Fabrinet vs Sanmina
Sanmina is the larger business, with $8.13bn of revenue in fiscal 2025 against $4.64bn for Fabrinet (1.8 times as much). Fabrinet grew faster (35.7% against 7.4%). Fabrinet kept more of each dollar of sales as profit: a net margin of 10.2% against 3.0%. Fabrinet carries less debt relative to equity (0.0% against 11.8%).
| Latest fiscal year | FabrinetFN, 2026 | SanminaSANM, 2025 |
|---|---|---|
| Revenue | $4.64bn | $8.13bn |
| Revenue growth | 35.7% | 7.4% |
| Net income | $473m | $246m |
| Operating margin | 10.0% | 4.4% |
| Net margin | 10.2% | 3.0% |
| Return on equity | 21.3% | 10.0% |
| Free cash flow | $4.2m | $473m |
| Cash | $347m | $926m |
| Total debt | $0 | $300m |
| Debt to equity | 0.0% | 11.8% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $5.2m | — |
| Employees | 21,521 | 39,000 |
| Market value | $12.91bn | $9.06bn |
| Price vs our value range | Above our value range | Below our value range |
| Moat score | 61 (Moderate) | 48 (Moderate) |
| Insider trades, 12 months | 0 buys, 15 sales | 1 buys, 20 sales |