Fabrinet — FN

[ ] I    THE BUSINESS     what they sell, how it earns, who pays
[ ] II   THE MOAT         pricing power, and the clock on it
[ ] III  OWNER EARNINGS   what it really earns, and where the cash goes
[ ] IV   INVERT           what kills it — ranked and dated
[ ] V    THE LADDER       the cycle this name is standing on
[ ] VI   THE PRICE        what you pay against what you get

Resume at Chapter I.

IDENTITY

Name        Fabrinet
            A contract manufacturer: other companies design optical and
            electro-mechanical products, Fabrinet builds them to order,
            almost all of it in Thailand.
            One operating segment. Revenue reported in three categories,
            recast in the quarter to 2026-06-26: data center ·
            communications infrastructure · automotive, industrial and
            other markets. [^1]
Ticker      FN  (NYSE)
Form        Cayman Islands exempted company, ordinary shares [^2]
Filed in    Cayman Islands [^2]
HQ          registered office 190 Elgin Ave, George Town, Grand Cayman —
            1,280 sq ft, leased
            the work is in Thailand: 3,875,000 sq ft owned, against
            348,000 leased in China, 100,000 owned and leased in the
            United States, 27,000 leased in Israel [^3]
Founded     1999            Listed  2010-06-25 on NYSE, IPO at $10.00 [^4]
Fiscal year 52/53-week year ending the last Friday in June; the year is
            named for the June it closes in
            Q1 late Jun–late Sep · Q2 late Sep–late Dec ·
            Q3 late Dec–late Mar · Q4 late Mar–late Jun
            FY2026 ended 2026-06-26, 52 weeks · last reported Q4 to
            2026-06-26
Earnings    2026-11-02 [C] — FY2027 Q1, the quarter to late September [^5]
Bought      2005 CASIX, Inc. and Fabrinet China Holdings — an optical
            component maker in Fuzhou, China, bought from JDS Uniphase,
            closed 2005-05-29
            2026 a manufacturing facility in the United States, $76.9M,
            closed 2026-07-27 — a plant, not a company
Employees   21,521 full-time as of 2026-06-26 — 21,221 in Asia-Pacific,
            300 in North America; 21,020 of the total in manufacturing
Industry    Technology · Electronic Components [^13]
Runs it     Seamus Grady, CEO & Chairman (58, serving 8 years) [^6]
            Dr. Harpal Gill, President & COO (72, serving 21 years) [^6]
            Csaba Sverha, EVP & CFO (46, serving 8 years) [^6]
Ownership   0.37% insiders · ~100% institutions           [F] 2026-08-27 [^7]

THE NUMBERS

The opening snapshot — all [F] 2026-08-27 unless tagged otherwise.

Scale       revenue $4.641B FY2026 · 35.83M shares · $15.51B market cap
Growth      revenue +35.7% y/y — $3.419B FY2025 → $4.641B FY2026
            EPS  FY2023 $6.73 → FY2024 $8.10 → FY2025 $9.17 →
                 FY2026 $13.05, which is also the trailing twelve months
Margins     gross 12.0% · operating 10.0% · net 10.2% [^8]
Balance     cash $346.7M + short-term investments $528.3M = $875.1M
            no borrowings outstanding at 2026-06-26 · net cash $875.1M
            net cash 5.6% of market cap · cap − net cash $14.63B
            THB 2.50B term loan drawn 2026-08-17, ≈$75.0M, after the
            year end [^9]
Capital     no dividend — all earnings retained [^10]
            FY2026 returned $5.2M, all buyback · FY2025 $125.7M
Price       $432.71 close 2026-08-27
            1 wk −2.7% · 1 mo −8.1% · 1 yr +30.2% · 5 yr +326.9% [^11]
            52-wk range $313.00 – $748.89 · 5-yr $74.57 – $748.89
EPS         $13.05 trailing  ·  $21.79 forward [C]
P/E         33.2x trailing  ·  19.9x forward [C]
            FY2024 30.2x · FY2025 32.2x · FY2026 40.2x · today 33.2x [^12]

