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Fabrinet (FN) USD

Contract manufacturer of optical and precision electro-mechanical components.

At a glance: strengths & risks
✓Revenue growing (+45% y/y, Q4 2026)✓Profit growing (+60% y/y, Q4 2026)✓Net cash balance sheet

Sector: United States — large cap (SEC filings)

US_FN

Price chart

374.91 USDDay -2.00%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
374.91 USD · -2.00%
Market cap
13.4 bn USD

Growth

Δ revenue y/y
44.6%
Δ EBITDA y/y
49.1%

Multiples

P/E (LTM)
28.4x
3y avg: 26.7x
P/B (FY)
6.8x
P/E (ann.)
24.1x
EV/EBITDA (LTM)
24.6x
3y avg: 22.6x
EV/EBITDA (ann.)
21.3x

Cash return

Dividend yield
—
FCF yield (LTM)
-4.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+18.8%
↓ details

Liquidity

Daily turnover (US listing)
287.4 mln USD

Shares: yahoo_fundamentals_timeseries/FN

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-26Q2 2026 (3M)OK1315.8
y/y —
134.2
y/y —
19.7
y/y —
153.9
y/y —
139.3
y/y —
55.0-91.93911.0
y/y —
2454.3
y/y —
23.4%-346.7SEC EDGAR
2026-03-27Q1 2026 (3M)OK1214.3
y/y 39.3%
120.0
y/y 52.2%
17.8
y/y 32.5%
137.8
y/y 49.4%
125.2
y/y 54.0%
52.9-63.83509.0
y/y 34.0%
2304.7
y/y 20.8%
7.4%-940.8Link
2025-12-26Q4 2025 (3M)OK1132.9
y/y 35.9%
114.4
y/y 43.7%
16.1
y/y 23.5%
130.5
y/y 40.9%
112.6
y/y 30.0%
46.3-51.63268.6
y/y 28.6%
2184.8
y/y 18.5%
21.2%-955.9Link
2025-09-26Q3 2025 (3M)OK978.1
y/y 21.6%
94.2
y/y 22.4%
14.9
y/y 16.5%
109.1
y/y 21.6%
95.9
y/y 23.9%
102.6-45.33008.8
y/y 23.4%
2061.2
y/y 12.8%
19.0%-963.6Link
2025-06-27Q2 2025 (3M)OK909.7
y/y 20.8%
89.1
y/y 21.5%
14.2
y/y 14.5%
103.3
y/y 20.5%
87.2
y/y 7.6%
55.1-50.42831.4
y/y 21.1%
1981.8
y/y 13.5%
17.1%-928.8Link
2025-03-28Q1 2025 (3M)OK871.8
y/y 19.2%
78.9
y/y 10.6%
13.4
y/y 8.1%
92.3
y/y 10.2%
81.3
y/y 0.5%
74.2-28.52619.3
y/y 17.1%
1907.2
y/y 14.9%
5.8%-945.0Link
2024-12-27Q4 2024 (3M)OK833.6
y/y 17.0%
79.6
y/y 15.3%
13.0
y/y 6.7%
92.6
y/y 14.0%
86.6
y/y 25.4%
115.9-21.92542.4
y/y 19.2%
1843.0
y/y 14.4%
18.9%-928.5Link
2024-09-27Q3 2024 (3M)OK804.2
y/y 17.3%
76.9
y/y 20.3%
12.8
y/y 6.6%
89.7
y/y 18.1%
77.4
y/y 18.9%
83.2-20.22439.0
y/y 20.8%
1826.6
y/y 19.4%
17.3%-904.0Link
2024-06-28Q2 2024 (3M)OK753.3
y/y —
73.3
y/y —
12.4
y/y —
85.7
y/y —
81.1
y/y —
83.1-12.72338.5
y/y 18.1%
1745.7
y/y 18.9%
17.4%-853.6Link
2024-03-29Q1 2024 (3M)OK731.5
y/y 10.0%
71.3
y/y 15.3%
12.4
y/y 13.8%
83.7
y/y 15.1%
80.9
y/y 36.3%
100.9-13.62237.0
y/y 10.3%
1660.2
y/y 15.2%
6.6%-787.7Link
2023-12-29Q4 2023 (3M)OK712.7
y/y —
69.0
y/y —
12.2
y/y —
81.2
y/y —
69.1
y/y —
84.2-9.82133.1
y/y —
1611.4
y/y —
17.6%-729.1Link
2023-09-29Q3 2023 (3M)OK685.5
y/y —
64.0
y/y —
12.0
y/y —
75.9
y/y —
65.1
y/y —
145.0-11.42019.2
y/y —
1530.2
y/y —
17.4%-656.0Link
2023-06-30FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——1979.6
y/y —
1468.7
y/y —
17.0%-537.1Link
2023-03-31Q1 2023 (3M)OK665.3
y/y —
61.8
y/y —
10.9
y/y —
72.7
y/y —
59.4
y/y —
37.1-19.82028.8
y/y —
1441.6
y/y —
—-521.9Link

