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Side-by-side financial comparison of FLEX LTD. (FLEX) and Philip Morris International (PM). Click either name above to swap in a different company.
Philip Morris International is the larger business by last-quarter revenue ($10.1B vs $7.1B, roughly 1.4× FLEX LTD.). Philip Morris International runs the higher net margin — 24.0% vs 3.4%, a 20.6% gap on every dollar of revenue. On growth, Philip Morris International posted the faster year-over-year revenue change (9.1% vs 7.7%). Over the past eight quarters, FLEX LTD.'s revenue compounded faster (25.2% CAGR vs 3.5%).
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.
Philip Morris International Inc. (PMI) is a tobacco company, with products sold in over 180 countries. Marlboro is PMI’s most recognized brand, but in the last quarter of 2023, Iqos generated the greatest revenue. Philip Morris International is often referred to as one of the companies comprising Big Tobacco. The company ranked No. 121 in the 2025 Fortune 500 list of the largest US corporations by total revenue.
FLEX vs PM — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $7.1B | $10.1B |
| Net Profit | $239.0M | $2.4B |
| Gross Margin | 9.6% | 68.1% |
| Operating Margin | 5.5% | 38.4% |
| Net Margin | 3.4% | 24.0% |
| Revenue YoY | 7.7% | 9.1% |
| Net Profit YoY | -9.1% | -9.0% |
| EPS (diluted) | $0.64 | $1.56 |
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 | — | $10.1B | ||
| Q4 25 | $7.1B | $10.4B | ||
| Q3 25 | $6.8B | $10.8B | ||
| Q2 25 | $6.6B | $10.1B | ||
| Q1 25 | $6.4B | $9.3B | ||
| Q4 24 | $6.6B | $9.7B | ||
| Q3 24 | $6.5B | $9.9B | ||
| Q2 24 | $6.3B | $9.5B |
| Q1 26 | — | $2.4B | ||
| Q4 25 | $239.0M | $2.1B | ||
| Q3 25 | $199.0M | $3.5B | ||
| Q2 25 | $192.0M | $3.0B | ||
| Q1 25 | $222.0M | $2.7B | ||
| Q4 24 | $263.0M | $-579.0M | ||
| Q3 24 | $214.0M | $3.1B | ||
| Q2 24 | $139.0M | $2.4B |
| Q1 26 | — | 68.1% | ||
| Q4 25 | 9.6% | 65.6% | ||
| Q3 25 | 9.0% | 67.8% | ||
| Q2 25 | 8.7% | 67.7% | ||
| Q1 25 | 8.8% | 67.3% | ||
| Q4 24 | 9.1% | 64.7% | ||
| Q3 24 | 8.1% | 66.0% | ||
| Q2 24 | 7.5% | 64.7% |
| Q1 26 | — | 38.4% | ||
| Q4 25 | 5.5% | 32.6% | ||
| Q3 25 | 4.4% | 39.3% | ||
| Q2 25 | 4.7% | 36.6% | ||
| Q1 25 | 4.8% | 38.1% | ||
| Q4 24 | 5.1% | 33.6% | ||
| Q3 24 | 4.5% | 36.9% | ||
| Q2 24 | 3.7% | 36.4% |
| Q1 26 | — | 24.0% | ||
| Q4 25 | 3.4% | 20.7% | ||
| Q3 25 | 2.9% | 32.1% | ||
| Q2 25 | 2.9% | 30.0% | ||
| Q1 25 | 3.5% | 28.9% | ||
| Q4 24 | 4.0% | -6.0% | ||
| Q3 24 | 3.3% | 31.1% | ||
| Q2 24 | 2.2% | 25.4% |
| Q1 26 | — | $1.56 | ||
| Q4 25 | $0.64 | $1.36 | ||
| Q3 25 | $0.52 | $2.23 | ||
| Q2 25 | $0.50 | $1.95 | ||
| Q1 25 | $0.56 | $1.72 | ||
| Q4 24 | $0.67 | $-0.37 | ||
| Q3 24 | $0.54 | $1.97 | ||
| Q2 24 | $0.34 | $1.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.1B | $5.5B |
