Fabrinet (FN) financials

NYSE · Technology · Hardware, Equipment & Parts · 21,521 employees · CEO Seamus Grady

Price: $327.29 -6.13%
Market cap: $11.7B
Enterprise value: $11.4B
Last report: Q4 '26 filed 2026-08-18
Next report: 2026-11-02 EPS est. $4.19

Revenue (TTM)$4.64B+35.7% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)10.0%+0.5 pp vs a year agoOperating income $463M

Net income (TTM)$473M+42.3% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$3.04M-98.5% vs a year agoCapex $254M

Diluted EPS (TTM)$13.05+42.3% vs a year agoSum of the last 4 quarters

Net cash$871M-5.8% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $11.7B
Revenue: $4.64B
Revenue growth: +31%
Profit margin: 10.2%
P/E: 24.8×
P/S: 2.5×
EV / EBITDA: 18.3×
Free cash flow: $3.04M
Net income: $473M
Revenue estimate: $6.1B
Earnings: 2026-11-02
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-17): revenue beat by 3.1%, EPS beat by 7.6%Revenue $1.32B vs $1.28B expected (+3.1%); EPS $4.10 vs $3.81 (+7.6%).
Revenue growth accelerating: 44.6% year on yearQ4 '26 revenue $1.32B, against an average of 29.4% over the four quarters before.
Operating margin 10.0% (TTM), +0.5 pp on a year agoOperating income grew 42.7% while revenue grew 35.7%.
16.6% of pre-tax profit is non-operatingPre-tax income $555M vs operating income $463M (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 5.5% of revenue (a year ago 3.6%)$254M invested in the last 4 quarters (+108.6% on a year earlier). Free cash flow $3.04M = 0.6% of net income.
Returned $6.3M to shareholders = 207.1% of free cash flowBuybacks $6.3M (a year earlier $146M), dividends $0, stock-based pay $34.6M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count up 0.5% in a year36.3M diluted shares in Q4 '26, 36.1M a year earlier.
Net cash $871MCash + short-term investments $875M, debt incl. leases $4.01M; a year ago net cash $925M.

Last quarter: Q4 '26

Quarter ended 2026-06-26. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q4 '26	Year ago	Change
Revenue	$1.32B	$910M	+44.6%
Gross margin	12.3%	12.2%	0.0 pp
Operating income	$138M	$89.1M	+54.9%
Operating margin	10.5%	9.8%	+0.7 pp
Net income	$142M	$87.2M	+63.1%
Diluted EPS	$3.83	$2.42	+58.3%
Operating cash flow	$55M	$55.1M	-0.2%
Capex	$93.1M	$50.6M	+83.8%
Free cash flow	-$38.1M	$4.46M	-954.1%
R&D	$0	$0	–
Stock-based compensation	$8.26M	$8.1M	+2.0%

Reported vs consensus

2026-08-17

	Actual	Consensus	vs consensus
Revenue	$1.32B	$1.28B	+3.1%
EPS (as estimated)	$4.10	$3.81	+7.6%

From the report of 2026-08-17 for Q4 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Optical Communications	$889M	+35.2%	73.2%	$3.16B	+24.9%
Non-Optical Communications	$326M	–	26.8%	–	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
THAILAND	$2.77B	–	54.0%	$2.84B	–
Asia Pacific	$2.02B	+374.2%	39.3%	$3.43B	+106.9%
North America	$0	-100.0%	0.0%	$1.59B	+7.1%
United States	$0	–	0.0%	$1.58B	–
ISRAEL	$0	–	0.0%	$676M	–
SINGAPORE	$202M	–	3.9%	$255M	–
Europe	$0	-100.0%	0.0%	$332M	+17.7%
INDIA	–	–	–	–	–
Hong Kong	–	–	–	–	–
MALAYSIA	$24.1M	–	0.5%	$114M	–
CHINA	$36.5M	–	0.7%	$88.4M	–
Asia-Pacific, Other	$32.6M	–	0.6%	$35.5M	–
Europe, Other	$18.5M	–	0.4%	$73.5M	–
GERMANY	$15.4M	–	0.3%	$49.3M	–
JAPAN	$4.63M	–	0.1%	$38M	–
North America, Other	$10.6M	–	0.2%	$18.3M	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $257M
Capex: -$254M
Buybacks: -$6.3M
Dividends: $0
Acquisitions: $0
Net debt issued: $0
Stock-based compensation: $34.6M
Free cash flow: $3.04M
Returned to shareholders / FCF: 207.1%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	24.8×	27.2×	15.3× – 39.7×
EV / EBITDA	18.3×	21.0×	11.8× – 29.6×
EV / Sales	2.5×	2.6×	1.3× – 4.0×
Price / FCF	3,856.8×	1,275.8×	24.3× – 6,180.6×
Price / Book	4.8×	4.8×	2.4× – 7.7×
FCF yield	0.0%	2.1%	0.0% – 4.1%
Return on invested capital	15.7%	15.3%	14.8% – 15.9%
Return on equity	21.0%	17.2%	16.0% – 19.3%

