Core Insights - Fabrinet (FN) is increasing its focus on Data Center Interconnect (DCI), which is expected to grow as hyperscalers expand infrastructure to support AI and cloud workloads [1][4] - DCI revenues reached $107 million in Q4 fiscal 2025, representing 26% of telecom revenues and 12% of total revenues, indicating a strong growth trajectory [2][8] - The Zacks Consensus Estimate for total revenues in Q1 fiscal 2026 is $929.74 million, reflecting an 11.7% year-over-year growth, with Optical communications revenue expected to rise by 17.3% [3] Revenue and Growth - DCI is now tracked as a standalone sub-segment within optical communications, highlighting long-term confidence in its growth [2] - The complexity in design and integration for next-generation transceivers (800 GB and 1.6 TB) is anticipated to create premium opportunities for high-precision suppliers like Fabrinet [2] Competitive Landscape - Fabrinet faces competition from Coherent (COHR) and Lumentum (LITE), both of which are enhancing their DCI offerings [5] - Coherent is investing in high-speed transceivers, while Lumentum focuses on compact, thermally efficient modules [5] Stock Performance and Valuation - Fabrinet's shares have increased by 62.9% year-to-date, outperforming the Zacks Electronics-Miscellaneous Components industry and the Computer and Technology sector [6] - The stock is currently trading at a forward Price/Sales ratio of 3.01X, compared to the industry's 2.08X, indicating a premium valuation [10] Earnings Estimates - The Zacks Consensus Estimate for Fabrinet's Q1 fiscal 2026 earnings is $2.83 per share, reflecting an 18.41% year-over-year growth [13]

Core Idea - The article emphasizes the investment philosophy of Thomas W. Phelps, particularly his book "100 to 1 in the Stock Market," which advocates for buying exceptional companies early, holding them with discipline, and allowing compounding to generate wealth [1][4][6]. Phelps's Investment Framework - Phelps's framework focuses on identifying companies with durable advantages, such as network effects, proprietary know-how, and advantageous cost structures [8]. - The importance of verifying a large addressable market that allows for long-term compounding without hitting a wall is highlighted [8]. - Present-tense profitability is essential; Phelps preferred companies that generate cash rather than speculative ventures [8]. - The article suggests buying companies when their narratives are still forming, favoring modest valuations over those priced for perfection [8]. - A strategy of doing less is recommended, as holding onto winning investments can lead to tax deferral and reduced errors [8]. Current Investment Candidates - The article lists 25 companies that fit Phelps's criteria, categorized by how they create competitive advantages rather than by index labels [9]. - Companies in the construction and infrastructure sector, such as EMCOR Group and Quanta Services, are noted for their execution capabilities and ability to convert backlog into cash [10][11]. - Precision manufacturers like Celestica and Fabrinet are recognized for their high returns on capital and asset-light models [12]. - In network infrastructure, Arista Networks and Super Micro Computer are highlighted for their strong positions in high-speed switching and AI hardware, respectively [13]. - Companies in the materials sector, such as Martin Marietta Materials, are noted for their pricing power and local monopolies [14]. - Engineering firms like WSP Global are recognized for their expertise and customer relationships in regulated markets [15]. - Consumer brands like e.l.f. Beauty and Academy Sports are mentioned for their market share growth and operational efficiency [16]. - Specialty finance companies like FirstCash and software firms like Agilysys are noted for their cash generation and growth potential [17]. - Internationally, utilities like Sabesp and fintechs like StoneCo are highlighted for their governance and profitability improvements [18]. - UK companies like Spectris and Halma are recognized for their consistent acquisition strategies and operational excellence [19]. Conclusion - The article concludes that the focus should be on finding real engines of growth and sizing investments appropriately to endure market volatility, allowing time to enhance value [22].

