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Optical ComputingPublic

Fabrinet

No base rate yet — FN has 0 graded prints on the record, and the bar is 3.Optics & interconnectWebsite
Ticker
FN
Beat
networking
Size
Public Company
Revenue
$1.3B
as of Jun 2026
Cash
$347M
as of Jun 2026
Researched · Fresh
8 days ago

The unglamorous AI-optics toll-collector — a 12%-gross-margin Thai contract manufacturer the market is now paying a 45× fabless multiple for; the business is genuinely inflecting (DCI +90%, 1.6T capacity doubling) but the price has front-run two years of execution AND ignores that co-packaged optics is a 2027+ structural axe over the whole pluggable-transceiver thesis.

Orbit · who it trades with and competes with
9 on the rings · 7 trade · 4 rival
16 mentions across our dossiers
Focus · Networking
Fabrinet
FN · public
No published house view
Trades and competes with
Trades with
Competes with
Next prints in its web
Links · 9 companies · 7 trade · 4 rival
“Four customers each contributed 10% or more of FY2026 revenue: Cisco 19.9%, NVIDIA 16.3%, Nokia 10.7% and Amazon 10.5%, together 57.4% (FY2025: two customers, 45.8%).”NVIDIA · BOTH · from Fabrinet’s dossier
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Price

Weekly closes

FN · weekly close
327.29 USD+3.9%
Friday 30 Oct 2026 · last 52 Fridays 314.94–722.04
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 1,881,515 sh · 1.87 days to cover, FINRA · settled 15 Oct 2026
  2. Next print: in 89 days, Scheduled · 1 Feb 2027, scheduled
327.29USD+3.9%networking -0.9%FN · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 15 Oct 2026
1,881,515 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
1.87
see the whole series
Financials

The reported figures

Revenue · quarterly
$1.3B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$1.3B USD
as of 26 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Fabrinet, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2329 Sept 2023$685M USD9.3% share of revenue$134M USD$11.4M USD$308M USD36.3M sharesFiled · primarysec.gov
Q4 ’2329 Dec 2023$713M USD9.7% share of revenue$74.4M USD$9.8M USD$334M USD36.3M sharesFiled · primarysec.gov
Q1 ’2429 Mar 2024$732M USD9.7% share of revenue$87.3M USD$13.6M USD$385M USD36.1M sharesFiled · primarysec.gov
Q2 ’2428 Jun 2024$753M USD9.7% share of revenue$70.4M USD$12.7M USD$410M USD36.2M sharesFiled · primarysec.gov
Q3 ’2427 Sept 2024$804M USD9.6% share of revenue$62.9M USD$20.3M USD$401M USD36.3M sharesFiled · primarysec.gov
Q4 ’2427 Dec 2024$834M USD9.5% share of revenue$94.0M USD$21.9M USD$404M USD36.0M sharesFiled · primarysec.gov
Q1 ’2528 Mar 2025$872M USD9.0% share of revenue$45.7M USD$28.5M USD$307M USD35.8M sharesFiled · primarysec.gov
Q2 ’2527 Jun 2025$910M USD9.8% share of revenue$4.7M USD$50.4M USD$306M USD35.7M sharesFiled · primarysec.gov
Q3 ’2526 Sept 2025$978M USD9.6% share of revenue$57.3M USD$45.3M USD$305M USD35.8M sharesFiled · primarysec.gov
Q4 ’2526 Dec 2025$1.1B USD10.1% share of revenue-$5.3M USD$51.6M USD$320M USD35.8M sharesFiled · primarysec.gov
Q1 ’2627 Mar 2026$1.2B USD9.9% share of revenue-$10.8M USD$63.8M USD$357M USD35.8M sharesFiled · primarysec.gov
Q2 ’2626 Jun 2026$1.3B USD10.2% share of revenue-$36.9M USD$91.9M USD$347M USD35.8M sharesFiled · primarysec.gov

