.0M | — | ||
| Q2 25 | $399.0M | — | ||
| Q1 25 | $433.0M | $65.3B | ||
| Q4 24 | $413.0M | — | ||
| Q3 24 | $319.0M | — | ||
| Q2 24 | $340.0M | — |
| Q1 26 | $212.0M | — | ||
| Q4 25 | $272.0M | — | ||
| Q3 25 | $303.0M | — | ||
| Q2 25 | $266.0M | — | ||
| Q1 25 | $321.0M | $64.0B | ||
| Q4 24 | $301.0M | — | ||
| Q3 24 | $216.0M | — | ||
| Q2 24 | $229.0M | — |
| Q1 26 | 0.8% | — | ||
| Q4 25 | 3.9% | — | ||
| Q3 25 | 4.5% | — | ||
| Q2 25 | 4.0% | — | ||
| Q1 25 | 5.0% | 223.9% | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 3.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | — | ||
| Q3 25 | 2.2% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 1.8% | 4.7% | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.8% | — |
| Q1 26 | 1.65× | — | ||
| Q4 25 | 1.76× | — | ||
| Q3 25 | 2.28× | — | ||
| Q2 25 | 2.08× | — | ||
| Q1 25 | 1.95× | 8.90× | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 2.45× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
