{"slug":"jabil","name":"자빌","name_en":"Jabil","ticker":"JBL","updated_at":"2026-07-12T04:30:28.774+00:00","canonical":"https://valuechain.wiki/jabil","citable":"밸류체인 그래프 기준 자빌의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 15곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Jabil is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 15 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · EMS·ODM · AI 인프라 전환","kicker_en":"S&P 500 · EMS/ODM · pivot to AI infrastructure","lead":"자빌은 여러 산업의 브랜드를 대신해 전자기기를 위탁 제조하는 세계 최대급 EMS/ODM으로, 매출원가가 91%에 달하는 박한 마진(GM 8.9%) 위에서 규모와 고객 다각화로 버티는 구조다(NYSE JBL, S&P 500). 지금 이 회사의 서사는 '고객·사업 믹스의 대전환'이다 — 2023년 저마진 모바일(중국 청두·우시)을 BYD일렉에 $2.2B에 넘겨 애플 의존(과거 Customer B 매출 17%)을 줄이는 대신, AI 데이터센터·클라우드(인텔리전트 인프라)가 FY2025 4분기 +62%(분기 $3.74B)로 폭증하며 익명 최대 고객이 매출의 16%를 차지하는 새 축으로 올라섰다. 재평가의 관건은 이 전환의 지속성으로, FY2026 AI 관련 매출 $131억 전망과 미 남동부 $500M 데이터센터 투자가 그 베팅이고, EMS 특유의 박마진을 AI 인프라의 믹스 개선으로 끌어올릴 수 있느냐가 핵심이다.","lead_en":"Jabil is one of the world's largest EMS/ODMs, building electronics on behalf of brands across industries, surviving on scale and customer diversification atop razor-thin margins (cost of revenue 91%, 8.9% gross margin; NYSE JBL, S&P 500). Its story now is a wholesale shift in customer and business mix — having sold low-margin mobility (Chengdu/Wuxi, China) to BYD Electronic for $2.2bn in 2023 to reduce Apple dependence (former Customer B at 17% of revenue), it has seen AI data-center and cloud work (Intelligent Infrastructure) surge +62% in Q4 FY2025 (~$3.74bn), with an anonymized largest customer now 16% of revenue. The re-rating hinges on the durability of that shift — FY2026 AI-related revenue guided to $13.1bn and a $500M Southeast-US data-center investment are the bet, and the crux is whether the AI mix can lift EMS's structurally thin margins.","segments":{"fy":2025,"parts":[{"desc":"박한 EMS 마진을 끌어올릴 성장·믹스 개선의 축 — 4Q +62%(약 $3.74B)·익명 최대 고객 16%, FY2026 AI 관련 매출 $131억(+46%) 전망","name":"인텔리전트 인프라 (AI·클라우드·네트워킹)"},{"desc":"진입장벽이 높아 마진·안정성이 상대적으로 나은 방어 축 — 성장은 완만하나 AI 인프라의 사이클 변동성을 상쇄","name":"규제 산업 (헬스케어·자동차)"},{"desc":"애플 등 소비 전자 레거시 — 과거 최대 고객(Customer B 17%→<10%)이 줄고 2023년 모바일 사업 매각으로 자빌이 의도적으로 축소한 축","name":"커넥티드 리빙·디지털 커머스"}],"total":"$298억 (FY2025, 8월 결산, +3.2%)","source":"SEC 10-K FY2025","concentration":"저마진 소비·모바일에서 AI 인프라로 고객·사업 믹스를 갈아끼운 해 — 인텔리전트 인프라 4Q +62%, 익명 최대 고객 16%·상위 5개 36%. 관건은 AI 믹스가 EMS 박마진(GM 8.9%·순이익 $6.6억)을 얼마나 끌어올리느냐. 2023년 모바일 사업을 BYD일렉에 $2.2B에 매각."},"segments_en":{"fy":2025,"parts":[{"desc":"The growth/mix-improvement axis to lift thin EMS margins — Q4 +62% (~$3.74B), anonymized largest customer 16%, FY2026 AI-related revenue guided to $13.1bn (+46%)","name":"Intelligent Infrastructure (AI, cloud, networking)"},{"desc":"A defensive axis with better margin/stability from high entry barriers — slow growth, but offsets the cyclicality of AI infrastructure","name":"Regulated Industries (healthcare, automotive)"},{"desc":"Consumer-electronics legacy (incl. Apple) — the former largest customer (Customer B 17% → <10%) shrank and