Updated
The most significant concentration Fabrinet discloses is optical communications products 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.
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Source: Fabrinet’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
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).
“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, while our percentage of revenues from automotive, industrial lasers, and other markets increased from 20.6% in fiscal year 2024 to 23.4% in fiscal year 2025.'”
“10-K Item 1A: 'We purchase some of the critical materials used in certain of our products from a single source or a limited number of suppliers.'”
“10-K Item 1A: 'Our sales depend on a small number of customers.'”
Fabrinet's concentration profile centers on three exposures that read as compounding rather than isolated. Optical communications products still generate the bulk of revenue at 76.6%, though that share has declined from 79.4% a year earlier — a structural mix shift already underway rather than a sudden shock. Layered on top of this product concentration are two dependency-type risks: the company sources some of its critical materials from a single source or a limited number of suppliers, and its sales depend on a small number of customers. The product concentration and the supplier dependency are both disclosed as high-share exposures, meaning a disruption on either side — a supply interruption or a swing in end-market demand for optical products — would touch a large slice of the business at once. The customer dependency is a medium-share exposure, somewhat less structurally binding but still a source of idiosyncratic risk if a key account were lost or reduced its orders. Together, these three risks reinforce each other: a company already reliant on one product category and a thin supplier base has less room to absorb a customer-side shock as well.
For the engine’s reasoning on FN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| 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 |
| ALNT | Allient Inc. | 1 | 1 | 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.