# Jabil Circuit (JBL.US)

Canonical: https://gigainvestors.com/s/JBL

Analysis as of: 2026-10-16T07:29:28.349Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $287.14 per share; close as of 2026-10-15.

Estimated value: low $148.51 per share, central $207.98 per share, high $242.61 per share. Buy at or below the central value $207.98 per share. Valuation as of 2026-10-16T07:29:28.349Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.03×

- FY2020: 0.02×

- FY2021: 0.04×

- FY2022: 0.04×

- FY2023: 0.04×

- FY2024: 0.07×

- FY2025: 0.04×

- FY2026: 0.05×

### moat: pass

- ROIC, median of available years: 25.8%

- ROIC, second-lowest year: 11.4%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 8.1%

- Recent gross margin (lower of latest and 3-year median): 9.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: 16.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.1%

- FY2018: 13.6%

- FY2019: 17.5%

- FY2020: 11.4%

- FY2021: 24.6%

- FY2022: 30.6%

- FY2023: 27.1%

- FY2024: 74.8%

- FY2025: 41.4%

- FY2026: 60.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.1B

- Net income, five-year total: $4.9B

- Return on incremental invested capital: 48.8%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 3.4 pp

- Working capital / revenue, final three-year average: 5.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.94×

- FY2025: 1.31×

- FY2026: 1.05×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 13.6% vs 60.9%

- Per-share earnings: 0.69 to 9.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -5.8%

- Ordinary dilution, 5-year annual growth: -7.0%

- Market cap gain: $27B

- Cumulative retained earnings: $5.7B

- Diluted shares, 10-year annual growth: -5.8%

- Diluted shares, 5-year annual growth: -7.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 39.3%

- Per-share value change: $9.14

- Per-share value, starting three-year median: $0.69

- Per-share value, ending three-year median: $9.83

- Buybacks concentrated in cheaper years (correlation): 0.33

- Average buyback yield: 7.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.1B

- Cumulative net income, 10 years: $6.2B

- ROIC, first three-year median: 13.6%

- ROIC, last three-year median: 60.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.69

- FY2018: $0.49

- FY2019: $1.81

- FY2020: $0.35

- FY2021: $4.58

- FY2022: $6.90

- FY2023: $6.02

- FY2024: $11.17

- FY2025: $5.92

- FY2026: $9.83

### accounting: pass

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 1.27×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 7.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.92×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.13×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -10.2%

- FY2018: -7.0%

- FY2019: -7.0%

- FY2020: -8.4%

- FY2021: -4.4%

- FY2022: -3.3%

- FY2023: -4.7%

- FY2024: -1.9%

- FY2025: -5.3%

- FY2026: -3.5%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 26% since Jun 2026 · "Management expects another sharp increase in AI-related business during fiscal 2027." (finance.yahoo.com, Oct 2026) · sales +20.6%

Story as of 2026-10-16T09:58:58.856Z; price observation 2026-10-15.

Price needs cash profits to grow 10.7% a year for ten years

- 2025-06-25: Jabil (JBL) Taps AI Infrastructure Boom to Boost Earnings Per Share ([finance.yahoo.com](https://finance.yahoo.com/news/jabil-jbl-taps-ai-infrastructure-234900439.html))

- 2025-09-25: Jabil forecasts upbeat full-year results on AI-driven data center demand ([finance.yahoo.com](https://finance.yahoo.com/news/jabil-forecasts-upbeat-full-results-123618178.html))

- 2025-12-18: JBL Q4 Deep Dive: Data Center and AI Demand Drive Broad-Based Growth ([finance.yahoo.com](https://finance.yahoo.com/news/jbl-q4-deep-dive-data-053122181.html))

- 2026-01-05: Jabil Acquires Hanley Energy Group to Support AI Data Center Power Management ([finance.yahoo.com](https://finance.yahoo.com/news/jabil-acquires-hanley-energy-group-130500088.html))

- 2026-06-18: JBL Q3 Earnings Beat Estimates on AI Infrastructure Strength ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/jbl-q3-earnings-beat-estimates-131800614.html))

- 2026-10-02: Buy Jabil (JBL) Stock as AI Infrastructure Demand Fuels Strong Q4 Results? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/buy-jabil-jbl-stock-ai-170600850.html))

### Sales · FY2025–2026

sales +20.6%; source https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm; observed 2025-10-17.

- FY2017: $19B 

- FY2018: $22B 

- FY2019: $25B 

- FY2020: $27B 

- FY2021: $29B 

- FY2022: $33B 

- FY2023: $35B 

- FY2024: $29B 

- FY2025: $30B 

- FY2026: $36B 

### Gross margin · FY2026

gross margin 9.2%; source https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm; observed 2025-10-17.