Core Insights - Fabrinet's position as a leading optical packaging specialist is increasingly strategic due to the industry's shift towards higher bandwidth requirements and advanced data center architectures [1] - The demand for optical packaging is expected to remain strong, driven by artificial intelligence workloads and cloud computing expansion [2] - The complexity of modern optical packaging is increasing as networks migrate to higher speeds, supporting premium revenue streams [3] - High-performance computing (HPC) is expected to further expand demand for advanced optical packaging, with Fabrinet recognizing its unique requirements [4] - Competition in the optical packaging market is intensifying, with rivals like Lumentum Holdings and Coherent Corp also targeting similar demand trends [5] - Fabrinet's share price has significantly outperformed industry averages, reflecting strong market performance [6] - The stock is currently trading at a forward Price/Sales ratio higher than the industry average, indicating a premium valuation [9] - The Zacks Consensus Estimate for Fabrinet's earnings indicates strong year-over-year growth expectations [11] Group 1 - Fabrinet's expertise in precision optical assembly and packaging technologies positions it at the center of infrastructure developments reshaping global connectivity [1] - Optical communications revenue reached $689 million in Q4 fiscal 2025, up 15% year over year, with telecom revenue climbing 46% to $412 million [2] - The sophistication of optical packaging supports premium revenue streams, with 800G and faster products generating $313 million in the quarter, up 21% from the prior year [3] Group 2 - The decision to classify HPC as a distinct revenue category reflects its unique requirements and growth potential [4] - Lumentum Holdings and Coherent Corp are also well positioned to benefit from the same drivers of AI workloads and cloud computing expansion [5] - Fabrinet's shares have jumped 64.7% YTD, outperforming the Zacks Electronics-Miscellaneous Components industry and the Zacks Computer and Technology sector [6] Group 3 - Fabrinet's stock is trading at a forward 12-month Price/Sales ratio of 3.05X compared to the industry's 2.08X [9] - The Zacks Consensus Estimate for Fabrinet's first quarter fiscal 2026 earnings is pegged at $2.83 per share, indicating 18.41% year-over-year growth [11]

Core Insights - Fabrinet (FN) and TE Connectivity (TEL) are key players in the electronics and industrial markets, with FN specializing in high-precision optical components and TEL in connectivity and sensor solutions [1][2] - Both companies are positioned to benefit from growth drivers such as artificial intelligence infrastructure, electric vehicles, and industrial automation, making them direct competitors in high-growth connectivity markets [2] Fabrinet (FN) Overview - Fabrinet is recognized for its contract manufacturing of high-end optical communications equipment, serving major clients like NVIDIA and Cisco [3] - In Q4 fiscal 2025, Fabrinet reported revenues of $910 million, a 21% increase year over year, with optical communications contributing $689 million, reflecting a 15% rise [3][4] - The company’s optical packaging capabilities are crucial for AI infrastructure, with data center interconnect revenue growing 45% year over year to $107 million [4] - The Zacks Consensus Estimate for optical communications revenues in Q1 fiscal 2026 is $699.92 million, an 11.8% increase year over year, with earnings projected at $2.83 per share, up 2.2% [4] Risks for Fabrinet (FN) - Fabrinet faces near-term challenges, including component supply constraints and margin pressure from new product launches [5] - The company has a high concentration risk, with NVIDIA accounting for 28% of fiscal 2025 revenues and the top 10 customers making up 86% [5] TE Connectivity (TEL) Overview - TE Connectivity is a diversified technology leader providing connectivity and sensor solutions across various markets, including transportation and industrial sectors [6] - In Q3 fiscal 2025, TEL reported revenues of $4.53 billion, a 14% increase year over year, with margins near 20% in both Transportation and Industrial segments [6][7] - TEL anticipates over $800 million in AI-related revenue for fiscal 2025, more than double the previous year [8] Strengths of TE Connectivity (TEL) - TEL's localized manufacturing, with over 70% of production near customers, mitigates supply chain risks [9] - The company’s strong free cash flow supports shareholder returns and strategic acquisitions, enhancing its competitive position [9] Share Performance and Valuation - Year-to-date, Fabrinet shares have increased by 69.5%, while TE Connectivity shares have appreciated by 47.1% [10] - Fabrinet trades at a higher price-to-sales (P/S) ratio of 3.93 compared to TEL's 3.78, reflecting greater risks associated with customer concentration and cyclical demand [13] Conclusion - Both companies are integral to the electronics ecosystem, with Fabrinet focusing on high-speed optical communications and TEL offering diversified exposure across multiple markets [16] - TEL is recommended as a better investment option due to its diversified market presence and strong cash flow, compared to Fabrinet's concentrated customer base and cyclical risks [16]

