# Fabrinet (FN)
> 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.
Canonical: https://valuechain.wiki/fabrinet · Updated: 2026-07-12T04:03:11.685558+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 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).

## Financials & segments
- 총매출: FY2025 매출 $3.4B (+19%)
- 고객 집중도: 엔비디아·시스코·루멘텀·코히어런트 위탁생산.
- 사업부문: 광패키징·조립, 트랜시버·레이저 EMS, 정밀 광부품

## Annual stock return (as of 2026-07-10)
- 2021: +52.7%
- 2022: +8.2%
- 2023: +48.4%
- 2024: +15.5%
- 2025: +107.1%
- 2026 YTD: +3.5%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Dell | lead3 | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| Lenovo | lead3 | -4.6% | -20.9% | +36.2% | +18.2% | -0.6% | +175.7% |
| Nebius | lead3 | · | · | · | · | +202.2% | +162.4% |
| HPE | lead3 | +37.4% | +4.5% | +9.7% | +29.1% | +15.5% | +104% |
| TeraWulf | lead3 | +77.1% | -95.5% | +258.2% | +135.8% | +103% | +91.2% |
| Datadog | lead3 | +80.9% | -58.7% | +65.1% | +17.7% | -4.8% | +89.4% |
| Aurora Innovation | lead3 | · | -89.3% | +261.2% | +44.2% | -39% | +66.1% |
| CrowdStrike | lead3 | -3.3% | -48.6% | +142.5% | +34% | +37% | +59.7% |
| Mercury Systems | lead3 | -37.5% | -18.7% | -18.3% | +14.8% | +73.8% | +47.9% |
| 에이수스(ASUS) | lead3 | +35.5% | -12.9% | +72% | +41.1% | -14.1% | +46.7% |
| Wiwynn | lead3 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| Illumina | lead3 | +2.8% | -46.9% | -31.1% | -1.3% | -1.8% | +45% |
| 기가바이트 | lead3 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| Cloudflare | lead3 | +73% | -65.6% | +84.2% | +29.3% | +83.1% | +36.1% |
| Quanta | lead3 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| CoreWeave | lead3 | · | · | · | · | · | +24.1% |
| SK텔레콤 | lead3 | +7.9% | -12% | +15.8% | +15.5% | +37.5% | +23.4% |
| Celestica | lead3 | +37.9% | +1.3% | +159.8% | +215.2% | +220.3% | +21.7% |
| Snowflake | lead3 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| 지리자동차 | lead3 | -40.8% | -22.9% | -40.3% | +98.5% | +14.5% | +18.9% |
| 위스트론 | lead3 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| 알파벳 (구글) | lead3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Foxconn | lead3 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| IREN | lead3 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| 아마존 | lead3 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 메타 플랫폼스 | lead3 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| Tempus AI | lead3 | · | · | · | · | +74.9% | -1.4% |
| IBM | lead3 | +16.7% | +10.6% | +21.8% | +39.3% | +38.2% | -1.6% |
| Super Micro | lead3 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | -3.3% |
| 제너럴 모터스 | lead3 | +40.8% | -42.4% | +7.9% | +49.8% | +54.2% | -3.8% |
| IonQ | lead3 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| Schrödinger | lead3 | -56% | -46.3% | +91.5% | -46.1% | -7.3% | -7.8% |
| 현대차 | lead3 | -16.7% | -4.7% | +16.2% | +12.3% | +158.8% | -7.8% |
| Uber | lead3 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| Tesla | lead3 | +49.8% | -65% | +101.7% | +62.5% | +11.4% | -9.3% |
| Recursion Pharmaceuticals | lead3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| Toyota Motor Corporation | lead3 | +58.1% | -13.4% | +63% | +1.8% | +21.8% | -18.2% |
| 마이크로소프트 | lead3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 알리바바 | lead3 | -49% | -25.8% | -10.8% | +11.8% | +75.8% | -22.7% |
| 텐센트 | lead3 | -28.6% | -14.2% | -28.7% | +49.8% | +52.1% | -23.2% |
| 바이두 | lead3 | · | -8.2% | -23.4% | -13.5% | +74.2% | -24.5% |
| Rigetti Computing | lead3 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| Oracle | lead3 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| Palantir | lead3 | -22.7% | -64.7% | +167.4% | +340.5% | +135% | -28.7% |
| ServiceNow | lead3 | +17.9% | -40.2% | +82% | +50.1% | -27.7% | -29.7% |
| Kratos | lead3 | -29.3% | -46.8% | +96.6% | +30% | +187.8% | -36.5% |
| Pony.ai | lead3 | · | · | · | · | +1% | -54.6% |
| Eoptolink | lead2 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| InnoLight | lead2 | -30.7% | -18.3% | +253.7% | +12% | +468.1% | +68.8% |
| 미쓰비시전기 | lead2 | -8.1% | +2.5% | +58.7% | +19.1% | +91% | +21.3% |
| NVIDIA | lead2 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| 고마쓰 | lead2 | +0.5% | +17.4% | +40.1% | +16.4% | +30.5% | +9.5% |
| Lumentum | lead1 | +11.6% | -50.7% | +0.5% | +60.1% | +339.1% | +117.6% |
| Ouster | lead1 | -61.5% | -83.4% | -11.1% | +59.3% | +77.1% | +100% |
| Coherent | lead1 | -10% | -48.6% | +24% | +117.6% | +94.8% | +75.8% |
| Cisco | lead1 | +45.8% | -22.5% | +9.3% | +21% | +33.5% | +59.8% |
| Fabrinet | node | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |

패브리넷의 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 as of 2026-07-10)

## Money in · revenue from (7)
### NVIDIA (high)  → /nvidia.md
- metric: 점유율 27.6% · FY2025(2025.6 결산) · 10-K 고객 집중도
- 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.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/fabrinet: "Fabrinet이 NVIDIA 광부품을 광패키징·조립·테스트."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "10-K: NVIDIA 매출 비중 27.6% (FY2024 35.1%·FY2023 12.5%, 매출채권의 25.5%)."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-18) https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm: "Fabrinet이 NVIDIA 광부품을 광패키징·조립·테스트."

