Fabrinet vs Sanmina
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KIRA’s take AI analyst
I put Fabrinet and Sanmina side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Fabrinet
FN
8/11
Revenue growth5-year growthGross marginOperating marginNet marginReturn on capitalReturn on equityNet debt / EBITDA
Sanmina
SANM
3/11
FCF marginPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | FN FY26 | SANM FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.8B | $8.9B |
| 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 | — | 28.9x |
| Piotroski F-score | 5 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.