Jabil deliberately downsized it, selling its mobility business in 2023","name":"Connected Living & Digital Commerce"}],"total":"$29.8bn (FY2025, Aug year-end, +3.2%)","source":"SEC 10-K FY2025","concentration":"The year Jabil swapped its customer/business mix from low-margin consumer/mobility toward AI infrastructure — Intelligent Infrastructure +62% in Q4, anonymized largest customer 16%, top five 36%. What matters is how much the AI mix lifts thin EMS margins (8.9% GM, $657M net income). Sold its mobility business to BYD Electronic for $2.2bn in 2023."},"returns_yearly":{"2021":66.4,"2022":-2.5,"2023":87.4,"2024":13.3,"2025":58.7,"2026":44.9},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"tempus-ai","name":"Tempus AI","name_en":"Tempus AI","tier":3,"returns_yearly":{"2025":74.9,"2026":-1.4}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":2,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":2,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":2,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":2,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":2,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":2,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":2,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":2,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":2,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"apple","name":"Apple","name_en":"Apple","tier":1,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}}],"benefiting":[],"analysis":"자빌의 논지는 세계 최대급 EMS/ODM이 저마진 소비·모바일에서 AI 인프라로 고객·사업 믹스를 갈아끼우는 대전환이다. 매출원가 91%·총이익률 8.9%의 박한 구조에서 규모·다각화로 버티는데, 2023년 저마진 모바일 사업을 BYD일렉에 $2.2B에 넘겨 애플 의존(과거 Customer B 17%→<10%)을 줄이는 대신, AI 데이터센터·클라우드(인텔리전트 인프라)가 FY2025 4분기 +62%(분기 $3.74B)로 폭증하며 익명 최대 고객이 매출의 16%를 차지하는 새 축으로 올라섰다. 재평가의 관건은 이 전환의 지속성으로, FY2026 AI 관련 매출 $131억(+46%) 전망과 미 남동부 $500M 데이터센터 투자·인도 아다니 합작이 그 베팅이다. 아마존을 워런트로 묶는 등 대형 클라우드 고객을 물량·지분 인센티브로 확보한 것이 이 축의 앵커다. 재평가 트리거는 AI 믹스가 박마진을 끌어올리는 정도, 최대 고객 집중(16%·상위5 36%), 그리고 캐파 투자 회수다.","analysis_en":"Jabil's thesis is a major pivot by one of the world's largest EMS/ODMs, swapping its customer and business mix from low-margin consumer/mobile to AI infrastructure. Surviving on scale and diversification within a thin structure (cost of revenue 91%, gross margin 8.9%), it sold its low-margin mobile business to BYD Electronics for $2.2B in 2023 to cut Apple dependence (former Customer B 17% → <10%), while AI datacenter/cloud (Intelligent Infrastructure) surged +62% in Q4 FY2025 ($3.74B/quarter), lifting an anonymous top customer to 16% of revenue as a new axis. The re-rating hinges on the durability of this pivot — the FY2026 AI-related revenue outlook of $13.1bn (+46%), a $500M US Southeast datacenter investment and an India Adani JV are the bet. Anchoring the axis, it tied Amazon in via warrants, securing a large cloud customer with volume and equity incentives. Re-rating triggers are how far the AI mix lifts thin margins, top-customer concentration (16%, top-5 36%), and payback on capacity investment.","analysis_asof":"2026-07-10"},"edges":[{"direction":"investment","counterparty":"AI 데이터센터 캐파 투자 ($500M·인도 아다니 합작)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","value":500000000,"period":"미 데이터센터 투자","qualifier":"live_mid_2026"},"note":"AI 인프라로의 캐파 베팅 — 자빌은 미 남동부에 $500M 규모 클라우드·AI 데이터센터 설비를 투자(2026년 중반 가동)하고, 인도에선 아다니와 AI 데이터센터 인프라 합작을 추진한다. 