FN Fabrinet

Fabrinet's FY2026 10-K escalates customer concentration and manufacturing expansion risks while adding the U.S.-Iran conflict and removing prior GBP currency exposure and specific April 2025 tariff references.

• medpolitical, legal and economic instability, foreign armed conflicts (such as the U.S.-Iran war, the Israel-Hamas war, and the Russia-Ukraine war) — The current filing newly adds the U.S.-Iran war to the list of armed conflicts that could disrupt operations, supply chains, and customer demand.

• highOur sales depend on a small number of customers. — Customer concentration intensified as four customers (up from two) each contributed 10%+ of revenue, with combined concentration rising from 45.8% to 57.4% of revenues.
• medIf we fail to adequately expand our manufacturing capacity, we will not be able to grow our business — The current filing adds a new 8-acre campus acquisition in Navanakorn (May 2026) and specifies the Chonburi building at approximately 2.0 million square feet, materially expanding the scope and cost of capacity expansion.
• medFluctuations in foreign currency exchange rates and changes in governmental policies regarding foreign currencies could increase our operating costs — USD depreciation against the RMB accelerated from 1.3% to 6.6%, and depreciation against the Thai baht worsened from 8.5% to 9.4%, increasing currency exposure.

Current 10-K · Prior 10-K