Plexus Corp. (PLXS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado mundo de la fabricación electrónica, Plexus Corp. (PLXS) surge como una potencia dinámica, transformando desafíos tecnológicos complejos en soluciones innovadoras en múltiples industrias. Esta empresa de vanguardia aprovecha su lienzo de modelo de negocio integral para ofrecer servicios de desarrollo y fabricación de productos de extremo a extremo que abarcan sectores médicos, industriales, informáticos y aeroespaciales, creando una propuesta de valor única que lo distingue de los fabricantes de contratos tradicionales. Al integrar perfectamente las capacidades de ingeniería avanzada, las asociaciones estratégicas globales y un enfoque centrado en el cliente, Plexus se ha posicionado como un facilitador crítico de la innovación tecnológica para los clientes empresariales que buscan precisión, escalabilidad y experiencia transformadora de fabricación.

Plexus Corp. (PLXS) - Modelo de negocio: asociaciones clave

Asociaciones de fabricación estratégica

Plexus Corp. mantiene asociaciones de fabricación estratégica con compañías de electrónica global, centrándose en servicios de fabricación electrónica de alta precisión.

Categoría de socio	Número de socios estratégicos	Regiones geográficas
Fabricantes de dispositivos médicos	37	América del Norte, Europa
Empresas de electrónica industrial	24	Estados Unidos, Asia Pacífico
Aeroespacial & Compañías de defensa	18	Global

Colaboraciones de fabricación de diseño original (ODM)

Plexus Corp. se involucra en colaboraciones ODM con empresas de tecnología en múltiples sectores.

• Socios de diseño de tecnología: 42 colaboraciones activas
• Inversión anual de I + D en asociaciones: $ 24.3 millones
• Ciclos de desarrollo de productos colaborativos: 6-18 meses

Socios de la cadena de suministro

Plexus Corp. mantiene una red diversa de socios de la cadena de suministro en múltiples continentes.

Región	Número de proveedores	Volumen de adquisición anual
América del norte	86	$ 412 millones
Europa	53	$ 276 millones
Asia	67	$ 338 millones

Proveedores de componentes

Plexus Corp. colabora con proveedores especializados de semiconductores y materiales electrónicos.

• Proveedores de semiconductores: 29 socios estratégicos
• Proveedores de materiales electrónicos: 45 proveedores certificados
• Duración promedio de la relación del proveedor: 7.3 años

Plexus Corp. (PLXS) - Modelo de negocio: actividades clave

Servicios de diseño e ingeniería electrónica

Inversión anual de I + D: $ 73.4 millones en 2023

Capacidad de ingeniería	Métrica
Personal de ingeniería total	1.250 profesionales
Centros de diseño	6 ubicaciones globales
Ciclo de diseño promedio	12-16 semanas

Fabricación compleja de dispositivos médicos, industriales y de computación

Capacidad de fabricación: 4.2 millones de unidades anualmente

Instalación de fabricación	Ubicación	Especialización
Guadalajara, México	Dispositivos médicos	350,000 unidades/año
Raleigh, Carolina del Norte	Dispositivos informáticos	750,000 unidades/año
Penang, Malasia	Electrónica industrial	1.2 millones de unidades/año

Gestión de la cadena de suministro y optimización logística

• Total de socios de la cadena de suministro: 287
• Países de abastecimiento global: 22
• Relación de rotación de inventario: 5.6x

Nuevo desarrollo de productos y creación de prototipos

Tasa de introducción de nuevos productos: 37 productos por año

Categoría de productos	Tiempo de desarrollo de prototipo
Dispositivos médicos	14-18 semanas
Electrónica industrial	10-12 semanas
Dispositivos informáticos	8-10 semanas

Procesos de garantía y prueba de calidad

Inversión de control de calidad: $ 42.6 millones en 2023

• ISO 9001: 2015 certificado
• Instalaciones de prueba: 12 ubicaciones globales
• Tasa de rendimiento del primer pase: 98.3%

Plexus Corp. (PLXS) - Modelo de negocio: recursos clave

Instalaciones de fabricación avanzadas

Plexus Corp. mantiene las instalaciones de fabricación en las siguientes ubicaciones globales:

Ubicación	Tipo de instalación	Tamaño (pies cuadrados)
Neenah, Wisconsin, EE. UU.	Complejo de fabricación primaria	350,000
Guadalajara, México	Fabricación electrónica	200,000
Penang, Malasia	Instalación de producción de alta tecnología	250,000

