Fabrinet (FN) FY2023 results: revenue $2.6 billion, up 16.9% on the year

Fabrinet (FN) reported revenue of $2.6 billion for fiscal 2023, the year ended 30 June 2023, up 16.9% on the year before. Net income was $248 million, up 23.7%, and diluted earnings per share $6.73. The figures are the company's own, from the 10-K it filed with the SEC on 22 August 2023.

Revenue

$2.6 billion

+16.9% on the year

FY2016FY2023

Operating margin

9.5%

9.0% a year earlier

FY2016FY2023

Net income

$248 million

+23.7% on the year

FY2016FY2023

Diluted EPS

$6.73

+25.6% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,645	2,262	1,879	+16.9%
Cost of revenue	2,309	1,984	1,658	+16.4%
Gross profit	336	279	221	+20.7%
Gross margin	12.7%	12.3%	11.8%
Selling, general and administrative	77.7	73.9	70.6	+5.0%
Operating income	252	205	151	+23.1%
Operating margin	9.5%	9.0%	8.0%
Interest expense	1.5	0.4	1.1	+240.7%
Pre-tax income	260	207	150	+25.7%
Income tax	12.2	6.6	2.1	+85.0%
Effective tax rate	4.7%	3.2%	1.4%
Net income	248	200	148	+23.7%
Net margin	9.4%	8.9%	7.9%
Diluted EPS	$6.73	$5.36	$3.95	+25.6%

$ million except per share.

Free 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	213	124	122	+71.7%
Capital expenditure	61.4	89.6	46.1	-31.5%
Free cash flow	152	34.7	76.1	+338.4%
Free cash flow margin	5.7%	1.5%	4.0%
Cash from investing	-98.7	-136	-8.9
Cash from financing	-81.0	-92.9	-42.8
Depreciation and amortisation	43.8	38.7	36.3	+13.1%
Share-based compensation	28.1	28.0	25.5	+0.3%
Buybacks	47.6	59.9	18.8	-20.6%
Diluted shares, weighted	37m	37m	38m	-1.4%
Shares outstanding at period end	36m	36m	37m	-0.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,469	1,254	1,113	+17.1%
Debt	12.2	27.4	39.5	-55.6%
Operating lease liabilities	0.1	1.5	3.9	-95.5%
Finance lease liabilities	n/a	0.1	0.0
Other liabilities	499	553	460	-9.8%
Total liabilities and equity	1,980	1,836	1,616	+7.8%
Fixed assets	310	292	241	+6.2%
Intangible assets	2.4	3.5	4.4	-31.8%
Investments	278	249	203	+11.8%
Cash and equivalents	231	198	303	+16.9%
Receivables	532	453	337	+17.5%
Inventory	520	557	422	-6.7%
Other assets	106	83.4	106	+27.4%
Total assets	1,980	1,836	1,616	+7.8%

10-K for the year ended 30 June 2023, filed 22 August 2023: the filing.