| Total DebtLower is stronger | $4.4B | $49.5B |
| Stockholders' EquityBook value | $5.1B | — |
| Total Assets | $20.8B | $68.9B |
| Debt / EquityLower = less leverage | 0.87× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.5B | ||
| Q4 25 | $3.1B | $4.9B | ||
| Q3 25 | $2.2B | $4.0B | ||
| Q2 25 | $2.2B | $4.1B | ||
| Q1 25 | $2.3B | $4.4B | ||
| Q4 24 | $2.3B | $4.2B | ||
| Q3 24 | $2.6B | $4.3B | ||
| Q2 24 | $2.2B | $4.8B |
| Q1 26 | — | $49.5B | ||
| Q4 25 | $4.4B | $45.1B | ||
| Q3 25 | $3.7B | $41.9B | ||
| Q2 25 | $3.7B | $42.4B | ||
| Q1 25 | $3.7B | $38.8B | ||
| Q4 24 | $3.7B | $42.2B | ||
| Q3 24 | $3.7B | $44.2B | ||
| Q2 24 | $3.2B | $44.6B |
| Q1 26 | — | — | ||
| Q4 25 | $5.1B | $-10.0B | ||
| Q3 25 | $5.0B | $-10.9B | ||
| Q2 25 | $5.1B | $-12.0B | ||
| Q1 25 | $5.0B | $-10.9B | ||
| Q4 24 | $5.0B | $-11.8B | ||
| Q3 24 | $5.0B | $-9.7B | ||
| Q2 24 | $5.0B | $-9.7B |
| Q1 26 | — | $68.9B | ||
| Q4 25 | $20.8B | $69.2B | ||
| Q3 25 | $19.5B | $67.1B | ||
| Q2 25 | $19.1B | $68.5B | ||
| Q1 25 | $18.4B | $65.1B | ||
| Q4 24 | $18.3B | $61.8B | ||
| Q3 24 | $18.6B | $66.9B | ||
| Q2 24 | $17.7B | $65.8B |
| Q1 26 | — | — | ||
| 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 | $420.0M | — |
| Free Cash FlowOCF − Capex | $272.0M | — |
| FCF MarginFCF / Revenue | 3.9% | — |
| Capex IntensityCapex / Revenue | 2.1% | — |
| Cash ConversionOCF / Net Profit | 1.76× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $420.0M | $4.7B | ||
| Q3 25 | $453.0M | $4.5B | ||
| Q2 25 | $399.0M | $3.4B | ||
| Q1 25 | $433.0M | $-350.0M | ||
| Q4 24 | $413.0M | $4.0B | ||
| Q3 24 | $319.0M | $3.3B | ||
| Q2 24 | $340.0M | $4.6B |
| Q1 26 | — | — | ||
| Q4 25 | $272.0M | $4.3B | ||
| Q3 25 | $303.0M | $4.1B | ||
| Q2 25 | $266.0M | $3.1B | ||
| Q1 25 | $321.0M | $-754.0M | ||
| Q4 24 | $301.0M | $3.7B | ||
| Q3 24 | $216.0M | $3.0B | ||
| Q2 24 | $229.0M | $4.3B |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 41.2% | ||
| Q3 25 | 4.5% | 37.8% | ||
| Q2 25 | 4.0% | 30.1% | ||
| Q1 25 | 5.0% | -8.1% | ||
| Q4 24 | 4.6% | 38.4% | ||
| Q3 24 | 3.3% | 29.9% | ||
| Q2 24 | 3.6% | 45.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 4.3% | ||
| Q3 25 | 2.2% | 3.4% | ||
| Q2 25 | 2.0% | 3.5% | ||
| Q1 25 | 1.8% | 4.3% | ||
| Q4 24 | 1.7% | 2.9% | ||
| Q3 24 | 1.6% | 3.8% | ||
| Q2 24 | 1.8% | 3.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.76× | 2.20× | ||
| Q3 25 | 2.28× | 1.28× | ||
| Q2 25 | 2.08× | 1.12× | ||
| Q1 25 | 1.95× | -0.13× | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 1.49× | 1.08× | ||
| Q2 24 | 2.45× | 1.93× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLEX
| Flex Reliability Solutions FRS | $3.2B | 46% |
| Transferred At Point In Time | $2.7B | 38% |
| Transferred Over Time | $1.1B | 16% |
PM
Segment breakdown not available.
