Recent News
September 3, 2026 — Public Employees Retirement System of Ohio filed a change in beneficial ownership indicating a new stake in Fabrinet; institutional filings show additional Q2 2026 accumulation by several large public plans.
Technical Analysis
ADX at 18.26 indicates no established trend; price action currently lacks strong directional conviction, so momentum signals will determine short-term bias.
Directional indicators show DI+ at 22.40 with a peak-and-reversal (bearish signal), while DI- at 30.36 is decreasing (bullish signal); the combination produces a conflicted near-term directional picture that favors cautious interpretation.
MACD at -21.00 has dipped and reversed and sits above its signal line (-23.73), representing a bullish MACD cross and indicating a resumption of positive momentum into the near term.
MRO at -20.0 (negative) implies price sits below the model target and therefore carries potential for upward price pressure as mean-reversion unfolds.
RSI at 41.79 with a dip-and-reverse shows recovery from oversold-to-neutral territory, supporting continued short-term buyers if momentum persists.
Short-term price structure: close $398.36 sits essentially at the 20-day average ($398.28) and just below the 12-day EMA ($399.92, dip & reversal), signaling a nascent short-term recovery while remaining below the 50-day ($457.64) and 200-day ($534.13) averages—long-term trend remains below those longer-term means.
Ichimoku cloud places price beneath both Senkou A ($497.19) and Senkou B ($568.12), indicating longer-horizon resistance overhead despite short-term momentum attempts.
Volatility and participation: elevated betas (42-day 3.58; 52-week 2.84) and below-average intraday volume (today: 574,745 vs 10-day avg 694,299 and 50/200-day averages higher) imply outsized directional moves on relatively light participation, increasing risk for false breakouts.
Fundamental Analysis
Top line and profit performance: total revenue $1,315,788,000 and YoY revenue growth of 92.27% with QoQ revenue growth of 16.31% demonstrate strong demand expansion over the last year and quarter. Reported EPS came in at $4.10 versus an estimate of $3.81, an EPS surprise of 7.61%.
Profitability: EBIT $226,559,000 and an EBIT margin of 17.22% improved sharply QoQ (EBIT margin QoQ +74.18%) and YoY (+68.01%). The EBIT margin sits above the industry peer mean of -0.61% and roughly in line with the industry peer median of 16.49%, reflecting superior operating leverage on the revenue advance.
Cash and capital structure: cash and short-term investments $875,055,000 and total debt $4,013,000 (debt-to-assets ~0.10%) supply ample liquidity and negligible leverage; current ratio 2.25 and quick ratio 1.52 support short-term obligations.
Cash flow and capex: operating cash flow $54,967,000 but free cash flow negative at -$37,401,000; free cash flow yield at -0.19% with a strong QoQ lift in free cash flow yield (QoQ +253.70%)—the negative FCF alongside rapid revenue growth points to elevated working capital and capex dynamics during scale-up. Free cash to net income reads -26.86%.
Valuation multiples: trailing P/E ~133.6 and forward P/E ~112.8 indicate a significant earnings multiple premium; price-to-book ~8.00 sits slightly below the industry peer mean P/B of 9.13. High multiples reflect rich expectations for continued margin expansion and growth; WMDST values the stock as fair-valued given that combination and current cash-flow profile.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-17 |
| NEXT REPORT DATE: | 2026-11-16 |
| CASH FLOW | Begin Period Cash Flow | $ 357.3 M |
| Operating Cash Flow | $ 55.0 M | |
| Capital Expenditures | $ -92.37 M | |
| Change In Working Capital | $ -57.53 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -9.84 M | |
