Sanmina is a contract electronics manufacturer, or EMS (electronics manufacturing services) provider, that manufactures complex, mission-critical products for OEM customers across industrial, medical, defense, aerospace, automotive, and communications/networking end markets. Rather than building consumer electronics, Sanmina focuses on highly engineered, tightly regulated products — networking switches, medical devices, military systems, and AI data center infrastructure. Sanmina operates two segments: Integrated Manufacturing Solutions (IMS, ~80% of revenue), which covers PCB assembly, system integration, and test; and Components, Products and Services (CPS, ~20% of revenue), which covers in-house fabrication of PCBs, backplanes, cable assemblies, metal enclosures, optical modules, and memory. CPS carries meaningfully higher margins than IMS, and Sanmina actively cross-sells components into its assembly programs to improve program economics. Sanmina sells directly to OEMs under multi-year supply agreements, with the top 10 customers representing roughly 52% of revenue. The business model involves passing materials costs (roughly 70-80% of revenue) through to customers, earning margin on labor, overhead, and value-added services. Operating margins are thin but consistent, and tariff costs are passed through, limiting direct tariff exposure. The most significant recent development is Sanmina's acquisition of ZT Systems' manufacturing business from AMD, which roughly doubled Sanmina's revenue and gives Sanmina full rack-level AI and cloud infrastructure integration capabilities for hyperscale customers.