Group 1 - Fabrinet (NYSE: FN) has demonstrated strong and steady growth in both top and bottom lines, indicating solid momentum in its performance [1] - The company's current valuation is higher than its five-year average, but this increase is considered justified due to its growth prospects [1] - The focus of the analysis includes foreign stocks, particularly in the Nordic market, as well as growth stocks in the U.S. market, highlighting a diverse investment approach [1]

Core Viewpoint - Fabrinet reported better-than-expected fourth-quarter financial results for fiscal 2025, showcasing strong revenue and earnings performance [1][2]. Financial Performance - Fourth-quarter revenue reached $909.69 million, surpassing analyst estimates of $884.87 million [1]. - Adjusted earnings for the fourth quarter were $2.65 per share, exceeding estimates of $2.64 per share [1]. - The CEO highlighted that the fourth quarter capped off a remarkable year with record quarterly revenue and non-GAAP EPS at an all-time high [2]. Future Guidance - For the fiscal first quarter, Fabrinet expects revenue to be between $910 million and $950 million, compared to estimates of $916.72 million [3]. - The company anticipates first-quarter adjusted earnings to range from $2.75 to $2.90 per share, against estimates of $2.74 per share [3]. Market Reaction - Following the earnings announcement, Fabrinet shares fell by 10.3%, trading at $293.32 [3]. Analyst Ratings and Price Targets - B. Riley Securities maintained a Neutral rating and raised the price target from $184 to $220 [5]. - Barclays maintained an Equal-Weight rating and increased the price target from $234 to $329 [5]. - Rosenblatt maintained a Buy rating with a price target of $360 [5]. - Needham reiterated a Buy rating and maintained a price target of $350 [5].

Core Viewpoint - Despite exceeding earnings expectations, Fabrinet's stock fell by 9.82% in early trading on Tuesday [1] Financial Performance - Fabrinet reported adjusted earnings per share of $2.65, slightly above the FactSet analyst expectation of $2.64 [1] - The company's revenue for the fourth fiscal quarter was $909.7 million, surpassing the consensus estimate of $883.1 million [1]

Group 1 - Home Depot shares rose by 1.9%, with a same-store sales growth of 1% in Q2 [1] - Intel shares increased by 5.3% following a $2 billion investment from SoftBank [1] - Home Depot shares also saw a rise of 1.4%, maintaining the same-store sales growth of 1% in Q2 [1] Group 2 - PatSnap shares surged by 6.7%, with Q4 performance exceeding Wall Street expectations [1] - Fabrinet shares fell by 11.9%, despite its Q4 results surpassing expectations [1] - New Oriental shares declined by 1.8% after rumors regarding the CEO's involvement in related-party transactions were denied [1]

Part I [Business](index=8&type=section&id=Item%201.%20Business) Fabrinet provides advanced optical packaging and precision manufacturing services to OEMs, achieving **18.6% revenue growth to $3.42 billion** in fiscal year 2025 driven by diverse market demand - Fiscal Year 2025 vs 2024 Financial Highlights | Metric | Fiscal Year 2025 | Fiscal Year 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $3.42 billion | $2.88 billion | +18.6% | | **Optical Communications Revenue %** | 76.6% | 79.4% | -2.8 p.p. | | **Automotive, Industrial Lasers, Other Revenue %** | 23.4% | 20.6% | +2.8 p.p. | - The company provides advanced optical packaging and precision manufacturing services to OEMs of complex products including optical communication components, industrial lasers, automotive components, medical devices, and sensors[21](index=21&type=chunk) - Key growth strategies include strengthening its presence in the optical communications market, leveraging technology to diversify into industrial lasers and medical markets, extending vertical integration in customized optics, and expanding its client base geographically[37](index=37&type=chunk) - As of June 27, 2025, the company's facilities comprised approximately **3.7 million total square feet**, with the majority (**3.3 million sq. ft.