# Fabrinet (FN)

> Source: Nexqual · https://nexqual.com/FN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Fabrinet (FN), nexqual.com/FN" · informational, not investment advice.

**Price:** USD 317.67 (-10.78% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 356.06 · day 311.83–341.96 · 52w 311.81–748.89 · market cap $11.4B · NYQ

## Key facts
- Last four reported quarters (through Jun 26, 2026): revenue $4.64B, net income $473M (10.2% margin), free cash flow $4.2M (SEC filings).
- Valuation: P/E 24.1x (avg 35.1x at the last 3 fiscal year-ends).
- 4 of 80 tracked superinvestors hold FN (13F, Q2 2026): 0 new, 3 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $2.7M; 2 not under a Rule 10b5-1 plan ($2.7M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.89 on a 1–5 scale) (9 analysts), mean target USD 687.78 (range 431–800).
- Total return with dividends: 1Y -23.4% vs S&P 500 +14.9%; 5Y +229.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 4.19, revenue estimate $1.40B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.26B | $2.65B | $2.88B | $3.42B | $4.64B | $4.64B |
| Gross profit | $279M | $336M | $356M | $413M | $557M | — |
| Operating income | $205M | $252M | $278M | $324M | $463M | $463M |
| Net income | $200M | $248M | $296M | $333M | $473M | $473M |
| EPS (diluted) | $5.36 | $6.73 | $8.10 | $9.17 | $13.05 | — |
| Free cash flow | $34.7M | $152M | $366M | $207M | $4.2M | $4.2M |
| Gross margin | 12.3% | 12.7% | 12.4% | 12.1% | 12.0% | — |
| Operating margin | 9.0% | 9.5% | 9.6% | 9.5% | 10.0% | 10.0% |
| Net margin | 8.9% | 9.4% | 10.3% | 9.7% | 10.2% | 10.2% |
| Revenue growth | +20.4% | +16.9% | +9.0% | +18.6% | +35.7% | — |
| Cash + short-term investments | $478M | $550M | $859M | $934M | $875M | — |
| Total debt | $27.4M | $12.2M | — | — | — | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 26, 2026)
P/E 24.1x · P/S 2.5x · P/FCF 2696.3x · P/B 4.6x · FCF yield 0.04% · Earnings yield 4.16% · Buyback yield (TTM) 0.05%
P/E at fiscal year-ends: Jun 2026 43.1x, Jun 2025 32.1x, Jun 2024 30.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold FN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Henry Ellenbogen | Durable Capital Partners | 3.30% | $339M | Added +178.7% |
| Torray Funds |  | 0.45% | $3.4M | Reduced -15.2% |
| First Eagle Investment | First Eagle Investment Management | 0.02% | $11.6M | Added +35.4% |
| Polen Capital | Polen Capital Management | 0.01% | $1.2M | Added +8.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-03 | Archer Edward T. | EVP, Sales & Marketing | 2,500 | $965K | 26.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-22 | Bahrami Homa | Director | 2,500 | $1.8M | 13.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.89 on a 1–5 scale), 9 analysts; mean target USD 687.78 (low 431, high 800).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Susquehanna | Target lowered | Positive | $850 → $600 |
| 2026-10-15 | B. Riley Securities | Target lowered | Neutral | $598 → $431 |
| 2026-08-20 | Rosenblatt | Maintained | Buy | $750 |
| 2026-08-18 | JP Morgan | Target raised | Neutral | $680 → $695 |
| 2026-08-18 | Barclays | Target raised | Overweight | $702 → $739 |
| 2026-08-18 | Rosenblatt | Maintained | Buy | $750 |
| 2026-08-18 | Needham | Reiterated | Buy | $650 |
| 2026-07-22 | Needham | Target lowered | Buy | $800 → $650 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -23.4% | +229.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -23.5% | +26.9% |
| Volatility (annualized) | 77.3% | 53.7% |
| Max drawdown | -57.4% (May 2026→Oct 2026) | -56.0% (May 2026→Oct 2026) |

## Peers (Electronic Components)
LFUS (Littelfuse, Inc.) USD 350.28 -10.10% · VICR (Vicor Corporation) USD 179.99 -15.66% · SANM (Sanmina Corporation) USD 154.47 -10.23% · TTMI (TTM Technologies, Inc.) USD 73.89 -27.67% · RAL (Ralliant Corporation) USD 65.64 -5.27% · PLXS (Plexus Corp.) USD 220.78 -7.51%

