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Contract manufacturer of complex optical and electro-mechanical products, mainly optical transceivers, for other companies' designs.
Contract manufacturer of complex optical and electro-mechanical products, mainly optical transceivers, for other companies' designs.
Builds products to other companies' designs, charging for assembly and test, often with the customer's own components supplied, so its margin is thin and its income follows customers' volumes. Most of its factory capacity is in Thailand, and a handful of customers account for a large part of its sales.
In one line: An optical-focused Jabil/Flex, manufacturing others' photonics designs in Thailand..
Moat: narrow (process know-how, customer qualification, scale). Precision optical assembly expertise and long-standing customer qualification, though it is a contract manufacturer with thin differentiation.
Headquarters: Bangkok, Thailand · Founded: 2000 · Employees: 21,521
Size Fabrinet (FN) is a United States Information Technology company (Semiconductors) with a market value of $11.7B, the 707th largest of 3,117 United States companies the cockpit tracks. Shares closed at $327.13 on 6 Nov 2026.
Performance Over six months the shares fell 47.4%, against -14.5% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 19 in its peer set.
Growth Revenue grew 43.0% over the last twelve months (peer median +28.9%); the operating margin is 10.2% (peer median 10.2%).
Valuation It trades at 15.6× forward earnings against a peer median of 39.3× (3rd cheapest of 17).
Capital Return on invested capital runs 11.1 points above its cost of capital (11.5% WACC).
Short interest Short interest is 5.2% of the free float (15 Oct 2026).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $5.14B | $4.64B | $3.42B | $2.88B | $2.65B |
| Revenue growth | — | +36% | +19% | +9% | — |
| Gross profit | $623M | $560M | $412M | $365M | $344M |
| EBITDA | $650M | $536M | $378M | $336M | $311M |
| Net income | $481M | $473M | $333M | $296M | $248M |
| Free cash flow | -$190M | $4.22M | $207M | $366M | $152M |
| Capital expenditure | $367M | $254M | $122M | $48.4M | $62.3M |
| Total debt | $78.3M | $4.01M | $5.47M | $4.99M | $13.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Fabrinet FN | $11.7B | -47% | +43% | 10% | 15.6× | n/a |
| Jabil JBL | $24.6B | -33% | +21% | 5% | 13.5× | 8.3% |
| Flex FLEX | $25.8B | -51% | +18% | 6% | 11.2× | 15.9% |
| Celestica CLS.TO | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% |
| Sanmina SANM | $7.22B | -46% | +59% | 5% | 10.7× | 6.8% |
| Plexus PLXS | $5.12B | -28% | +23% | 5% | 17.9× | n/a |
| Benchmark Electronics BHE | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% |
| Venture V03.SI | $3.22B | -21% | +1% | 10% | 16.4× | -1.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -32.9% | -16.0% | 7th lowest of 20 |
| 6-month return | -47.4% | -14.5% | lowest of 19 |
| Distance from 52-week high | -56.3% | -47.6% | 4th lowest of 21 |
| Revenue growth (TTM) | +43.0% | +28.9% | 6th highest of 21 |
| Operating margin | 10.2% | 10.2% | 11th highest of 21 |
| Forward P/E | 15.6× | 39.3× | 3rd cheapest of 17 |
| ROIC minus cost of capital | +11.1 pp | -2.7 pp | 6th highest of 20 |
| EV / EBITDA | 16.9× | 52.3× | 2nd cheapest of 6 |
| Net debt / EBITDA | -1.0× | -1.4× | 4th most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fabrinet FN | United States | $11.7B | -47% | +43% | 10% | 15.6× | n/a | n/a |
| Cansemi Technology 301660.SZ | China | $11.8B | n/a | +54% | -99% | n/a | n/a | n/a |
| Yuanjie Semiconductor Technology 688498.SS | China | $11.2B | -45% | +300% | 64% | 60.1× | n/a | n/a |
| Shenzhen Longsys Electronics 301308.SZ | China | $12.3B | -46% | +114% | 40% | 5.1× | n/a | n/a |
| Realtek Semiconductor 2379.TW | Taiwan | $11.0B | +33% | +12% | 11% | 19.9× | 8.4% | +9.6% |
| SiTime SITM | United States | $12.5B | -30% | +83% | 0% | 23.1× | n/a | n/a |
| TongFu Microelectronics 002156.SZ | China | $10.5B | -15% | +21% | 7% | 28.7× | n/a | n/a |
| National Silicon Industry 688126.SS | China | $10.2B | 0% | +33% | -41% | n/a | n/a | n/a |
| Rockchip Electronics 603893.SS | China | $13.4B | +16% | +39% | 27% | 49.1× | 39.3% | +18.7% |
| China Resources Microelectronics 688396.SS | China | $9.72B | -14% | +17% | 10% | 46.9× | 25.7% | +9.7% |
| JCET 600584.SS | China | $14.1B | +15% | +4% | 6% | 40.2× | n/a | n/a |
| LONGi Green Energy Technology 601012.SS | China | $14.1B | -25% | -16% | -12% | n/a | n/a | n/a |
| Semtech SMTC | United States | $9.63B | -15% | +18% | 12% | 19.1× | 51.8% | +12.0% |
| ASPEED Technology 5274.TWO | Taiwan | $14.3B | -30% | +40% | 53% | 41.1× | 41.3% | +24.3% |
| Nexchip Semiconductor 2249.HK | Hong Kong | $9.55B | n/a | +20% | 7% | 50.2× | n/a | n/a |
| Xi'an ESWIN Material Technology 688783.SS | China | $9.34B | -36% | +25% | -25% | n/a | n/a | n/a |
| Technoprobe TPRO.MI | Italy | $14.9B | +5% | +22% | 30% | 38.4× | 36.4% | +14.6% |
| Novatek Microelectronics 3034.TW | Taiwan | $9.16B | +18% | +2% | 20% | 14.1× | -4.2% | +4.7% |
| Lattice Semiconductor LSCC | United States | $14.9B | -17% | +63% | 13% | 26.2× | n/a | n/a |
| United Nova Technology 688469.SS | China | $8.92B | +4% | +42% | -10% | 102.1× | n/a | n/a |
| Hwatsing Technology 688120.SS | China | $15.4B | +42% | +36% | 18% | 63.8× | 41.8% | +64.4% |