Boardroom Alpha
Start trial
10-K primary document
PLXS · Annual Report (Form 10-K) · Filed November 14, 2025

Plexus Corp — 10-K exhibit

plxsf2510-kexhibit991.htm
Plexus Corp on Boardroom Alpha
Document

Exhibit 99.1
Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands):
Fiscal year ended
September 27,September 28,September 30,
202520242023
Operating income, as reported$202,371 $167,732 $195,820 
Restructuring and other charges4,683 20,257 23,094 
Accelerated stock-based compensation (1)— 5,063 — 
Adjusted operating income207,054 193,052 218,914 
Tax rate8.0 %13.0 %13.0 %
Adjusted operating income (tax-effected)$190,490 $167,955 $190,455 
Average invested capital$1,303,575 $1,418,698 $1,425,626 
ROIC14.6 %11.8 %13.4 %
WACC8.9 %8.2 %9.0 %
Economic Return5.7 %3.6 %4.4 %
Average Invested CapitalFiscal 2025
September 27,June 28,March 29,December 28,September 28,Average invested capital
20252025202520242024
Equity$1,454,588 $1,419,085 $1,351,675 $1,319,069 $1,324,825 
Plus:
  Debt and finance lease obligations - current45,793 50,678 121,014 121,977 157,325 
  Operating lease obligations - current (2)8,253 8,470 9,968 14,875 14,697 
  Debt and finance lease obligations - long-term91,987 92,215 88,761 88,728 89,993 
  Operating lease obligations - long-term29,422 31,192 32,720 35,124 32,275 
Less:
  Cash and cash equivalents(306,464)(237,567)(310,531)(317,161)(345,109)
$1,323,579 $1,364,073 $1,293,607 $1,262,612 $1,274,006 $1,303,575 
Average Invested CapitalFiscal 2024
September 28,June 29,March 30,December 30,September 30,Average invested capital
20242024202420232023
Equity$1,324,825 $1,266,360 $1,259,762 $1,266,755 $1,214,382 
Plus:
  Debt and finance lease obligations - current157,325 258,175 245,964 251,119 240,205 
  Operating lease obligations - current (2)14,697 7,990 8,281 9,172 8,363 
  Debt and finance lease obligations - long-term89,993 90,715 192,025 192,118 190,853 
  Operating lease obligations - long-term32,275 31,923 33,915 35,989 38,552 
Less:
  Cash and cash equivalents(345,109)(269,868)(265,053)(231,982)(256,233)
$1,274,006 $1,385,295 $1,474,894 $1,523,171 $1,436,122 $1,418,698 


Average Invested CapitalFiscal 2023
September 30,July 1,April 1,December 31,October 1,Average invested capital
20232023202320222022
Equity$1,214,382 $1,184,362 $1,182,382 $1,150,259 $1,095,731 
Plus:
  Debt and finance lease obligations - current240,205 304,781 294,011 329,076 273,971 
  Operating lease obligations - current (2)8,363 8,772 8,358 8,878 7,948 
  Debt and finance lease obligations - long-term190,853 187,468 188,730 187,272 187,776 
  Operating lease obligations - long-term38,552 40,515 31,257 32,149 33,628 
Less:
  Cash and cash equivalents(256,233)(252,965)(269,664)(247,880)(274,805)
$1,436,122 $1,472,933 $1,435,074 $1,459,754 $1,324,249 $1,425,626 

(1)During the twelve months ended September 28, 2024, $5.1 million of accelerated stock-based compensation expense was recorded in selling and administrative expense in the accompanying Consolidated Statement of Operations as a result of a previously announced executive retirement agreement.
(2)Included in other accrued liabilities on the Consolidated Balance Sheets.

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon.

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by Boardroom Alpha that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.

Full disclaimer