| End Period Cash Flow | $ 347.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.3 B | |
| Forward Revenue | $ 461.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.2 B | |
| Depreciation | $ 19.6 M | |
| Depreciation and Amortization | $ 19.6 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.2 B | |
| PROFITABILITY | ||
| Gross Profit | $ 158.1 M | |
| EBITDA | $ 246.2 M | |
| EBIT | $ 226.6 M | |
| Operating Income | $ 134.4 M | |
| Interest Income | $ 7.0 M | |
| Interest Expense | — | |
| Net Interest Income | $ 6.9 M | |
| Income Before Tax | $ 199.7 M | |
| Tax Provision | $ 60.5 M | |
| Tax Rate | 30.272 % | |
| Net Income | $ 139.3 M | |
| Net Income From Continuing Operations | $ 139.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 3.81 | |
| EPS Actual | $ 4.10 | |
| EPS Difference | $ 0.29 | |
| EPS Surprise | 7.612 % | |
| Forward EPS | $ 5.45 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.9 B | |
| Intangible Assets | $ 2.5 M | |
| Net Tangible Assets | $ 2.5 B | |
| Total Current Assets | $ 3.2 B | |
| Cash and Short-Term Investments | $ 875.1 M | |
| Cash | $ 346.7 M | |
| Net Receivables | $ 1.0 B | |
| Inventory | $ 1.0 B | |
| Long-Term Investments | $ 21.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.0 B | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 1.4 B | |
| Net Debt | — | |
| Total Debt | $ 4.0 M | |
| Total Liabilities | $ 1.5 B | |
| EQUITY | ||
| Total Equity | $ 2.5 B | |
| Retained Earnings | $ 2.6 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 68.49 | |
| Shares Outstanding | 35.835 M | |
| Revenue Per-Share | $ 36.72 | |
| VALUATION | Market Capitalization | $ 19.6 B |
| Enterprise Value | $ 18.8 B | |
| Enterprise Multiple | 76.199 | |
| Enterprise Multiple QoQ | -47.564 % | |
| Enterprise Multiple YoY | -15.409 % | |
| Enterprise Multiple IPRWA | high: 302.042 median: 97.5 mean: 93.297 FN: 76.199 low: -254.06 |
|
| EV/R | 14.256 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.594 | |
| Asset To Liability | 2.685 | |
| Debt To Capital | 0.002 | |
| Debt To Assets | 0.001 | |
| Debt To Assets QoQ | -18.254 % | |
| Debt To Assets YoY | -46.632 % | |
| Debt To Assets IPRWA | high: 0.731 median: 0.229 mean: 0.206 low: 0.001 FN: 0.001 |
|
| Debt To Equity | 0.002 | |
| Debt To Equity QoQ | -14.583 % | |
| Debt To Equity YoY | -40.58 % | |
| Debt To Equity IPRWA | high: 2.204 mean: 0.448 median: 0.36 FN: 0.002 low: -0.8 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 7.998 | |
| Price To Book QoQ | -12.106 % | |
| Price To Book YoY | 49.427 % | |
| Price To Book IPRWA | high: 17.779 mean: 9.126 median: 8.415 FN: 7.998 low: -2.382 |
|
| Price To Earnings (P/E) | 133.599 | |
| Price To Earnings QoQ | -15.091 % | |
| Price To Earnings YoY | 11.976 % | |
| Price To Earnings IPRWA | high: 454.629 mean: 142.221 FN: 133.599 median: 108.536 low: -148.034 |
|
| PE/G Ratio | 13.079 | |
| Price To Sales (P/S) | 14.918 | |
| Price To Sales QoQ | -13.622 % | |
| Price To Sales YoY | 27.936 % | |
| Price To Sales IPRWA | high: 91.147 mean: 31.776 median: 31.03 FN: 14.918 low: 0.118 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 112.817 | |
| Forward PE/G | 11.044 | |
| Forward P/S | 42.573 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 10.616 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.355 | |
| Asset Turnover Ratio QoQ | -1.024 % | |
| Asset Turnover Ratio YoY | 6.252 % | |
| Asset Turnover Ratio IPRWA | high: 0.574 FN: 0.355 mean: 0.171 median: 0.14 low: 0.002 |
|
| Receivables Turnover | 1.366 | |
| Receivables Turnover Ratio QoQ | -3.806 % | |
| Receivables Turnover Ratio YoY | 6.404 % | |
| Receivables Turnover Ratio IPRWA | high: 2.33 median: 1.607 mean: 1.587 FN: 1.366 low: 0.353 |
|
| Inventory Turnover | 1.22 | |
| Inventory Turnover Ratio QoQ | -4.475 % | |
| Inventory Turnover Ratio YoY | -14.982 % | |
