Jabil Circuit Inc (JBL)
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Jabil builds the servers, racks and cooling gear of the AI boom on behalf of others — and shows up in our in-house "Joshua" growth scanner (data as of July 17, 2026). We read the annual reports (10-K) for fiscal years 2024 and 2025 and the quarterly reports (10-Q) through May 31, 2026: an AI segment whose share of revenue climbed from 32 to 47 percent, a gross margin around 9 percent, a single customer at 16 percent of revenue inside that very AI segment, an equity base of just $1.3 billion against $23.8 billion in total assets — and a stock that has roughly tripled since early 2025. Not investment advice — just the question of whether the shovel is worth the price of the gold vein.
Appears in These Scanners
This stock currently matches 15 of our scanner strategies — each hit links to the scanner.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AIJabil setzt KI laut Geschäftsbericht 10-K für das Geschäftsjahr 2025 operativ im eigenen Geschäft ein: KI-gestützte Einkaufs- und Steuerungsplattformen („procurement intelligence platforms and AI-driven orchestration systems“) in der eigenen Lieferkette sowie maschinelles Lernen und KI als Bestandteil der differenzierten Fertigungsdienstleistungen. Eigene KI-Umsätze weist der Konzern nicht aus. Die starke KI-Nachfrage im Segment Intelligent Infrastructure ist Endmarkt-Belieferung (Auftragsfertigung von KI-Infrastruktur-Hardware für Kunden) und begründet keine „verkauft“-Einstufung — Endmarkt-Belieferung allein ist kein eigener KI-Einsatz. Vorrang-Prüfung: keine eigenen KI-Produkte als Umsatzquelle (kein „verkauft“); Risk Factors nennen KI nicht als konkrete Bedrohung des eigenen Geschäftsmodells (kein „bedroht“); dokumentierter operativer Eigen-Einsatz → „nutzt“.
View the full file — quotes, sources, reviewed filings
„These capabilities include procurement intelligence platforms and AI-driven orchestration systems that deliver real-time data insights to support cost management, inventory optimization, and risk mitigation across global supply networks."
Zu diesen Fähigkeiten gehören Einkaufs-Intelligenz-Plattformen und KI-gestützte Orchestrierungssysteme, die Echtzeit-Dateneinblicke liefern, um Kostenmanagement, Bestandsoptimierung und Risikominderung über globale Liefernetzwerke hinweg zu unterstützen.
„If we are unable to offer technologically advanced, cost effective, quick response manufacturing services that are differentiated from our competition (including utilization of machine learning and artificial intelligence) and adapt those services as our customers’ requirements change, demand for our services will decline."
Wenn wir nicht in der Lage sind, technologisch fortschrittliche, kosteneffiziente und schnell reagierende Fertigungsdienstleistungen anzubieten, die sich vom Wettbewerb abheben (einschließlich des Einsatzes von maschinellem Lernen und künstlicher Intelligenz), und diese Dienstleistungen an sich ändernde Kundenanforderungen anzupassen, wird die Nachfrage nach unseren Dienstleistungen zurückgehen.
Rated on July 17, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | 1.05 | -85.60 | 6,728 | -0.60 | 1.70 | 334 | 218 |
| 2025: Q2 | 1.99 | 87.80 | 7,828 | 15.70 | 2.80 | 406 | 320 |
| 2025: Q3 | 2.00 | 68.80 | 8,252 | 18.50 | 2.60 | 588 | 419 |
| 2025: Q4 | 1.35 | 53.70 | 8,305 | 18.70 | 1.80 | 323 | 228 |
| 2026: Q1 | 2.07 | 96.80 | 8,282 | 23.10 | 2.70 | 411 | 506 |
| 2026: Q2 | 2.58 | 29.70 | 8,751 | 11.80 | 3.10 | 535 | 351 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The Intelligent Infrastructure segment grew 34 percent in fiscal year 2025 and 41 percent in the first nine months of fiscal year 2026 (cloud/data center: +31 percent); its revenue share rose from 32 to 47 percent, the tied-up assets from $3.7 to $8.8 billion — a real, documented AI boom (10-K FY 2025, 10-Q as of 05/31/2026).
Gross margin around 8.9 percent, operating margin around 5 percent, net margin around 2 percent — and per the annual report it was precisely the product mix in the AI segment that lowered the 2025 gross margin. The growth is high-volume but thin-margin: Jabil carries the materials, the factory and the people, the margin stays with the customer.
A single customer ("Customer A") accounted for 16 percent of group revenue in fiscal year 2025 — reported primarily in the AI segment; the five largest for 36 percent (10-K FY 2025, Note 14). The hottest part of the growth hangs on a few big deals.
Only $1.3 billion of equity against $23.8 billion in total assets (05/31/2026); the 66 percent return on equity is mostly a denominator effect of the thin cushion. Buybacks (113.7 → 104.8 million shares) are shareholder-friendly but work with leverage (net debt roughly 3x equity).
A trailing price-to-earnings ratio around 45, price-to-book around 29 (fundamental data, data as of July 17, 2026), market value roughly $38 billion after a rough tripling since early 2025 — for a manufacturer with a single-digit margin, a growth-star price that takes a lot of future in advance.
Jabil is an excellently run contract manufacturer that has cleverly positioned itself at the front of the AI build-out: the AI segment grows at 30 to 40 percent and now makes up nearly half of revenue. But Jabil remains a manufacturer — of every AI rack a single-digit margin is left, the hot growth even dilutes the gross margin, a single customer accounts for 16 percent of revenue, and the equity cushion is wafer-thin. At 45 times earnings the market is paying, for the shovel, the price of the gold vein. Not investment advice.
- JBL reached our research list via the "Joshua" growth scanner and twelve further trend/quality filters in our in-house stock scanner (data as of July 17, 2026); the Joshua filter classifies the stock as a growth name — what the market currently pays, not what the business earns.
- Scanner metrics (P/E, P/B, ROE, EBIT margin) are computed from trailing twelve-month figures; the Mobility one-time gain (FY 2024) has by now rolled out of the trailing numbers, while the thin equity base and the single-digit margins are baked in.
- Valuation figures are dated to July 17, 2026 (market value on the order of $38 billion); analyses are evergreen, daily prices are not a buy argument. Jabil's fiscal year ends August 31 — all quarterly references carry that fiscal-year offset.
About the Company
Jabil Inc. bietet weltweit Engineering-, Fertigungs- und Lieferkettenlösungen an.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 135,000 |
| Headquarters | Saint Petersburg, FL |
| Website | jabil.com |
| IPO Date | 29. Apr 1993 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Michael Dastoor | CEO & Director | 1965 |
| Gregory B. Hebard | Chief Financial Officer | 1969 |
| Andrew D. Priestley | Executive VP & Chief Operations Officer | 1972 |
| Steven D. Borges | Executive Vice President of Global Business Units | 1968 |
| Ed Bailey | CTO & SVP of Intelligent Infrastructure | – |
| May Yee Yap | Senior VP & Chief Information Officer | 1970 |
| Adam E. Berry | Senior Vice President of Investor Relations & Corporate Affairs | 1978 |
| Kristine Melachrino | Executive VP & General Counsel | 1978 |
| Gary K. Schick | Senior VP & Chief Human Resources Officer | 1970 |
| Francis G. McKay | Senior VP & Chief Supply Chain Officer | 1970 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.