{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","ticker":"FN","updated_at":"2026-07-12T04:03:11.685558+00:00","canonical":"https://valuechain.wiki/fabrinet","same_as":["https://finance.yahoo.com/quote/FN","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1408710"],"citable":"밸류체인 그래프 기준 Fabrinet의 직접 연결 기업은 6곳(관계 기준 공급 0·매출 6)이고, 사슬을 2차까지 넓히면 10곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 5건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Fabrinet is directly linked to 6 companies (0 supply, 6 revenue relationships) and reaches 10 companies within two hops; the links are backed by 7 dated sources, 5 of them primary filings (as of 2026-07-12).","kicker":"광통신 위탁생산(EMS) · AI 광인터커넥트","kicker_en":"Optical contract manufacturing (EMS) · AI interconnect","lead":"직접 설계하지 않고 엔비디아·시스코·AWS·루멘텀·코히어런트의 트랜시버·레이저·모듈을 광패키징·조립·테스트하는 광통신 위탁생산(EMS) 선두다 — AI 광인터커넥트 붐을 제품 리스크 없이 올라타는 'AI 광학의 곡괭이·삽'이다. FY2025 매출 $34억(+19%)이 데이터컴·HPC 급증으로 늘었지만, 구조적 특징은 고객 집중이다: 엔비디아 27.6%·시스코 18.2%로 두 고객이 매출의 46%를 차지한다. 재평가 축은 AWS 직거래(2025년 첫 하이퍼스케일러 직접 관계)로 열린 하이퍼스케일러 직접 채널이다.","lead_en":"A leader in optical contract manufacturing (EMS) that does not design products but does the optical packaging, assembly and test of transceivers, lasers and modules for NVIDIA, Cisco, AWS, Lumentum and Coherent — the 'picks and shovels' of AI optics, riding the AI optical-interconnect boom without product risk. FY2025 revenue of $3.4B (+19%) grew on surging datacom/HPC, but the structural feature is customer concentration: NVIDIA 27.6% and Cisco 18.2% make two customers 46% of revenue. The re-rating axis is the hyperscaler-direct channel opened by the AWS relationship (its first direct hyperscaler tie, in 2025).","segments":{"fy":2025,"parts":[{"desc":"고객 설계 트랜시버·모듈을 광정밀 패키징·조립하는 핵심 EMS 공정 — AI 데이터컴 수요의 직접 수혜.","name":"광패키징·조립"},{"desc":"엔비디아·시스코·루멘텀·코히어런트의 트랜시버·레이저 위탁생산 — 고객 집중이 집약된 부분.","name":"트랜시버·레이저 EMS"},{"desc":"정밀 광학 부품·테스트 — 광통신 밖 산업·라이다(Ouster) 등으로 다각화하는 레그.","name":"정밀 광부품"}],"total":"FY2025 매출 $3.4B (+19%)","concentration":"엔비디아·시스코·루멘텀·코히어런트 위탁생산."},"segments_en":{"fy":2025,"parts":[{"desc":"The core EMS process — precision optical packaging/assembly of customer-designed transceivers and modules; a direct beneficiary of AI datacom demand.","name":"Optical packaging/assembly"},{"desc":"Contract manufacturing of transceivers/lasers for NVIDIA, Cisco, Lumentum and Coherent — where customer concentration is densest.","name":"Transceiver/laser EMS"},{"desc":"Precision optical components and test — a diversifying leg into industrial and lidar (Ouster) beyond 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투자 논점은 'AI 광학의 위탁생산 곡괭이·삽 + 고객 집중 리스크'다. 설계 없이 광패키징·조립·테스트만 하니 제품 리스크는 낮으나, 엔비디아 27.6%+시스코 18.2%로 상위 두 고객이 매출의 46%다 — 엔비디아의 급부상이 옛 고객을 희석했고(루멘텀 FY23 15.4%→FY25 10% 미만), 인피네라 관계는 노키아로 승계됐다. 새 축은 AWS 직거래(워런트 연동)로, HPC 매출이 FY26 1분기 $15M에서 2분기 $85.6M로 5.7배 뛰었다. 그래프상 수요단(평균 +66.6%)이 본주(+3.5%)를 크게 앞서 있어 고객의 AI 광모듈 수요가 먼저 움직인다. 관건은 하이퍼스케일러 직거래 확장이며, 리스크는 엔비디아 로드맵·소수 고객 의존이다.","analysis_en":"Fabrinet's thesis is 'the contract-manufacturing picks-and-shovels of AI optics, with customer-concentration risk.' Doing only packaging/assembly/test without design keeps product risk low, but NVIDIA 27.6% plus Cisco 18.2% make the top two customers 46% of revenue — NVIDIA's rise diluted older customers (Lumentum from 15.4% in FY23 to under 10% by FY25) and the Infinera relationship rolled up under Nokia. The new axis is AWS-direct (warrant-linked), where HPC revenue jumped 5.7x from $15M in Q1 FY26 to $85.6M in Q2. In the graph the demand side (avg +66.6%) runs well ahead of the stock (+3.5%), so customers' AI-optics demand moves first. The key is expanding hyperscaler-direct; the risk is dependence on NVIDIA's roadmap and a few customers.