Plexus is a contract electronics manufacturer (EMS) focused on designing, manufacturing, and servicing complex, regulated products for industrial, healthcare/life sciences, and aerospace/defense customers. Unlike broad-based EMS peers that serve high-volume consumer markets, Plexus deliberately targets lower-volume, highly engineered products in demanding regulatory environments — medical imaging systems, surgical robots, semiconductor capital equipment, unmanned aircraft, and defense electronics. Plexus serves roughly 190 customers across 26 facilities in the Americas, Asia-Pacific, and EMEA, with no single customer exceeding 10% of revenue. The company operates on a turnkey basis, procuring all materials and charging customers for both materials and labor, with tariff costs passed through to customers. Revenue breaks down roughly as Industrial (~43%), Healthcare/Life Sciences (~40%), and Aerospace/Defense (~17%). Plexus also runs a smaller but higher-margin engineering solutions business and a growing sustaining services business, both of which carry roughly double the margin of core manufacturing. Engineering engagements serve as a leading indicator for manufacturing wins — approximately one-third of manufacturing revenue originated through an engineering relationship. Key profitability drivers include fixed cost leverage on volume, program ramp maturity, and service mix. Plexus targets 9–12% revenue CAGR and 15% ROIC, with growth driven by share gains within existing customers, outsourcing conversions from in-house manufacturing, new customer wins, and geographic expansion including a new Penang, Malaysia facility.