### Cisco (high)  → /cisco.md
- metric: 점유율 18.2% · FY2025(2025.6 결산) · 10-K 고객 집중도
- note: Cisco의 광모듈·트랜시버를 위탁생산.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/fabrinet: "Fabrinet이 Cisco 광부품을 광패키징·조립·테스트."
- [confirms] Fabrinet (EN, filing, published 2025-08-19) https://investor.fabrinet.com/static-files/9a916b94-df74-471d-971e-a5ac4b02107c: "Fabrinet 10-K: 광패키징·위탁생산 매출."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "10-K: Cisco 매출 비중 18.2% (FY2024 13.4%·FY2023 15.6%)."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-18) https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm: "Fabrinet이 Cisco 광부품을 광패키징·조립·테스트."

### Lumentum (high)  → /lumentum.md
- metric: 점유율 15.4% · FY2023 · 10-K
- note: 루멘텀 광모듈·트랜시버를 위탁생산 — FY23 매출의 15.4%였으나 엔비디아·시스코 급성장으로 FY24~25엔 10% 미만으로 희석된, 집중도 이동을 보여주는 관계.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/fabrinet: "Fabrinet이 Lumentum 광부품을 광패키징·조립·테스트."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "10-K: Lumentum FY2023 매출 비중 15.4%, FY2024~25는 10% 미만으로 미공시 (NVIDIA·시스코 성장으로 집중 완화)."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-18) https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm: "Fabrinet이 Lumentum 광부품을 광패키징·조립·테스트."

### 노키아 (인피네라 포함) (high)
- metric: 점유율 12.4% · FY2023(인피네라 기준) · 10-K
- note: 인피네라가 FY2023 매출의 12.4%를 차지하던 고객. 2025년 2월 노키아가 인피네라를 인수하며 관계가 노키아로 승계(FYE2025 매출채권의 12.0%).
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "Infinera Corporation 12.4% (FY2023). Nokia Corporation completed its acquisition of Infinera Corporation in February 2025; Nokia 12.0% of accounts receivable at FYE2025."

### Coherent (high)  → /coherent.md
- note: Coherent의 광모듈·트랜시버를 위탁생산.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/fabrinet: "Fabrinet이 Coherent 광부품을 광패키징·조립·테스트."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-18) https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm: "Fabrinet이 Coherent 광부품을 광패키징·조립·테스트."

### 아마존 (high)  → /amazon.md
- 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.
- [confirms] FinancialContent (EN, news, published 2026-04-10) https://www.financialcontent.com/article/marketminute-2026-4-10-the-silicon-backbone-fabrinet-shatters-records-as-aws-partnership-ignites-high-performance-computing-surge: "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."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "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."

### Ouster (mid)  → /ouster.md
- note: Ouster 디지털 라이다 위탁제조(태국).
- [confirms] SEC EDGAR (Ouster 10-K) (EN, filing, published 2026-03-02) https://www.sec.gov/Archives/edgar/data/1816581/000162828026013313/oust-20251231.htm: "Ouster, Inc. Form 10-K FY2025"
- [confirms] SEC EDGAR (EN, filing, published 2025-03-01) https://www.sec.gov/Archives/edgar/data/1816581/000162828025014318/oust-20241231.htm: "Benchmark and Fabrinet manufacture the majority of our products. (Ouster 10-K)"

## Money out · pays to (2)
### 부품·소재·인건 (비공개) (low)
- note: 광부품·소재·정밀 조립 인력.
- [confirms] SEC EDGAR (EN, filing, published 2025-08-18) https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm: "태국 기반 정밀 광 조립."

### R&D·장비·증설 (비공개) (low)
- note: 광패키징 장비·증설(Exception EMS 인수 등).
- [confirms] SEC EDGAR (EN, filing, published 2025-08-18) https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm: "정밀 광조립 설비 투자."

## 질문별 엔드포인트
- 누가 패브리넷의 고객인가? 패브리넷의 매출은 어디서 오는가? → https://valuechain.wiki/fabrinet/customers.md
- 패브리넷의 주요 공급사는 어디인가? 패브리넷의 비용은 누구에게 가는가? → https://valuechain.wiki/fabrinet/suppliers.md
- 패브리넷 주가가 움직이면 누가 수혜를 보는가? 패브리넷의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/fabrinet/ripple.md
- 증권가가 보는 패브리넷: 목표주가와 투자의견은? → https://valuechain.wiki/fabrinet/consensus.md

## 이 노드를 다룬 분석 (1)
- [1.6T 광모듈의 돈은 위로 흐른다: 조립이 아니라 레이저가 병목](https://valuechain.wiki/analysis/optical-bottleneck-moves-upstream.md) (2026-07-10)

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