EMS/ODM · pivot to AI infrastructure
Jabil
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.
JBL Updated Sep 11, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, Jabil is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 39 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · $29.8bn (FY2025, Aug year-end, +3.2%)
- Customer 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.
- Segments · Intelligent Infrastructure (AI, cloud, networking) · Regulated Industries (healthcare, automotive) · Connected Living & Digital Commerce
Revenue from
- AI-infra customers (Intelligent Infrastructure; largest customer 16%) High confidence· Market share 16% · FY2025 최대 고객
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.Mentions KO Stifel (via Infostock Daily) Published Jun 16, 2026: Stifel: Jabil's AI-infra buildout early-stage, long-term growth expectedConfirms KO Korea IT Industry News Published Mar 20, 2026: Jabil Intelligent Infrastructure to reach $13.1bn AI revenue in FY2026Confirms EN Investing.com Published Sep 26, 2025: Jabil Q4 FY2025: revenue +18%, Intelligent Infrastructure +62% - Motorola Solutions, Inc. High confidence
Jabil operates manufacturing facilities transferred by Motorola Solutions under contract, while public materials do not disclose the amount paid to Jabil.Confirms EN Motorola Solutions Published Feb 8, 2024: Motorola Solutions Q4 2023 Earnings Conference Call - Apple (Connected Living, shrinking) Medium confidence· Market share 10% · FY2025 (10% 미만)
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.Confirms EN FreightWaves Published Jun 17, 2025: Apple supplier Jabil plans $500M venture to build AI data centers - Amazon (cloud & AI-infra customer) Medium confidence
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. - Becton, Dickinson and Company Medium confidence
Jabil's Nypro Healthcare supported product launches across several BD divisions, contract manufacturing and global supply-chain development, but the transaction value was not disclosed.Confirms EN Jabil Published Sep 17, 2015: Nypro Healthcare Wins BD Global Award for Partnership Supplier of the Year
Pays to
- Semiconductor & component suppliers (cost of goods) High confidence· ratio 91 pct_of_revenue · FY2025 매출원가율
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. - Global manufacturing labor & footprint Medium confidence
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.
Investments
- AI data-center capacity investment ($500M; Adani JV in India) High confidence· Amount $500M · 미 데이터센터 투자
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.Confirms KO Korea IT Industry News Published Mar 20, 2026: Jabil Intelligent Infrastructure to reach $13.1bn AI revenue in FY2026Confirms EN FreightWaves Published Jun 17, 2025: Apple supplier Jabil plans $500M venture to build AI data centers
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +81.8 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +80.9 |
| Target Corporation | lead2 | +32.9 | -34.2 | -1.4 | -2.3 | -24.5 | +72.9 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +56.6 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +53.7 |
| Schlumberger | lead2 | +39.6 | +81.2 | -0.8 | -24.5 | +3.3 | +52.3 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +34.1 |
| Corteva, Inc. | lead2 | +23.6 | +25.6 | -17.5 | +20.2 | +18.9 | +32 |
| Becton, Dickinson and Company | lead2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.7 |
| Live Nation Entertainment, Inc. | lead2 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Carrier Global Corporation | lead2 | +45.3 | -22.7 | +41.5 | +20.3 | -21.8 | +14.3 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.6 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | +12.4 |
| Agilent Technologies, Inc. | lead2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Automatic Data Processing, Inc. | lead2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| Hilton Worldwide Holdings Inc. | lead2 | +40.2 | -18.7 | +44.7 | +36.1 | +16.5 | +8.5 |
| Waters Corporation | lead2 | +50.6 | -8.1 | -3.9 | +12.7 | +2.4 | +7.8 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -1.6 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| Comcast Corporation | lead2 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -1.9 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -6.7 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| T-Mobile US, Inc. | lead2 | -14 | +20.7 | +15 | +39.7 | -6.6 | -9.2 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -13.3 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.1 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -16.5 |
| IDEXX Laboratories, Inc. | lead2 | +31.7 | -38 | +36.1 | -25.5 | +63.6 | -20.9 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -35.2 |
| Intuit Inc. | lead2 | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -49.3 |
| Motorola Solutions, Inc. | lead1 | +61.9 | -3.8 | +23 | +49.1 | -16.2 | +22.8 |
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Jabil | node | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +36.3 |
YTD as of 2026-09-04 · source: Yahoo Finance
Jabil operates across S&P 500, EMS/ODM, pivot to AI infrastructure. Momentum stayed firm and it is +36.3% in 2026. The stock (+36.3%) and its demand side (avg +15%) are moving in step. Among connected nodes the furthest ahead is Apple (+18%) and the furthest behind is Amazon (+12%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. 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.
Analysis generated from returns as of 2026-09-04