Fabrinet (FN) intrinsic value & 10-year financials
Fabrinet (FN) has a Graham intrinsic value of $304.59 per share. At $363.51 on Oct 17, 2026, the stock trades 19% above that value. Over the last 10 fiscal years revenue grew 14.9% a year to $3.4B, with an average return on invested capital of 18.0%.
- Graham intrinsic value
- $304.59
- Share price (Oct 17, 2026)
- $363.51
- Price vs Graham value
- 19% above
- Market cap
- $13.2B
- Revenue (FY2025)
- $3.4B
- Revenue growth (10-yr CAGR)
- 14.9%
- ROIC (10-yr avg)
- 18.0%
- Free cash flow (FY2025)
- $207.3M
FN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.4B | $332.5M | $9.17 | $207.3M | 9.5% | 20.1% |
| FY2024 | $2.9B | $296.2M | $8.10 | $365.6M | 9.6% | 20.4% |
| FY2023 | $2.6B | $247.9M | $6.73 | $151.9M | 9.5% | 20.6% |
| FY2022 | $2.3B | $200.4M | $5.36 | $34.7M | 9.0% | 20.4% |
| FY2021 | $1.9B | $148.3M | $3.95 | $76.1M | 8.0% | 17.9% |
| FY2020 | $1.6B | $113.5M | $3.01 | $108.3M | 7.2% | 14.4% |
| FY2019 | $1.6B | $121.0M | $3.23 | $128.7M | 7.7% | 17.7% |
| FY2018 | $1.4B | $84.2M | $2.21 | $104.3M | 6.8% | 15.2% |
| FY2017 | $1.4B | $97.1M | $2.57 | $2.7M | 7.5% | 19.2% |
| FY2016 | $976.7M | $61.9M | $1.68 | $6.5M | 7.1% | 14.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Fabrinet is a consistent compounder, expanding top-line revenue at 14.9% annually over the past decade.
Fabrinet has earned high returns on invested capital, averaging 18.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Fabrinet has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Fabrinet is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $304.59 per share.