Over the past 4 quarters, SANM has delivered consistently strong financial performance. Revenue has grown from $1.4B in 2024Q1 to $1.6B in 2025Q4, a 14% increase. More impressively, net income has more than doubled from $124M to $292M over the same period, driving margin expansion from 8.4% to 18.3%. This demonstrates SANM's ability to drive profitability even in a challenging macro environment. A key driver of SANM's margin improvement is the increasing adoption of its advanced automation and control solutions across industrial sectors. As manufacturers seek to boost efficiency and productivity amidst labor shortages and cost pressures, SANM's innovative products are in high demand. The company's Q4 2025 gross margin of 37.1% reflects the pricing power and value-add of its cutting-edge technology. Looking ahead, I expect SANM to sustain its margin expansion trajectory. The company's strong competitive positioning, robust product pipeline, and focus on high-growth end markets should allow it to continue gaining share and commanding premium pricing. I foresee SANM's net income reaching $350M by the end of 2026, a 20% increase from current levels, driven by both revenue growth and further margin improvement. This makes SANM an attractive investment opportunity, as the market has not yet fully priced in the company's earnings upside potential.

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