Composición de la fuerza laboral

Desglose de la fuerza laboral de Plexus Corp. a partir de 2024:

Categoría	Número de empleados	Porcentaje
Personal de ingeniería	1,450	28%
Especialistas técnicos	1,100	21%
Personal de fabricación	2,600	50%

Cartera de propiedades intelectuales

• Patentes activas totales: 87
• Categorías de patentes:
  • Procesos de fabricación: 42
  • Tecnologías de diseño: 35
  • Sistemas electrónicos: 10
• Inversión anual de I + D: $ 48.3 millones

Infraestructura tecnológica

Inversiones de tecnología empresarial:

Categoría de tecnología	Inversión anual
Infraestructura de computación en la nube	$ 12.5 millones
Sistemas de ciberseguridad	$ 7.2 millones
Software de fabricación avanzada	$ 9.8 millones

Asignación de recursos estratégicos

Desglose de gastos de capital para recursos clave en 2024:

• Equipo de fabricación: $ 65.4 millones
• Infraestructura tecnológica: $ 29.7 millones
• Investigación y desarrollo: $ 48.3 millones
• Expansión y actualizaciones de la instalación: $ 22.6 millones

Plexus Corp. (PLXS) - Modelo de negocio: propuestas de valor

Desarrollo de productos de extremo a extremo soluciones de fabricación

Plexus Corp. reportó 2023 ingresos anuales de $ 4.984 mil millones, con servicios de fabricación que representan una parte significativa de su modelo de negocio.

Categoría de servicio	Contribución de ingresos
Servicios de fabricación complejos	62.3% de los ingresos totales
Servicios de ingeniería	37.7% de los ingresos totales

Ingeniería de alta precisión en sectores de tecnología complejos

Plexus proporciona soluciones de ingeniería de precisión en múltiples dominios de tecnología.

• Ingeniería de tecnología médica: 28% de los servicios totales de ingeniería
• Sector industrial/comercial: 35% de los servicios totales de ingeniería
• Aeroespacial y defensa: 22% de los servicios totales de ingeniería
• Tecnología de comunicaciones: 15% de los servicios totales de ingeniería

Prototipo rápido y escalabilidad de producción

Plexus invirtió $ 127.4 millones en investigación y desarrollo en 2023 para mejorar las capacidades de prototipos.

Métrica de desarrollo prototipo	Actuación
Tiempo de respuesta promedio de prototipo	4.2 semanas
Tasa de éxito prototipo	87.6%

Capacidades de fabricación personalizadas para industrias especializadas

Plexus sirve segmentos de la industria especializados con soluciones de fabricación a medida.

• Manufactura de dispositivos médicos: 42% de la fabricación especializada
• Sistemas de computación avanzados: 25% de la fabricación especializada
• Equipo de telecomunicaciones: 18% de la fabricación especializada
• Automatización industrial: 15% de la fabricación especializada

Desarrollo de productos rentable y tecnológicamente avanzado

El plexo mantiene estructuras de costos competitivos con innovación tecnológica.

Métrica de rentabilidad	Actuación
Margen operativo	8.7%
I + D Ratio de inversión	2.6% de los ingresos
Eficiencia de fabricación	92.3% de utilización de la capacidad

Plexus Corp. (PLXS) - Modelo de negocio: relaciones con los clientes

Modelo de asociación estratégica a largo plazo

A partir del cuarto trimestre de 2023, Plexus Corp. mantiene asociaciones estratégicas con 87 clientes empresariales clave en sectores médicos, industriales y de tecnología. Duración promedio de la asociación: 6.4 años.

Sector	Número de socios estratégicos	Longitud promedio de la asociación
Dispositivos médicos	42	7.2 años
Equipo industrial	28	5.9 años
Tecnología	17	5.6 años

Equipos de gestión de cuentas dedicados

Plexus Corp. asigna 124 administradores de cuentas dedicados en las regiones globales, con una cartera promedio de clientes de 3.7 clientes empresariales por gerente.