- FY2017: 8.1% 

- FY2018: 7.7% 

- FY2019: 7.6% 

- FY2020: 7.1% 

- FY2021: 8.1% 

- FY2022: 7.9% 

- FY2023: 8.3% 

- FY2024: 9.3% 

- FY2025: 8.9% 

- FY2026: 9.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic components; annual sales are USD 36 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); FY2026: revenue 35954000000; grossProfit 3317000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JBL.US: Jabil Inc. provides engineering, manufacturing, and supply chain solutions worldwide. It operates in three segments: Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce. The company offers electronic hardware, and embedded software design services for analog, digital, radio frequency, power, sensor, and optical component applications; creates, develops, and connects concepts and specifications that optimize the function, value, and appearance of products for both consumers and manufacturing partners; design of plastic and metal components, enclosures, sub-assemblies, and systems, with advanced modeling and analysis of electronic, electro-mechanical, and optical assemblies; detail design, environmental applications, thermal and tooling management; develop solutions for virtual and/or augmented reality, light detection and ranging, 3D sensing, projection, and imaging; delivering PCBA design with CAD tools; and electrical and mechanical assemblies. The company also offers cloud data center server platforms; medical and consumer health devices; automotive assemblies; a digital commerce ecosystem; and smart controls and security for digital building and utilities. In addition, the company offers systems assembly, test, direct-order fulfillment, and configure-to-order services. It serves 5G, wireless and cloud, digital print and retail, industrial and semi-cap, networking and storage, automotive and transportation, connected devices, healthcare and packaging, and mobility industries. Jabil Inc. was formerly known as Jabil Circuit, Inc. and changed its name to Jabil Inc. in June 2017. The company was founded in 1966 and is based in Saint Petersburg, Florida.

### Why customers stay

Margins ranged from 8.9% to 9.3% during 2024–26; it earns 25.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); FY2024: grossProfit / revenue = 9.3%.

- Source: https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm (filed 2025-10-17); FY2025: grossProfit / revenue = 8.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); FY2026: grossProfit / revenue = 9.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); 10-year return on capital observations [[2017,0.10125285693834937],[2018,0.1364164571770111],[2019,0.17534677793320544],[2020,0.11359664452988466],[2021,0.24584751104392463],[2022,0.30627008794546673],[2023,0.2708186500406614],[2024,0.7484450054270784],[2025,0.4135860592439526],[2026,0.6092141159904956]]; median 0.25833308054229304. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 8% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm (filed 2025-10-17); Gross margin observations: [[2021,0.08055318422400547],[2022,0.07861879443216441],[2023,0.08261771655812346]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); FY2017: growth capex 0; upkeep 716485000; owner earnings 173010000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); FY2018: growth capex 262947000; upkeep 773704000; owner earnings 86330000. Growth capex / owner earnings = 3.045835746553921.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); FY2019: growth capex 233480000; upkeep 772000000; owner earnings 287111000. Growth capex / owner earnings = 0.8132046490730066.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); FY2020: growth capex 188035000; upkeep 795000000; owner earnings 54000000. Growth capex / owner earnings = 3.48212962962963.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); FY2021: growth capex 283000000; upkeep 876000000; owner earnings 696000000. Growth capex / owner earnings = 0.40660919540229884.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); FY2022: growth capex 460000000; upkeep 925000000; owner earnings 996000000. Growth capex / owner earnings = 0.46184738955823296.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); FY2023: growth capex 106000000; upkeep 924000000; owner earnings 818000000. Growth capex / owner earnings = 0.1295843520782396.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); FY2024: growth capex 0; upkeep 784000000; owner earnings 1300000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm (filed 2025-10-17); FY2025: growth capex 0; upkeep 468000000; owner earnings 863000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); FY2026: growth capex 0; upkeep 628000000; owner earnings 1095000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); Dividend observations: [[2017,59959000],[2018,57833000],[2019,52004000],[2020,50462000],[2021,50000000],[2022,48000000],[2023,45000000],[2024,42000000],[2025,36000000],[2026,35000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); FY2026: cash repurchases 1060000000 USD.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JBL.US SharesStats.PercentInsiders = 1.192 percentage points; cache date 2026-10-16.

### What could break it

"We derive a substantial majority of our revenues from our international operations" (SEC filing, Oct 2025)

- Source: https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm (filed 2025-10-17); We derive a substantial majority of our revenues from our international operations

### What the price says

The price assumes cash profits grow 10.7% yearly over ten years; actual growth was 35.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-17); Ten-year compound average after fade. Initial solved rate 0.14157694211061644. Price 287.14; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.482528688576843 → FY2026 10.330188679245284. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $21.34 per share

