Fabrinet (FN)
ConvictionModerate
Outsourced precision manufacturing, assembly and test on a build-to-customer-design basis; revenue is per-unit assembly fees plus largely pass-through materials, making it a low-margin, high-volume price-taker that monetizes labor and process know-how rather than its own product IP.
Revenue
$1,214.3M Q3 FY26 quarterlyfact, qtr ended Mar 27 2026); $4.24B TTM (fact, Jun 2026Rev growth
+39% YoY+7% QoQ (fact, Q3 FY26Gross margin
12.1% non-GAAPfact, Q3 FY26); ~12.0% GAAP — structurally capped near 12%Op margin
10.7% non-GAAPfact, Q3 FY26); ~9.9% GAAP TTMCapex intensity
Low historically~2-4% of revenue) but rising on Building 10 / Building 11 / Navanakorn buildout (estimate — exact Q3 capex not separately disclosed in releaseMarket cap
~$20.3Bfact, Jun 26 2026; ~35.83M shares x ~$568Price · 1-year trend
real · weekly$480+68% 1yUSD
52-week range
$277 – $746
52w lowas of 2026-07-08 · Yahoo Finance52w high
Across the boards
The thesis on this name
opportunityModerate
AI Compute Value-Chain
Full context
position · avoidWeak
AI Compute Value-Chain
Full context
opportunityWeak
AI datacenter power & cooling
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2025-08-19. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’21
$1.9B
FY’22
$2.3B+20%
FY’23
$2.6B+17%
FY’24
$2.9B+9%
FY’25
$3.4B+19%
Margins & balance sheet — FY’25
Gross margin12.1%
Operating margin9.5%
Net margin9.7%
Net cash$357M
The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Fabrinet (FN)
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence