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Side-by-side financial comparison of Fabrinet (FN) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
Fabrinet is the larger business by last-quarter revenue ($1.1B vs $665.5M, roughly 1.7× Natera, Inc.). Fabrinet runs the higher net margin — 9.9% vs 7.1%, a 2.8% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 35.9%). Natera, Inc. produced more free cash flow last quarter ($37.8M vs $-5.3M). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% CAGR vs 24.4%).
FabrinetFNEarnings & Financial Report
Below is a list of companies having stocks that are included in the S&P MidCap 400 stock market index. The index, maintained by S&P Dow Jones Indices, comprises the common stocks of 400 mid-cap, mostly American, companies. Although called the S&P 400, the index sometimes contains more than 400 stocks when it includes two or more share classes of stock from one of its component companies.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
FN vs NTRA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $665.5M |
| Net Profit | $112.6M | $47.3M |
| Gross Margin | 12.2% | — |
| Operating Margin | 10.1% | -3.4% |
| Net Margin | 9.9% | 7.1% |
| Revenue YoY | 35.9% | 39.8% |
| Net Profit YoY | 30.0% | 187.9% |
| EPS (diluted) | $3.11 | $0.36 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.1B | $665.5M | ||
| Q3 25 | $978.1M | $592.2M | ||
| Q2 25 | $909.7M | $546.6M | ||
| Q1 25 | $871.8M | $501.8M | ||
| Q4 24 | $833.6M | $476.1M | ||
| Q3 24 | $804.2M | $439.8M | ||
| Q2 24 | $753.3M | $413.4M | ||
| Q1 24 | $731.5M | $367.7M |
| Q4 25 | $112.6M | $47.3M | ||
| Q3 25 | $95.9M | $-87.5M | ||
| Q2 25 | $87.2M | $-100.9M | ||
| Q1 25 | $81.3M | $-66.9M | ||
| Q4 24 | $86.6M | $-53.8M | ||
| Q3 24 | $77.4M | $-31.6M | ||
| Q2 24 | $81.1M | $-37.5M | ||
| Q1 24 | $80.9M | $-67.6M |
| Q4 25 | 12.2% | — | ||
| Q3 25 | 11.9% | — | ||
| Q2 25 | 12.2% | — | ||
| Q1 25 | 11.7% | — | ||
| Q4 24 | 12.1% | — | ||
| Q3 24 | 12.3% | — | ||
| Q2 24 | 12.3% | — | ||
| Q1 24 | 12.4% | — |
| Q4 25 | 10.1% | -3.4% | ||
| Q3 25 | 9.6% | -16.5% | ||
| Q2 25 | 9.8% | -20.2% | ||
| Q1 25 | 9.0% | -15.8% | ||
| Q4 24 | 9.5% | -13.6% | ||
| Q3 24 | 9.6% | -8.9% | ||
| Q2 24 | 9.7% | -10.6% | ||
| Q1 24 | 9.7% | -20.2% |
| Q4 25 | 9.9% | 7.1% | ||
| Q3 25 | 9.8% | -14.8% | ||
| Q2 25 | 9.6% | -18.5% | ||
| Q1 25 | 9.3% | -13.3% | ||
| Q4 24 | 10.4% | -11.3% | ||
| Q3 24 | 9.6% | -7.2% | ||
| Q2 24 | 10.8% | -9.1% | ||
| Q1 24 | 11.1% | -18.4% |
| Q4 25 | $3.11 | $0.36 | ||
| Q3 25 | $2.66 | $-0.64 | ||
| Q2 25 | $2.41 | $-0.74 | ||
| Q1 25 | $2.25 | $-0.50 | ||
| Q4 24 | $2.38 | $-0.41 | ||
| Q3 24 | $2.13 | $-0.26 | ||
| Q2 24 | $2.22 | $-0.30 | ||
| Q1 24 | $2.21 | $-0.56 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $960.8M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.2B | $1.7B |
| Total Assets | $3.3B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $960.8M | — | ||
| Q3 25 | $968.8M | $1.0M | ||
| Q2 25 | $934.2M | $16.0M | ||
| Q1 25 | $950.7M | $17.8M | ||
| Q4 24 | $934.6M | $22.7M | ||
| Q3 24 | $908.9M | $29.5M | ||
| Q2 24 | $858.6M | $90.3M | ||
| Q1 24 | $794.0M | $69.1M |
| Q4 25 | $2.2B | $1.7B | ||
| Q3 25 | $2.1B | $1.3B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $1.9B | $1.2B | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $1.8B | $878.5M | ||
| Q2 24 | $1.7B | $836.5M | ||
| Q1 24 | $1.7B | $794.1M |
| Q4 25 | $3.3B | $2.4B | ||
| Q3 25 | $3.0B | $1.8B | ||
| Q2 25 | $2.8B | $1.8B | ||
| Q1 25 | $2.6B | $1.7B | ||
| Q4 24 | $2.5B | $1.7B | ||
| Q3 24 | $2.4B | $1.6B | ||
| Q2 24 | $2.3B | $1.5B | ||
| Q1 24 | $2.2B | $1.5B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $46.3M | $73.9M |
| Free Cash FlowOCF − Capex | $-5.3M | $37.8M |
| FCF MarginFCF / Revenue | -0.5% | 5.7% |
| Capex IntensityCapex / Revenue | 4.6% | 5.4% |
| Cash ConversionOCF / Net Profit | 0.41× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $102.3M | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $46.3M | $73.9M | ||
| Q3 25 | $102.6M | $59.4M | ||
| Q2 25 | $55.1M | $37.6M | ||
| Q1 25 | $74.2M | $44.5M | ||
| Q4 24 | $115.9M | $52.9M | ||
| Q3 24 | $83.2M | $51.8M | ||
| Q2 24 | $83.1M | $4.0M | ||
| Q1 24 | $100.9M | $27.0M |
| Q4 25 | $-5.3M | $37.8M | ||
| Q3 25 | $57.3M | $37.0M | ||
| Q2 25 | $4.7M | $11.7M | ||
| Q1 25 | $45.7M | $22.6M | ||
| Q4 24 | $94.0M | $34.8M | ||
| Q3 24 | $62.9M | $35.5M | ||
| Q2 24 | $70.4M | $-7.7M | ||
| Q1 24 | $87.3M | $6.7M |
| Q4 25 | -0.5% | 5.7% | ||
| Q3 25 | 5.9% | 6.2% | ||
| Q2 25 | 0.5% | 2.1% | ||
| Q1 25 | 5.2% | 4.5% | ||
| Q4 24 | 11.3% | 7.3% | ||
| Q3 24 | 7.8% | 8.1% | ||
| Q2 24 | 9.3% | -1.9% | ||
| Q1 24 | 11.9% | 1.8% |
| Q4 25 | 4.6% | 5.4% | ||
| Q3 25 | 4.6% | 3.8% | ||
| Q2 25 | 5.5% | 4.7% | ||
| Q1 25 | 3.3% | 4.3% | ||
| Q4 24 | 2.6% | 3.8% | ||
| Q3 24 | 2.5% | 3.7% | ||
| Q2 24 | 1.7% | 2.8% | ||
| Q1 24 | 1.9% | 5.5% |
| Q4 25 | 0.41× | 1.56× | ||
| Q3 25 | 1.07× | — | ||
| Q2 25 | 0.63× | — | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | 1.34× | — | ||
| Q3 24 | 1.07× | — | ||
| Q2 24 | 1.02× | — | ||
| Q1 24 | 1.25× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FN
| Optical Communications | $832.6M | 73% |
| Non Optical Communications | $300.3M | 27% |
NTRA
Segment breakdown not available.