• América del Norte: 58 gerentes de cuentas
• Europa: 36 gerentes de cuentas
• Asia-Pacífico: 30 gerentes de cuentas

Soporte técnico continuo y consulta

Métricas de soporte técnico para 2023:

Métrico de soporte	Rendimiento anual
Tiempo de respuesta promedio	2.3 horas
Personal de atención al cliente	216 profesionales
Interacciones de soporte anual	14,562 compromisos de clientes

Enfoque de desarrollo de productos colaborativos

En 2023, el plexo participó en 29 iniciativas de desarrollo de productos colaborativos con clientes empresariales, lo que representa el 18.6% de los ingresos anuales totales.

Soluciones personalizadas adaptadas a necesidades específicas del cliente

Métricas de personalización para 2023:

Categoría de personalización	Número de proyectos	Porcentaje de ingresos totales
Soluciones totalmente personalizadas	42	12.4%
Soluciones parcialmente personalizadas	87	22.3%

Plexus Corp. (PLXS) - Modelo de negocio: canales

Fuerza de ventas directa dirigida a clientes empresariales

Plexus Corp. mantiene un equipo de ventas empresarial dedicado de 127 representantes de ventas directas a partir del cuarto trimestre de 2023. La fuerza de ventas se centra en los servicios de fabricación de alto valor en múltiples industrias.

Métrico de canal de ventas	2023 datos
Representantes de ventas empresariales totales	127
Valor de contrato empresarial promedio	$ 3.2 millones
Cobertura geográfica del equipo de ventas empresarial	América del Norte, Europa, Asia

Plataformas de consulta técnica en línea

Plexus aprovecha los canales de consulta digital con infraestructura de soporte técnico especializado.

• Portal de soporte técnico en línea 24/7
• Plataforma de consulta de ingeniería en tiempo real
• Panel de participación del cliente dedicado

Ferias comerciales de la industria y conferencias de tecnología

Participación de la conferencia	2023 estadísticas
Conferencias totales de la industria a las que asistió	18
Total de los clientes potenciales de la conferencia generados	342
Inversión en marketing de conferencias	$ 1.4 millones

Marketing digital y marketing técnico de contenido

Plexo invierte $ 2.7 millones anualmente en estrategias de marketing digital dirigidos a sectores de ingeniería y fabricación.

• Campañas de marketing de LinkedIn dirigidas
• Publicaciones técnicas de documento técnico
• Serie de seminarios web para profesionales de ingeniería

Redes estratégicas de desarrollo de negocios

Plexus mantiene asociaciones estratégicas con 47 redes clave de fabricación y tecnología.

Métricas de red de asociación	2023 datos
Asociaciones estratégicas totales	47
Ingresos anuales de asociación	$ 56.3 millones
Partido de la red geográfica de la red	12 países

Plexus Corp. (PLXS) - Modelo de negocio: segmentos de clientes

Fabricantes de dispositivos médicos

Plexus Corp. sirve a fabricantes de dispositivos médicos con soluciones de ingeniería y fabricación complejas. A partir de 2023, el segmento de dispositivos médicos representaba aproximadamente el 41% de los ingresos totales del plexo.

Características del cliente clave del dispositivo médico	Detalles de segmento
Segmentos médicos primarios atendidos	Equipo de diagnóstico, instrumentos quirúrgicos, sistemas de monitoreo de pacientes
Ingresos anuales del segmento médico	$ 456.7 millones (2023 año fiscal)

Productores de equipos industriales

Plexus ofrece servicios de fabricación integrales para fabricantes de equipos industriales.

• El segmento industrial representó el 28% de los ingresos totales de la compañía en 2023
• Enfoque principal en la fabricación de sistemas de automatización y control
• Valor promedio del contrato: $ 3.2 millones por cliente industrial

Compañías de tecnología informática y de redes

Plexus admite compañías de tecnología informática y de redes con servicios avanzados de fabricación electrónica.

Métricas de segmento de computación/red	2023 datos
Ingreso de segmento	$ 312.5 millones
Número de clientes activos	37 empresas de tecnología de nivel empresarial

Contratistas aeroespaciales y de defensa

Plexus ofrece soluciones de fabricación especializadas para los mercados aeroespaciales y de defensa.

• El segmento aeroespacial/de defensa representa el 15% de los ingresos totales de la compañía
• Ingresos anuales del segmento: $ 203.6 millones
• Centrado en los sistemas electrónicos de alta fiabilidad

Fabricantes de electrónica automotriz

Plexus ofrece capacidades de fabricación avanzadas para fabricantes de productos electrónicos automotrices.

