Fabrinet vs Sanmina
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The short version
- Sanmina is the larger business, with $8.1B of revenue in fiscal 2025 against $4.6B for Fabrinet, about 1.8 times as much.
- Fabrinet grew revenue faster (35.7%, against 7.4%).
- Fabrinet kept more of each dollar of sales as operating profit (10.0% operating margin, against 4.4%).
- Sanmina turned more of its sales into free cash flow (5.8% FCF margin, against 0.1%).
- Fabrinet earned a higher return on the capital invested in it (30.0%, against 14.2%).
| Latest fiscal year | FN · FY26 | SANM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.4B | $8.6B |
| Revenue | $4.6B | $8.1B |
| Free cash flow | $4.2M | $473M |
| Net income | $473M | $246M |
| Growth | ||
| Revenue growth | 35.7% | 7.4% |
| 5-year growth | 19.8% | 3.2% |
| Share count change | −0.0% | −3.2% |
| Profitability | ||
| Gross margin | 12.0% | 8.8% |
| Operating margin | 10.0% | 4.4% |
| Net margin | 10.2% | 3.0% |
| FCF margin | 0.1% | 5.8% |
| Return on capital | 30.0% | 14.2% |
| Return on equity | 21.3% | 10.0% |
| Balance sheet | ||
| Net debt | −$875M | −$643M |
| Net debt / EBITDA | −1.7x | −1.4x |
| Dividends and buybacks | $5.2M | $0.0M |
| Valuation & quality | ||
| P/E | — | 27.9x |
| Piotroski F-score | 5 | 8 |
Revenue
FY17
FN $1.4B
SANM $6.9B
FY18
FN $1.4B
SANM $7.1B
FY19
FN $1.6B
SANM $8.2B
FY20
FN $1.6B
SANM $7.0B
FY21
FN $1.9B
SANM $6.7B
FY22
FN $2.3B
SANM $7.9B
FY23
FN $2.6B
SANM $8.9B
FY24
FN $2.9B
SANM $7.6B
FY25
FN $3.4B
SANM $8.1B
FY26
FN $4.6B
SANM —
FN
SANM
Operating margin
FY17
FN 7.5%
SANM 3.3%
FY18
FN 6.8%
SANM 1.7%
FY19
FN 7.7%
SANM 3.5%
FY20
FN 7.2%
SANM 3.2%
FY21
FN 8.0%
SANM 3.8%
FY22
FN 9.0%
SANM 4.4%
FY23
FN 9.5%
SANM 5.1%
FY24
FN 9.6%
SANM 4.4%
FY25
FN 9.5%
SANM 4.4%
FY26
FN 10.0%
SANM —
FN
SANM
Free cash flow
FY17
FN $2.7M
SANM $139M
FY18
FN $104M
SANM $37.5M
FY19
FN $129M
SANM $248M
FY20
FN $108M
SANM $235M
FY21
FN $76.1M
SANM $265M
FY22
FN $34.7M
SANM $192M
FY23
FN $152M
SANM $43.8M
FY24
FN $366M
SANM $229M
FY25
FN $207M
SANM $473M
FY26
FN $4.2M
SANM —
FN
SANM
Return on capital
FY17
FN —
SANM 9.0%
FY18
FN —
SANM 3.9%
FY19
FN —
SANM 10.9%
FY20
FN 21.8%
SANM 9.9%
FY21
FN 26.0%
SANM 15.1%
FY22
FN 28.1%
SANM 17.7%
FY23
FN 27.7%
SANM 20.2%
FY24
FN 29.1%
SANM 12.6%
FY25
FN 31.4%
SANM 14.2%
FY26
FN 30.0%
SANM —
FN
SANM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.