Fabrinet

fabrinet.com

What Do They Do?

Manufactures optical communications equipment and other complex products for equipment makers in communications, data centers, automotive, industrial, medical and sensor markets.

How Do They Make Money?

Original equipment makers pay Fabrinet for manufacturing products and related services, including engineering, assembly, testing and supply-chain work; the filing describes advance payments from customers that are normally applied within six months.

revenue

Segment	Share	Revenue
Data center	48%
Communications infrastructure	33%
Automotive, Industrial and Others	19%

Who Are Their Customers?

Original equipment makers in communications, data center, automotive, industrial, medical and sensor markets use Fabrinet’s manufacturing services. Customers qualify its production processes and products before ordering.

Customers above 10% of revenue, FY2026

of revenue from four customers (20%, 16%, 11%, 11%)

FY2025: 46% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 10 cents of every revenue dollar as net income in FY2026.

Operating income, FY2026

10% of revenue

▲ +43% vs FY2025 ($324.4M, 9%)

Net income, FY2026

10% of revenue

▲ +42% vs FY2025 ($332.5M, 10%)

Free cash flow, FY2026

0% of revenue

▼ −98% vs FY2025 ($207.3M, 6%)

How Are They Changing?

Growing. Revenue grew 2.1x in 4 years, from $2.3B in FY2022 to $4.6B in FY2026, about 20% a year.

Production scale The latest report describes production at any mix and volume, while the older report said the company focused primarily on low-volume production and could also handle high volumes.

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