저마진 EMS를 고성장·고믹스 AI 인프라로 재편하려는 선투자로, 성과는 대체로 2027년부터 본격 반영될 전망이다.","note_en":"A capacity bet on AI infrastructure — Jabil is investing $500M in a Southeast-US cloud/AI data-center facility (live mid-2026) and pursuing an AI data-center JV with Adani in India. It is upfront investment to re-shape low-margin EMS toward high-growth, higher-mix AI infrastructure, with meaningful contribution expected largely from 2027.","sources":[{"stance":"confirms","publisher":"한국IT산업뉴스","publisher_en":"Korea IT Industry News","kind":"news","lang":"ko","published_at":"2026-03-20","url":"https://www.koreaiin.com/news/897076","title":"자빌 지능형 인프라, 2026년 AI 매출 131억 달러 전망","title_en":"Jabil Intelligent Infrastructure to reach $13.1bn AI revenue in FY2026","excerpt":"AI 데이터센터 인프라 확대(인도 아다니 합작 포함)","excerpt_en":"Expanding AI data-center infrastructure incl. Adani JV in India"},{"stance":"confirms","publisher":"FreightWaves","publisher_en":"FreightWaves","kind":"news","lang":"en","published_at":"2025-06-17","url":"https://www.freightwaves.com/news/apple-supplier-jabil-plans-500m-venture-to-build-ai-data-centers","title":"애플 공급사 자빌, AI 데이터센터에 $500M 투자","title_en":"Apple supplier Jabil plans $500M venture to build AI data centers","excerpt":"미 남동부 $500M 클라우드·AI 데이터센터 투자(2026 중반 가동)","excerpt_en":"$500M Southeast-US cloud/AI data-center investment (live mid-2026)"}]},{"direction":"cost","counterparty":"반도체·전자부품 공급사 (매입원가)","counterparty_slug":null,"confidence":"high","metric":{"type":"ratio","unit":"pct_of_revenue","value":91,"period":"FY2025 매출원가율","gross_margin_pct":8.9},"note":"EMS 박마진의 근원 — 반도체·전자부품 매입원가가 FY2025 매출원가 $272억(매출의 91%)의 대부분을 이루며 총이익률을 8.9%로 누른다. 규모의 경제 없이는 이익 내기 어렵고, 부품 공급 부족·가격은 곧 마진 리스크라 조기 매입 등으로 대응한다.","note_en":"The root of thin EMS margins — semiconductor and component purchases make up most of the FY2025 cost of revenue of $27.2bn (91% of sales), holding gross margin at 8.9%. Profit is hard without scale, and component shortages or price moves are direct margin risks, mitigated by early buying.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-20","url":"https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm","title":"자빌 10-K FY2025 (8월 결산)","title_en":"Jabil 10-K FY2025 (August fiscal year)","excerpt":"FY2025 매출원가 $272억(매출의 91%), 총이익 $26.46억(GM 8.9%)","excerpt_en":"FY2025 cost of revenue $27.2bn (91% of sales), gross profit $2.646bn (8.9% GM)"}]},{"direction":"revenue","counterparty":"AI 인프라 고객 (인텔리전트 인프라, 최대 고객 16%)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","value":16,"period":"FY2025 최대 고객","segment_yoy_pct":62,"segment_q4_usd_m":3740},"note":"박한 EMS 마진을 끌어올릴 성장 엔진 — AI 데이터센터·클라우드·네트워킹 부문의 익명 최대 고객(Customer A)이 FY2025 매출의 16%를 차지하고, 부문 매출은 4분기 +62%(약 $3.74B)로 가속했다(2월 +18%→5월 +51%→8월 +62%). FY2026 AI 관련 매출 $131억(+46%) 전망으로 자빌 재평가의 핵심 축이며, 성장 속도는 하이퍼스케일러 캡엑스 사이클에 직접 노출된다.","note_en":"The growth engine to lift thin EMS margins — the anonymized largest customer (Customer A) in AI data center, cloud and networking is 16% of FY2025 revenue, and the segment accelerated to +62% in Q4 (~$3.74B) (Feb +18% → May +51% → Aug +62%). With FY2026 AI-related revenue guided to $13.1bn (+46%), it is the core of Jabil's re-rating, and its pace is directly exposed to the hyperscaler capex cycle.","sources":[{"stance":"mentions","publisher":"스티펠(인포스탁데일리 인용)","publisher_en":"Stifel (via Infostock Daily)","kind":"research","lang":"ko","published_at":"2026-06-16","url":"https://www.infostockdaily.co.kr/news/articleView.html?idxno=209398","title":"스티펠 “자빌, AI 인프라 투자 초기 단계…장기 성장 기대”","title_en":"Stifel: Jabil's AI-infra buildout early-stage, long-term growth expected","excerpt":"스티펠: AI 인프라 투자 초기 단계, 장기 성장 기대","excerpt_en":"Stifel: AI-infra buildout early-stage, long-term growth expected"},{"stance":"confirms","publisher":"한국IT산업뉴스","publisher_en":"Korea IT Industry News","kind":"news","lang":"ko","published_at":"2026-03-20","url":"https://www.koreaiin.com/news/897076","title":"자빌 지능형 인프라, 2026년 AI 매출 131억 달러 전망","title_en":"Jabil Intelligent Infrastructure to reach $13.1bn AI revenue in FY2026","excerpt":"2026 회계연도 AI 관련 매출 $131억(+46%) 전망","excerpt_en":"FY2026 AI-related revenue projected $13.1bn (+46%)"},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-20","url":"https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm","title":"자빌 10-K FY2025 (8월 결산)","title_en":"Jabil 10-K FY2025 (August fiscal year)","excerpt":"Five largest customers ~36% of net revenue; one customer accounted for 16% of net revenues in fiscal 2025, primarily in Intelligent Infrastructure.","excerpt_en":"Top five 36%; one II-segment customer at 16%."},{"stance":"confirms","publisher":"Investing.com","publisher_en":"Investing.com","kind":"news","lang":"en","published_at":"2025-09-26","url":"https://www.investing.com/news/company-news/jabil-q4-fy2025-presentation-revenue-jumps-18-intelligent-infrastructure-surges-62-93CH-4255431","title":"자빌 4Q FY2025: 매출 +18%, 인텔리전트 인프라 +62%","title_en":"Jabil Q4 FY2025: revenue +18%, Intelligent Infrastructure +62%","excerpt":"Revenue jumps 18%; Intelligent Infrastructure surges 62% (FY2025 $29.8B revenue).","excerpt_en":"FY2025 revenue $29.8B; II segment +62%."}]},{"direction":"revenue","counterparty":"애플 (커넥티드 리빙, 축소 중)","counterparty_slug":"apple","confidence":"mid","metric":{"type":"share","unit":"%","trend":"declining","value":10,"period":"FY2025 (10% 미만)","history":"17%(FY23)→11%(FY24)→<10%(FY25)"},"note":"자빌이 의도적으로 줄여온 레거시 고객 — 애플은 오랜 소비 전자 위탁 고객(과거 Customer B 매출 17%→11%)이었으나 FY2025엔 10% 미만으로 축소됐다. 2023년 중국 모바일 사업을 BYD일렉에 $2.2B에 매각한 것과 맞물려, 저마진 소비에서 AI 인프라로 무게중심을 옮기는 전환의 반대편을 보여준다.","note_en":"A legacy customer Jabil has deliberately shrunk — Apple was a long-standing consumer-electronics customer (former Customer B: 17% → 11% of revenue) but fell below 10% in FY2025. Together with the 2023 sale of its China mobility business to BYD Electronic for $2.2bn, it shows the other side of the pivot from low-margin consumer toward AI infrastructure.