Fabrinet vs Sanmina
Sanmina reported revenue of $8.1 billion in fiscal 2025, 1.8 times Fabrinet's $4.6 billion in fiscal 2026. Fabrinet's revenue grew 35.7% in its latest year, and Sanmina's grew 7.4%. Fabrinet had an operating margin of 10.0%, against 4.4% at Sanmina. Free cash flow was $4 million at Fabrinet and $473 million at Sanmina. Their fiscal years end in different months (June 26 and September 27), so the periods don't line up exactly.
Side by side
| Fabrinet | Sanmina | |
|---|---|---|
| Latest fiscal year | FY2026, Jun 26, 2026 | FY2025, Sep 27, 2025 |
| Revenue | $4.6B | $8.1B |
| Revenue growth | 35.7% | 7.4% |
| Revenue growth a year, last 5 years | 19.8% | 3.2% |
| Gross margin | 12.0% | 8.8% |
| Operating margin | 10.0% | 4.4% |
| Net margin | 10.2% | 3.0% |
| Free cash flow | $4M | $473M |
| Free cash flow margin | 0.1% | 5.8% |
| Return on capital | 30.0% | 14.2% |
| Net debt to EBITDA | −1.6x | −1.4x |
| Dividends and buybacks | $5M | $0M |
| Change in diluted share count | −0.0% | −3.1% |
| Last close | $325.24 | $161.34 |
| P/E at the last close | 24.9× | 28.9× |
| Insider trades, last 12 months | sold $17.0 million | bought $99,722, sold $43.0 million |
| Piotroski F-score | 5 of 9 | 8 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
FabrinetSanmina
Operating margin
Percent of revenue
FabrinetSanmina
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
FabrinetSanmina