Segmento de electrónica automotriz	2023 métricas
Ingreso de segmento	$ 178.4 millones
Enfoque principal del producto	Sistemas avanzados de asistencia al conductor, módulos de control de vehículos

Plexus Corp. (PLXS) - Modelo de negocio: Estructura de costos

Investigación de investigación y desarrollo

Para el año fiscal 2023, Plexus Corp. invirtió $ 81.4 millones en gastos de investigación y desarrollo, lo que representa el 4.5% de los ingresos totales.

Año fiscal	Inversión de I + D	Porcentaje de ingresos
2023	$ 81.4 millones	4.5%
2022	$ 75.6 millones	4.3%

Gastos operativos de la instalación de fabricación

Plexus opera instalaciones de fabricación en múltiples ubicaciones, con gastos operativos totales para sitios de fabricación que alcanzan $ 215.3 millones en 2023.

• Ubicaciones de fabricación: Estados Unidos, China, Malasia
• Costos operativos de la instalación de fabricación total: $ 215.3 millones
• Costo promedio de mantenimiento de la instalación por sitio: $ 71.8 millones

Costos laborales para la fuerza laboral de ingeniería

Los costos laborales totales para la fuerza laboral de ingeniería calificada en 2023 fueron de $ 312.7 millones, lo que representa el 17.3% de los gastos operativos totales.

Categoría de empleado	Número de empleados	Salario anual promedio
Fuerza laboral de ingeniería	2,340	$133,470

Mantenimiento de la infraestructura tecnológica

Los gastos de mantenimiento de la infraestructura tecnológica para 2023 totalizaron $ 47.6 millones, cubriendo hardware, software y sistemas de red.

• Mantenimiento de infraestructura de hardware: $ 18.2 millones
• Licencias de software y actualizaciones: $ 15.4 millones
• Sistemas de red y ciberseguridad: $ 14 millones

Gastos globales de gestión de la cadena de suministro

Los costos globales de gestión de la cadena de suministro para Plexus Corp. en 2023 ascendieron a $ 189.5 millones.

Componente de la cadena de suministro	Gastos	Porcentaje de costos de la cadena de suministro
Logística y transporte	$ 76.3 millones	40.3%
Gestión de inventario	$ 58.6 millones	30.9%
Gestión de la relación de proveedores	$ 54.6 millones	28.8%

Plexus Corp. (PLXS) - Modelo de negocio: flujos de ingresos

Contratos de fabricación de productos

Plexus Corp. reportó ventas netas totales de $ 4.95 mil millones en el año fiscal 2023. Los contratos de fabricación en los segmentos médicos, industriales y informáticos generaron aproximadamente $ 3.2 mil millones en ingresos.

Segmento	Contribución de ingresos	Porcentaje
Médico	$ 1.48 mil millones	30%
Industrial	$ 1.12 mil millones	22.6%
Computación	$ 600 millones	12.1%

Tarifas de servicio de diseño de ingeniería

Los servicios de diseño de ingeniería generaron $ 420 millones en ingresos para el año fiscal 2023.

• Valor de contrato de servicio de diseño promedio: $ 2.3 millones
• Número de proyectos de servicio de diseño completados: 183
• Repita la tasa del cliente para los servicios de diseño: 67%

Cargos de desarrollo prototipo

El desarrollo del prototipo generó $ 215 millones en ingresos, con un cargo promedio de $ 850,000 por prototipo.

Acuerdos de asociación de fabricación a largo plazo

Las asociaciones de fabricación a largo plazo contribuyeron con $ 780 millones a los ingresos totales en el año fiscal 2023.

Tipo de asociación	Ingresos anuales	Duración del contrato
Fabricación de varios años	$ 520 millones	3-5 años
Asociaciones estratégicas	$ 260 millones	2-3 años

Ingresos recurrentes de clientes empresariales repetidos

Los ingresos recurrentes de los clientes empresariales alcanzaron los $ 650 millones en el año fiscal 2023.

• Número de clientes empresariales: 127
• Valor de contrato recurrente promedio: $ 5.1 millones
• Tasa de retención del cliente: 82%

Plexus Corp. (PLXS) - Canvas Business Model: Value Propositions

You're looking at what Plexus Corp. actually delivers to its customers that makes them stick around. It's not just about making things; it's about managing the entire journey for products that absolutely cannot fail.

