Why Fabrinet fell 19%: Nvidia's share of it halved
Revenue up 35.7%, net income up 42.3%, guidance raised — and the stock fell 19%. In the 10-K, the biggest customer shrank in dollars and free cash flow vanished.
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FN
Every article on this page was built from the company's own filings. The documents they were read from are listed below, so you can check any figure yourself.
Last checked Aug 20, 2026All companies
Figures we worked out for FN
Not a data feed. Each of these was calculated inside one of the articles above, from the filings listed at the bottom of this page. The arithmetic is shown so you can redo it — and it is re-run every time this site is built.
| Figure | Value | Arithmetic |
|---|---|---|
| Why Fabrinet fell 19%: Nvidia's share of it halved | ||
| Revenue growth, fiscal 2026 | +35.7% | 4641.097 / 3419.327 - 1 |
| Net income growth, fiscal 2026 | +42.3% | 473.027 / 332.527 - 1 |
| Fourth-quarter revenue growth | +44.6% | 1315.788 / 909.692 - 1 |
| Revenue growth over two years | +61.0% | 4641.097 / 2883.0 - 1 |
| NVIDIA revenue, fiscal 2024, derived from disclosed share | $1,012m | 0.351 * 2883.0 |
| NVIDIA revenue, fiscal 2026, derived from disclosed share | $757m | 0.163 * 4641.097 |
| NVIDIA change in dollars over two years | −25.2% | (0.163 * 4641.097) / (0.351 * 2883.0) - 1 |
| Cisco revenue, fiscal 2026, derived from disclosed share | $924m | 0.199 * 4641.097 |
| Cisco change in dollars over two years | +139.1% | (0.199 * 4641.097) / (0.134 * 2883.0) - 1 |
| Free cash flow, fiscal 2026 | $4m | 256.725 - 252.503 |
| Free cash flow, fiscal 2025 | $207m | 328.365 - 121.078 |
| Free cash flow decline | −98.0% | (256.725 - 252.503) / (328.365 - 121.078) - 1 |
| Fourth-quarter free cash flow | −$37m | 54.967 - 91.869 |
| Inventory growth | +75.8% | 1021.235 / 581.015 - 1 |
| Raw materials growth | +158.2% | 374.773 / 145.128 - 1 |
| Finished goods change | −6.2% | 30.967 / 33.016 - 1 |
| Trade receivables growth | +34.1% | 1017.933 / 758.894 - 1 |
| Gross margin, fiscal 2026 | +12.0% | 556.511 / 4641.097 |
| Gross margin, fiscal 2025 | +12.1% | 413.349 / 3419.327 |
| Guided sequential change, midpoint | +6.4% | ((1375 + 1425) / 2) / 1315.788 - 1 |
| The two one-off items, net | $1m | 57.447 - 56.743 |
| Open gap on Aug 18 | −14.2% | 513.70 / 598.58 - 1 |
| Close-to-close on Aug 18 | −19.4% | 482.59 / 598.58 - 1 |
| Drawdown to Aug 19 | −24.1% | 454.55 / 598.58 - 1 |
| Product lines reconcile to total revenue | 0 | 2225.1 + 1546.4 + 869.6 - 4641.1 |
25 figures from 1 article. Totals and industry averages that belong to no single company are not listed here.
Primary sources used
- Fabrinet — Form 8-K, filed August 17 2026Item 2.02 results of operations · also Items 1.01 and 2.03 on a term loan
- Fabrinet — Exhibit 99.1, Q4 and fiscal year 2026 earnings releaseIncome statement, balance sheet, cash flow statement, guidance, non-GAAP reconciliation
- Fabrinet — Form 10-K, fiscal year ended June 26 2026Customer concentration, accounts receivable concentration, inventory composition, revenue by product line
- Fabrinet — SEC EDGAR filing historyCIK 0001408710 · fiscal year ends the last Friday of June
- Daily closing prices, FN, June–August 2026 (market data, not a filing)Close-to-close moves quoted in this article · prices may be delayed and are not from a filing
5documents, deduplicated. Links go to the original filing, not to a summary.