**) located in Thailand[28](index=28&type=chunk) - The company has a high customer concentration, with **NVIDIA Corporation** and **Cisco Systems, Inc.** contributing **27.6%** and **18.2%** of revenues, respectively, in fiscal year 2025[50](index=50&type=chunk) [Risk Factors](index=19&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including high customer concentration, foreign currency fluctuations, intense competition, and geopolitical instability in key operating regions - The company is highly dependent on a small number of customers, with two customers accounting for **45.8%** and **48.5%** of revenues in fiscal years 2025 and 2024, respectively[79](index=79&type=chunk)[80](index=80&type=chunk)[82](index=82&type=chunk) - A majority of operating expenses are paid in Thai baht while revenues are primarily in U.S. dollars, creating significant exposure to currency exchange rate fluctuations, with the U.S. dollar depreciating approximately **8.5%** against the Thai baht since June 30, 2023[111](index=111&type=chunk) - The company's primary competition comes from the internal manufacturing capabilities of its current and prospective customers, especially when they have excess capacity[90](index=90&type=chunk) - Operations are subject to governmental export and import controls, with the addition of Huawei to the U.S. BIS Entity List in May 2019 immediately impacting customer orders and expected to continue to adversely affect orders[117](index=117&type=chunk)[118](index=118&type=chunk) - The majority of assets and manufacturing operations are located in Thailand, making the business susceptible to political, social, and economic instability in the country[122](index=122&type=chunk)[123](index=123&type=chunk) [Unresolved Staff Comments](index=37&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - Not applicable[177](index=177&type=chunk) [Cybersecurity](index=37&type=section&id=Item%201C.%20Cybersecurity) Fabrinet's cybersecurity program, based on ISO and NIST frameworks, is overseen by the Audit Committee and has not experienced a material breach in the past three years - The company's cybersecurity program is based on the International Organization for Standardization (ISO) and the National Institute of Standards and Technology (NIST) Cybersecurity Framework[179](index=179&type=chunk) - The Audit Committee of the Board of Directors oversees cybersecurity risk, receiving quarterly briefings from the VP of Information Technology and Information Security[183](index=183&type=chunk) - The company has not experienced a material security breach in its systems, or to its knowledge, in its third-parties' systems, in the past three years[181](index=181&type=chunk) [Properties](index=39&type=section&id=Item%202.%20Properties) The company's principal facilities are located in Thailand, China, the United States, and Israel, with the largest owned campuses in Thailand totaling over **3.2 million square feet** - Principal Facilities as of June 27, 2025 | Location | Owned/Leased | Approximate Square Footage | | :--- | :--- | :--- | | Pinehurst Campus, Bangkok, Thailand | Owned | 1,731,000 | | Hemaraj Campus, Chonburi, Thailand | Owned | 1,522,000 | | Fuzhou, Fujian, PRC | Leased | 348,000 | | Santa Clara, California, United States | Owned | 72,000 | | Mountain Lakes, New Jersey, United States | Leased | 28,000 | | Yokneam Illit, Israel | Leased | 27,000 | [Legal Proceedings](index=39&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in a legal proceeding in China regarding a purported 1997 investment in a subsidiary, with potential liability currently unquantifiable - A complaint was filed against the company's PRC subsidiary, Casix, alleging unjust enrichment related to a 1997 investment, predating Fabrinet's acquisition, with plaintiffs seeking **RMB 400 million** plus interest[188](index=188&type=chunk) - The initial lawsuit was dismissed on jurisdictional grounds in September 2024, but the plaintiffs have appealed the ruling, and the company cannot quantify potential liability at this early stage[189](index=189&type=chunk) [Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[192](index=192&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=40&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Fabrinet's ordinary shares are listed on the NYSE under "FN", with no current dividend plans, and a share repurchase program with **$174.3 million** remaining authorization as of June 27, 2025 - The company