End-to-end product realization for complex, mission-critical products

Plexus Corp. takes on the hard stuff, from the initial design right through to getting the product into the field and keeping it running. This means they handle the engineering, the manufacturing setup, and the ongoing service for demanding electronics. For fiscal 2025, the commercial team secured 141 manufacturing programs, which translates to $941 million in annualized revenue when those programs are fully ramped into production. That's a lot of complex work being managed. For example, in the third quarter of fiscal 2025 alone, they won 41 programs representing $250 million in annualized revenue. That agility in winning new, complex business is a core value.

Expertise in demanding, regulated markets like medical and defense

The value here is the trust built by operating successfully in environments where failure isn't an option. You hire Plexus Corp. because they already know the quality standards and regulatory hurdles for things like advanced medical devices or defense systems. This expertise de-risks the entire product lifecycle for you, meaning less time spent on compliance validation.

Speed and flexibility in New Product Introduction (NPI)

Getting a new product from design to volume production quickly is crucial, and Plexus Corp. focuses heavily on making that transition smooth. Their working capital execution shows this focus, with the fiscal fourth quarter cash cycle coming in at 63 days, which was the best result delivered in the past five years. This efficiency in managing inventory and payables/receivables directly translates to faster NPI timelines for you. Compare that to the first quarter of fiscal 2025, where the cash cycle was 68 days.

Global scale with regional flexibility for supply chain resilience

Plexus Corp. offers a global footprint, which is key for managing geopolitical risk and ensuring you have supply options close to your end markets. They provide the scale of a large manufacturer but structure their operations to offer regional flexibility, which helps keep the supply chain steady even when global logistics get choppy. This structure supports their overall revenue, which reached $4.033 billion for fiscal 2025.

Superior capital efficiency, achieving a 14.6% ROIC in fiscal 2025

This is where the financial proof of their operational excellence really shows up. They are generating excellent returns on the money invested in the business. For the full fiscal year 2025, Plexus Corp. achieved a Return on Invested Capital (ROIC) of 14.6%. That is a significant number, especially when you compare it to their weighted average cost of capital (WACC) for the year, which was 8.9%. This difference resulted in an economic return of 5.7% above their cost of capital. Furthermore, they generated $154.0 million in free cash flow for fiscal 2025, showing they convert those strong returns into actual cash.

Here's a quick look at the key financial performance indicators for fiscal 2025:

Metric	Fiscal 2025 Value
Fiscal 2025 Revenue	$4.033 billion
Fiscal 2025 Return on Invested Capital (ROIC)	14.6%
Fiscal 2025 Weighted Average Cost of Capital (WACC)	8.9%
Fiscal 2025 Economic Return (ROIC - WACC)	5.7%
Fiscal 2025 Free Cash Flow	$154.0 million

The value proposition is cemented by their ability to drive these financial results while simultaneously winning new business:

• Won 141 manufacturing programs in fiscal 2025.
• Achieved a fiscal Q4 2025 cash cycle of 63 days (best in five years).
• Delivered non-GAAP diluted EPS of $7.43 for fiscal 2025.

Finance: draft 13-week cash view by Friday.

Plexus Corp. (PLXS) - Canvas Business Model: Customer Relationships

You're looking at how Plexus Corp. keeps its biggest clients close, which is key since their business relies on complex, long-term manufacturing agreements. It's not about quick, one-off sales; it's about sticking around for the entire product life.

Dedicated, long-term strategic partnerships, not transactional sales

Plexus Corp. serves a base of approximately 190 customers in fiscal 2025, showing a commitment to a broad base, though the top tier is significant. The company explicitly states that no single customer accounted for over 10% of sales in fiscal 2025, which suggests a deliberate strategy against over-reliance, even as they deepen relationships with key players. The CEO noted in late 2025 that the year was marked by delivering a value proposition that created the opportunity to expand customer relationships and gain market share. This partnership approach is necessary because Plexus Corp. partners with customers to design, manufacture, and service highly complex products in demanding regulatory environments, like life-saving medical devices or mission-critical aerospace components.

