Direct Answer
6 SEC filers are classified under the Standard Industrial Classification code that describes the printed circuit boards industry, and their latest annual reports show $70.6 billion of combined revenue and a median operating margin of 4.2%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Printed circuit board makers produce the boards that mount and connect components in nearly all electronics, from simple rigid boards to high-layer-count and substrate designs. Demand follows electronics and server production, and technology content drives pricing. The first numbers to compare across companies here are revenue and utilization, gross margin and share of high-end boards.
Key Industry Metrics
- Revenue and utilization: Sales and how fully plants are used. High utilization supports pricing and profit, while low utilization leaves fixed costs spread over fewer boards.
- Gross margin: Revenue left after laminate, copper, plating and labor. Raw materials can be passed through with a lag, so margin reflects pricing, yield and mix.
- Share of high-end boards: The portion of sales from complex boards, such as many layers or substrates. These earn more and are harder to make, so a rising share points to richer mix.
- Copper and laminate cost: The cost of copper foil and laminate relative to selling prices. Material swings feed into margin quickly when prices to customers adjust slowly.
- Customer concentration: The share of revenue from a few device makers or server builders. A large program change can leave plants underused, so a high share raises risk.
Primary Macro Drivers
- Server, networking and auto electronics demand: Servers, switches and vehicles use boards with more layers and higher speeds, so output in those markets drives revenue and utilization.
- Technology complexity: Faster signals and denser packaging require higher-layer and advanced substrates, raising price per board and share of high-end boards.
- Raw material prices: Copper foil, glass cloth and laminate are major costs, so their price moves change gross margin unless passed through with a lag.
- Regional capacity: Where capacity sits affects customer sourcing and logistics, so regional additions shift utilization and share among producers.
Major Risks
- Cyclical demand: Board orders follow electronics output and channel stocking, so downturns cut utilization and revenue; watch revenue and utilization together.
- Price competition: Many producers make standard boards, so prices fall quickly in weak periods; watch gross margin and the share of high-end boards.
- Raw material costs: Copper and laminate costs may rise before price changes reach customers, squeezing gross margin; watch cost pass-through commentary.
- Capital intensity: Advanced lines need large equipment spending that must be filled to earn returns; watch capital spending against revenue and utilization.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | Medium |
| Regulatory Intensity | Low |
| Industry Maturity | Mature |
| Geographic Importance | Global |
Printed Circuit Boards Filers in the SEC Record
6 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 3672. Their latest fiscal years end between 2025 and 2026, and together they reported $70.6 billion of revenue. Median revenue growth over the prior year was 5.3%. Median operating margin was 4.2% and median net margin 2.6%. Median total liabilities were 77% of total assets, and 5 of 6 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Jabil Inc | $29.8 billion | 3.2% | 4.0% | 2.2% | FY 2025 |
| Flex Ltd. | $27.9 billion | 8.1% | 4.9% | 3.2% | FY 2026 |
| Sanmina Corp | $8.1 billion | 7.4% | 4.4% | 3.0% | FY 2025 |
| Ttm Technologies Inc | $2.9 billion | 19.0% | 9.1% | 6.1% | FY 2025 |
| Kimball Electronics, Inc. | $1.5 billion | -13.3% | 3.1% | 1.1% | FY 2025 |
| Key Tronic Corp | $387 million | -17.4% | -3.8% | -12.4% | FY 2026 |
Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Printed Circuit Boards guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Printed Circuit Boards industry?
Key performance indicators for the Printed Circuit Boards industry include: Revenue and utilization, Gross margin, Share of high-end boards, Copper and laminate cost, Customer concentration. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Printed Circuit Boards industry?
The Printed Circuit Boards industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Printed Circuit Boards industry?
The primary risks for Printed Circuit Boards companies include: Cyclical demand, Price competition, Raw material costs, Capital intensity. Investors should assess each company's exposure to these factors and its track record of navigating them.