종합 밸류에이션 구간 · 보수적 $350–$450 / 적정 $550–$720 / 낙관적 $800–$950. $470.82 기준, 보수적 구간과 적정 구간 사이.
보고서 발행 시 $621（2026년 6월 8일）
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Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and testing. Its products include switching products, including reconfigurable optical add-drop multiplexers, optical amplifiers, modulators, and other optical components and modules that enable network managers to route voice, video, and data communications traffic through fiber optic cables at various wavelengths, speeds, and over various distances. The company's products also comprise transceivers, tunable lasers, and transponders; and active optical cables, which provide high-speed interconnect capabilities for data centers and computing clusters, as well as Infiniband, Ethernet, fiber channel, and optical backplane connectivity. In addition, it provides solid state, diode-pumped, gas, and fiber lasers used in semiconductor processing, biotechnology and medical device, metrology, and material processing industries; and differential pressure, micro-gyro, fuel, and other sensors used in automobiles, as well as non-contact temperature measurement sensors for the medical industry. Further, the company designs and fabricates application-specific crystals, lenses, prisms, mirrors, laser components, and substrates; and other custom and standard borosilicate, clear fused quartz, and synthetic fused silica glass products. It serves original equipment manufacturers of optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices, and sensors. The company was incorporated in 1999 and is based in George Town, the Cayman Islands.
연혁
Fabrinet was founded in 2000 by Tom Mitchell, who had co-founded Seagate in 1979 and served as Seagate's president from 1983 to 1991; the company was incorporated in 1999 and is based in George Town, the Cayman Islands, with its operating manufacturing base in Thailand. It went public on the NYSE (ticker FN) on 2010-06-25 at an offering price of $10.00 for 8.5 million shares, leaving roughly 33.74 million shares outstanding after the IPO. On 2011-10-22 a major flood inundated its Chokchai campus by about 3.5 feet, cutting revenue from $743.6M in FY2011 to $564.7M in FY2012 (down 24%) and turning a GAAP profit into a loss of $56.5M (EPS -$1.64). Production recovered from around 2012, and the company subsequently rode successive optical-communications upgrade cycles from 100G (FY2016-17) to 400G (FY2019-21) and to 800G/1.6T AI interconnect from FY2023, reaching record FY2025 revenue of $3.42B. In management, Mitchell was CEO and chairman from 2000 to 2017; Seamus Grady, a former Sanmina executive, became CEO in September 2017; and on 2025-10-17 Mitchell retired after 25 years, with Grady also taking the chairman role. Its UK plant was liquidated and dissolved in FY2024, leaving a footprint of Thailand (volume production), Fuzhou, China (volume production), and the U.S. and Israel (new-product introduction).
업계 내 위치
Fabrinet is the world's largest independent precision optical contract manufacturer (an optical electronics manufacturing services, or EMS, provider). It operates as a pure foundry that builds optical transceiver modules and optical components to customer drawings (build-to-order/build-to-print), providing process design, supply chain management, complex packaging, sub-micron alignment, assembly, integration, and final test; it does not make its own-brand optical modules, does not own product IP, and does not compete with its customers in the end market. Its customers are optical-module brand owners, including NVIDIA, Cisco, Lumentum, Coherent, and Ciena; in FY2025 NVIDIA (ordering mainly through its Israeli Mellanox entity) accounted for 27.6% of revenue and Cisco for 18.2%, with Nokia (the former Infinera, acquired by Nokia in 2025) at 12.0% of accounts receivable as of 2025-06-27. Optical communications made up 76.6% of FY2025 revenue. The contract-manufacturing model carries a structurally thin and stable gross margin of about 12% (FY2025 12.1%) on a cost-plus basis with effectively no pricing power, since material is a large pass-through cost. Customer switching costs come from copy-exact line replication, factory-within-a-factory IP isolation, early NPI co-design, and sole-source qualification cycles of several months. Its scale and cost position rest on being the largest independent optical foundry, low-cost Thai labor (about 98.6% of roughly 16,457 employees in Thailand), vertical integration of in-house optical parts (crystal growth, precision grinding and polishing, glass drawing, optical coating), about 1 million sq ft of cleanroom, and strategic neutrality that lets it serve mutually competing customers such as Lumentum, Coherent, Cisco, and NVIDIA. Competitors include broader general EMS providers such as Celestica, Jabil, and Flex, while vertically integrated module brand owners that design, make, and sell their own products differ structurally and carry higher gross margins.
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