Fabrinet vs TE Connectivity
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The short version
- TE Connectivity is the larger business, with $17.3B of revenue in fiscal 2025 against $4.6B for Fabrinet, about 3.7 times as much.
- Fabrinet grew revenue faster (35.7%, against 8.9%).
- TE Connectivity kept more of each dollar of sales as operating profit (18.6% operating margin, against 10.0%).
- TE Connectivity turned more of its sales into free cash flow (18.6% FCF margin, against 0.1%).
- Fabrinet earned a higher return on the capital invested in it (30.0%, against 12.1%).
| Latest fiscal year | FN · FY26 | TEL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.4B | $61.0B |
| Revenue | $4.6B | $17.3B |
| Free cash flow | $4.2M | $3.2B |
| Net income | $473M | $1.8B |
| Growth | ||
| Revenue growth | 35.7% | 8.9% |
| 5-year growth | 19.8% | 7.2% |
| Share count change | −0.0% | −3.2% |
| Profitability | ||
| Gross margin | 12.0% | 35.2% |
| Operating margin | 10.0% | 18.6% |
| Net margin | 10.2% | 10.7% |
| FCF margin | 0.1% | 18.6% |
| Return on capital | 30.0% | 12.1% |
| Return on equity | 21.3% | 14.8% |
| Balance sheet | ||
| Net debt | −$875M | $3.6B |
| Net debt / EBITDA | −1.7x | 0.9x |
| Dividends and buybacks | $5.2M | $2.2B |
| Valuation & quality | ||
| P/E | — | 20.4x |
| Piotroski F-score | 5 | 6 |
Revenue
FY17
FN $1.4B
TEL $12.2B
FY18
FN $1.4B
TEL $14.0B
FY19
FN $1.6B
TEL $13.4B
FY20
FN $1.6B
TEL $12.2B
FY21
FN $1.9B
TEL $14.9B
FY22
FN $2.3B
TEL $16.3B
FY23
FN $2.6B
TEL $16.0B
FY24
FN $2.9B
TEL $15.8B
FY25
FN $3.4B
TEL $17.3B
FY26
FN $4.6B
TEL —
FN
TEL
Operating margin
FY17
FN 7.5%
TEL 15.4%
FY18
FN 6.8%
TEL 16.7%
FY19
FN 7.7%
TEL 14.7%
FY20
FN 7.2%
TEL 4.4%
FY21
FN 8.0%
TEL 16.3%
FY22
FN 9.0%
TEL 16.9%
FY23
FN 9.5%
TEL 14.4%
FY24
FN 9.6%
TEL 17.7%
FY25
FN 9.5%
TEL 18.6%
FY26
FN 10.0%
TEL —
FN
TEL
Free cash flow
FY17
FN $2.7M
TEL $1.6B
FY18
FN $104M
TEL $1.5B
FY19
FN $129M
TEL $1.7B
FY20
FN $108M
TEL $1.4B
FY21
FN $76.1M
TEL $2.0B
FY22
FN $34.7M
TEL $1.7B
FY23
FN $152M
TEL $2.4B
FY24
FN $366M
TEL $2.8B
FY25
FN $207M
TEL $3.2B
FY26
FN $4.2M
TEL —
FN
TEL
Return on capital
FY17
FN —
TEL 13.6%
FY18
FN —
TEL 17.4%
FY19
FN —
TEL 14.6%
FY20
FN 21.8%
TEL 2.2%
FY21
FN 26.0%
TEL 18.5%
FY22
FN 28.1%
TEL 18.8%
FY23
FN 27.7%
TEL 14.6%
FY24
FN 29.1%
TEL 20.1%
FY25
FN 31.4%
TEL 12.1%
FY26
FN 30.0%
TEL —
FN
TEL
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.