[^1]: FY2026 10-K, MD&A: the presentation changed from two categories (optical communications, non-optical communications) to three in the fourth quarter of fiscal 2026, with prior periods recast. [^2]: Not an ADR — the ordinary shares list directly on the NYSE and Fabrinet files a US 10-K as a large accelerated filer, so the accounts are US GAAP and the disclosure is the full domestic set. SEC EDGAR entity record, CIK 0001408710. Incorporated 1999-08-12; operations commenced 2000-01-01. [^3]: The FY2026 10-K property table, as of 2026-06-26. A further facility in Pathum Thani, Thailand was acquired during fiscal 2026 and is under renovation. [^4]: The S-1 was declared effective 2010-06-24 at $10.00 per ordinary share; 9,775,000 shares were registered, of which Fabrinet sold 2,830,000 for $28.3M and existing holders sold 6,945,000 for about $69.5M. Trading began 2010-06-25; the offering closed 2010-07-06. [^5]: The date is the market-data vendor's calendar entry, not a company announcement — Fabrinet had not set it as of 2026-08-27. The matching FY2026 Q1 results came by 8-K on 2025-11-03. [^6]: Ages as of 2025-10-16, from the proxy filed 2025-10-23; tenure counted from the month each joined Fabrinet, to 2026-08-27. Grady: CEO and director since September 2017, Chairman since October 2025. Gill: joined May 2005, COO since March 2009, President since January 2011. Sverha: joined March 2018, CFO since February 2020. [^7]: The vendor's institutional figure rounds to 100% of shares outstanding, which together with insiders exceeds the whole, so the two cannot be netted into a retail share and none is given. [^8]: On FY2026 revenue of $4,641.1M: gross $556.5M = 12.0%, operating $462.9M = 10.0%, net $473.0M = 10.2%. Net income exceeds operating income because $92.2M of non-operating income — mostly interest on the $875M of cash and investments — lifts pretax to $555.1M, against a tax charge of $82.1M, an effective rate of 14.8%. [^9]: The FY2026 10-K reports no amount outstanding under either credit facility at 2026-06-26. On 2026-08-17 the Thai borrower drew a term loan of THB 2.50 billion (≈$75.0M at the rate that day) under the 2019 facility with Bank of Ayudhya, amended the same day to THB 2.61 billion (≈$78.3M) plus $100.0M, with the DRAWDOWN PERIOD — not the maturity — extended to 2044-08-20. Proceeds, with cash on hand, went to capital expenditure. 8-K filed 2026-08-17. [^10]: FY2026 10-K: "We currently intend to retain any earnings for use in our business and do not currently intend to pay dividends on our ordinary shares." [^11]: Close to close from daily bars, against 2026-08-27's $432.71: 1 wk from 2026-08-20 $444.87 = 0.973 → −2.7% · 1 mo from 2026-07-27 $470.82 = 0.919 → −8.1% · 1 yr from 2025-08-27 $332.34 = 1.302 → +30.2% · 5 yr from 2021-08-27 $101.35 = 4.269 → +326.9%. Ranges are intraday highs and lows over the same windows. [^12]: Each fiscal year's P/E is that year's closing price over the same year's GAAP diluted EPS, both ends at the same date: 2024-06-28 $244.79 / $8.10 = 30.2x · 2025-06-27 $295.62 / $9.17 = 32.2x · 2026-06-26 $524.79 / $13.05 = 40.2x · today $432.71 / $13.05 = 33.2x. Forward: $432.71 / $21.79 = 19.9x, consensus in the denominator so consensus in the multiple. [^13]: The SEC classifies Fabrinet under SIC 3661, Telephone & Telegraph Apparatus — a different and older scheme than the sector label above, and worth knowing when searching EDGAR by industry.