CLS vs FN: Celestica and Fabrinet compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Celestica is the larger company, worth $41.1B, about 2.3 times Fabrinet.
- Celestica grew revenue faster over the last year (+62.4% vs +44.6%).
- Fabrinet keeps more of each dollar of revenue as operating profit (10.0% vs 8.8%).
- On earnings, Celestica is the cheaper stock (43.3x vs 43.4x).
- Fabrinet's price assumes faster free cash flow growth: about 87% a year, against 25% for Celestica (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CLS | FN |
|---|---|---|
| Market cap | $41.1B | $18.1B |
| Share price | $371.57 | $486.28 |
| Revenue (last fiscal year) | $12.4B | $4.6B |
| Free cash flow (last fiscal year) | $458M | $4M |
| Revenue growth, last year | +62.4% | +44.6% |
| Revenue growth per year, last 5 fiscal years | +21.8% | +19.7% |
| Operating margin | 8.8% | 10.0% |
| Net margin | 7.2% | 10.2% |
| Return on equity | 45.0% | 19.3% |
| P/E (trailing) | 43.3x | 43.4x |
| Price / free cash flow | 88.2x | 87.5x |
| EV / EBITDA | 28.1x | 21.7x |
| FCF growth the price implies | 24.9% | 86.8% |
| Dividend yield | — | — |
| Debt / equity | 2.95x | 0.59x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 4 |
| Insider purchases, last 12 months | 5 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Celestica
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.6B | $175M | 3.0% |
| 2022 | $7.2B | $102M | 4.0% |
| 2023 | $8.0B | $201M | 4.2% |
| 2024 | $9.6B | $303M | 6.2% |
| 2025 | $12.4B | $458M | 8.4% |
Fabrinet
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $2.3B | $35M | 9.0% |
| 2023 | $2.6B | $152M | 9.5% |
| 2024 | $2.9B | $366M | 9.6% |
| 2025 | $3.4B | $207M | 9.5% |
| 2026 | $4.6B | $4M | 10.0% |
Where the revenue comes from
Celestica · by segments, 2025
CCS$9.2B74%
ATS$3.2B26%
Fabrinet · by products, 2026
Data center$2.2B48%
Communications infrastructure$1.5B33%
Automotive, Industrial and Others$870M19%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CLS in InvestinglyQuestions
Which is bigger, Celestica or Fabrinet?
Celestica (CLS), at $41.1B against $18.1B.
Is CLS or FN cheaper?
By trailing P/E, Celestica (43.3x) is cheaper than Fabrinet (43.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, CLS or FN?
Celestica: revenue grew +62.4% over the last year, against +44.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.