| Inventory Turnover Ratio IPRWA | high: 3.153 FN: 1.22 mean: 0.871 median: 0.82 low: 0.165 |
|
| Days Sales Outstanding (DSO) | 66.801 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 68.185 | |
| Cash Conversion Cycle Days QoQ | 3.726 % | |
| Cash Conversion Cycle Days YoY | -0.219 % | |
| Cash Conversion Cycle Days IPRWA | high: 389.683 mean: 105.162 median: 93.299 FN: 68.185 low: -166.342 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.749 | |
| CapEx To Revenue | -0.07 | |
| CapEx To Depreciation | -4.71 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.5 B | |
| Net Invested Capital | $ 2.5 B | |
| Invested Capital | $ 2.5 B | |
| Net Tangible Assets | $ 2.5 B | |
| Net Working Capital | $ 1.8 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.624 | |
| Current Ratio | 2.253 | |
| Current Ratio QoQ | -11.623 % | |
| Current Ratio YoY | -24.888 % | |
| Current Ratio IPRWA | high: 14.857 mean: 2.651 FN: 2.253 median: 1.813 low: 0.516 |
|
| Quick Ratio | 1.525 | |
| Quick Ratio QoQ | -14.868 % | |
| Quick Ratio YoY | -33.181 % | |
| Quick Ratio IPRWA | high: 14.373 mean: 2.13 FN: 1.525 median: 1.399 low: 0.332 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.016 | |
| Cost Of Debt | 0.0 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | 0.036 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 79.517 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 11.456 % | |
| Revenue Growth | 8.358 % | |
| Revenue Growth QoQ | 16.309 % | |
| Revenue Growth YoY | 92.271 % | |
| Revenue Growth IPRWA | high: 71.255 % mean: 12.679 % median: 8.503 % FN: 8.358 % low: -33.957 % |
|
| Earnings Growth | 10.215 % | |
| Earnings Growth QoQ | -4.657 % | |
| Earnings Growth YoY | -357.434 % | |
| Earnings Growth IPRWA | high: 200.0 % median: 23.404 % mean: 21.467 % FN: 10.215 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 12.012 % | |
| Gross Margin QoQ | 1.052 % | |
| Gross Margin YoY | -1.815 % | |
| Gross Margin IPRWA | high: 98.113 % mean: 41.437 % median: 38.478 % FN: 12.012 % low: -57.962 % |
|
| EBIT Margin | 17.219 % | |
| EBIT Margin QoQ | 74.176 % | |
| EBIT Margin YoY | 68.007 % | |
| EBIT Margin IPRWA | high: 54.087 % FN: 17.219 % median: 16.488 % mean: -0.607 % low: -486.583 % |
|
| Return On Sales (ROS) | 10.212 % | |
| Return On Sales QoQ | 3.298 % | |
| Return On Sales YoY | 4.236 % | |
| Return On Sales IPRWA | high: 35.194 % median: 15.494 % mean: 15.101 % FN: 10.212 % low: -229.509 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -37.40 M | |
| Free Cash Flow Yield | -0.191 % | |
| Free Cash Flow Yield QoQ | 253.704 % | |
| Free Cash Flow Yield YoY | -554.762 % | |
| Free Cash Flow Yield IPRWA | high: 11.872 % mean: 0.522 % median: 0.431 % FN: -0.191 % low: -16.267 % |
|
| Free Cash Growth | 231.51 % | |
| Free Cash Growth QoQ | 113.22 % | |
| Free Cash Growth YoY | -356.737 % | |
| Free Cash Growth IPRWA | high: 458.586 % FN: 231.51 % mean: 21.754 % median: 16.009 % low: -359.143 % |
|
| Free Cash To Net Income | -0.269 | |
| Cash Flow Margin | 3.875 % | |
| Cash Flow To Earnings | 0.366 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.754 % | |
| Return On Assets QoQ | 1.597 % | |
| Return On Assets YoY | 17.312 % | |
| Return On Assets IPRWA | high: 5.859 % FN: 3.754 % median: 1.741 % mean: 0.517 % low: -27.727 % |
|
| Return On Capital Employed (ROCE) | 9.032 % | |
| Return On Equity (ROE) | 0.057 | |
| Return On Equity QoQ | 4.436 % | |
| Return On Equity YoY | 28.955 % | |
| Return On Equity IPRWA | high: 0.149 FN: 0.057 median: 0.045 mean: 0.036 low: -0.481 |
|
| DuPont ROE | 5.853 % | |
| Return On Invested Capital (ROIC) | 6.437 % | |
| Return On Invested Capital QoQ | 32.449 % | |
| Return On Invested Capital YoY | 46.295 % | |
| Return On Invested Capital IPRWA | high: 11.748 % FN: 6.437 % median: 3.323 % mean: 2.685 % low: -14.412 % |
|