Fabrinet — Earnings Quality Grade D
FN · Technology
Significant concerns
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 81 days, change +6 days YoY
AR outpaced revenue for 2 consecutive years
Revenue grew 18.6% but CFFO declined -20.5%
Expense Quality
Inventory 25.4% vs COGS 19.0%. Normal
CapEx growth 151.6% is >2x revenue growth 18.6%
SG&A/Gross Profit = 21.2%, excellent (<30%)
Gross margin 12.1%, change -0.3pp. Stable
Cash Flow Quality
CFFO/NI = 0.99. Profits backed by cash
FCF $0.2B, FCF/NI = 0.62
Accruals ratio = 0.1%. Low accruals
Cash $0.9B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 0% of equity. Manageable
Debt/EBITDA = 0.0x. Healthy
Other assets 28.5% vs revenue 18.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -7% YoY. Normal
Manipulation Score
M-Score = -2.26 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25