FN vs GLW: Fabrinet and Corning compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Corning is the larger company, worth $114.8B, about 6.4 times Fabrinet.
- Fabrinet grew revenue faster over the last year (+44.6% vs +16.6%).
- Corning keeps more of each dollar of revenue as operating profit (15.3% vs 10.0%).
- On earnings, Fabrinet is the cheaper stock (43.4x vs 64.4x).
- Fabrinet's price assumes faster free cash flow growth: about 87% a year, against 24% for Corning (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 | FN | GLW |
|---|---|---|
| Market cap | $18.1B | $114.8B |
| Share price | $486.28 | $156.68 |
| Revenue (last fiscal year) | $4.6B | $15.6B |
| Free cash flow (last fiscal year) | $4M | $1.4B |
| Revenue growth, last year | +44.6% | +16.6% |
| Revenue growth per year, last 5 fiscal years | +19.7% | +2.6% |
| Operating margin | 10.0% | 15.3% |
| Net margin | 10.2% | 11.2% |
| Return on equity | 19.3% | 15.1% |
| P/E (trailing) | 43.4x | 64.4x |
| Price / free cash flow | 87.5x | 81.3x |
| EV / EBITDA | 21.7x | 31.6x |
| FCF growth the price implies | 86.8% | 23.5% |
| Dividend yield | — | 0.83% |
| Debt / equity | 0.59x | 1.58x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 9 |
| Insider purchases, last 12 months | 6 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Corning
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $14.1B | $1.8B | 15.0% |
| 2022 | $14.2B | $1.0B | 10.1% |
| 2023 | $12.6B | $615M | 7.1% |
| 2024 | $13.1B | $974M | 8.7% |
| 2025 | $15.6B | $1.4B | 14.6% |
Where the revenue comes from
Fabrinet · by products, 2026
Data center$2.2B48%
Communications infrastructure$1.5B33%
Automotive, Industrial and Others$870M19%
Corning · by products, 2025
Optical Communications$6.3B40%
Display products$3.0B19%
Specialty material products$2.2B14%
Automotive products$1.8B11%
Life science products$959M6%
Polycrystalline silicon products$955M6%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FN in InvestinglyQuestions
Which is bigger, Fabrinet or Corning?
Corning (GLW), at $114.8B against $18.1B.
Is FN or GLW cheaper?
By trailing P/E, Fabrinet (43.4x) is cheaper than Corning (64.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, FN or GLW?
Fabrinet: revenue grew +44.6% over the last year, against +16.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.