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-06","basis":"10-K 고객 집중도","value":27.6,"period":"FY2025(2025.6 결산)","basis_en":"10-K customer concentration"},"note":"엔비디아 AI 광모듈·트랜시버를 위탁생산하는 최대 고객 관계 — 매출의 27.6%(FY23 12.5%→FY24 35.1%)로, 패브리넷 성장의 엔진이자 동시에 단일 고객 집중 리스크의 핵심.","note_en":"Contract-manufactures NVIDIA's AI optical modules/transceivers as the largest customer relationship — 27.6% of revenue (from 12.5% in FY23 to 35.1% in FY24), both the engine of Fabrinet's growth and the core of its single-customer concentration risk.","sources":[{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://matrixbcg.com/blogs/how-it-works/fabrinet","title":"Fabrinet, NVIDIA·Cisco·AWS·Lumentum 광모듈 위탁생산","title_en":"Fabrinet contract-manufactures optics for NVIDIA, Cisco, AWS, Lumentum","excerpt":"Fabrinet이 NVIDIA 광부품을 광패키징·조립·테스트.","excerpt_en":"Fabrinet packages/assembles/tests optics for nvidia."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-19","url":"https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm","title":"Fabrinet 10-K FY2025","title_en":"Fabrinet 10-K FY2025","excerpt":"10-K: NVIDIA 매출 비중 27.6% (FY2024 35.1%·FY2023 12.5%, 매출채권의 25.5%).","excerpt_en":"10-K: NVIDIA at 27.6% of revenue (FY2024 35.1%·FY2023 12.5%, 매출채권의 25.5%)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-18","url":"https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm","title":"Fabrinet FY2025 실적(8-K)","title_en":"Fabrinet FY2025 results (8-K)","excerpt":"Fabrinet이 NVIDIA 광부품을 광패키징·조립·테스트.","excerpt_en":"Fabrinet packages/assembles/tests optics for nvidia."}]},{"direction":"revenue","counterparty":"Cisco","counterparty_slug":"cisco","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-06","basis":"10-K 고객 집중도","value":18.2,"period":"FY2025(2025.6 결산)","basis_en":"10-K customer concentration"},"note":"Cisco의 광모듈·트랜시버를 위탁생산.","note_en":"Contract-manufactures optical modules/transceivers for cisco.","sources":[{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://matrixbcg.com/blogs/how-it-works/fabrinet","title":"Fabrinet, NVIDIA·Cisco·AWS·Lumentum 광모듈 위탁생산","title_en":"Fabrinet contract-manufactures optics for NVIDIA, Cisco, AWS, Lumentum","excerpt":"Fabrinet이 Cisco 광부품을 광패키징·조립·테스트.","excerpt_en":"Fabrinet packages/assembles/tests optics for cisco."},{"stance":"confirms","publisher":"Fabrinet","publisher_en":"Fabrinet","kind":"filing","lang":"en","published_at":"2025-08-19","url":"https://investor.fabrinet.com/static-files/9a916b94-df74-471d-971e-a5ac4b02107c","title":"Fabrinet 연차보고서(10-K)","title_en":"Fabrinet annual report (10-K)","excerpt":"Fabrinet 10-K: 광패키징·위탁생산 매출.","excerpt_en":"Fabrinet 10-K: optical-packaging contract-manufacturing revenue."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-19","url":"https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm","title":"Fabrinet 10-K FY2025","title_en":"Fabrinet 10-K FY2025","excerpt":"10-K: Cisco 매출 비중 18.2% (FY2024 13.4%·FY2023 15.6%).","excerpt_en":"10-K: Cisco at 18.2% of revenue (FY2024 13.4%·FY2023 15.6%)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-18","url":"https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm","title":"Fabrinet FY2025 실적(8-K)","title_en":"Fabrinet FY2025 results (8-K)","excerpt":"Fabrinet이 Cisco 광부품을 광패키징·조립·테스트.","excerpt_en":"Fabrinet packages/assembles/tests optics for cisco."