The concentration of revenue from the largest customers shows where the deepest relationships lie, even with that diverse base:

Time Period	Top 10 Customers as % of Revenue
Fiscal Year 2025 (Full Year)	49%
Q4 Fiscal 2025	49%
Q3 Fiscal 2025	48%
Q2 Fiscal 2025	51%
Q1 Fiscal 2025	51%

High-touch, collaborative engagement throughout the product lifecycle

The engagement model is inherently high-touch because the work involves complex product lifecycles. This isn't just assembly; it's about being involved from the start. For instance, in fiscal 2025, the team secured 141 manufacturing wins, representing $941 million in annualized revenue, which shows continuous engagement on new product introductions. The focus is on helping create products that build a better world, which requires deep, sustained collaboration.

• Partnering to design, manufacture, and service complex products.
• Focus on decreasing time to market for new product introductions.
• Sustaining services team achieved record wins for fiscal 2025.

Account management focused on share gain and relationship expansion

Account management isn't just about service delivery; it's about growth within the existing customer footprint. The Q4 2025 results specifically mentioned expansion of share with existing health care, life sciences, and industrial customers. This focus on share gain is a direct measure of relationship health and management effectiveness. The company is clearly targeting deeper penetration rather than just winning new logos, though new wins are also strong, with 28 new manufacturing programs won in Q4 2025 alone, worth $274 million annually when fully ramped.

Proactive communication to manage supply chain and program transition risks

Managing complex electronics manufacturing involves inherent risks, especially around supply chain volatility and moving products from design to full volume production. The company acknowledges risks related to customer and other delays, start-up costs, and the operating disruption in transitioning programs. Proactive communication helps mitigate these, as seen when the team's ability to support late quarter demand upside from semi cap and energy customers offset minor delays in program transition within the aerospace and defense sector in Q4 2025. This suggests active, real-time dialogue about potential roadblocks.

Deep integration with customer engineering and supply teams

The nature of the service-designing and manufacturing highly complex products-demands integration. Plexus Corp. helps customers across their solutions, including a record result in Aerospace and Defense engineering solutions engagements for fiscal 2025. This level of integration means their teams are working side-by-side with customer engineering groups on product realization and with supply teams to ensure continuity. This deep embedding is what allows them to secure wins that expand share, as it builds trust in their execution capability, which is critical when you consider the company delivered a Return on Invested Capital (ROIC) of 14.6% in fiscal 2025.

Plexus Corp. (PLXS) - Canvas Business Model: Channels

Plexus Corp. deploys a global, integrated channel strategy focused on deep engagement with Original Equipment Manufacturers (OEMs) across the product lifecycle. This approach relies heavily on direct interaction between the customer and Plexus Corp.'s technical teams.

The direct sales and engineering teams function as an extension of the customer's own resources. Plexus Corp. offers a flexible engagement model, allowing them to step in for full product development from ideation or for tactical issue resolution, supporting customer engineering teams to the degree needed for the specific project. This direct technical interface is key to securing new business, evidenced by the 141 manufacturing wins in fiscal 2025, which are estimated to contribute $941 million in annualized revenue once fully ramped. For the fourth quarter of fiscal 2025 alone, 28 manufacturing program wins were announced, estimated to contribute $274 million in annualized revenues upon full ramp.

The physical channel infrastructure supporting these engagements is extensive and geographically distributed:

• Global team of over 20,000 members.
• 26 facilities operating across three primary geographic segments.
• Focus on serving market-leading and disruptive global companies in Aerospace/Defense, Healthcare/Life Sciences, and Industrial sectors.

Operational performance is measured and managed across the three core regional operations centers:

Region	Fiscal Q4 2025 Revenue (Millions USD)	Year-over-Year Change
Americas (AMER)	$336	Up 9.4%
EMEA	Not specified	Declined 7%
Asia-Pacific (APAC)	Not specified	Declined 2.1%

Overall fiscal 2025 revenue reached $4.033 billion, a 1.8% increase from fiscal 2024. The top 10 customers represented 49% of net revenues for both fiscal Q4 2025 and the full fiscal year 2025.

Aftermarket services and sustaining support are provided directly to customers, forming a critical part of the long-term channel relationship. The company noted that its sustaining services team achieved record wins for fiscal 2025, indicating strong uptake in this direct support channel. This focus on the full product lifecycle contributes to Plexus Corp.'s financial efficiency, as the fiscal 2025 Return on Invested Capital (ROIC) was 14.6%, exceeding the weighted average cost of capital (WACC) of 8.9% by 570 basis points.

