HIGHBuilt-inProduct / Revenue mix
76.6%
optical communications
“10-K Item 1: 'Our percentage of revenues from optical communications products decreased from 79.4% in fiscal year 2024 to 76.6% in fiscal year 2025'”
FN · Concentration risk · 10-K extracted
Fabrinet (FN) concentration risks
Updated
The most significant concentration Fabrinet discloses is optical communications at 76.6%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Fabrinet’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH2
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inGeographic
Thailand
“10-K Item 1: 'approximately 3.3 million square feet are located in Thailand'”
MEDIUMOutside partyCustomer
small number of customers
“10-K Item 1A: 'Our sales depend on a small number of customers'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile shows three interlocking exposures — product-mix, geographic, and customer — that together describe a business with high-share structural tilts and a moderate-share dependency layer on top. Optical communications products are the dominant revenue source, declining from 79.4% to 76.6% of revenues from fiscal year 2024 to fiscal year 2025, a high-share structural concentration. This reflects the company's strategic positioning in precision optical manufacturing for advanced connectivity applications, and the slight year-over-year decline suggests gradual diversification, though the core product tilt remains large. The manufacturing footprint adds a geographic dimension: a substantial portion of the company's production square footage is located in Thailand, a high-share geographic concentration in a single country's operating environment. Because the manufacturing capacity is highly specialized and capital-intensive, this location dependency is structural and not easily or quickly redeployable — it creates exposure to Thai regulatory, labor, and geopolitical conditions that can affect production continuity independent of demand trends. Layered on the product and geographic concentrations is a customer-base dependency: sales depend on a small number of customers, a moderate-share exposure where individual customer program decisions — new product ramps, sourcing shifts, or design-win changes — can move results materially. The combination of a narrow product focus, a single-country manufacturing base, and a compact customer set means the risk dimensions are correlated rather than diversifying: an industry slowdown in optical communications would likely affect demand, customer orders, and factory utilization simultaneously.
For the engine’s reasoning on FN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Electronic Components
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CLS | Celestica, Inc. | 2 | 2 | 0 | 4 |
| APH | Amphenol Corporation | 2 | 1 | 1 | 4 |
| BELFB | Bel Fuse Inc. | 2 | 1 | 0 | 3 |
| FN● | Fabrinet | 2 | 1 | 0 | 3 |
| BHE | Benchmark Electronics, Inc. | 2 | 0 | 0 | 2 |
| BELFA | Bel Fuse Inc. | 0 | 2 | 0 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.