Fabrinet (FN) FY2024 results: revenue $2.9 billion, up 9.0% on the year

Fabrinet (FN) reported revenue of $2.9 billion for fiscal 2024, the year ended 28 June 2024, up 9.0% on the year before. Net income was $296 million, up 19.5%, and diluted earnings per share $8.10. The figures are the company's own, from the 10-K it filed with the SEC on 20 August 2024.

Revenue

$2.9 billion

+9.0% on the year

FY2017FY2024

Operating margin

9.6%

9.5% a year earlier

FY2017FY2024

Net income

$296 million

+19.5% on the year

FY2017FY2024

Diluted EPS

$8.10

+20.4% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,883	2,645	2,262	+9.0%
Cost of revenue	2,527	2,309	1,984	+9.4%
Gross profit	356	336	279	+5.9%
Gross margin	12.4%	12.7%	12.3%
Selling, general and administrative	78.5	77.7	73.9	+1.0%
Operating income	278	252	205	+10.3%
Operating margin	9.6%	9.5%	9.0%
Interest expense	0.1	1.5	0.4	-91.6%
Pre-tax income	311	260	207	+19.7%
Income tax	15.2	12.2	6.6	+24.5%
Effective tax rate	4.9%	4.7%	3.2%
Net income	296	248	200	+19.5%
Net margin	10.3%	9.4%	8.9%
Diluted EPS	$8.10	$6.73	$5.36	+20.4%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	413	213	124	+93.7%
Capital expenditure	47.5	61.4	89.6	-22.5%
Free cash flow	366	152	34.7	+140.6%
Free cash flow margin	12.7%	5.7%	1.5%
Cash from investing	-170	-98.7	-136
Cash from financing	-64.9	-81.0	-92.9
Depreciation and amortisation	49.0	43.8	38.7	+11.8%
Share-based compensation	28.4	28.1	28.0	+0.9%
Buybacks	39.5	47.6	59.9	-17.0%
Diluted shares, weighted	37m	37m	37m	-0.8%
Shares outstanding at period end	36m	36m	36m	-0.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,746	1,469	1,254	+18.9%
Debt	0.0	12.2	27.4
Operating lease liabilities	3.6	0.1	1.5	+5,407.6%
Finance lease liabilities	n/a	n/a	0.1
Other liabilities	589	499	553	+18.1%
Total liabilities and equity	2,339	1,980	1,836	+18.1%
Fixed assets	307	310	292	-1.0%
Intangible assets	2.3	2.4	3.5	-3.0%
Investments	449	278	249	+61.4%
Cash and equivalents	410	231	198	+77.2%
Receivables	592	532	453	+11.4%
Inventory	463	520	557	-10.8%
Other assets	115	106	83.4	+8.0%
Total assets	2,339	1,980	1,836	+18.1%

10-K for the year ended 28 June 2024, filed 20 August 2024: the filing.