currently intends to retain any earnings for use in its business and does not intend to pay dividends on its ordinary shares[196](index=196&type=chunk) - Share Repurchase Activity (FY 2025) | Metric | Value | | :--- | :--- | | **Aggregate Authorization** | $534.3 million | | **Shares Repurchased in FY2025** | 561,858 | | **Aggregate Purchase Price in FY22025** | $125.7 million | | **Average Price Per Share** | $223.76 | | **Remaining Authorization (as of June 27, 2025)** | $174.3 million | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting an **18.6% revenue increase** to **$3.42 billion** in fiscal 2025, strong liquidity, and key financial risks including foreign exchange exposure - Revenues by Geographic Region (% of Total Revenues) | Region | FY 2025 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | | North America | 43.4% | 36.5% | 48.0% | | Asia-Pacific | 48.4% | 57.1% | 43.2% | | Europe | 8.2% | 6.4% | 8.8% | - Revenues by End Market (in thousands) | End Market | FY 2025 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | | **Optical Communications** | $2,619,355 | $2,289,015 | $2,008,347 | | *Datacom* | *$1,155,944* | *$1,150,307* | *$520,796* | | *Telecom* | *$1,463,411* | *$1,138,708* | *$1,487,551* | | **Non-Optical Communications** | $799,972 | $593,952 | $636,890 | | *Automotive* | *$464,369* | *$327,188* | *$368,581* | | *Industrial Laser* | *$153,068* | *$122,722* | *$125,415* | | *Others* | *$182,535* | *$144,042* | *$142,894* | | **Total Revenue** | **$3,419,327** | **$2,882,967** | **$2,645,237** | - FY2025 revenue increased by **18.6%** to **$3.42 billion**, primarily due to increased demand for both optical communications products (up **14.4%**) and non-optical communications products (up **34.7%**)[259](index=259&type=chunk) - The company's effective tax rate increased to **6.4%** in FY2025 from **4.9%** in FY2024, primarily due to higher income subject to tax and an IRS audit assessment[267](index=267&type=chunk) - As of June 27, 2025, the company had **$934.2 million** in cash, cash equivalents, and short-term investments with no outstanding debt[282](index=282&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=57&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to interest rate, foreign currency, and credit risks, with significant foreign currency exposure to the Thai baht and RMB, which it hedges using derivatives - The company has significant foreign currency risk as a substantial portion of payroll and operating expenses are in Thai baht and RMB, while the majority of revenues are in U.S. dollars[299](index=299&type=chunk) - A hypothetical **10% weakening** in the U.S. dollar against the Thai baht and RMB would have resulted in a decrease in the company's net dollar position of approximately **$9.4 million** as of June 27, 2025[302](index=302&type=chunk) - Interest rate risk exists for the company's cash, cash equivalents, and short-term investments totaling **$934.2 million**, where a **10 basis point decline** in interest rates during fiscal year 2025 would have decreased interest income by approximately **$0.9 million**[296](index=296&type=chunk) [Financial Statements and Supplementary Data](index=60&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal years 2023-2025, along with the independent auditor's report and detailed notes on accounting policies - The independent auditor, PricewaterhouseCoopers ABAS Ltd., issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting as of June 27, 2025[309](index=309&type=chunk) - Consolidated Balance Sheet Highlights (in thousands) | Account | June 27, 2025 | June 28, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$2,831,432** | **$2,338,519** | | Cash and cash equivalents | $306,425 | $409,973 | | Short-term investments | $627,819 | $448,630 | | Trade accounts receivable, net | $758,894 | $592,452 | | Inventories | $581,015 | $463,206 | | **Total Liabilities** | **$849,620** | **$592,774** | | Trade accounts payable | $637,417 | $441,835 | | **Total Shareholders' Equity** | **$1,981,812** | **$1,745,745** | - Consolidated Statement of Operations Highlights (in thousands) | Account | FY 2025 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | | **Revenues** | **$3,419,327** | **$2,882,967** | **$2,645,237** | | **Gross Profit** | $413,349 | $356,118 | $336,273 | | **Operating Income** | $324,447 | $277,605 | $251,704 | | **Net Income** | **$332,527** | **$296,181** | **$247,913** | | **Diluted EPS** | $9.17 | $8.10 | $6.73 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=107&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - Not