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FabrinetFN

NYSE•Technology•Electronic Components
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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.

B
GoodMetricSide Score: 73/100
ProfitabilityProfit25/30
GrowthGrowth25/25
Balance SheetBalance17/25
Cash QualityCash6/20
Price & Volume

Key Metrics at a Glance(as of March 2026)

Scale

Market Cap
$19.69B
165.4%
TTM Revenue
$4.24B
29.8%
TTM EBITDA
$470.19M
31.7%
TTM Net Income
$420.97M
29.0%
Free Cash Flow
$-10.83M
123.7%

Profitability & Efficiency

Operating Margin
9.9%
9.3%
Net Margin
10.3%
10.6%
ROE
18.3%
6.7%
Shares Out.
35.83M
0.2%

Valuation

P/E Ratio
46.8x
P/S Ratio
4.7x
P/B Ratio
8.5x

Balance Sheet

Total Assets
$3.51B
Long-Term Debt
N/A
D/E Ratio
N/A
Equity
$2.30B

Financial Analysis

Revenue & Growth

Fabrinet (FN) reported trailing twelve months revenue of $4.24B as of March 2026, a 29.8% increase year-over-year. Quarterly revenue reached $1.21B, reflecting continued top-line momentum.

Profitability

Fabrinet generated $420.97M in TTM net income, with quarterly EBITDA of $120.04M. The operating margin expanded from 9.0% to 9.9%, suggesting improving cost efficiency and pricing discipline.

Efficiency

The spread between operating margin (9.9%) and net margin (10.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 9.3% a year ago, signaling stronger bottom-line efficiency.

Valuation

FN trades at a P/E of 46.8x (a premium multiple) and a P/S of 4.7x. The price-to-book ratio of 8.5x indicates a significant premium over book value.

Cash Flow & Balance Sheet

The company reported negative free cash flow of $-10.83M, indicating cash consumption over the period. The balance sheet shows $3.51B in total assets with no in long-term debt against $2.30B in stockholders equity. Data based on the most recent quarterly reports.

Moat Signals

Competitive analysis based on 21 quarters of fundamental data

Pricing Power

Moderate Moat

Operating margins are positive at ~9.7% on average, but show some variability — pricing power may be sensitive to market conditions.

Competitive Advantage

Strong Moat

Consistently high ROE averaging 17.2% suggests a durable competitive advantage and efficient capital allocation.

Cash Generation

Moderate Moat

6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.

Demand Durability

Strong Moat

TTM revenue has grown consistently (7 of 7 quarters up), with ~46.9% growth over the period. Strong demand durability.

Risk Signals

Data-driven red flags and warnings across 21 quarters

Some Concerns

Margin Pressure

Healthy

Margins are stable or improving at ~9.9% — no sign of cost or pricing stress.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.5x) — earnings may be inflated by non-cash items or aggressive accounting.

Leverage Risk

Healthy

Limited debt-to-equity data available.

Revenue Decline

Healthy

Revenue is stable or growing over recent quarters — demand appears durable.

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.

Share Dilution

Healthy

Share count is stable — no significant dilution or buyback activity.

Financial Fundamentals

Quarterly standardized metrics.

Quarterly Data (Standardized)

Prices

Stock price and market valuation

Stock Price
Closing price at quarter end
Market Cap
Valuation at quarter end

Growth

Revenue and earnings growth across quarters

TTM Revenue
Trailing twelve months revenue
Quarterly Revenue
Single quarter revenue
TTM EBITDA
Trailing twelve months EBITDA
Quarterly EBITDA
Single quarter EBITDA
Operating Income
Single quarter operating income
TTM Net Income
Trailing twelve months profit
Quarterly Net Income
Single quarter profit

Balance Sheet

Assets, cash, debt, and leverage

Total Assets
Total assets reported on balance sheet
Cash & Equivalents
Cash and short-term investments
Long-Term Debt
Total long-term debt obligations
Debt / Equity
Long-term debt divided by stockholders equity
Debt / EBITDA
Long-term debt divided by quarterly EBITDA

Valuation

Price multiples and return ratios

P/E Ratio
Historical market cap / TTM net income
P/S Ratio
Historical market cap / TTM revenue
P/B Ratio
Historical market cap / stockholders equity
EV / EBITDA
Enterprise value to EBITDA multiple
FCF Yield (%)
Free cash flow / market cap
Earnings Yield (%)
TTM Net Income / Market Cap
Return on Equity (ROE)
TTM net income / stockholders equity

Efficiency

Operating efficiency and return metrics

Margins (%)
Operating vs Net Margin
EBITDA Margin (%)
EBITDA as % of Revenue
Asset Turnover
TTM Revenue / Total Assets
Return on Assets (ROA)
TTM Net Income / Total Assets
Revenue per Share
TTM Revenue / Shares Outstanding

Cash & Capital

Free cash flow, earnings quality, and capital allocation

Free Cash Flow
Operating cash flow minus CapEx
FCF Margin (%)
FCF as % of TTM Revenue
FCF / Net Income
Earnings quality: FCF relative to reported profit
Shares Outstanding
Common shares outstanding (dilution / buybacks)
Book Value (Equity)
Total stockholders equity