A Business at a Glance
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Fabrinet
FN
$17.3B
Mkt Cap
$476.04
-8.05%
Fabrinet (FN) has a current P/E ratio of 45.6, compared to its historical median P/E of 19.2. The stock is currently considered Expensive based on its historical valuation range.
Fabrinet (FN) has a 5-year average return on invested capital (ROIC) of 24.0%. This indicates strong capital allocation and a potential competitive advantage.
Fabrinet (FN) has a market capitalization of $17.1B. It is classified as a large-cap stock.
Fabrinet (FN) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.16%.
Based on historical P/E analysis, Fabrinet (FN) appears expensive. The current P/E of 45.6 is 138% above its historical median of 19.2. The estimated fair value CAGR (P/E method) is 21.4%.
Fabrinet (FN) operates in the Telephone & Telegraph Apparatus industry, within the Industrials sector.
Fabrinet (FN) reported annual revenue of $3.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Fabrinet provides advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products including optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices, and sensors. The company operates across the entire manufacturing process—from process design and engineering through supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly, and testing—enabling it to produce high-complexity products in any mix and volume. Fabrinet's differentiated capabilities stem from its optical and electro-mechanical process technologies, dedicated process and design engineers with deep materials science and physics expertise, and strategic alignment with customers; the company often serves as the sole outsourced manufacturing partner for specific products and provides "factory-within-a-factory" environments to safeguard customer intellectual property. The business model is project-based and customer-centric, with revenue concentrated in optical communications (approximately 77% in fiscal 2025), supplemented by automotive, industrial lasers, and other markets; customers include companies in optical communications, automotive, industrial lasers, medical, and sensors sectors serving end-markets such as communications, materials processing, medical devices, metrology, and semiconductor processing. Fabrinet's manufacturing infrastructure is designed for flexibility and scale, with specialized resources for complex prototype and new product introduction services, and it incorporates customized optics and glass into products while also selling these components in the merchant market.
【Strong momentum across growth vectors】 Management expects continued robust growth in fiscal 2027 driven by multiple simultaneous programs ramping across optical communications, datacom, and high-performance compute segments, with new merchant transceiver programs expected to begin production in the second half of calendar 2026 and contribute meaningfully to revenue. The company anticipates supply-demand imbalances to persist into the fourth quarter of fiscal 2026 but remains optimistic that supply conditions will improve over time, positioning it well for volume ramps throughout fiscal 2027. Fabrinet is expanding manufacturing capacity through accelerated construction of Building 10 in Thailand, with an additional floor expected to be commissioned by September 2026 and the full building completed by January 2027, and has acquired a new facility in the Navanakorn Industrial Estate to support long-term growth. Management expects gross margins to recover from near-term ramp inefficiencies as new programs mature, while maintaining disciplined operating expense growth to drive continued operating leverage and support the company's track record of accelerating growth into fiscal 2027 and beyond.
| Metric | Target | Period |
|---|---|---|
| Revenue | $1.25–1.29 billion | Q4 FY2026 |
| Non-GAAP EPS | $3.72–3.87 | Q4 FY2026 |
Revenue (Q4 FY2026): “We expect total revenue to be in the range of $1.25 billion-$1.29 billion, representing year-over-year growth of approximately 40% at the midpoint.”
