Fabrinet is a specialized contract manufacturer focused on high-precision optical, electro-optical, and electro-mechanical components primarily for optical communications and data center markets, delivering strong revenue growth (e.g., +39% YoY in Q3 FY2026) fueled by AI demand and a major customer relationship with NVIDIA, supported by generally positive analyst ratings despite customer concentration risks.
| Period | Approximate Return | Notes |
|---|---|---|
| 5-Year | ~455% - 476% | Strong long-term outperformance vs. S&P 500 (~75%) |
| 1-Year | ~36% - 62% | Significant volatility; 52-week range $272.49 - $748.89 |
| YTD (as of early Aug 2026 data) | ~13% - 17% | Outperformed S&P 500 (~13%) |
| 3-Year | ~322% | Exceptional growth period |
Performance data reflects trailing total returns as of approximately August 2026; stock has shown resilience amid AI-driven sector tailwinds but experienced sharp swings (e.g., all-time high near $748 in May 2026).
Data Limitation: Exact current or intraday prices excluded per guidelines. Historical figures sourced from multiple financial platforms and may vary slightly by calculation methodology (e.g., including/excluding dividends). Past performance is not indicative of future results.
TTM (Trailing Twelve Months) Overview (as of latest Q3 FY2026 data):
| Quarter | Revenue | YoY Change | Net Income | Diluted EPS |
|---|---|---|---|---|
| Q3 FY2026 (ended ~Mar 2026) | $1,214.3 million | +39.3% | $125.2 million | $3.45 |
| Q2 FY2026 | $1,132.9 million | +36% | $112.6 million | $3.11 |
| Q1 FY2026 | $978.1 million | +21.6% | $95.9 million | $2.66 |
| Fiscal Year | Revenue | YoY Change |
|---|---|---|
| FY2025 | ~$3.419 billion | +18.6% |
| FY2024 | ~$2.883 billion | +9.0% |
| FY2023 | ~$2.645 billion | +16.9% |
Non-GAAP metrics consistently higher (e.g., Q3 FY2026 Non-GAAP NI $134.9M, EPS $3.72). Company provides forward guidance, such as Q4 FY2026 revenue range $1.25B–$1.29B.
Interpretation: Rapid revenue acceleration aligns with expansion in high-speed optical components for AI data centers; margins stable but face pressure from mix and scaling.
Uncertainty: Future growth dependent on continued AI capex, supply chain stability, and successful new customer ramps; customer concentration (NVIDIA ~28% of FY2025 revenue, top 10 ~86%) introduces risk.
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Consensus: Moderate Buy / Buy (based on 6–19 analysts across sources as of mid-2026 data).
| Metric | Value | Range / Details |
|---|---|---|
| Average Price Target | $700 – $767 | High: $850; Low: $635; Median: ~$750 |
| Rating Breakdown (example from sources) | Strong Buy 33%, Buy 33%, Hold 33% | 0% Sell ratings in sampled data |
| Number of Analysts | 6–19 | Varies by platform; recent updates include raises/lowers (e.g., Northland to $800, JPMorgan adjustments) |
Interpretation: Analysts generally view FN favorably due to its positioning in the AI optics supply chain, with price targets implying substantial upside from recent trading levels; however, some downgrades reflect valuation concerns or mixed sentiments.
Uncertainty: Ratings and targets are dynamic and frequently revised post-earnings; they represent analyst opinions, not guarantees, and can be influenced by broader market/tech sector trends.
Data Limitation: Aggregated from multiple analyst platforms (TipRanks, Yahoo, WSJ, etc.); exact consensus may differ by date and methodology. Not investment advice.
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Interpretation: Heavy reliance on hyperscale/AI players like NVIDIA drives growth but amplifies cyclical and concentration risks.
| Competitor | Key Overlaps | Scale Notes | Distinctions |
|---|---|---|---|
| Jabil (JBL) | Broad EMS, optical/electronics manufacturing | Larger scale (~$29.8B rev, 135k employees) | More diversified across industries |
| Sanmina (SANM) | Complex electronics, optical | ~$8.1B rev, 39k employees | Broader portfolio |
| Celestica (CLS) | EMS for communications, AI hardware | ~$12.4B rev, ~30k employees | Similar optics focus in some segments |
| Benchmark Electronics (BHE) | High-mix electronics manufacturing | Smaller scale | Less optics specialization |
| Lumentum (LITE) / MACOM (MTSI) | Optical components | Component-focused peers | FN more assembly/services-oriented |
FN positions itself as a high-mix, low-to-high volume specialist in precision optics/electro-mechanics, differentiating via expertise in Southeast Asia operations and complex process technologies.
Uncertainty: Competitive dynamics evolving with AI demand; larger EMS firms may encroach on optics niches, while pure-play optical firms compete on components vs. FN's full-service model.
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Overview: Fabrinet, founded in 2000 and headquartered with primary operations in Thailand (plus facilities in China, US, etc.), specializes in advanced optical packaging, precision optical, electro-mechanical, and electronic manufacturing services for demanding OEMs. It emphasizes high-mix, any-volume production with strengths in quality, flexibility, and supply chain management in lower-cost regions.
Interpretation: Mitchell's Seagate background brought precision manufacturing expertise critical to optics; shift to AI has transformed growth trajectory.
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