Jabil Inc.
Information Technology · Electronic Manufacturing Services
EMS pure-play with the cleanest hyperscaler/AI-infrastructure read in US-listed contract manufacturing. Intelligent Infrastructure segment (cloud + capital equipment + networking) is the AI-capex beta; Regulated Industries (healthcare + EV + packaging) is the defensive ballast that smooths the cyclical EMS cycle.
- AI server + liquid-cooling + networking ramp pulls Intelligent Infrastructure double-digit; direct read on $NVDA + $AVGO + hyperscaler capex
- Capital equipment exposure (semicap tools) layers on top of the $AMAT / $LRCX / $ASML cycle
- Aggressive buyback cadence ($1B+/yr) on a thin float compresses share count
- Margin mix-shift story: software-defined manufacturing + design wins lift segment margins above legacy EMS comps
- Regulated Industries (healthcare devices, EV power electronics) is a structural growth leg insulated from consumer cycles
- EMS margins structurally thin (3-5% op); any hyperscaler order push-out shows up immediately
- Customer concentration risk - top 5 customers historically 40%+ of revenue; $AAPL exit (legacy Mobility divestiture) shows how fast a leg can disappear
- Cyclical end markets (5G, EV, semicap) all rolling over together would compress both segments at once
- China/Mexico manufacturing footprint = tariff + reshoring policy headline risk
- Working-capital intensive; FCF can swing hard on inventory cycles
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