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The Screen · Technology · Electronic Components
Fabrinet
FN · the NYSE · USD · Market cap $13.7B · 16,457 employees
Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe.
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price401.57 USD
Fair value658.24
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Accumulation401.57+0.0% to today ✓
2026-08-29Read Markup566.49-29.1% to today
2026-07-30Read Distribution449.72-10.7% to today ✓
2026-07-02Read Markup611.01-34.3% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Fabrinet holds its Markup at $401.57. Elevated stress, defensive posture warranted, held for 17 days.
As held on the ledger · 2026-09-21
Phase
Markup
Quantitative state
Elevated stress, defensive posture warranted, held for 17 days
Price at the screen
$401.57
Valuation
30.80 trailing · 18.43 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.21
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
0.19%
Below 33%
Interest-bearing debt is just 0.2% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
22.17%
Below 33%
Cash held in interest-bearing accounts and securities is 22.2% of assets, under the one-third limit.
Pass
Receivables
37.62%
Below 49%
Money owed to the company is 37.6% of assets, under the 49% limit.
Pass
Revenue purity
1.17%
Below 5%
Only 1.2% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Fabrinet clears all five screens. Its business is in a permissible area, its debt is near-nil, and interest is about 1% of its income, under the ~5% line, so it passes.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-21 screen. The gold marker is the market price at the same screen. A 63.9% margin of safety to the base estimate.
Third-party analyst targets: 9 covering, consensus Buy. The average target sits +87% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-21 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Optical Parts Maker Grows Fast Yet Lacks Edge
Picture the tiny lenses and circuits that turn light into data streams inside data centres and telecom gear. Fabrinet builds those precision components for others, posting 39% revenue growth and a 20% return on equity while clearing the ethical screen without issue.
The business stands out for its execution in a specialised niche, with a 10% profit margin and broad analyst support pointing to further upside. Yet the narrow moat and forward multiple of 27.7 times leave little margin for error once growth normalises.
Currency swings across Asia and customer concentration remain real threats that could compress returns quickly. The opportunity rating sits at none for these reasons.
The risks · The things to watch: its business and earnings are exposed to Cayman Islands and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
FN trades on the NYSE (the company is based in Cayman Islands). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 29.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 44% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 140%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (9 analysts) rates it none, with a mean price target of $749.
2026-08-29Markup · changed$566.49+26.0%Entry 5
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 26.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 44% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 140%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (9 analysts) rates it none, with a mean price target of $749.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 26.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 44% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 140%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (9 analysts) rates it none, with a mean price target of $749.
2026-07-18Markup$611.01+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 44% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 140%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (9 analysts) rates it none, with a mean price target of $749.
2026-07-03Markup$611.01+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$611.01Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