Net debt structure (leases included, IFRS 16) 2026-03-27

Short-term debt (incl. ST leases)1
Long-term debt (incl. LT leases)3
− Cash & equivalents357
Net debt-352

Net debt / LTM EBITDA: -0.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%20%40%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-100-500501002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-1 000-800-600-400-20002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is broadly cash-backed
In a typical year of 2021–2025 operating cash flow came to 0.86x of reported net profit; after capex, 0.61x.
year20212022202320242025
cash flow / profit0.82x0.62x0.86x1.40x0.99x
accruals, % of assets1.6%4.2%1.8%-5.0%0.1%
Last twelve months (to 2026-06-26): 0.54x of profit came back as operating cash flow.
net debt / EBITDA -2.5x · capex 1.6x of depreciation · share count -0.9% a year
● Over the last twelve months operating cash flow covered 54% of profit, against 1x across the annual window.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +19.6%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-26 vs 2025-06-27)
= (154 − 103) × 3.45
175
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (13 435 + -347) ÷ 531
24.6x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (24.6 + 12) ÷ 2
18.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -582 + 0 + 5 − 0
-577
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (175 × 18.3 + -577) ÷ 13 435
+19.6%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +19% vs +9% the year before — a +9.6 pp move. 3-year CAGR +15%.
revenue growth by year: 2023 +17% · 2024 +9% · 2025 +19%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 25.1x · 3-year average 37.5x

EV/EBITDA3-year 75th pct

Peer comparison

Group: technology (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
MICRON TECHNOLOGY INCUS1037.315.1x
ORACLE CORPUS413.116.2x
INTERNATIONAL BUSINESS MACHINES CORPUS236.318.8x
MICROSOFT CORPUS3714.520.3x
Dell Technologies Inc.US357.622.1x
NVIDIA CORPUS5147.125.7x
TEXAS INSTRUMENTS INCUS240.326.3x
CISCO SYSTEMS, INC.US433.727.9x
Apple Inc.US4920.728.8x
Broadcom Inc.US1646.030.1x
INTEL CORPUS485.342.5x
Arista Networks, Inc.US245.652.4x
Group median26.0x
Group average27.2x
This companyUS13.524.6x

Group median 26.0x; this company 24.6x — a 5% discount.

Group average 27.2x; against the average this company is at a 9% discount.

At the adjusted group median the market cap would be +5% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.0x, Russia 3.9x, South Africa 5.4x, Kazakhstan 7.7x, India 18.1x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-15; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Fabrinet (FN) — from primary filings.

Frequently asked questions

What is Fabrinet (FN)'s P/E ratio?
Fabrinet (FN) trades at a P/E of 28.4x (price to trailing 12-month earnings).
What is Fabrinet (FN)'s EV/EBITDA?
Fabrinet (FN) trades at 24.6x EV/EBITDA.
What is Fabrinet (FN)'s P/B ratio?
Fabrinet (FN) trades at a P/B of 6.8x.
What is Fabrinet (FN)'s return on equity (ROE)?
Fabrinet (FN)'s ROE is 23.4%.
What is Fabrinet (FN)'s market capitalization?
Fabrinet (FN)'s market cap is 13.4 bn USD.

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