}]},{"direction":"revenue","counterparty":"Lumentum","counterparty_slug":"lumentum","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2023-06","basis":"10-K","value":15.4,"period":"FY2023","basis_en":"10-K","qualifier":"FY2024~25는 10% 미만(미공시)"},"note":"루멘텀 광모듈·트랜시버를 위탁생산 — FY23 매출의 15.4%였으나 엔비디아·시스코 급성장으로 FY24~25엔 10% 미만으로 희석된, 집중도 이동을 보여주는 관계.","note_en":"Contract-manufactures Lumentum's optical modules/transceivers — 15.4% of revenue in FY23 but diluted below 10% in FY24-25 as NVIDIA and Cisco grew, illustrating the shift in customer concentration.","sources":[{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://matrixbcg.com/blogs/how-it-works/fabrinet","title":"Fabrinet, NVIDIA·Cisco·AWS·Lumentum 광모듈 위탁생산","title_en":"Fabrinet contract-manufactures optics for NVIDIA, Cisco, AWS, Lumentum","excerpt":"Fabrinet이 Lumentum 광부품을 광패키징·조립·테스트.","excerpt_en":"Fabrinet packages/assembles/tests optics for lumentum."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-19","url":"https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm","title":"Fabrinet 10-K FY2025","title_en":"Fabrinet 10-K FY2025","excerpt":"10-K: Lumentum FY2023 매출 비중 15.4%, FY2024~25는 10% 미만으로 미공시 (NVIDIA·시스코 성장으로 집중 완화).","excerpt_en":"10-K: Lumentum at 15.4% of revenue in FY2023; below 10% (undisclosed) in FY2024-25."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-18","url":"https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm","title":"Fabrinet FY2025 실적(8-K)","title_en":"Fabrinet FY2025 results (8-K)","excerpt":"Fabrinet이 Lumentum 광부품을 광패키징·조립·테스트.","excerpt_en":"Fabrinet packages/assembles/tests optics for lumentum."}]},{"direction":"revenue","counterparty":"노키아 (인피네라 포함)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2023-06","basis":"10-K","value":12.4,"period":"FY2023(인피네라 기준)","basis_en":"10-K","qualifier":"이후 10% 미만"},"note":"인피네라가 FY2023 매출의 12.4%를 차지하던 고객. 2025년 2월 노키아가 인피네라를 인수하며 관계가 노키아로 승계(FYE2025 매출채권의 12.0%).","note_en":"Infinera was 12.4% of revenue in FY2023; Nokia acquired Infinera in February 2025, rolling the relationship up under Nokia (12.0% of accounts receivable at FYE2025).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-19","url":"https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm","title":"Fabrinet 10-K FY2025","title_en":"Fabrinet 10-K FY2025","excerpt":"Infinera Corporation 12.4% (FY2023). Nokia Corporation completed its acquisition of Infinera Corporation in February 2025; Nokia 12.0% of accounts receivable at FYE2025.","excerpt_en":"Infinera at 12.4% of revenue (FY2023); Nokia completed the Infinera acquisition in Feb 2025 (12.0% of AR at FYE2025)."}]},{"direction":"revenue","counterparty":"Coherent","counterparty_slug":"coherent","confidence":"high","metric":null,"note":"Coherent의 광모듈·트랜시버를 위탁생산.","note_en":"Contract-manufactures optical modules/transceivers for coherent.","sources":[{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://matrixbcg.com/blogs/how-it-works/fabrinet","title":"Fabrinet, NVIDIA·Cisco·AWS·Lumentum 광모듈 위탁생산","title_en":"Fabrinet contract-manufactures optics for NVIDIA, Cisco, AWS, Lumentum","excerpt":"Fabrinet이 Coherent 광부품을 광패키징·조립·테스트.","excerpt_en":"Fabrinet packages/assembles/tests optics for coherent."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-18","url":"https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm","title":"Fabrinet FY2025 실적(8-K)","title_en":"Fabrinet FY2025 results (8-K)","excerpt":"Fabrinet이 Coherent 광부품을 광패키징·조립·테스트.","excerpt_en":"Fabrinet packages/assembles/tests optics for coherent."