Highly competitive operating environment that includes meaningfully larger players. Exposure to cyclical and volatile end markets. Meaningful client concentration. Exposure to faster-growing, high-margin market segments. Some differentiated component products. Leverage of 1.8x as of March 2018. Cash balance of $405 million as of March 2018. Recent inventory builds could be a drag on future free cash flow generation. The stable outlook incorporates S&P Global Ratings' view that Sanmina Corp.'s end markets will allow it to deliver consistent operating performance, and that it will conduct its acquisition and shareholder return activities such that credit metrics remain consistent with the rating. We could lower the rating if the loss of a key customer, material deterioration in operating performance, or the adoption of
