Fabrinet financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Fabrinet files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,420	1,372	1,584	1,642	1,879	2,262	2,645	2,883	3,419	4,641
Cost of revenue	1,249	1,219	1,405	1,456	1,658	1,984	2,309	2,527	3,006	4,085
Gross profit	171	153	179	186	221	279	336	356	413	557
Selling, general and administrative	65.6	57.8	55.1	68.4	70.6	73.9	77.7	78.5	87.5	93.5
Operating income	106	93.8	123	117	151	205	252	278	324	463
Interest expense	3.32	3.61	5.38	3.04	1.1	0.43	1.47	0.12	0	0.08
Other non-operating income	0.51	0.47	0.87	1.09	-3.46	-1.63	-0.16	0.29	-0.18	57
Pre-tax income	104	88	126	119	150	207	260	311	355	555
Income tax	6.74	3.86	5.28	5.76	2.14	6.59	12.2	15.2	22.7	82.1
Net income	97.1	84.2	121	113	148	200	248	296	333	473
EBITDA	130	123	153	148	187	243	296	327	378	531
EPS, basic	2.63	2.26	3.29	3.07	4.02	5.43	6.79	8.17	9.23	13.21
EPS, diluted	2.57	2.21	3.23	3.01	3.95	5.36	6.73	8.10	9.17	13.05
Shares, basic (weighted)	36.9	37.3	36.8	36.9	36.9	36.9	36.5	36.2	36	35.8
Shares, diluted (weighted)	37.9	38	37.4	37.7	37.6	37.4	36.9	36.6	36.3	36.3

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	134	158	181	225	303	198	231	410	306	347
Short-term investments	151	174	256	263	245	280	319	449	628	528
Receivables	264	247	261	273	337	453	532	592	759	1,018
Inventory	239	258	294	310	422	557	520	463	581	1,021
Other current assets	4.16	5.95	11	14.5	22.6	25.4	42.9	87.8	116	196
Total current assets	799	854	1,024	1,135	1,353	1,525	1,653	2,013	2,429	3,160
Property, plant and equipment	217	220	211	228	241	292	310	307	381	615
Lease right-of-use assets				8.07	6.7	4.08	1.63	5.34	5.77	3.97
Goodwill	3.81	3.83	3.71
Intangible assets	5.84	4.88	3.89	4.31	4.37	3.51	2.39	2.32	2.16	2.46
Other non-current assets	1.58	0.08	0.12	0.2	1.83	0.65	0.64	0.49	0.62	20.7
Total assets	1,033	1,088	1,255	1,382	1,616	1,836	1,980	2,339	2,831	3,911
Accounts payable	215	220	258	252	347	440	381	442	637	1,006
Accrued liabilities	9.23	9.01	9	8.98	17.1	24.8	20.4	19.9	30.6	56.5
Deferred revenue			2.24	1.56	1.68	1.98	3.04	7.85	14.5	4.24
Short-term debt	48.4	3.25	3.25	12.2	12.2	12.2	12.2	0
Total current liabilities	311	270	313	334	444	538	482	558	810	1,403
Long-term debt			57.7	39.5	27.4	15.2	0
Lease liabilities				5.87	3.85	1.48	0.07	3.64	3.68	2.82
Other non-current liabilities	2.72	3.06	2.71	5.66	3.44	2.41	2.08	2.21	3.28	17.8
Total liabilities	352	347	392	408	504	582	511	593	850	1,457
Total debt	48.4	3.25	60.9	51.7	39.5	27.4	12.2	0
Paid-in capital	133	152	158	176	189	197	207	222	238	252
Retained earnings	548	632	755	868	1,016	1,217	1,465	1,761	2,093	2,566
Treasury stock	0	-42.4	-47.8	-68.5	-87.3	-147	-195	-234	-360	-365
Other comprehensive income	-0.35	-1.26	-2.39	-1.15	-6.27	-12.8	-8.12	-3.14	10.3	0.97
Shareholders' equity	682	741	863	974	1,113	1,254	1,469	1,746	1,982	2,454
Total equity	682	741	863	974	1,113	1,254	1,469	1,746	1,982	2,454
Total liabilities and equity	1,033	1,088	1,255	1,382	1,616	1,836	1,980	2,339	2,831	3,911
Shares outstanding	37.3	36.4	36.8	36.7	36.8	36.4	36.2	36.1	35.7	35.8

