Fabrinet (FN) is undervalued and TTM Technologies Inc (TTMI) is overvalued.
Against our estimates of intrinsic value, FN trades at the wider discount: a margin of safety of +65%, against -271% for TTMI.
Values as of the 22 Sept 2026 close.
A 8.8x revenue multiple, adjusted for growth and margin, values the shares at $1164.03; the price of $403.80 is 65% below that value.
Leak Score 100/100 on 2 of 12 signals
Discounting its cash flows at 13.4% (average of 3 methods) values the shares at $34.38; the price of $127.47 is 271% above that value, and 63% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
| Metric | FN | TTMI |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $403.80 | $127.47 |
| Intrinsic value | $1164.03 | $34.38 |
| Margin of safety | +65% | -271% |
| Leak Score | 100/100 (2/12) | 27/100 (3/12) |
| Market cap | $14.5B | $13.4B |
| Revenue growth, 5 years | 19.8% | 6.7% |
| Operating margin | 10.1% | 10.0% |
| Net margin | 10.2% | 7.0% |
| Return on equity | 21.3% | 13.3% |
| Debt to equity | 0.00 | 0.57 |
| P/E | 31.0x | 57.5x |
| Forward P/E | 18.6x | 18.4x |
| P/B | 5.9x | 6.9x |