At a glance
Fabrinet is worth $13.12B, about 28 times its fiscal 2026 earnings. Revenue grew 35.7% to $4.64B in fiscal 2026, with 10.2% kept as profit; over 5 years it has grown 19.8% a year. It pays no dividend; it spent $277.9M buying back its shares over FY2022–FY2026. The stock returned −16.1% over the past year with dividends reinvested and +30.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 25.0% in the 2020 crash (S&P 500: 33.7%) and 38.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 5 months after the lows.
The business in plain English
Fabrinet is a contract manufacturer of complex optical and electronic products. Its customers are original equipment manufacturers (OEMs): companies that design products and sell them under their own names. They pay Fabrinet to build those products. The products include optical transceivers, tunable lasers and amplifiers for communications networks, active optical cables for data centers, industrial lasers, and sensors for cars and medical devices. Fabrinet handles engineering, parts buying, circuit board assembly, final assembly and testing.
Fabrinet also makes custom lenses, prisms, crystals and specialty glass. These go into the products it builds, and it sells them to other buyers too. It often sets aside staff and floor space for a single customer to protect that customer's designs, an approach it calls a “factory-within-a-factory.” Fabrinet says it does not compete with its customers in their own markets, and it believes this helps it build long-term relationships.
Revenue for the fiscal year ended June 26, 2026 was $4.64 billion, up 35.7% from $3.42 billion the year before. Data center products made up 47.9% of revenue, communications infrastructure 33.3%, and automotive, industrial and other markets 18.8%. Margins are slim. Gross margin, the share of revenue left after production costs, was 12%. By location, 61.2% of revenue was assigned to Thailand and 20.8% to the U.S. Four customers each provided at least 10% of sales, together 57.4%.
Price history
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FN -16.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Data center | $2.23B | 47.9% |
| Communications infrastructure | $1.55B | 33.3% |
| Automotive, Industrial and Others | $869.6M | 18.7% |
By geography
| Thailand | $2.84B | 61.2% |
| U.S. | $965.4M | 20.8% |
| Singapore | $254.7M | 5.5% |
| Malaysia | $113.9M | 2.5% |
| China | $88.4M | 1.9% |
| Others | $73.5M | 1.6% |
| Mexico | $70.6M | 1.5% |
| Israel | $54.8M | 1.2% |
| Germany | $49.3M | 1.1% |
| Japan | $38.0M | 0.8% |
| U.K. | $36.5M | 0.8% |
| Others | $35.5M | 0.8% |
| Others | $18.3M | 0.4% |
Latest results
- In Q1 FY2027 (ended Sep 25, 2026), revenue was $1.47B, up 50.7% from a year earlier, and net income was $103.5M (+7.9%).
- For fiscal 2026, revenue was $4.64B (+35.7% year over year; +19.8% a year from FY2021 to FY2026) with a 10.2% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +19.8% good |
|---|---|
| Operating margin | 10% watch |
| Free cash flow margin | 0.1% watch |
| Return on equity (FY2026) | 19.3% good |
| Return on assets (FY2026) | 12.1% good |
| Net cash (cash minus debt) | $681.0M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.88B | $148.3M | $76.1M |
| FY2022 | $2.26B | $200.4M | $34.7M |
| FY2023 | $2.65B | $247.9M | $151.9M |
| FY2024 | $2.88B | $296.2M | $365.6M |
| FY2025 | $3.42B | $332.5M | $207.3M |
| FY2026 | $4.64B | $473.0M | $4.2M |
Valuation snapshot
| Market value | $13.12B |
|---|---|
| P/E ratio | 28.1 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Fabrinet’s market value went from $1.49B at the end of 2016 to $13.12B on Oct 28, 2026, about 8.8 times as much; since the end of 2025 it is down 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $13.12B | -19.6% |
| 2025 | $16.31B | +104.5% |
| 2024 | $7.97B | +15.3% |
| 2023 | $6.91B | +47.4% |
| 2022 | $4.69B | +7.0% |
| 2021 | $4.39B | +53.0% |
| 2020 | $2.87B | +19.5% |
| 2019 | $2.40B | +27.0% |
| 2018 | $1.89B | +75.2% |
| 2017 | $1.08B | -27.4% |
| 2016 | $1.49B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FN price data to Oct 28, 2026 | -19.3% | -16.1% | +34.2% | +30.6% | +25.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -19.3% |
| 2025 | +107.1% |
| 2024 | +15.5% |
| 2023 | +48.4% |
| 2022 | +8.2% |
| 2021 | +52.7% |
| 2020 | +19.7% |
| 2019 | +26.4% |
| 2018 | +78.8% |
| 2017 | -28.8% |
| 2016 | +69.2% |
| 2015 | +34.3% |
| 2014 | -13.7% |
| 2013 | +56.5% |
| 2012 | -4.0% |
| 2011 | -36.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 21.7% over that stretch · deepest drop along the way 25%, back to its old high 1.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.4% over that stretch · deepest drop along the way 38.7%, back to its old high 4.8 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 8 sales ($4.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 22, 2026 | Homa Bahrami Director | sell | $1.8M |
| Sep 3, 2026 | Edward T. Archer EVP, Sales & Marketing | sell | $548K |
| Feb 25, 2026 | Thomas F Kelly Director | sell | $479K |
| Sep 3, 2026 | Edward T. Archer EVP, Sales & Marketing | sell | $417K |
| Feb 25, 2026 | Thomas F Kelly Director | sell | $381K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.8% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.04% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 5.4% | Jun 30, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| FMR LLC | 5.1% | Jun 30, 2026 |
ETFs with the most weight in FN
| JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 1.36% |
| TMFG Motley Fool Global Opportunities ETF | 1.14% |
| PEXL Pacer US Export Leaders ETF | 0.94% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.86% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 0.82% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 0.66% |
| SEIS SEI Select Small Cap ETF | 0.64% |
| IWO iShares Russell 2000 Growth ETF | 0.6% |
What could go wrong
- A few customers drive most sales. Four customers each supplied at least 10% of fiscal 2026 revenue, together 57.4%. Volumes aren't guaranteed and work is awarded project by project, so one customer's cutback could hurt results.