Specific locations include manufacturing and service facilities across these regions, such as:

• North America: Appleton, Boise, Guadalajara, Neenah (Global Headquarters).
• APAC: Bangkok, Haining, Penang (multiple sites), Xiamen (multiple sites).
• EMEA: Kelso (UK), Livingston (UK), Oradea (Romania).

Plexus Corp. (PLXS) - Canvas Business Model: Customer Segments

You're looking at where Plexus Corp. actually makes its money, which is always the best place to start analyzing any business. For fiscal 2025, Plexus Corp. generated total net sales of $4,033.0 million. The customer base is clearly segmented across three primary market sectors, showing a fairly balanced revenue mix, though leaning slightly toward the Industrial side.

Here is the breakdown of net sales by market sector for the full fiscal year 2025:

Market Sector	Fiscal 2025 Net Sales Percentage	Approximate Fiscal 2025 Net Sales (Millions USD)
Industrial sector	43%	$1,734.19
Healthcare/Life Sciences	40%	$1,613.20
Aerospace/Defense	17%	$685.61

The Industrial sector was the largest contributor, accounting for 43% of net sales, followed very closely by Healthcare/Life Sciences at 40%. The smallest segment, Aerospace/Defense, made up the remaining 17% of fiscal 2025 revenue.

When you look at customer concentration, you see that Plexus Corp. serves a diverse group, reporting they served approximately 190 customers during fiscal 2025. Still, a significant portion of the total revenue comes from the very top tier of clients. For the full fiscal year 2025, the top 10 customers accounted for 49% of revenue, which was actually up 1 percentage point from fiscal 2024. This concentration level is something to keep an eye on, even though it's spread across ten different large, market-leading OEMs.

To summarize the customer profile based on the latest figures:

• Total customers served in fiscal 2025: approximately 190.
• Top 10 customers represented 49% of total fiscal 2025 revenue.
• The Industrial segment saw its Q4 revenue increase 2% year-over-year to $461 million.
• Healthcare/Life Sciences Q4 revenue grew 2.2% year-over-year to $424 million.
• The company secured 28 new manufacturing program wins in the fourth quarter of fiscal 2025.

Finance: draft a sensitivity analysis on revenue if the top 10 customer concentration were to drop by 5 percentage points by Friday.

Plexus Corp. (PLXS) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Plexus Corp.'s operations as of late 2025. Honestly, for a company in electronics manufacturing services, the cost structure is heavily weighted toward the direct costs of production. Here's the quick math on where the money goes based on the fiscal year 2025 results.

High variable costs dominated by Cost of Goods Sold (COGS)

The single largest cost component is the Cost of Sales, which is the direct cost of producing the electronics assemblies for customers. For the twelve months ended September 27, 2025, the Cost of Sales was $3,626,452 thousand against Net Sales of $4,032,966 thousand. This means COGS consumed approximately 89.92% of every revenue dollar. This high percentage confirms that Plexus Corp.'s cost structure is variable and directly tied to production volume.

Significant material and component procurement costs

Within that massive Cost of Sales figure, material and component procurement is the dominant driver. While the exact split isn't itemized in the condensed statements, the nature of the business-designing and manufacturing complex products for Aerospace/Defense, Healthcare, and Industrial sectors-demands substantial investment in the underlying electronic parts. Fluctuations in global component pricing definitely impact Plexus Corp.'s gross margin directly.

Labor and overhead costs for a global team of over 20,000

Plexus Corp. supports its global operations with a substantial workforce. As of September 27, 2025, the company employed 20,000 people across its AMER, APAC, and EMEA segments. Labor costs are embedded within both Cost of Sales (direct labor) and Operating Expenses (indirect labor). The overall operating efficiency is reflected in the GAAP Operating Margin for fiscal 2025, which stood at 5.0%.

The fixed and semi-fixed overhead associated with this global footprint, including facility costs and indirect labor, contributes to the overall cost base. You can see the Selling and Administrative Expenses (SG&A) were $199,460 thousand for the full fiscal year 2025, which is about 4.95% of total revenue. That SG&A line includes a significant portion of the corporate and support team overhead.