- 2016-11: $21.15 per share

- 2016-12: $23.67 per share

- 2017-01: $23.98 per share

- 2017-02: $25.51 per share

- 2017-03: $28.92 per share

- 2017-04: $29.02 per share

- 2017-05: $29.92 per share

- 2017-06: $29.19 per share

- 2017-07: $30.50 per share

- 2017-08: $31.35 per share

- 2017-09: $28.55 per share

- 2017-10: $28.28 per share

- 2017-11: $28.85 per share

- 2017-12: $26.25 per share

- 2018-01: $25.43 per share

- 2018-02: $27.09 per share

- 2018-03: $28.73 per share

- 2018-04: $26.60 per share

- 2018-05: $28.28 per share

- 2018-06: $27.66 per share

- 2018-07: $28.17 per share

- 2018-08: $29.56 per share

- 2018-09: $27.08 per share

- 2018-10: $24.73 per share

- 2018-11: $24.97 per share

- 2018-12: $24.79 per share

- 2019-01: $26.65 per share

- 2019-02: $28.40 per share

- 2019-03: $26.59 per share

- 2019-04: $30.21 per share

- 2019-05: $24.59 per share

- 2019-06: $31.60 per share

- 2019-07: $30.88 per share

- 2019-08: $28.81 per share

- 2019-09: $35.77 per share

- 2019-10: $36.82 per share

- 2019-11: $38.84 per share

- 2019-12: $41.33 per share

- 2020-01: $38.89 per share

- 2020-02: $32.05 per share

- 2020-03: $24.58 per share

- 2020-04: $28.44 per share

- 2020-05: $29.92 per share

- 2020-06: $32.08 per share

- 2020-07: $34.86 per share

- 2020-08: $34.15 per share

- 2020-09: $34.26 per share

- 2020-10: $33.14 per share

- 2020-11: $38.22 per share

- 2020-12: $42.53 per share

- 2021-01: $41.37 per share

- 2021-02: $43.17 per share

- 2021-03: $52.16 per share

- 2021-04: $52.42 per share

- 2021-05: $56.45 per share

- 2021-06: $58.12 per share

- 2021-07: $59.54 per share

- 2021-08: $61.78 per share

- 2021-09: $58.37 per share

- 2021-10: $59.96 per share

- 2021-11: $58.46 per share

- 2021-12: $70.35 per share

- 2022-01: $61.49 per share

- 2022-02: $57.81 per share

- 2022-03: $61.73 per share

- 2022-04: $57.73 per share

- 2022-05: $61.52 per share

- 2022-06: $51.21 per share

- 2022-07: $59.34 per share

- 2022-08: $60.30 per share

- 2022-09: $57.71 per share

- 2022-10: $64.25 per share

- 2022-11: $72.19 per share

- 2022-12: $68.20 per share

- 2023-01: $78.63 per share

- 2023-02: $83.03 per share

- 2023-03: $88.16 per share

- 2023-04: $78.15 per share

- 2023-05: $89.52 per share

- 2023-06: $107.93 per share

- 2023-07: $110.67 per share

- 2023-08: $114.42 per share

- 2023-09: $126.89 per share

- 2023-10: $122.80 per share

- 2023-11: $115.32 per share

- 2023-12: $127.40 per share

- 2024-01: $125.29 per share

- 2024-02: $144.09 per share

- 2024-03: $133.95 per share

- 2024-04: $117.36 per share

- 2024-05: $118.90 per share

- 2024-06: $108.79 per share

- 2024-07: $112.67 per share

- 2024-08: $109.28 per share

- 2024-09: $119.83 per share

- 2024-10: $123.09 per share

- 2024-11: $135.83 per share

- 2024-12: $143.90 per share

- 2025-01: $162.41 per share

- 2025-02: $154.92 per share

- 2025-03: $136.07 per share

- 2025-04: $146.56 per share

- 2025-05: $168.01 per share

- 2025-06: $218.10 per share

- 2025-07: $223.17 per share

- 2025-08: $204.83 per share

- 2025-09: $217.17 per share

- 2025-10: $220.89 per share

- 2025-11: $210.71 per share

- 2025-12: $228.02 per share

- 2026-01: $237.19 per share

- 2026-02: $264.99 per share

- 2026-03: $265.63 per share

- 2026-04: $337.49 per share

- 2026-05: $364.56 per share

- 2026-06: $385.48 per share

- 2026-07: $315.05 per share

- 2026-08: $305.26 per share

- 2026-09: $286.86 per share

- 2026-10: $317.86 per share

## Annual estimated value (USD per share)

- FY2017: low $13.51 per share, central $16.37 per share, high $18.41 per share

- FY2018: low $13.81 per share, central $15.07 per share, high $16.75 per share

- FY2019: low $19.59 per share, central $26.21 per share, high $30.06 per share

- FY2020: low $15.19 per share, central $16.53 per share, high $18.32 per share

- FY2021: low $30.21 per share, central $40.39 per share, high $46.32 per share

- FY2022: low $41.39 per share, central $56.73 per share, high $65.66 per share

- FY2023: low $90.00 per share, central $125.06 per share, high $145.48 per share

- FY2024: low $73.42 per share, central $81.74 per share, high $92.82 per share

- FY2025: low $97.11 per share, central $108.84 per share, high $124.45 per share

- FY2026: low $146.81 per share, central $205.60 per share, high $239.83 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:35:12.443Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/898293/000162828025045293/jbl-20250831.htm); period 2025-08-31, filed 2025-10-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.