Fabrinet vs IPG Photonics
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The short version
- Fabrinet is the larger business, with $4.6B of revenue in fiscal 2026 against $1.0B for IPG Photonics, about 4.6 times as much.
- Fabrinet grew revenue faster (35.7%, against 2.7%).
- Fabrinet kept more of each dollar of sales as operating profit (10.0% operating margin, against 1.3%).
- Fabrinet earned a higher return on the capital invested in it (30.0%, against 0.8%).
| Latest fiscal year | FN · FY26 | IPGP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.4B | $3.0B |
| Revenue | $4.6B | $1.0B |
| Free cash flow | $4.2M | −$3.5M |
| Net income | $473M | $31.1M |
| Growth | ||
| Revenue growth | 35.7% | 2.7% |
| 5-year growth | 19.8% | −3.5% |
| Share count change | −0.0% | −3.8% |
| Profitability | ||
| Gross margin | 12.0% | 38.0% |
| Operating margin | 10.0% | 1.3% |
| Net margin | 10.2% | 3.1% |
| FCF margin | 0.1% | −0.3% |
| Return on capital | 30.0% | 0.8% |
| Return on equity | 21.3% | 1.5% |
| Balance sheet | ||
| Net debt | −$875M | −$839M |
| Net debt / EBITDA | −1.7x | −10.5x |
| Dividends and buybacks | $5.2M | $53.1M |
| Valuation & quality | ||
| P/E | — | 109.3x |
| Piotroski F-score | 5 | 7 |
Revenue
FY17
FN $1.4B
IPGP $1.4B
FY18
FN $1.4B
IPGP $1.5B
FY19
FN $1.6B
IPGP $1.3B
FY20
FN $1.6B
IPGP $1.2B
FY21
FN $1.9B
IPGP $1.5B
FY22
FN $2.3B
IPGP $1.4B
FY23
FN $2.6B
IPGP $1.3B
FY24
FN $2.9B
IPGP $977M
FY25
FN $3.4B
IPGP $1.0B
FY26
FN $4.6B
IPGP —
FN
IPGP
Operating margin
FY17
FN 7.5%
IPGP 39.1%
FY18
FN 6.8%
IPGP 35.9%
FY19
FN 7.7%
IPGP 17.8%
FY20
FN 7.2%
IPGP 16.5%
FY21
FN 8.0%
IPGP 25.2%
FY22
FN 9.0%
IPGP 11.9%
FY23
FN 9.5%
IPGP 18.0%
FY24
FN 9.6%
IPGP −21.3%
FY25
FN 9.5%
IPGP 1.3%
FY26
FN 10.0%
IPGP —
FN
IPGP
Free cash flow
FY17
FN $2.7M
IPGP $279M
FY18
FN $104M
IPGP $233M
FY19
FN $129M
IPGP $190M
FY20
FN $108M
IPGP $198M
FY21
FN $76.1M
IPGP $267M
FY22
FN $34.7M
IPGP $103M
FY23
FN $152M
IPGP $186M
FY24
FN $366M
IPGP $149M
FY25
FN $207M
IPGP −$3.5M
FY26
FN $4.2M
IPGP —
FN
IPGP
Return on capital
FY17
FN —
IPGP 40.3%
FY18
FN —
IPGP 36.6%
FY19
FN —
IPGP 13.8%
FY20
FN 21.8%
IPGP 12.4%
FY21
FN 26.0%
IPGP 22.2%
FY22
FN 28.1%
IPGP 8.2%
FY23
FN 27.7%
IPGP 15.0%
FY24
FN 29.1%
IPGP −14.1%
FY25
FN 31.4%
IPGP 0.8%
FY26
FN 30.0%
IPGP —
FN
IPGP
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.