Fabrinet’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$1.3B+45% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $685M, as of Sep 2023Revenue Q4 ’23: $713M, as of Dec 2023Revenue Q1 ’24: $732M, as of Mar 2024Revenue Q2 ’24: $753M, as of Jun 2024Revenue Q3 ’24: $804M, as of Sep 2024Revenue Q4 ’24: $834M, as of Dec 2024Revenue Q1 ’25: $872M, as of Mar 2025Revenue Q2 ’25: $910M, as of Jun 2025Revenue Q3 ’25: $978M, as of Sep 2025Revenue Q4 ’25: $1.1B, as of Dec 2025Revenue Q1 ’26: $1.2B, as of Mar 2026Revenue Q2 ’26: $1.3B, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
10.2%+0.4 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 9.3%, as of Sep 2023Operating margin Q4 ’23: 9.7%, as of Dec 2023Operating margin Q1 ’24: 9.7%, as of Mar 2024Operating margin Q2 ’24: 9.7%, as of Jun 2024Operating margin Q3 ’24: 9.6%, as of Sep 2024Operating margin Q4 ’24: 9.5%, as of Dec 2024Operating margin Q1 ’25: 9.0%, as of Mar 2025Operating margin Q2 ’25: 9.8%, as of Jun 2025Operating margin Q3 ’25: 9.6%, as of Sep 2025Operating margin Q4 ’25: 10.1%, as of Dec 2025Operating margin Q1 ’26: 9.9%, as of Mar 2026Operating margin Q2 ’26: 10.2%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$36.9M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: $134M, as of Sep 2023Free cash flow Q4 ’23: $74.4M, as of Dec 2023Free cash flow Q1 ’24: $87.3M, as of Mar 2024Free cash flow Q2 ’24: $70.4M, as of Jun 2024Free cash flow Q3 ’24: $62.9M, as of Sep 2024Free cash flow Q4 ’24: $94.0M, as of Dec 2024Free cash flow Q1 ’25: $45.7M, as of Mar 2025Free cash flow Q2 ’25: $4.7M, as of Jun 2025Free cash flow Q3 ’25: $57.3M, as of Sep 2025Free cash flow Q4 ’25: -$5.3M, as of Dec 2025Free cash flow Q1 ’26: -$10.8M, as of Mar 2026Free cash flow Q2 ’26: -$36.9M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$347M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $308M, as of Sep 2023Cash Q4 ’23: $334M, as of Dec 2023Cash Q1 ’24: $385M, as of Mar 2024Cash Q2 ’24: $410M, as of Jun 2024Cash Q3 ’24: $401M, as of Sep 2024Cash Q4 ’24: $404M, as of Dec 2024Cash Q1 ’25: $307M, as of Mar 2025Cash Q2 ’25: $306M, as of Jun 2025Cash Q3 ’25: $305M, as of Sep 2025Cash Q4 ’25: $320M, as of Dec 2025Cash Q1 ’26: $357M, as of Mar 2026Cash Q2 ’26: $347M, as of Jun 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
35.8M-1.4% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 36.3M, as of Sep 2023Shares outstanding Q4 ’23: 36.3M, as of Dec 2023Shares outstanding Q1 ’24: 36.1M, as of Mar 2024Shares outstanding Q2 ’24: 36.2M, as of Jun 2024Shares outstanding Q3 ’24: 36.3M, as of Sep 2024Shares outstanding Q4 ’24: 36.0M, as of Dec 2024Shares outstanding Q1 ’25: 35.8M, as of Mar 2025Shares outstanding Q2 ’25: 35.7M, as of Jun 2025Shares outstanding Q3 ’25: 35.8M, as of Sep 2025Shares outstanding Q4 ’25: 35.8M, as of Dec 2025Shares outstanding Q1 ’26: 35.8M, as of Mar 2026Shares outstanding Q2 ’26: 35.8M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-11-03filing10-Q: Q1 FY2027 (ended 25 Sep 2026), revenue $1,474.5mQuarter ended 25 Sep 2026: revenues $1,474,459k vs $978,128k; net income $103,497k; diluted EPS $2.86 (vs $2.66).agent:company-events · SEC EDGAR 10-Q
2026-11-02guidance8-K item 2.02: Q1 FY2027 revenue $1,474.5mRevenue $1,474.5m for quarter ended 25 Sep 2026 (prior-year quarter $978.1m); GAAP net income $103.5m, GAAP diluted EPS $2.86, non-GAAP $4.34. Q2 FY27 revenue guidance $1.6bn-$1.65bn. Buyback authorization expanded by $103.0m to $637.3m.agent:company-events · SEC EDGAR 8-K
2026-10-27editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-06-21.md → deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteMargin figure revised: 12% → 12.0%Margin moved from 12% (deep-dive-2026-06-21.md) to 12.0% (deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteRevenue figure revised: $3,419.3M → $1,315.8MRevenue moved from $3,419.3M (deep-dive-2026-06-21.md) to $1,315.8M (deep-dive-2026-10-27.md).dossier
dossier age
8 days
researched 27 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 13 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-21), 410 words, 10 filing mentions
  2. The dossier: What held, 48 words, 3 filing mentions
Research

The Fabrinet dossier

The verdict

The unglamorous AI-optics toll-collector — a 12%-gross-margin Thai contract manufacturer the market is now paying a 45× fabless multiple for; the business is genuinely inflecting (DCI +90%, 1.6T capacity doubling) but the price has front-run two years of execution AND ignores that co-packaged optics is a 2027+ structural axe over the whole pluggable-transceiver thesis.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-21)