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-20","url":"https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm","title":"자빌 10-K FY2025 (8월 결산)","title_en":"Jabil 10-K FY2025 (August fiscal year)","excerpt":"Customer B(커넥티드 리빙) 매출 비중 17%(FY23)→11%(FY24)→10% 미만(FY25)","excerpt_en":"Customer B (Connected Living) 17% (FY23) → 11% (FY24) → below 10% (FY25)"},{"stance":"confirms","publisher":"FreightWaves","publisher_en":"FreightWaves","kind":"news","lang":"en","published_at":"2025-06-17","url":"https://www.freightwaves.com/news/apple-supplier-jabil-plans-500m-venture-to-build-ai-data-centers","title":"애플 공급사 자빌, AI 데이터센터에 $500M 투자","title_en":"Apple supplier Jabil plans $500M venture to build AI data centers","excerpt":"'애플 공급사 자빌' — 애플 장기 고객 관계 지속","excerpt_en":"'Apple supplier Jabil' — long-standing Apple customer relationship continues"}]},{"direction":"cost","counterparty":"글로벌 제조 인력·설비","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"labor_and_facility_fixed_cost"},"note":"저마진의 다른 축 — 자빌은 미주·아시아·인도 등 분산된 공장에서 노동집약 조립을 운영한다. 인력·설비 고정비를 가동률로 상쇄해야 이익이 나며, 캐파 지역 분산은 관세·수출규제 리스크 헤지 성격도 있다.","note_en":"The other axis of thin margin — Jabil runs labor-intensive assembly across a footprint spanning the Americas, Asia and India. Fixed labor and facility costs must be offset by utilization to earn a profit, and geographic diversification also hedges tariff and export-control risk.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-20","url":"https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm","title":"자빌 10-K FY2025 (8월 결산)","title_en":"Jabil 10-K FY2025 (August fiscal year)","excerpt":"글로벌 분산 제조 설비·인력 운영","excerpt_en":"Operates a globally diversified manufacturing footprint and workforce"}]},{"direction":"revenue","counterparty":"아마존 (클라우드·AI 인프라 고객)","counterparty_slug":"amazon","confidence":"mid","metric":{"as_of":"2024-12-27","qualifier":"warrant_linked_anchor_customer"},"note":"AI·클라우드 인프라의 앵커 고객 — 자빌이 2024.12 Amazon.com NV Investment Holdings에 워런트를 발행했는데, 이는 대형 클라우드 고객을 물량·지분 인센티브로 묶는 전형적 구조다. 10-K가 최대 고객(16%)을 익명 처리하므로 그 귀속을 특정하지는 않되, 아마존은 인텔리전트 인프라 성장의 확인된 축이다.","note_en":"An anchor customer for AI/cloud infrastructure — Jabil issued warrants to Amazon.com NV Investment Holdings in Dec 2024, a classic way to lock in a large cloud customer with volume-linked equity incentives. The 10-K anonymizes the 16% largest customer, so that attribution isn't asserted, but Amazon is a confirmed pillar of Intelligent Infrastructure growth.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-20","url":"https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm","title":"자빌 10-K FY2025 (8월 결산)","title_en":"Jabil 10-K FY2025 (August fiscal year)","excerpt":"자빌, Amazon.com NV Investment Holdings에 워런트 발행(2024.12)","excerpt_en":"Jabil issued warrants to Amazon.com NV Investment Holdings (Dec 2024)"}]}]}