Capital expenditures for facility and equipment upgrades ($95.2 million in fiscal 2025)

To maintain capability in demanding regulatory environments, Plexus Corp. must continually invest in its manufacturing footprint. For the fiscal year ended September 27, 2025, the company spent $95.2 million on capital expenditures. This investment supports facility and equipment upgrades necessary for new program ramps and technology adoption. For context, cash flows provided by operations were $249.2 million, meaning CapEx consumed 38.2% of operating cash flow for the year.

Here is a summary of the key cash flow and capital investment figures for the fiscal year 2025:

Metric	Amount (Fiscal Year 2025)
Cash Flows Provided by Operations	$249.2 million
Capital Expenditures	$95.2 million
Free Cash Flow	$154.0 million
Q4 2025 Capital Expenditures	$34.8 million

R&D and SG&A expenses to support global operations

Research and Development (R&D) is critical for Plexus Corp.'s value proposition in design and development services, but it is not separately itemized in the condensed statement of operations provided. It is aggregated within the operating expenses, alongside SG&A. The total Operating Income was $202,371 thousand on revenue of $4,032,966 thousand. The SG&A portion alone was $199,460 thousand for the year. The company also incurred $4,683 thousand in restructuring and other charges, net, during fiscal 2025. The ability to maintain a 5.9% non-GAAP operating margin while supporting global operations and R&D is a key focus area.

You should definitely keep an eye on the guidance for the next period, as the company initiated fiscal first quarter 2026 revenue guidance between $1.050 billion and $1.090 billion, with planned capital expenditures between $90 million and $110 million for the full fiscal year 2026.

Finance: draft 13-week cash view by Friday.

Plexus Corp. (PLXS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Plexus Corp. converts its operational capabilities into dollars as of late 2025. The foundation here is clear: Plexus is fundamentally a manufacturing and assembly services provider, but the value-added services are increasingly important for margin health.

Primary revenue from manufacturing and assembly services remains the largest component. This is the bread and butter of their business, taking designs and producing complex electronic assemblies for their customers. The pipeline for this core service looks strong based on new business awards. For the full fiscal year 2025, the team generated 141 manufacturing wins, which translates to an estimated $941 million in annualized revenue once those programs are fully ramped into production. This volume of wins is specifically cited as supporting revenue growth exceeding that of their end markets for the year. The fourth quarter alone saw 28 new manufacturing programs secured, representing $274 million in annualized revenue potential.

The second major stream comes from revenue from value-added engineering and design services. While these engagements are a smaller piece of the overall revenue mix, they are crucial for profitability. The company successfully drove increased wins in engineering solutions throughout fiscal 2025, diversifying its revenue base. To be fair, engineering services are already performing at margins well above the corporate targets, which helps lift the overall profitability profile.

The third service-oriented stream is revenue from sustaining and aftermarket services (repair, maintenance). This area also saw success, with the Sustaining Services team achieving record wins for the fiscal year, positioning this offering for stronger future financial performance. These services often provide more stable, recurring revenue compared to initial large-scale manufacturing ramps.

The top-line result for the entire operation is substantial. Net sales totaled $4.033 billion for the full fiscal year 2025, representing an increase of 1.8% from fiscal 2024. This top-line figure is supported by robust operational execution across the board.

Here's a quick look at the key financial results anchoring these revenue streams for the full fiscal year 2025:

Metric	Value (FY 2025)
Total Net Sales	$4.033 billion
GAAP Operating Margin	5.0%
Non-GAAP Operating Margin	5.9%
GAAP Diluted EPS	$6.26
Non-GAAP Diluted EPS	$7.43

Finally, you can't ignore the income generated from efficient working capital management, definitely a key focus. This isn't direct sales revenue, but it directly impacts cash flow and financial health, which is a key part of the business model. Management highlighted significant progress here. The fiscal fourth quarter cash cycle clocked in at 63 days, which was the best result delivered in the past five years. This efficiency, combined with strong operating performance, resulted in a fiscal 2025 Return on Invested Capital (ROIC) of 14.6%, exceeding the weighted average cost of capital (WACC) of 8.9% by 570 basis points. This disciplined approach to capital management produced $154.0 million in free cash flow for the full fiscal year 2025, well above projections.

You can see the strategic focus in the service wins:

• Primary revenue driver: Manufacturing & Assembly.
• Margin enhancer: Value-added Engineering Services.
• Recurring revenue base: Sustaining & Aftermarket Services.
• Cash generation lever: Working Capital Optimization.

Finance: draft 13-week cash view by Friday.