Non-GAAP EPS (Q4 FY2026): “As a result, we expect non-GAAP EPS to be in the range of $3.72-$3.87.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.2B | 3.4B | 2.9B | 2.6B | 2.3B | 1.9B |
| Net Income | 421M | 333M | 296M | 248M | 200M | 148M |
| EPS | $11.76 | $9.17 | $8.10 | $6.73 | $5.36 | $3.95 |
| Free Cash Flow | 46M | 207M | 366M | 152M | 35M | 76M |
| ROIC | 28.8% | 25.5% | 24.9% | 24.0% | 24.2% | 21.3% |
| Gross Margin | 12.0% | 12.1% | 12.4% | 12.7% | 12.3% | 11.8% |
| Debt/Equity | 0.00 | 0.43 | 0.00 | 0.01 | 0.02 | 0.04 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 418M | 324M | 278M | 252M | 205M | 151M |
| Operating Margin | 9.9% | 9.5% | 9.6% | 9.5% | 9.0% | 8.0% |
| ROE | 18.3% | 17.8% | 18.4% | 18.2% | 16.9% | 14.2% |
| Shares Outstanding | 36M | 36M | 37M | 37M | 37M | 38M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 678M | 774M | 977M | 1.4B | 1.4B | 1.6B | 1.6B | 1.9B | 2.3B | 2.6B | 2.9B | 3.4B | 4.2B |
| Gross Margin | 11.0% | 11.3% | 12.2% | 12.1% | 11.2% | 11.3% | 11.3% | 11.8% | 12.3% | 12.7% | 12.4% | 12.1% | 12.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 28M | 39M | 50M | 66M | 58M | 55M | 68M | 71M | 74M | 78M | 78M | 87M | 92M |
| EBIT | 91M | 47M | 70M | 106M | 94M | 123M | 117M | 151M | 205M | 252M | 278M | 324M | 418M |
| Op. Margin | 13.5% | 6.1% | 7.1% | 7.5% | 6.8% | 7.7% | 7.2% | 8.0% | 9.0% | 9.5% | 9.6% | 9.5% | 9.9% |
| Net Income | 92M | 44M | 62M | 97M | 84M | 121M | 113M | 148M | 200M | 248M | 296M | 333M | 421M |
| Net Margin | 13.5% | 5.6% | 6.3% | 6.8% | 6.1% | 7.6% | 6.9% | 7.9% | 8.9% | 9.4% | 10.3% | 9.7% | 9.9% |
| Non-Recurring | 28K | 1.2M | 273K | 1.5M | 1.8M | 3.3M | 6.0M | 30K | 236K | 8.4M | -30K | 1.4M | 69K |
| Returns on Capital | |||||||||||||
| ROIC | 44.5% | 17.9% | 18.2% | 22.9% | 18.7% | 22.0% | 17.5% | 21.3% | 24.2% | 24.0% | 24.9% | 25.5% | 28.8% |
| ROE | 24.4% | 9.6% | 12.0% | 15.7% | 11.8% | 15.1% | 12.4% | 14.2% | 16.9% | 18.2% | 18.4% | 17.8% | 18.3% |
| ROA | 17.8% | 7.1% | 8.1% | 10.3% | 7.9% | 10.3% | 8.6% | 9.9% | 11.6% | 13.0% | 13.7% | 12.9% | 12.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 67M | 53M | 47M | 71M | 138M | 147M | 151M | 122M | 124M | 213M | 413M | 328M | 257M |
| Free Cash Flow | 56M | 1.2M | 6.5M | 2.7M | 104M | 129M | 108M | 76M | 35M | 152M | 366M | 207M | 46M |
| Owner Earnings | 50M | 32M | 20M | 21M | 86M | 100M | 98M | 60M | 57M | 141M | 336M | 242M | -154M |
| CapEx | 11M | 51M | 41M | 68M | 34M | 19M | 42M | 46M | 90M | 61M | 48M | 121M | 211M |
| Maint. CapEx | 11M | 13M | 17M | 24M | 29M | 30M | 31M | 36M | 39M | 44M | 49M | 53M | 377M |
| Growth CapEx | 177K | 38M | 23M | 44M | 4.7M | 0 | 11M | 9.8M | 51M | 18M | 0 | 68M | 0 |
| D&A | 11M | 13M | 17M | 24M | 29M | 30M | 31M | 36M | 39M | 44M | 49M | 53M | 377M |
| CapEx/OCF | 16.3% | 97.7% | 86.3% | 96.2% | 24.5% | 12.7% | 28.1% | 37.7% | 72.1% | 28.8% | 11.5% | 36.9% | 82.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 42M | 5.4M | 21M | 19M | 60M | 48M | 39M | 126M | 27M |
