Fabrinet (FN) FY2025 10-K Annual Report
Fabrinet (FN) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Aug 19, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Fabrinet FY2025 10-K Analysis
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
Fabrinet FY2025 Key Financial MetricsXBRL
Revenue
$3.4B
▲ +18.6% YoY
Net Income
$333M
▲ +12.3% YoY
Gross Margin
12.1%
▼ -26bp YoY
Operating Margin
9.5%
▼ -14bp YoY
Net Margin
9.7%
▼ -55bp YoY
ROE
16.8%
▼ -19bp YoY
Total Assets
$2.8B
▲ +21.1% YoY
EPS (Diluted)
$9.17
▲ +13.2% YoY
Operating Cash Flow
$328M
▼ -20.5% YoY
Source: XBRL data from Fabrinet FY2025 10-K filing on SEC EDGAR. All figures in USD.
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