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	97.1	84.2	121	113	148	200	248	296	333	473
Depreciation and amortization	23.8	29.1	29.9	30.9	36.3	38.7	43.8	49	53.4	68.4
Stock-based compensation	26.5	22.6	17.2	22.2	25.5	28	28.1	28.4	33	34.6
Deferred income tax	0.76	-1.6	0.89	-0.51	-4.21	-0.16	-2.86	3.18	-5.16	-2.14
Change in receivables	-64.1	17.9	-13.5	-12.3	-62.3	-106	-76.9	-61.3	-166	-259
Change in inventory	-53.8	-19.9	-44.6	-16.2	-112	-135	37.4	56.4	-118	-443
Cash from operations	70.9	138	147	151	122	124	213	413	328	257
Capital expenditures	-68.3	-33.8	-18.7	-42.3	-46.1	-89.6	-61.4	-47.5	-121	-253
Acquisitions	-9.92
Purchases of investments	-123	-153	-233	-196	-244	-198	-217	-436	-444	-276
Cash from investing	-90.6	-58.6	-98.1	-71.2	-8.93	-136	-98.7	-170	-286	-184
Debt issued		39	0	60.9	0	0
Debt repaid	-18.1	-11.2	-3.25	-70.1	-12.2	-12.2	-15.2	-12.2
Stock issued	5.9	1.4
Share buybacks		-42.4	-5.38	-20.7	-18.8	-59.9	-47.6	-39.5	-126	-5.23
Cash from financing	13.4	-54.1	-23.2	-35.3	-42.8	-92.9	-81	-64.9	-147	-30.7
Exchange rate effect	0.52	-1.03	0.7	0.48	-0.18	-0.53	-0.61	0.06	1.39	-1.47
Net change in cash	-6.19	25.3	26.1	44.1	70.5	-104	33.6	179	-105	42.5
Free cash flow	2.67	104	129	108	76.1	34.7	152	366	207	4.22
Interest paid	1.92	2.22	2.61	1.69	2.44	2.24	2.38	0.31	0	0
Income taxes paid	5.22	1.35	7.64	8.47	7.95	9.3	14.2	16.5	24.3	29.4

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $417.39 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	12.0%	Gross profit / revenue.
Operating margin	10.0%	Operating income / revenue.
EBITDA margin	11.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.0%	Pre-tax income / revenue.
Net margin	10.2%	Net income / revenue.
FCF margin	0.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.5%	Cash from operations / revenue.
Effective tax rate	14.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	21.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	14.0%	Net income / average total assets.
Return on invested capital (ROIC)	20.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	2.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.4%	Capital expenditures / revenue.
D&A / revenue	1.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	35.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	34.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	42.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	22.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	25.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	40.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	21.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	23.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	42.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	24.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	26.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	42.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	24.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	27.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-21.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	16.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-98.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-69.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-43.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	23.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	38.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	19.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.25x	Current assets / current liabilities.
Quick ratio	1.35x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.62x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	37.2%	Total liabilities / total assets.
Interest coverage	5,511x	Operating income / interest expense.
Working capital	$1.76B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.45B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.38x	Revenue / average total assets.
Fixed asset turnover	9.32x	Revenue / average property, plant and equipment.
Inventory turnover	5.10x	Cost of revenue / average inventory.
Days inventory	72 days	365 x average inventory / cost of revenue.
Receivables turnover	5.22x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.
Days payables	73 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	68 days	Days inventory + days sales outstanding - days payables.
FCF conversion	0.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	98.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$13.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$13.21	Net income per basic share, as reported (split-adjusted).
Revenue per share	$128.02	Revenue / diluted weighted shares.
FCF per share	$0.12	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.08	Cash from operations / diluted weighted shares.
Book value per share	$68.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$68.42	Tangible book value / shares outstanding.
Cash per share	$24.42	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	123.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$14.95B	Share price x shares outstanding.
Enterprise value	$14.08B	Market cap + total debt - cash - short-term investments.
P/E	31.6x	Market cap / net income. Only when net income is positive.
P/S	3.22x	Market cap / revenue.
P/B	6.09x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.10x	Market cap / tangible book value, when positive.
P/FCF	3,542x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	58.3x	Market cap / cash from operations, when positive.
EV/Sales	3.03x	Enterprise value / revenue.
EV/EBIT	30.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	26.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	3,335x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.0%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.28x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Fabrinet's revenue in fiscal 2026?

Fabrinet reported revenue of $4.64B for fiscal 2026, 35.7% higher than the year before.

Was Fabrinet profitable in fiscal 2026?

Yes. Net income was $473.0M, a net margin of 10.2%.

How much free cash flow did Fabrinet generate in fiscal 2026?

Cash from operations of $256.7M minus capital expenditures of $252.5M left free cash flow of $4.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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