Fabrinet (FN) FY2021 results: revenue $1.9 billion, up 14.5% on the year
Fabrinet (FN) reported revenue of $1.9 billion for fiscal 2021, the year ended 25 June 2021, up 14.5% on the year before. Net income was $148 million, up 30.7%, and diluted earnings per share $3.95. The figures are the company's own, from the 10-K it filed with the SEC on 17 August 2021.
Revenue
$1.9 billion
+14.5% on the year
FY2014FY2021
Operating margin
8.0%
7.2% a year earlier
FY2014FY2021
Net income
$148 million
+30.7% on the year
FY2014FY2021
Diluted EPS
$3.95
+31.2% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
1,879
1,642
1,584
+14.5%
Cost of revenue
1,658
1,456
1,405
+13.9%
Gross profit
221
186
179
+18.9%
Gross margin
11.8%
11.3%
11.3%
Selling, general and administrative
70.6
68.4
55.1
+3.2%
Operating income
151
117
123
+28.4%
Operating margin
8.0%
7.2%
7.7%
Interest expense
1.1
3.0
5.4
-63.9%
Pre-tax income
150
119
126
+26.2%
Income tax
2.1
5.8
5.3
-62.8%
Effective tax rate
1.4%
4.8%
4.2%
Net income
148
113
121
+30.7%
Net margin
7.9%
6.9%
7.6%
Diluted EPS
$3.95
$3.01
$3.23
+31.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
122
151
147
-18.9%
Capital expenditure
46.1
42.3
18.7
+8.8%
Free cash flow
76.1
108
129
-29.8%
Free cash flow margin
4.0%
6.6%
8.1%
Cash from investing
-8.9
-71.2
-98.1
Cash from financing
-42.8
-35.3
-23.2
Depreciation and amortisation
36.3
30.9
29.9
+17.4%
Share-based compensation
25.5
22.2
17.2
+14.7%
Buybacks
18.8
20.7
5.4
-9.1%
Diluted shares, weighted
38m
38m
37m
-0.3%
Shares outstanding at period end
37m
37m
37m
+0.1%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
1,113
974
863
+14.2%
Debt
39.5
51.7
60.9
-23.5%
Operating lease liabilities
3.9
5.9
n/a
-34.4%
Finance lease liabilities
0.0
n/a
n/a
Other liabilities
460
349
331
+31.7%
Total liabilities and equity
1,616
1,381
1,255
+17.0%
Fixed assets
241
228
211
+5.6%
Goodwill
n/a
n/a
3.7
Intangible assets
4.4
4.3
3.9
+1.4%
Investments
203
210
201
-3.1%
Cash and equivalents
303
225
181
+34.4%
Receivables
337
273
261
+23.4%
Inventory
422
310
294
+36.3%
Other assets
106
131
101
-19.3%
Total assets
1,616
1,381
1,255
+17.0%
10-K for the year ended 25 June 2021, filed 17 August 2021: the filing.