Analysts

Consensus target $739.00 (+125.8%)
range $739.00 – $739.00 · rating Buy

Strong buy0

Buy18

Hold6

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$6.1B	+31.3%	$18.23	+39.7%	17.9×	4
FY2028	$7.29B	+19.7%	$21.86	+19.9%	15.0×	4
FY2029	$9.1B	+24.8%	$28.11	+28.6%	11.6×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 236 figures Fabrinet tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Trade, Current	$1.01B	$637M	+57.8%	$1.01B	$637M	+57.8%
Accounts Receivable, after Allowance for Credit Loss	$1.02B	$759M	+34.1%	$1.02B	$759M	+34.1%
Accounts Receivable, after Allowance for Credit Loss, Current	$1.02B	$759M	+34.1%	$1.02B	$759M	+34.1%
Accounts Receivable, Allowance for Credit Loss	$1.05M	$1.34M	-21.9%	$1.05M	$1.34M	-21.9%
Accounts Receivable, before Allowance for Credit Loss	$1.02B	$760M	+34.0%	$1.02B	$760M	+34.0%
Accretion (Amortization) of Discounts and Premiums, Investments	$1.1M	$1.13M	-2.3%	$4.72M	$4.56M	+3.5%
Accrued Income Taxes, Current	$63.5M	$7.94M	+699.5%	$63.5M	$7.94M	+699.5%
Accrued Liabilities, Current	$56.5M	$30.6M	+84.6%	$56.5M	$30.6M	+84.6%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$427M	$367M	+16.3%	$427M	$367M	+16.3%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$968K	$10.3M	-90.6%	$968K	$10.3M	-90.6%
Additional Paid in Capital, Common Stock	$252M	$238M	+5.9%	$252M	$238M	+5.9%
Adjustments to Additional Paid in Capital, Warrant Issued	$1.62M	$180K	+801.7%	$4.8M	$4.11M	+16.8%
Amortization of Intangible Assets	$200K	$200K	0.0%	$900K	$900K	0.0%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$8.26M	$8.1M	+2.0%	$34.6M	$33M	+4.9%
Assets	$3.91B	$2.83B	+38.1%	$3.91B	$2.83B	+38.1%
Assets, Current	$3.16B	$2.43B	+30.1%	$3.16B	$2.43B	+30.1%
Assets, Fair Value Disclosure	$643M	$642M	+0.1%	$643M	$642M	+0.1%
Assets, Noncurrent	$751M	$403M	+86.6%	$751M	$403M	+86.6%
Capital Expenditures Incurred but Not yet Paid	$20.7M	$7.68M	+169.7%	$86M	$40.8M	+110.9%
Capitalized Contract Cost, Accumulated Impairment	$0	$0	–	$0	$0	–
Cash and Cash Equivalents, at Carrying Value	$347M	$306M	+13.1%	$347M	$306M	+13.1%
Cash and Cash Equivalents, Fair Value Disclosure	$130M2026-03-27	–	–	–	–	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$347M	$306M	+13.4%	$347M	$306M	+13.4%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	-$9.86M	-$692K	-1,324.7%	$42.5M	-$105M	+140.5%
Class of Warrant or Right, Exercise Price of Warrants or Rights	–	–	–	$208.482025-03-12	–	–
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	–	–	–	382K2025-03-12	–	–
Class of Warrant or Right, Outstanding	85.9K	38.2K	+125.0%	85.9K	38.2K	+125.0%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	500M	500M	0.0%	500M	500M	0.0%
