Fabrinet margin and cash-flow waterfall: how a record beat-and-raise became a ~7% after-hours de-rating Beat-and-raise lifts estimates rev $1.316B (+45%) · EPS $4.10 Gross-margin tension slips ~30bps YoY to 12.2% mix + depreciation pressure Cash-flow tension Q4 FCF -$36.9M capex $252.5M vs OCF $256.7M Valuation backdrop ~51x trailing P/E amplifies the two tensions amplifier dial run-up +13.6% in 5 days Outcome ~7% after-hours de-rating Branch A · correction margin stabilizes + 1.6T ramp holds → buy-the-dip Branch B · warning margin erodes under depreciation → de-rating compounds