applicable[518](index=518&type=chunk) [Controls and Procedures](index=107&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures and internal control over financial reporting were effective as of June 27, 2025, with no material changes during the fourth quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[519](index=519&type=chunk) - Based on an assessment using the COSO framework, management concluded that the company maintained effective internal control over financial reporting as of June 27, 2025[524](index=524&type=chunk) - There were no changes in internal control over financial reporting during the fourth quarter of fiscal 2025 that materially affected, or are reasonably likely to materially affect, internal controls[520](index=520&type=chunk) [Other Information](index=107&type=section&id=Item%209B.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the fourth quarter of fiscal 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three months ended June 27, 2025[525](index=525&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=107&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[526](index=526&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=108&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the company's definitive proxy statement for its 2025 annual general meeting of shareholders - Information for this item is incorporated by reference from the 2025 Proxy Statement[528](index=528&type=chunk) [Executive Compensation](index=108&type=section&id=Item%2011.%20Executive%20Compensation) Information for this item is incorporated by reference from the company's definitive proxy statement for its 2025 annual general meeting of shareholders - Information for this item is incorporated by reference from the 2025 Proxy Statement[529](index=529&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=108&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information for this item is incorporated by reference from the company's definitive proxy statement for its 2025 annual general meeting of shareholders - Information for this item is incorporated by reference from the 2025 Proxy Statement[530](index=530&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=108&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information for this item is incorporated by reference from the company's definitive proxy statement for its 2025 annual general meeting of shareholders - Information for this item is incorporated by reference from the 2025 Proxy Statement[531](index=531&type=chunk) [Principal Accountant Fees and Services](index=108&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information for this item is incorporated by reference from the company's definitive proxy statement for its 2025 annual general meeting of shareholders - Information for this item is incorporated by reference from the 2025 Proxy Statement[532](index=532&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=109&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all documents filed as part of the Annual Report on Form 10-K, including financial statements, an index of exhibits, and certifications - This section contains the index of all exhibits filed with or incorporated by reference into the Form 10-K[535](index=535&type=chunk)[536](index=536&type=chunk)[538](index=538&type=chunk) [Form 10-K Summary](index=113&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable to the company - Not applicable[541](index=541&type=chunk)

Group 1 - U.S. stock futures showed mixed results, with S&P 500 futures declining approximately 0.1% [1] - Fabrinet reported better-than-expected fourth-quarter financial results for fiscal 2025, with expected first-quarter revenue between $910 million and $950 million, slightly below estimates of $916.72 million [2] - Fabrinet's expected first-quarter adjusted earnings are projected to be between $2.75 and $2.90 per share, slightly above the estimate of $2.74 per share [2] Group 2 - Fabrinet shares fell 9.7% to $295.54 in pre-market trading following the earnings report [2] - Xunlei Limited experienced a decline of 8.4% to $8.05 in pre-market trading after a significant increase of around 38% on the previous day [4] - Precigen, Inc. shares dipped 5.8% to $2.78 in pre-market trading after the FDA approved PAPZIMEOS [4] - Adecoagro S.A. shares fell 4.5% to $8.79 in pre-market trading after reporting disappointing quarterly results [4] - Immatics NV shares decreased by 3.9% to $5.97 in pre-market trading [4] - Tonix Pharmaceuticals Holding Corp shares fell 3.9% to $38.51 in pre-market trading following FDA approval of Tonmya for fibromyalgia in adults [4]