Research · Sep 3, 2026
[FN] Fabrinet Thesis 2026: 800G Ramp and 1.6T Launch Drive AI Transceiver Surge
Fabrinet delivered a breakout FY2025 with revenue of ~$3.50B (+26%) as 800G AI transceiver manufacturing for hyperscaler GPU clusters drove the optical communications segment to ~$2.73B. Non-GAAP EPS reached ~$9.00 on 11.6% operating margins and ROIC above 25%. The 1.6T transceiver ramp beginning in late FY2025 is the next wave of demand, as B200/H200-era AI clusters require higher-bandwidth interconnects. Customer concentration in Coherent (~25-30% of revenue) and Thailand manufacturing exposure are primary risks.