Fabrinet (FN)
Pretax margin
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 355,180 | 346,919 | 343,936 | 321,948 | 311,354 | 293,442 | 273,601 | 264,956 | 260,096 | 251,115 | 241,197 | 227,022 | 206,966 | 189,225 | 174,759 | 161,012 | 150,484 | 138,813 | 128,949 | 125,845 |
| Revenue (ttm) | US$ in thousands | 3,419,327 | 3,262,896 | 3,122,632 | 3,001,718 | 2,882,967 | 2,785,577 | 2,719,323 | 2,675,285 | 2,645,237 | 2,577,240 | 2,476,354 | 2,374,331 | 2,262,224 | 2,183,917 | 2,098,839 | 1,986,033 | 1,879,350 | 1,774,896 | 1,706,789 | 1,679,179 |
| Pretax margin | 10.39% | 10.63% | 11.01% | 10.73% | 10.80% | 10.53% | 10.06% | 9.90% | 9.83% | 9.74% | 9.74% | 9.56% | 9.15% | 8.66% | 8.33% | 8.11% | 8.01% | 7.82% | 7.56% | 7.49% |
June 30, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $355,180K ÷ $3,419,327K
= 10.39%
The pretax margin of Fabrinet has demonstrated a consistent upward trajectory over the analyzed period, reflecting an improvement in profitability before taxes. Starting at 7.49% as of September 30, 2020, the margin steadily increased through successive quarters, reaching 8.11% by September 30, 2021. The upward trend persisted into 2022, with the margin climbing from 8.66% at the end of March to 9.56% at the close of September 2022.
Throughout 2023, Fabrinet's pretax margin continued to expand, culminating at 10.06% as of December 31, 2023. This upward momentum maintained into 2024, with the margin rising to 10.53% by March 31, then further improving to 10.80% by June 30. Although there was a slight decline to 10.73% in the third quarter of 2024, the margin remained relatively stable compared to previous periods. By the end of 2024, the pretax margin reached 11.01%, indicating sustained profitability enhancements.
In 2025, the pretax margin experienced slight fluctuations, ending at 10.63% as of March 31 and decreasing marginally to 10.39% by June 30. Overall, the data suggests a positive long-term trend with gradual increases in pretax profitability, punctuated by minor declines, which may reflect operational adjustments or market conditions. The consistent improvement over the period indicates effective management of costs relative to revenues, leading to increased pre-tax profitability margins.
Peer comparison
Jun 30, 2025