Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and testing. Its products include switching products, including reconfigurable optical add-drop multiplexers, optical amplifiers, modulators, and other optical components and modules that enable network managers to route voice, video, and data communications traffic through fiber optic cables at various wavelengths, speeds, and over various distances. The company's products also comprise transceivers, tunable lasers, and transponders; and active optical cables, which provide high-speed interconnect capabilities for data centers and computing clusters, as well as Infiniband, Ethernet, fiber channel, and optical backplane connectivity. In addition, it provides solid state, diode-pumped, gas, and fiber lasers used in semiconductor processing, biotechnology and medical device, metrology, and material processing industries; and differential pressure, micro-gyro, fuel, and other sensors used in automobiles, as well as non-contact temperature measurement sensors for the medical industry. Further, the company designs and fabricates application-specific crystals, lenses, prisms, mirrors, laser components, and substrates; and other custom and standard borosilicate, clear fused quartz, and synthetic fused silica glass products. It serves original equipment manufacturers of optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices, and sensors. The company was incorporated in 1999 and is based in George Town, the Cayman Islands.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.4B | $409M | $333M | $207M | 16.8% | 18.6% | 12.3% |
| 2024 | $2.9B | $360M | $296M | $365M | 17.0% | 9.0% | 19.5% |
| 2023 | $2.6B | $305M | $248M | $151M | 16.9% | 16.9% | 23.7% |
| 2022 | $2.3B | $246M | $200M | $34M | 16.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 2,262.22 | 2,645.24 | 2,882.97 | 3,419.33 |
| Cost Of Revenue | 1,983.63 | 2,308.96 | 2,526.85 | 3,005.98 |
| Gross Profit | 278.59 | 336.27 | 356.12 | 413.35 |
| Operating Expense | 73.94 | 77.67 | 78.48 | 87.47 |
| Operating Income | 204.65 | 258.60 | 277.64 | 325.88 |
| EBITDA | 246.14 | 305.40 | 360.50 | 408.61 |
| EBIT | 207.40 | 261.57 | 311.48 | 355.18 |
| Pretax Income | 206.97 | 260.10 | 311.35 | 355.18 |
| Tax Provision | 6.59 | 12.18 | 15.17 | 22.65 |
| Net Income | 200.38 | 247.91 | 296.18 | 332.53 |
| Net Income Common Stockholders | 200.38 | 247.91 | 296.18 | 332.53 |
| Total Expenses | 2,057.57 | 2,386.64 | 2,605.33 | 3,093.44 |
| Interest Expense | 0.43 | 1.47 | 0.12 | 0 |
| Interest Income | 2.21 | 11.23 | 33.20 | 40.16 |
| Selling General And Administration | 73.94 | 77.67 | 78.48 | 87.47 |
| Normalized EBITDA | 243.97 | 313.51 | 360.14 | 419.30 |
| Normalized Income | 198.28 | 255.64 | 295.85 | 342.53 |
| Basic EPS | 5.43 | 6.79 | 8.17 | 9.23 |
| Diluted EPS | 5.36 | 6.73 | 8.10 | 9.17 |
| Tax Effect Of Unusual Items | 0.07 | -0.38 | 0.02 | -0.68 |
| Tax Rate For Calcs | 0.03 | 0.05 | 0.05 | 0.06 |
| Total Unusual Items | 2.17 | -8.11 | 0.35 | -10.69 |
| Total Unusual Items Excluding Goodwill | 2.17 | -8.11 | 0.35 | -10.69 |
| Net Income From Continuing Operation Net Minority Interest | 200.38 | 247.91 | 296.18 | 332.53 |
| Reconciled Depreciation | 38.74 | 43.83 | 49.02 | 53.43 |
| Reconciled Cost Of Revenue | 1,983.63 | 2,308.96 | 2,526.85 | 3,005.98 |
| Net Interest Income | 1.77 | 9.76 | 33.08 | 40.16 |
| Net Income From Continuing And Discontinued Operation | 200.38 | 247.91 | 296.18 | 332.53 |
| Total Operating Income As Reported | 204.52 | 251.70 | 277.61 | 324.45 |
| Diluted Average Shares | 37.39 | 36.85 | 36.56 | 36.27 |
| Basic Average Shares | 36.88 | 36.52 | 36.25 | 36.02 |
| Diluted NI Availto Com Stockholders | 200.38 | 247.91 | 296.18 | 332.53 |
| Net Income Including Noncontrolling Interests | 200.38 | 247.91 | 296.18 | 332.53 |
| Net Income Continuous Operations | 200.38 | 247.91 | 296.18 | 332.53 |
| Other Income Expense | 0.54 | -8.27 | 0.64 | -10.87 |
| Other Non Operating Income Expenses | -1.63 | -0.16 | 0.29 | -0.18 |
| Special Income Charges | -0.14 | -6.90 | -0.03 | -1.44 |
| Restructuring And Mergern Acquisition | 0.14 | 6.90 | 0.03 | 1.44 |
| Gain On Sale Of Security | 2.30 | -1.21 | 0.38 | -9.25 |
| Net Non Operating Interest Income Expense | 1.77 | 9.76 | 33.08 | 40.16 |
| Interest Expense Non Operating | 0.43 | 1.47 | 0.12 | 0 |
| Interest Income Non Operating | 2.21 | 11.23 | 33.20 | 40.16 |
| Operating Revenue | 2,262.22 | 2,645.24 | 2,882.97 | 3,419.33 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Fabrinetthis co. | FN | $23.1B | 61.75β discount | 10.55 | 16.8% | 50.77 |
| Credo Technology Group Holding Ltd | CRDO | $32.4B | 96.05 | 17.51 | 7.7% | 88.89 |
| IonQ, Inc. | IONQ | $15.4B | - | 4.02 | -13.4% | -25.43 |
| TTM Technologies, Inc. | TTMI | $14.3B | 81.85 | 8.07 | 10.1% | 35.55 |
| SiTime Corporation | SITM | $13.9B | - | 11.99 |
| -3.7% |
| -593.07 |
| Applied Optoelectronics, Inc. | AAOI | $12.2B | - | 15.62 | -5.2% | -428.70 |
| Rambus Inc. | RMBS | $12.1B | 53.67 | 8.70 | 16.9% | 37.66 |
| Vicor Corporation | VICR | $11.6B | 86.14 | 16.33 | 16.7% | 141.67 |
| DigitalOcean Holdings, Inc. | DOCN | $10.1B | 38.44 | -310.48 | -903.7% | 36.44 |
| Peer Median | - | 81.85 | 10.34 | 2.0% | 35.99 | |