Short answer
Fabrinet (FN) filed its fiscal 2025 10-K annual report with the SEC on Aug 19, 2025. It reported revenue of $3.4B (+18.6% year over year) and net income of $333M.
- Top risk flagged: Construction of new 2.0 million sq ft manufacturing facility in Chonburi costing $132.5M, posing operational expansion risk
FY2025 key financial metrics · XBRL
- Revenue
- $3.4B
- +18.6% YoY
- Net income
- $333M
- +12.3% YoY
- Operating margin
- 9.5%
- −0.1 pp YoY
- Gross margin
- 12.1%
- −0.3 pp YoY
- EPS (diluted)
- $9.17
- +13.2% YoY
- ROE
- 16.8%
- −0.2 pp YoY
- Operating cash flow
- $328M
- −20.5% YoY
Source: XBRL data from the Fabrinet (FN) FY2025 10-K on SEC EDGAR. USD.
Fabrinet FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: complex engineering and manufacturing services with advanced supply chain management targeting OEM customers
- Geographic revenue shift: North America revenue rose to 43.4% from 36.5% in 2024, Asia-Pacific declined to 48.4% from 57.1%
- Increased foreign currency risk management: $165M Thai baht forward contracts outstanding in 2025 vs $135M in 2024
- Employee-related costs rising: share-based compensation in cost of revenues grew to $10.5M in 2025 from $7.2M in 2024
- Sustained dependency on few large customers heightens revenue and credit risk due to customer financial distress and order volatility
Management Discussion & Analysis
- Forward-looking statements cover future revenues, expenses, capital needs, and liquidity with associated risks and uncertainties
- Expect increasing revenue share from customers outside North America in fiscal 2026 vs fiscal 2025
- Anticipate fiscal 2026 SG&A expenses and employee costs rising, specifically in Thailand and PRC
- Planned capital expenditures include manufacturing capacity expansion
- Risks include macroeconomic, political instability, competition, and ability to penetrate new markets and execute acquisitions
Risk Factors
- Construction of new 2.0 million sq ft manufacturing facility in Chonburi costing $132.5M, posing operational expansion risk
- Increased inventories by $174.2M and trade receivables by $104.4M impacting cash flow and working capital management
- Share repurchases and higher withholding tax from net share settlements increased financing cash outflows in fiscal 2025
- Operating lease obligations of $2.1M due within one year and $4.4M beyond one year, affecting fixed cost commitments
Generated from the filing text; verify against the original. How to read a 10-K
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