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Side-by-side financial comparison of Fabrinet (FN) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
Fabrinet is the larger business by last-quarter revenue ($1.1B vs $789.0M, roughly 1.4× UL Solutions Inc.). Fabrinet runs the higher net margin — 9.9% vs 8.5%, a 1.4% gap on every dollar of revenue. On growth, Fabrinet posted the faster year-over-year revenue change (35.9% vs 6.8%). UL Solutions Inc. produced more free cash flow last quarter ($86.0M vs $-5.3M). Over the past eight quarters, Fabrinet's revenue compounded faster (24.4% CAGR vs 8.5%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
FN vs ULS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $789.0M |
| Net Profit | $112.6M | $67.0M |
| Gross Margin | 12.2% | 49.7% |
| Operating Margin | 10.1% | 15.0% |
| Net Margin | 9.9% | 8.5% |
| Revenue YoY | 35.9% | 6.8% |
| Net Profit YoY | 30.0% | -17.3% |
| EPS (diluted) | $3.11 | $0.33 |
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 | $789.0M | ||
| Q3 25 | $978.1M | $783.0M | ||
| Q2 25 | $909.7M | $776.0M | ||
| Q1 25 | $871.8M | $705.0M | ||
| Q4 24 | $833.6M | $739.0M | ||
| Q3 24 | $804.2M | $731.0M | ||
| Q2 24 | $753.3M | $730.0M | ||
| Q1 24 | $731.5M | $670.0M |
| Q4 25 | $112.6M | $67.0M | ||
| Q3 25 | $95.9M | $100.0M | ||
| Q2 25 | $87.2M | $91.0M | ||
| Q1 25 | $81.3M | $67.0M | ||
| Q4 24 | $86.6M | $81.0M | ||
| Q3 24 | $77.4M | $88.0M | ||
| Q2 24 | $81.1M | $101.0M | ||
| Q1 24 | $80.9M | $56.0M |
| Q4 25 | 12.2% | 49.7% | ||
| Q3 25 | 11.9% | 50.3% | ||
| Q2 25 | 12.2% | 49.4% | ||
| Q1 25 | 11.7% | 48.4% | ||
| Q4 24 | 12.1% | 47.4% | ||
| Q3 24 | 12.3% | 49.0% | ||
| Q2 24 | 12.3% | 50.1% | ||
| Q1 24 | 12.4% | 47.6% |
| Q4 25 | 10.1% | 15.0% | ||
| Q3 25 | 9.6% | 19.9% | ||
| Q2 25 | 9.8% | 17.9% | ||
| Q1 25 | 9.0% | 15.5% | ||
| Q4 24 | 9.5% | 15.6% | ||
| Q3 24 | 9.6% | 17.8% | ||
| Q2 24 | 9.7% | 17.3% | ||
| Q1 24 | 9.7% | 13.6% |
| Q4 25 | 9.9% | 8.5% | ||
| Q3 25 | 9.8% | 12.8% | ||
| Q2 25 | 9.6% | 11.7% | ||
| Q1 25 | 9.3% | 9.5% | ||
| Q4 24 | 10.4% | 11.0% | ||
| Q3 24 | 9.6% | 12.0% | ||
| Q2 24 | 10.8% | 13.8% | ||
| Q1 24 | 11.1% | 8.4% |
| Q4 25 | $3.11 | $0.33 | ||
| Q3 25 | $2.66 | $0.49 | ||
| Q2 25 | $2.41 | $0.45 | ||
| Q1 25 | $2.25 | $0.33 | ||
| Q4 24 | $2.38 | $0.40 | ||
| Q3 24 | $2.13 | $0.44 | ||
| Q2 24 | $2.22 | $0.50 | ||
| Q1 24 | $2.21 | $0.28 |
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 | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $2.2B | $1.3B |
