Flex
FLEX · Electronic Manufacturing Services
$76.55
0.2%Fabrinet
FN · Electronic Manufacturing Services
$314.94
0.9%The short version
- Flex is the larger business, with $27.9B of revenue in fiscal 2026 against $4.6B for Fabrinet, about 6.0 times as much.
- Fabrinet grew revenue faster (35.7%, against 8.1%).
- Fabrinet kept more of each dollar of sales as operating profit (10.0% operating margin, against 4.9% operating margin).
- Flex turned more of its sales into free cash flow (3.8% FCF margin, against 0.1% FCF margin).
- Fabrinet earned a higher return on the capital invested in it (30.0%, against 16.3%).
- Investors pay more for each dollar of Flex’s earnings: a P/E of 29.6x against 24.1x for Fabrinet.
| Latest fiscal year | FLEX · FY26 | FN · FY26 |
|---|---|---|
| Size | ||
| Market cap | $28.6B | $11.4B |
| Revenue | $27.9B | $4.6B |
| Free cash flow | $1.1B | $4.2M |
| Net income | $880M | $473M |
| Growth | ||
| Revenue growth | 8.1% | 35.7% |
| 5-year growth | 3.0% | 19.8% |
| Share count change | −5.0% | −0.0% |
| Profitability | ||
| Gross margin | 9.2% | 12.0% |
| Operating margin | 4.9% | 10.0% |
| Net margin | 3.2% | 10.2% |
| FCF margin | 3.8% | 0.1% |
| Return on capital | 16.3% | 30.0% |
| Return on equity | 17.4% | 21.3% |
| Balance sheet | ||
| Net debt | $1.4B | −$875M |
| Net debt / EBITDA | 0.7x | −1.7x |
| Dividends and buybacks | $944M | $5.2M |
| Valuation & quality | ||
| P/E | 29.6x | 24.1x |
| Piotroski F-score | 9 | 5 |
FY17
FLEX $23.9B
FN $1.4B
FY18
FLEX $25.4B
FN $1.4B
FY19
FLEX $26.2B
FN $1.6B
FY20
FLEX $24.2B
FN $1.6B
FY21
FLEX $24.1B
FN $1.9B
FY22
FLEX $24.6B
FN $2.3B
FY23
FLEX $28.5B
FN $2.6B
FY24
FLEX $26.4B
FN $2.9B
FY25
FLEX $25.8B
FN $3.4B
FY26
FLEX $27.9B
FN $4.6B
FLEX
FN
FY17
FLEX —
FN 7.5%
FY18
FLEX —
FN 6.8%
FY19
FLEX —
FN 7.7%
FY20
FLEX 1.7%
FN 7.2%
FY21
FLEX 3.3%
FN 8.0%
FY22
FLEX 3.6%
FN 9.0%
FY23
FLEX 3.6%
FN 9.5%
FY24
FLEX 3.2%
FN 9.6%
FY25
FLEX 4.5%
FN 9.5%
FY26
FLEX 4.9%
FN 10.0%
FLEX
FN
FY17
FLEX −$4.3B
FN $2.7M
FY18
FLEX −$4.4B
FN $104M
FY19
FLEX −$3.7B
FN $129M
FY20
FLEX −$2.0B
FN $108M
FY21
FLEX −$207M
FN $76.1M
FY22
FLEX $581M
FN $34.7M
FY23
FLEX $315M
FN $152M
FY24
FLEX $796M
FN $366M
FY25
FLEX $1.1B
FN $207M
FY26
FLEX $1.1B
FN $4.2M
FLEX
FN
FY17
FLEX 10.9%
FN —
FY18
FLEX 12.7%
FN —
FY19
FLEX 3.8%
FN —
FY20
FLEX 5.7%
FN 21.8%
FY21
FLEX 16.3%
FN 26.0%
FY22
FLEX 16.2%
FN 28.1%
FY23
FLEX 14.8%
FN 27.7%
FY24
FLEX 13.8%
FN 29.1%
FY25
FLEX 15.3%
FN 31.4%
FY26
FLEX 16.3%
FN 30.0%
FLEX
FN
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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.