- Heavy reliance on data center demand. Data center products made up 47.9% of fiscal 2026 revenue and communications infrastructure another 33.3%. If spending on these networks grows more slowly than expected, Fabrinet's growth could stall.
- Concentrated in Thailand, expanding in China. Thailand accounted for 61.2% of fiscal 2026 revenue by location. Unrest or political or economic change there could disrupt the business. Fabrinet's continued investment in China adds risks of its own.
- Customers merging or making products themselves. Deals such as Nokia buying Infinera and Lumentum buying NeoPhotonics shrink the customer pool. Larger customers can push prices down or bring manufacturing in-house, which has cut demand before.
- Building too much or too little capacity. Fast growth requires adding manufacturing capacity at the right pace. Too little limits sales; too much leaves costly idle space. Inventory for complex products may also need write-downs if demand shifts.
- Tariffs, trade policy and export controls. Fabrinet operates in several countries and serves customers worldwide. New or higher tariffs on its materials, wider trade policy shifts, or export and import controls could raise costs and reduce orders.
Recent events
- Quarterly results released
- Major agreement signed; Quarterly results released; New debt or financial obligation; Executive or board change
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
For income and retirement investors
Fabrinet pays no dividend and paid none from fiscal 2022 through fiscal 2026, so it provides no regular income. Anyone needing cash from the stock would have to sell shares. The company returned money through buybacks instead, spending about $278 million over those five years, though only $5.2 million in the fiscal year ended June 26, 2026. The share count fell 3.2% between October 2021 and August 2026. Free cash flow, the cash left after running and investing in the business, was just $4.2 million in fiscal 2026, against net income of $473 million.
The shares have fallen sharply in downturns. In the 2020 COVID crash they fell 25% but recovered within about 1.2 months. In the 2022 bear market they dropped 38.7% and took about 4.8 months to recover. In the year to October 28, 2026, the stock fell as much as 57.8% from its peak. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Fabrinet make money?
Fabrinet gets paid to manufacture complex products that other companies design and sell under their own names. Most of its work is optical communications gear, such as transceivers, tunable lasers and active optical cables. It also builds industrial lasers and sensors for cars and medical devices. In the fiscal year ended June 26, 2026, revenue was $4.64 billion. Data center products made up 47.9%, communications infrastructure 33.3%, and automotive, industrial and other markets 18.8%. Gross margin was a thin 12%.
Does Fabrinet pay a dividend?
No. Fabrinet paid no dividends from fiscal 2022 through fiscal 2026. It returned cash through share buybacks instead, spending about $278 million over those five years. Its share count fell 3.2% between October 2021 and August 2026. Buybacks slowed to $5.2 million in the fiscal year ended June 26, 2026. An income investor would have to sell shares to get cash from the stock.
How much does Fabrinet depend on a few customers?
A great deal. In the fiscal year ended June 26, 2026, four customers each accounted for at least 10% of revenue. Together they made up 57.4% of sales. In fiscal 2025, two customers passed that 10% mark, together accounting for 45.8%. Fabrinet signs master supply agreements, but volumes aren't guaranteed and work is awarded project by project. Losing a large customer, or getting fewer orders from one, could hurt revenue quickly.
How volatile is Fabrinet stock?
Very volatile. As of October 28, 2026, its one-year volatility, a measure of how widely the price swings, was 77.3%. Its beta was 3.04, meaning it tended to move about three times as much as the broad market. The shares were down 16.1% over one year, after a 107% gain in 2025. Over 10 years the price rose 25.5% a year on average. Its worst peak-to-trough fall in 16.3 years of price history was 70.5%.
What is Fabrinet's P/E ratio?
About 28 times earnings. As of October 28, 2026, the shares traded at 28.1 times diluted earnings of $13.05 per share for the fiscal year ended June 26, 2026. That gave a market value of about $13.2 billion. Earnings have grown fast. Net income rose 42.3% in fiscal 2026 to $473 million, and revenue grew 19.8% a year on average over the five years from fiscal 2021. That price assumes growth continues, and a slowdown could hurt both earnings and the valuation.