Common Stock, Shares, Issued	39.7M	39.6M	+0.3%	39.7M	39.6M	+0.3%
Common Stock, Shares, Outstanding	35.8M	35.7M	+0.3%	35.8M	35.7M	+0.3%
Common Stock, Value, Issued	$397K	$396K	+0.3%	$397K	$396K	+0.3%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$141M	$89M	+58.2%	$464M	$346M	+34.0%
Contract with Customer, Asset, after Allowance for Credit Loss	$0	$0	–	$0	$0	–
Contract with Customer, Liability, Current	$4.24M	$14.5M	-70.7%	$4.24M	$14.5M	-70.7%
Cost of Revenue	$1.16B	$798M	+45.0%	$4.08B	$3.01B	+35.9%
Current Income Tax Expense (Benefit)	–	–	–	$84.2M	$27.8M	+202.8%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax	$5.6M	$8.72M	-35.8%	$5.6M	$8.72M	-35.8%
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff	–	–	–	$0	$0	–
Deferred Income Tax Assets, Net	$19.2M	$13.4M	+43.4%	$19.2M	$13.4M	+43.4%
Deferred Income Tax Expense (Benefit)	–	–	–	-$2.14M	-$5.16M	+58.6%
Deferred Income Tax Liabilities, Net	$1.65M	$1.6M	+3.7%	$1.65M	$1.6M	+3.7%
Deferred Income Taxes and Tax Credits	-$1.77M	-$1.54M	-14.9%	-$5.11M	-$5.73M	+10.8%
Deferred Tax Assets, Gross	$24.8M	$16.9M	+46.8%	$24.8M	$16.9M	+46.8%
Deferred Tax Assets, Net	$17.6M	$11.8M	+48.8%	$17.6M	$11.8M	+48.8%
Deferred Tax Assets, Net of Valuation Allowance	$19.2M	$13.4M	+43.4%	$19.2M	$13.4M	+43.4%
Deferred Tax Assets, Operating Loss Carryforwards	$4.09M	$2.53M	+61.7%	$4.09M	$2.53M	+61.7%
Deferred Tax Assets, Property, Plant and Equipment	$647K	$2.37M	-72.7%	$647K	$2.37M	-72.7%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Severance Payments	$6.6M	$5.98M	+10.4%	$6.6M	$5.98M	+10.4%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$10.8M	$5.55M	+95.1%	$10.8M	$5.55M	+95.1%
Deferred Tax Assets, Valuation Allowance	$5.57M	$3.48M	+60.0%	$5.57M	$3.48M	+60.0%
Deferred Tax Liabilities, Gross	$1.65M	$1.6M	+3.7%	$1.65M	$1.6M	+3.7%
Deferred Tax Liabilities, Other	-$2.26M	-$2.09M	-8.3%	-$2.26M	-$2.09M	-8.3%
Deferred Tax Liabilities, Undistributed Foreign Earnings	$2.51M	$2.14M	+17.3%	$2.51M	$2.14M	+17.3%
Defined Benefit Plan, Accumulated Benefit Obligation	$24.6M	$22.1M	+11.2%	$24.6M	$22.1M	+11.2%
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	–	–	–	-$31.2M2025-06-27	-$24.1M	-29.6%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	–	–	–	5.2%2025-06-27	5.4%	-3.7%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	–	–	–	4.2%2025-06-27	5.2%	-19.2%
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	–	–	–	-$204K	-$1.89M	+89.2%
Defined Benefit Plan, Benefit Obligation, Benefits Paid	–	–	–	$685K	$2M	-65.8%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-K 2026-06-26, 10-Q 2026-03-27, 10-Q 2025-12-26, 10-Q 2025-09-26, 10-K 2025-06-27, 10-Q 2025-03-28, 10-Q 2024-12-27, 10-Q 2024-09-27, 10-K 2024-06-28

Data as of 2026-11-01