| Buyback Yield | N/A | N/A | N/A | N/A | 3.1% | 0.3% | 0.9% | 0.5% | 2.0% | 1.0% | 0.4% | 1.2% | 0.2% |
| Stock-Based Comp | 5.5M | 8.0M | 9.9M | 27M | 23M | 17M | 22M | 25M | 28M | 28M | 28M | 33M | 34M |
| Debt Repayment | 12M | 6.0M | 6.0M | 18M | 11M | 3.3M | 70M | 12M | 12M | 15M | 12M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -227M | -190M | -254M | -236M | -329M | -376M | -436M | -508M | -451M | -538M | -859M | N/A | -945M |
| Cash & Equiv. | 233M | 113M | 143M | 134M | 158M | 181M | 225M | 303M | 198M | 231M | 410M | 306M | 945M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | 58M | 40M | 27M | 15M | 0 | N/A | N/A | N/A |
| Debt/Equity | 0.01 | 0.14 | 0.06 | 0.07 | 0.00 | 0.07 | 0.05 | 0.04 | 0.02 | 0.01 | 0.00 | 0.43 | 0.00 |
| Interest Coverage | 128.1 | 76.6 | 44.5 | 31.9 | 26.0 | 22.8 | 38.6 | 137.0 | 473.4 | 171.0 | 1388.0 | N/A | N/A |
| Equity | 427M | 479M | 554M | 682M | 741M | 863M | 974M | 1.1B | 1.3B | 1.5B | 1.7B | 2.0B | 2.3B |
| Total Assets | 565M | 673M | 856M | 1.0B | 1.1B | 1.3B | 1.4B | 1.6B | 1.8B | 2.0B | 2.3B | 2.8B | 3.5B |
| Total Liabilities | 138M | 194M | 301M | 352M | 347M | 392M | 408M | 504M | 582M | 511M | 593M | 850M | 1.2B |
| Intangibles | 72K | 137K | 499K | 5.8M | 4.9M | 3.9M | 4.3M | 4.4M | 3.5M | 2.4M | 2.3M | 2.2M | 2.4M |
| Retained Earnings | 346M | 389M | 451M | 548M | 632M | 755M | 868M | 1.0B | 1.2B | 1.5B | 1.8B | 2.1B | 2.4B |
| Working Capital | 344M | 346M | 418M | 487M | 584M | 711M | 801M | 908M | 987M | 1.2B | 1.5B | 1.6B | 1.8B |
| Current Assets | 464M | 527M | 673M | 799M | 854M | 1.0B | 1.1B | 1.4B | 1.5B | 1.7B | 2.0B | 2.4B | 2.9B |
| Current Liabilities | 121M | 181M | 256M | 311M | 270M | 313M | 334M | 444M | 538M | 482M | 558M | 810M | 1.2B |
| Per Share Data | |||||||||||||
| EPS | 2.58 | 1.21 | 1.68 | 2.57 | 2.21 | 3.23 | 3.01 | 3.95 | 5.36 | 6.73 | 8.10 | 9.17 | 11.76 |
| Owner EPS | 1.42 | 0.88 | 0.54 | 0.55 | 2.27 | 2.68 | 2.59 | 1.61 | 1.54 | 3.84 | 9.18 | 6.67 | -4.30 |
| Book Value | 12.01 | 13.28 | 15.05 | 18.04 | 19.46 | 23.05 | 25.85 | 29.62 | 33.53 | 39.87 | 47.74 | 54.65 | 64.32 |
| Cash Flow/Share | 1.87 | 1.46 | 1.28 | 1.88 | 3.63 | 3.94 | 4.00 | 3.25 | 3.32 | 5.79 | 11.30 | 9.06 | 22.26 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 35.6M | 36.1M | 36.8M | 37.8M | 38.1M | 37.4M | 37.7M | 37.6M | 37.4M | 36.8M | 36.6M | 36.3M | 35.8M |
| Valuation | |||||||||||||
| P/E Ratio | 8.0 | 16.4 | 21.2 | 17.2 | 16.4 | 15.4 | 19.7 | 24.3 | 15.1 | 18.7 | 30.2 | 32.2 | 40.5 |
| P/FCF | 13.1 | 581.9 | 202.3 | 626.9 | 13.2 | 14.4 | 20.7 | 47.4 | 87.4 | 30.4 | 24.5 | 51.7 | 372.3 |
| EV/EBIT | 3.1 | 12.1 | 15.7 | 14.5 | 11.3 | 12.1 | 15.4 | 20.6 | 12.7 | 16.3 | 29.2 | N/A | 38.6 |
| Price/Book | 1.7 | 1.5 | 2.4 | 2.5 | 1.9 | 2.2 | 2.3 | 3.2 | 2.4 | 3.1 | 5.1 | 5.4 | 7.4 |
| Price/Sales | 0.9 | 0.8 | 1.0 | 1.1 | 1.0 | 1.2 | 1.3 | 1.5 | 1.7 | 1.5 | 2.3 | 2.4 | 4.0 |