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":{"as_of":"2026-04","qualifier":"confirmed_no_disclosed_value"},"note":"2025년 3월 AWS와 첫 하이퍼스케일러 직거래(최대 381,922주 워런트, 아마존 구매액 연동 베스팅) — 트랜시버 벤더를 거치지 않는 직접 채널로, HPC 매출이 FY26 1분기 $15M에서 2분기 $85.6M로 급증하며 성장의 새 축이 됐다.","note_en":"A first direct hyperscaler tie with AWS (Mar 2025; a warrant for up to 381,922 shares vesting with Amazon purchases) — a direct channel bypassing transceiver vendors, with HPC revenue surging from $15M in Q1 FY26 to $85.6M in Q2 as a new growth axis.","sources":[{"stance":"confirms","publisher":"FinancialContent","publisher_en":"FinancialContent","kind":"news","lang":"en","published_at":"2026-04-10","url":"https://www.financialcontent.com/article/marketminute-2026-4-10-the-silicon-backbone-fabrinet-shatters-records-as-aws-partnership-ignites-high-performance-computing-surge","title":"Fabrinet, AWS 파트너십으로 HPC 급증","title_en":"Fabrinet shatters records as AWS partnership ignites HPC surge","excerpt":"Fabrinet announced a new commercial relationship with AWS, its first direct relationship with the hyperscaler; HPC revenue rose from ~$15M in Q1 2026 to $85.6M in Q2.","excerpt_en":"First direct AWS relationship; HPC revenue rose from ~$15M (Q1 FY2026) to $85.6M (Q2)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-19","url":"https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm","title":"Fabrinet 10-K FY2025","title_en":"Fabrinet 10-K FY2025","excerpt":"On March 12, 2025, the Company issued a warrant to Amazon.com NV Investment Holdings LLC to acquire up to 381,922 ordinary shares... based on payments to the Company from or on behalf of Amazon under a commercial agreement.","excerpt_en":"Warrant to Amazon NV Investment Holdings for up to 381,922 shares, vesting on Amazon payments under a commercial agreement."}]},{"direction":"revenue","counterparty":"Ouster","counterparty_slug":"ouster","confidence":"mid","metric":null,"note":"Ouster 디지털 라이다 위탁제조(태국).","note_en":"Contract-manufactures Ouster's digital lidar (Thailand).","sources":[{"stance":"confirms","publisher":"SEC EDGAR (Ouster 10-K)","publisher_en":null,"kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/1816581/000162828026013313/oust-20251231.htm","title":"Ouster, Inc. Form 10-K FY2025","title_en":null,"excerpt":"Ouster, Inc. Form 10-K FY2025","excerpt_en":""},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-03-01","url":"https://www.sec.gov/Archives/edgar/data/1816581/000162828025014318/oust-20241231.htm","title":"Ouster 10-K FY2024","title_en":"Ouster 10-K FY2024","excerpt":"Benchmark and Fabrinet manufacture the majority of our products. (Ouster 10-K)","excerpt_en":"Benchmark and Fabrinet manufacture the majority of our products. (Ouster 10-K)"}]},{"direction":"cost","counterparty":"부품·소재·인건 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"광부품·소재·정밀 조립 인력.","note_en":"Optical parts, materials and precision-assembly labor.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-18","url":"https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm","title":"Fabrinet FY2025 실적(8-K)","title_en":"Fabrinet FY2025 results (8-K)","excerpt":"태국 기반 정밀 광 조립.","excerpt_en":"Thailand-based precision optical assembly."}]},{"direction":"cost","counterparty":"R&D·장비·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"광패키징 장비·증설(Exception EMS 인수 등).","note_en":"Optical-packaging equipment and capacity (Exception EMS acquisition).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-18","url":"https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm","title":"Fabrinet FY2025 실적(8-K)","title_en":"Fabrinet FY2025 results (8-K)","excerpt":"정밀 광조립 설비 투자.","excerpt_en":"Precision optical-assembly capex."}]}]}