Companies · FN
Fabrinet
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Nov 3, 2026
Fabrinet 10-Q (Sep 2026): Data center mix hits 52.7%, AI-driven optics demand reshapes revenue concentration as capacity expands in Thailand and California.
Data center products reached 52.7% of Fabrinet revenue in Q1 FY2027 (quarter ended September 25, 2026), up from 44.7% a year earlier, as AI infrastructure demand continues to pull optical transceiver and related assembly volume. Three customers account for 46.7% of revenue, down from 51.5%, reflecting modest diversification but persistent concentration risk. Fabrinet is simultaneously expanding manufacturing footprint — acquiring an 8-acre Navanakorn campus in Thailand (May 2026) and three buildings near its Santa Clara campus (July 2026) — signaling management confidence in sustained demand.
Tone: bullishRevenue
$4.6B
FN 10-K · FY 2026
Employees
21,521
Revenue FY2025
$3.4B
Founded
1999
Profile
FN 10-K Item 1 · Aug 18, 2026Fabrinet is a contract manufacturer specializing in advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services for OEMs across optical communications, industrial lasers, automotive, medical, and sensor markets. The company operates primarily from large-scale, low-cost manufacturing facilities in Thailand and positions itself as a pure-play outsourced manufacturer that does not compete with its customers in their end-markets. Its vertically integrated capabilities span process engineering, customized optics and glass fabrication, supply chain management, and final assembly and test.
Read filing description ↓ Collapse description ↑
We provide advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers ('OEMs') of complex products such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices and sensors. We offer a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and testing. We are capable of producing a wide variety of high complexity products in any mix and any volume. Based on our extensive experience and the positive feedback we have received from our customers, we believe we are a global leader in providing these services to the optical communications, automotive, and industrial lasers markets. Our customer base includes companies in complex industries that require advanced precision manufacturing capabilities such as optical communications, automotive, industrial lasers, medical, and sensors. In many cases, we are the sole outsourced manufacturing partner used by our customers for the products that we manufacture for them. We also design and fabricate application-specific crystals, lenses, prisms, mirrors, laser components and substrates (collectively referred to as 'customized optics') and other custom and standard borosilicate, clear fused quartz, and synthetic fused silica glass products (collectively referred to as 'customized glass'). We incorporate our customized optics and glass into many of the products we manufacture for our OEM customers, and we also sell customized optics and glass in the merchant market. We believe there is no other manufacturing services provider with a similar breadth and depth of optical and electro-mechanical engineering and process technology capabilities that does not directly compete with its customers in their end-markets.
Primary products
- Optical communications devices (ROADMs, optical amplifiers, modulators)
- Tunable lasers, transceivers, and transponders
- Active optical cables
- Industrial lasers (solid state, diode-pumped, gas and fiber lasers)
- Sensors (differential pressure, micro-gyro, fuel and other sensors)
- Customized optics (crystals, lenses, prisms, mirrors, laser components and substrates)
Business segments
End markets
Geographies
Named customers
During fiscal year 2026, Cisco Systems, Inc., NVIDIA Corporation, Nokia Corporation and Amazon.com, Inc. contributed 19.9%, 16.3%, 10.7% and 10.5%, respectively, of our revenues.
Named competitors
“We believe there is no other manufacturing services provider with a similar breadth and depth of optical and electro-mechanical engineering and process technology capabilities that does not directly compete with its customers in their end-markets.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Revenues for fiscal year 2026 increased by $1.22 billion, or 35.7%, from $3.42 billion in fiscal year 2025 to $4.64 billion, driven by continued expansion in data center and communications infrastructure demand.
The rest of FN is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.