  1. Q4 FY2026 results. Revenue a record $1,315.8M vs $909.7M (+45%), above the guidance range ($1.25bn to $1.29bn in the carried seed). GAAP net income $139.3M ($3.83 per diluted share) vs $87.2M ($2.42); non-GAAP net income $149.1M ($4.10 per diluted share) vs $95.6M ($2.65). [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-17, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1408710/000140871026000026/fn-2026811xex991q426.htm; quarter ended 2026-06-26]
  2. FY2026. Revenue $4.64bn vs $3.42bn (+36%); GAAP net income $473.0M ($13.05 per diluted share) vs $332.5M ($9.17); non-GAAP net income $510.9M ($14.09 per diluted share) vs $368.8M ($10.17). Gross profit $556.5M, 12.0% of revenue (FY2025: $413.3M, 12.1%). [sec.gov: 8-K filed 2026-08-17, exhibit 99.1, same URL as item 1; Form 10-KA company’s audited annual report to the US regulator. The most complete thing it publishes. filed 2026-08-18, https://www.sec.gov/Archives/edgar/data/1408710/000140871026000028/fn-20260626.htm]
  3. Q1 FY2027 guidance. Revenue $1.375bn to $1.425bn; GAAP EPS $3.39 to $3.54; non-GAAP EPS $4.10 to $4.25 on about 36.3 million diluted shares. [sec.gov: 8-K filed 2026-08-17, exhibit 99.1, same URL as item 1]
  4. Customer concentration. Four customers each contributed 10% or more of FY2026 revenue: Cisco 19.9%, NVIDIA 16.3%, Nokia 10.7% and Amazon 10.5%, together 57.4% (FY2025: two customers, 45.8%). NVIDIA was 27.6% of FY2025 revenue per the 10-K's customer table. [sec.gov: 10-K filed 2026-08-18, same URL as item 2]
  5. Cash and shares. Cash and cash equivalents $346.7M and short-term investments $528.3M at 2026-06-26 (prior year-end: $306.4M and $627.8M). 35,834,864 ordinary shares outstanding at 2026-08-07. [sec.gov: 10-K filed 2026-08-18, same URL as item 2]
  6. Thai credit facility. On 2026-08-17 Fabrinet Co., Ltd. amended its Bank of Ayudhya facility to THB 2.61bn (about $78.3M) plus $100.0M, extended the drawdown period to 2044-08-20, and borrowed a THB 2.50bn (about $75.0M) term loan, guaranteed by Fabrinet, to support Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs.. [sec.gov: 8-K filed 2026-08-17, https://www.sec.gov/Archives/edgar/data/1408710/000140871026000026/fn-20260811.htm]
  7. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst "Q4 FY26 print (guide $1.25-1.29B) + first FY27 framing" meets items 1 and 3. The carried bear case cites "NVIDIA 28% of revenue" and the risk "top-4 = 58%"; the 10-K shows NVIDIA at 16.3% of FY2026 revenue (27.6% in FY2025) and the four largest at 57.4% (item 4). The carried catalyst "Building 10 Phase 1 opens ($350-400M capacity), ~July 2026" is not addressed by the passages searched in the 10-K. The carried catalysts on NVIDIA Spectrum-X CPO production and the 1.6T ramp are not addressed by the filings read. The carried bear case cites "12%-gross-margin"; item 2 reports 12.0%. The carried seed's price figures ($573.76) and multiples rest on market data this delta does not refresh.

What held

  • Gross margin stayed at about 12% for the year (item 2). [sec.gov: 10-K filed 2026-08-18]
  • Revenue concentration remains high, with four 10%-plus customers (item 4). [sec.gov: 10-K filed 2026-08-18]
  • The company still holds large cash and investments, $875.1M combined (item 5). [sec.gov: 10-K filed 2026-08-18]

How our view changed

2 dossiers

Every dossier we have written on Fabrinet, newest first.

  1. current

    The unglamorous AI-optics toll-collector — a 12%-gross-margin Thai contract manufacturer the market is now paying a 45× fabless multiple for; the busi…

  2. The unglamorous AI-optics toll-collector — a 12%-gross-margin Thai contract manufacturer the market is now paying a 45× fabless multiple for; the busi…

Research trail

The research around Fabrinet

Covered in the Knowledge Base

Networking & Interconnect

Company details

IndustryOptical Computing
SizePublic Company
WebsiteVisit Fabrinet

Others in networking

5 names

Where Fabrinet sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.