## More
Full page: https://nexqual.com/FN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FN's own 10-K filed 2026-08-18 (https://www.sec.gov/Archives/edgar/data/1408710/000140871026000028/fn-20260626.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Fabrinet West | "•Establish New Product Introduction ("NPI") Centers to Generate and Transfer New Business to Thailand: We established Fabrinet West, Inc. as an NPI center in the heart of Silicon Valley and Fabrinet Israel as an NPI cent…" |
| Customer | Fabrinet Israel | "•Establish New Product Introduction ("NPI") Centers to Generate and Transfer New Business to Thailand: We established Fabrinet West, Inc. as an NPI center in the heart of Silicon Valley and Fabrinet Israel as an NPI cent…" |
| Customer | ZTE | "•unanticipated restrictions on our ability to sell to foreign customers where sales of products and the provision of services may require export licenses or are prohibited by government action (for example, the U.S. Depa…" |
| Customer | Huawei | "•unanticipated restrictions on our ability to sell to foreign customers where sales of products and the provision of services may require export licenses or are prohibited by government action (for example, the U.S. Depa…" |
| Competitor | Celestica (CLS) | "Competitors in the market for optical manufacturing services include Benchmark Electronics, Inc., Celestica Inc., InnoLight Technology (Suzhou) Ltd., Jabil Inc., Sanmina Corporation, Venture Corporation Limited and Eopto…" |
| Competitor | Jabil (JBL) | "Competitors in the market for optical manufacturing services include Benchmark Electronics, Inc., Celestica Inc., InnoLight Technology (Suzhou) Ltd., Jabil Inc., Sanmina Corporation, Venture Corporation Limited and Eopto…" |
| Competitor | Sanmina (SANM) | "Competitors in the market for optical manufacturing services include Benchmark Electronics, Inc., Celestica Inc., InnoLight Technology (Suzhou) Ltd., Jabil Inc., Sanmina Corporation, Venture Corporation Limited and Eopto…" |
| Competitor | Coherent (COHR) | "Our customized optics and glass operations face competition from companies such as CASTECH Inc., Excelitas Technologies Corp. and Photop Technologies, Inc. (a subsidiary of Coherent Corp.)." |

Other companies that name FN in their own reports (relationship from FN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Nano-X Imaging Ltd. (NNOX) | 20-F 2026-04-30 | "into a multi-year Volume Supply Agreement with Fabrinet, a leading global electronics manufacturing services provider from" |
| partner | Innoviz Technologies Ltd. (INVZ) | 20-F 2026-03-04 | "In March 2025, Innoviz signed an agreement with Fabrinet (the "Fabrinet" |
| partner | Ouster, Inc. (OUST) | 10-K 2026-03-02 | "Our main manufacturing partners are Benchmark Electronics, Inc. ("Benchmark") and Fabrinet." |
| customer | NVIDIA CORP (NVDA) | 10-K 2026-02-25 | "We engage with independent subcontractors and contract manufacturers such as Hon Hai Precision Industry Co., Ltd., Wistron Corporation, and Fabrinet to perform assembly, testing and packaging of our f…" |

## Revenue by product line (quarter ended 2026-03-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Optical Communications | $888.7M | 73.2% | +35.2% |
| Non Optical Communications | $325.6M | 26.8% | +51.7% |
| Total revenue | $1.21B | 100% | — |

## Revenue by region (quarter ended 2026-06-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Thailand | $2.77B | 210.7% | +33.1% |
| Total revenue in Asia-Pacific and others | $2.02B | 153.5% | +54.0% |
| Singapore | $202.2M | 15.4% | +8.5% |
| China | $36.5M | 2.8% | +95.7% |
| Others | $32.6M | 2.5% | +11.7% |
| Malaysia | $24.1M | 1.8% | +50.4% |
| Others | $18.5M | 1.4% | +16.0% |
| Germany | $15.4M | 1.2% | +18.7% |
| Others | $10.6M | 0.8% | +22.2% |
| Japan | $4.6M | 0.4% | -28.1% |
| Total revenue | $1.32B | 100% | — |
The lines above cover 390.3% of total revenue.

## Customer concentration

Period ended 2026-06-26: 19.9%, 16.3%, 10.7%, 10.5% of revenue from unnamed direct customers (10-K, filed 2026-08-18).

## Company outlook (8-K filed 2026-08-17)

- "We achieved record quarterly revenue of $1.316 billion, exceeding our guidance range, and increasing 45% from a year ago."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.19 | $3.98 | +5.3% | $1.40B | 9 |
| Next quarter (ends 2026-12-31) | $4.43 | $4.19 | +5.6% | $1.48B | 9 |
| Current fiscal year (ends 2027-06-30) | $18.23 | $17.25 | +5.7% | $6.11B | 9 |
| Next fiscal year (ends 2028-06-30) | $21.94 | $21.40 | +2.5% | $7.34B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±20.2%; last 8 reports averaged ±7.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 88.9% | ±20.2% |
| 2026-12-18 | 56 | 77.6% | ±24.6% |
| 2027-01-15 | 84 | 70.2% | ±27.1% |
| 2027-04-16 | 175 | 68.1% | ±37.8% |
| 2027-07-16 | 266 | 66.2% | ±44.9% |
| 2027-10-15 | 357 | 66.2% | ±51.5% |