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PLXS · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Plexus Corp. (PLXS) stock moving?
Plexus reported a fiscal Q4 2026 beat on October 28: adjusted EPS of $2.84 versus a $2.56 estimate and sales of $1.422B versus $1.359B. Fiscal Q1 2027 adjusted EPS guidance ($2.46-$2.62) and sales guidance ($1.410B-$1.460B) both sit above consensus, while GAAP EPS guidance ($2.16-$2.32) brackets the $2.23 estimate. On October 29 management outlined FY2027 revenue growth in the mid- to upper teens and a new non-GAAP operating margin target of 6.5% to 7%. The stock did not hold the beat. It rose 3.9% to $239.34 on Oct 28 on 699,523 shares, then fell 9.6% to $216.32 on Oct 29 on 694,122 shares. It kept sliding to a $187.73 close on Nov 5 (intraday low $186.41) on 442,806 shares, about 22% below the Oct 28 high. The last three sessions show a partial recovery: $192.17 on Nov 6, $205.64 on Nov 9 (+7.0%) on lower volume of 229,855, and $205.18 on Nov 10. The close remains about 14% below the post-earnings high and below the pre-earnings close of $230.29 on Oct 27. The news itself is fundamentally constructive, but the market data shows persistent selling after the report, and the news set does not explain why.
News behind the analysis
- Plexus Forecasts FY2027 Revenue Growth and Sets New Operating Margin GoalPlexus projects fiscal 2027 revenue growth in the mid- to upper teens and sets a new non-GAAP operating margin target of 6.5% to 7%.
- Plexus Q4 2026 Earnings Call TranscriptTranscript of the fourth-quarter 2026 earnings call held on Thursday, Oct 29, covering the results and outlook.
- Plexus Corp. Announces Fiscal Fourth Quarter and Full Year 2026 Financial ResultsPlexus reported fiscal Q4 and full-year 2026 results for the period ended October 3, 2026, and gave guidance for fiscal Q1 2027.
- Plexus Sees Q1 Adj EPS $2.46-$2.62 vs $2.41 Est; Sees Sales $1.410B-$1.460B vs $1.365B EstPlexus guided fiscal Q1 adjusted EPS to $2.46-$2.62, above the $2.41 estimate, and sales to $1.410B-$1.460B, above the $1.365B estimate.
- Plexus Sees Q1 GAAP EPS $2.16-$2.32 vs $2.23 EstPlexus guided fiscal Q1 GAAP EPS to $2.16-$2.32, a range that brackets the $2.23 estimate.
- Plexus Q4 Adj. EPS $2.84 Beats $2.56 Estimate, Sales $1.422B Beat $1.359B EstimatePlexus reported fiscal Q4 adjusted EPS of $2.84 versus a $2.56 estimate, and sales of $1.422B versus a $1.359B estimate.
About Plexus Corp
Plexus is a Neenah, Wisconsin-based contract manufacturer that designs, builds and services complex electronic products for other companies. It focuses on lower-volume, higher-complexity products in regulated markets like healthcare, industrial and aerospace and defense, not high-volume consumer electronics.
How it makes money
Plexus earns money by building products for customers under contract, and also offers engineering, product design and aftermarket repair services. In fiscal 2026 (year ended early October 2026), revenue was about $5.0 billion, up roughly 23%. The industrial segment, which includes semiconductor-equipment work, made up about 44% of that. The rest came from healthcare/life sciences and aerospace/defense. Margins are thin, with a non-GAAP operating margin of about 6%. Its top 10 customers accounted for about 54% of revenue.
What usually moves PLXS
- New program wins and ramps
- Semiconductor equipment spending
- Aerospace and defense demand
- Healthcare and medical device demand
- Customer concentration and margin execution