| Total Assets | $3.3B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $960.8M | $295.0M | ||
| Q3 25 | $968.8M | $255.0M | ||
| Q2 25 | $934.2M | $272.0M | ||
| Q1 25 | $950.7M | $267.0M | ||
| Q4 24 | $934.6M | $298.0M | ||
| Q3 24 | $908.9M | $327.0M | ||
| Q2 24 | $858.6M | $295.0M | ||
| Q1 24 | $794.0M | $344.0M |
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M | ||
| Q1 24 | — | $879.0M |
| Q4 25 | $2.2B | $1.3B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $2.0B | $1.1B | ||
| Q1 25 | $1.9B | $970.0M | ||
| Q4 24 | $1.8B | $904.0M | ||
| Q3 24 | $1.8B | $872.0M | ||
| Q2 24 | $1.7B | $769.0M | ||
| Q1 24 | $1.7B | $671.0M |
| Q4 25 | $3.3B | $2.9B | ||
| Q3 25 | $3.0B | $2.9B | ||
| Q2 25 | $2.8B | $2.9B | ||
| Q1 25 | $2.6B | $2.9B | ||
| Q4 24 | $2.5B | $2.8B | ||
| Q3 24 | $2.4B | $2.9B | ||
| Q2 24 | $2.3B | $2.7B | ||
| Q1 24 | $2.2B | $2.8B |
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.31× |
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 | $144.0M |
| Free Cash FlowOCF − Capex | $-5.3M | $86.0M |
| FCF MarginFCF / Revenue | -0.5% | 10.9% |
| Capex IntensityCapex / Revenue | 4.6% | 7.4% |
| Cash ConversionOCF / Net Profit | 0.41× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $102.3M | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $46.3M | $144.0M | ||
| Q3 25 | $102.6M | $155.0M | ||
| Q2 25 | $55.1M | $147.0M | ||
| Q1 25 | $74.2M | $154.0M | ||
| Q4 24 | $115.9M | $130.0M | ||
| Q3 24 | $83.2M | $150.0M | ||
| Q2 24 | $83.1M | $103.0M | ||
| Q1 24 | $100.9M | $141.0M |
| Q4 25 | $-5.3M | $86.0M | ||
| Q3 25 | $57.3M | $109.0M | ||
| Q2 25 | $4.7M | $105.0M | ||
| Q1 25 | $45.7M | $103.0M | ||
| Q4 24 | $94.0M | $72.0M | ||
| Q3 24 | $62.9M | $84.0M | ||
| Q2 24 | $70.4M | $47.0M | ||
| Q1 24 | $87.3M | $84.0M |
| Q4 25 | -0.5% | 10.9% | ||
| Q3 25 | 5.9% | 13.9% | ||
| Q2 25 | 0.5% | 13.5% | ||
| Q1 25 | 5.2% | 14.6% | ||
| Q4 24 | 11.3% | 9.7% | ||
| Q3 24 | 7.8% | 11.5% | ||
| Q2 24 | 9.3% | 6.4% | ||
| Q1 24 | 11.9% | 12.5% |
| Q4 25 | 4.6% | 7.4% | ||
| Q3 25 | 4.6% | 5.9% | ||
| Q2 25 | 5.5% | 5.4% | ||
| Q1 25 | 3.3% | 7.2% | ||
| Q4 24 | 2.6% | 7.8% | ||
| Q3 24 | 2.5% | 9.0% | ||
| Q2 24 | 1.7% | 7.7% | ||
| Q1 24 | 1.9% | 8.5% |
| Q4 25 | 0.41× | 2.15× | ||
| Q3 25 | 1.07× | 1.55× | ||
| Q2 25 | 0.63× | 1.62× | ||
| Q1 25 | 0.91× | 2.30× | ||
| Q4 24 | 1.34× | 1.60× | ||
| Q3 24 | 1.07× | 1.70× | ||
| Q2 24 | 1.02× | 1.02× | ||
| Q1 24 | 1.25× | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