| FCF Yield | 7.6% | 0.2% | 0.5% | 0.2% | 7.6% | 6.9% | 4.8% | 2.1% | 1.1% | 3.3% | 4.1% | 1.9% | 0.3% |
| Market Cap | 731M | 716M | 1.3B | 1.7B | 1.4B | 1.9B | 2.2B | 3.6B | 3.0B | 4.6B | 9.0B | 10.7B | 17.1B |
| Avg. Price | 18.08 | 17.61 | 25.40 | 40.07 | 34.57 | 49.40 | 57.94 | 77.40 | 101.23 | 111.07 | 180.12 | 228.39 | 476.04 |
| Year-End Price | 20.56 | 19.86 | 35.54 | 44.33 | 36.22 | 49.67 | 59.35 | 95.97 | 81.03 | 125.55 | 244.79 | 295.62 | 476.04 |
Fabrinet passes 5 of 9 quality checks, suggesting mixed fundamentals.
Fabrinet trades at 45.6x trailing earnings, compared to its 15-year median P/E of 19.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 166.7x vs a median of 27.5x. The company's 5-year average ROIC is 24.0% with a gross margin of 12.2%. Total shareholder yield (buybacks) is 0.2%. At current prices, the estimated annualized return to fair value is +16.9%.
Fabrinet (FN) has a net profit margin of 9.7%. This is a modest margin.
Fabrinet (FN) generated $207 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Fabrinet (FN) has a debt-to-equity ratio of 0.43. This indicates a conservatively financed balance sheet.
Fabrinet (FN) reported earnings per share (EPS) of $9.17 in its most recent fiscal year.
Fabrinet (FN) has a return on equity (ROE) of 17.8%. This indicates the company generates strong returns for shareholders.
Fabrinet (FN) has a 5-year average gross margin of 12.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for Fabrinet (FN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Fabrinet (FN) has a book value per share of $54.65, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued robust growth in fiscal 2027 driven by multiple simultaneous programs ramping across optical communications, datacom, and high-performance compute segments, with new merchant transceiver programs expected to begin production in the second half of calendar 2026 and contribute meaningfully to revenue. The company anticipates supply-demand imbalances to persist into the fourth quarter of fiscal 2026 but remains optimistic that supply conditions will improve over time, positioning it well for volume ramps throughout fiscal 2027. Fabrinet is expanding manufacturing capacity through accelerated construction of Building 10 in Thailand, with an additional floor expected to be commissioned by September 2026 and the full building completed by January 2027, and has acquired a new facility in the Navanakorn Industrial Estate to support long-term growth. Management expects gross margins to recover from near-term ramp inefficiencies as new programs mature, while maintaining disciplined operating expense growth to drive continued operating leverage and support the company's track record of accelerating growth into fiscal 2027 and beyond.
Based on recent SEC filings and earnings calls, Fabrinet (FN) has provided the following forward guidance: Revenue: $1.25–1.29 billion (Q4 FY2026); Non-GAAP EPS: $3.72–3.87 (Q4 FY2026).