Jabil (JBL) ☆

Jabil provides engineering, manufacturing and supply chain services through three segments. Per its FY2025 10-K, Intelligent Infrastructure serves "capital equipment, cloud and data center infrastructure, and networking and communications" customers; Regulated Industries serves automotive and transportation, healthcare and packaging, and renewables and energy infrastructure; and Connected Living and Digital Commerce is focused on "digitalization and automation, including warehouse automation and robotics". AI demand now drives growth: the fiscal 2026 release (2026-09-30) reports net revenue of $36.0 billion, with the CEO saying Jabil "grew revenue 21%, expanded core operating margin 40 basis points", and on the Q4 FY2026 call management said "AI-related revenue was up 60% year-over-year", that Jabil "ended the year with four customers with AI related revenue above a billion dollars annually", and that it expects cloud and data center infrastructure revenue of "approximately $17.5 billion" in fiscal 2027. The 10-K shows the limits: the five largest customers were approximately 36% of fiscal 2025 revenue and one customer, reported primarily in Intelligent Infrastructure, 16%; manufacturing processes are "generally not subject to significant proprietary protection"; and competitors may "be willing or able to make sales or provide services at lower margins than we do". An independent tally (EMSNOW/in4ma, 2026-03-06) counts Jabil among the US "big four" EMS providers while putting Foxconn, Wistron, Quanta and Wiwynn at "nearly 57% of global EMS/ODM production". A large, fast-growing contractor without a protected position.

评级: 无

Jabil's FY2025 10-K (fiscal year ended August 31, 2025) says it plainly: "Our business is highly competitive, and our manufacturing processes are generally not subject to significant proprietary protection." It adds that "The significant purchasing power and market power of these competitors, many of which are large companies, has and could increase pricing and competitive pressures for us", that some "have substantially greater manufacturing, research and development (R&D) and marketing resources", and that customers "are continually evaluating the merits of manufacturing products internally against the advantages of outsourcing". Stored fundamentals from the 10-Ks show gross profit of $2,867 million on $34,702 million of revenue in fiscal 2023, $2,676 million on $28,883 million in fiscal 2024 and $2,646 million on $29,802 million in fiscal 2025. AI demand has since accelerated growth (fiscal 2026 net revenue of $36.0 billion, per the 2026-09-30 release), but growth is not protection, and the filing's own description is of an unprotected, competitive service. No moat is claimable.

类型: 无

The 10-K says "We currently have a relatively modest number of patents for various innovations" and that Jabil relies "largely upon a combination of intellectual property laws, non-disclosure agreements with our customers, employees, and suppliers and our internal security systems, policies, and procedures", with other proprietary-rights factors being "the knowledge and experience of our management and workforce". Its stated advantages are operating methods (customer-dedicated business units, "highly automated, continuous flow manufacturing", global production and centralized procurement), not lock-in: "In the past, some of our customers moved a portion of their manufacturing from us in order to more fully utilize their excess internal manufacturing capacity." On the Q4 FY2026 call (https://earningswhispers.com/transcript/JBL/Q42026) management described a build-to-customer-design model rather than proprietary platforms: "We help customers build the system they've designed with their silicon, their architecture, and whichever suppliers they choose."

领先地位: 势均力敌

The 10-K calls Jabil "one of the leading providers of engineering, manufacturing, and supply chain solutions" and claims no rank. Independently, EMSNOW/in4ma's "EMS&ODM Global 100" (2026-03-06, https://www.emsnow.com/?p=53535) groups Jabil with Flex, Celestica and Sanmina as the US "big four", "representing about 85% of the revenue base among ~20 US headquartered EMS/ODM", while Wistron, Quanta and Wiwynn "plus Foxconn together account for nearly 57% of global EMS/ODM production". The 10-K concedes some competitors have "substantially greater manufacturing, research and development (R&D) and marketing resources". Among the largest Western contract manufacturers but behind the Taiwanese leaders in scale: at parity, not a leader.

定价权: 弱

Stored fundamentals show gross profit of $2,867 million on $34,702 million of revenue in fiscal 2023, $2,676 million on $28,883 million in fiscal 2024 and $2,646 million on $29,802 million in fiscal 2025. The 10-K says "Most of our significant long-term customer contracts permit quarterly or other periodic prospective adjustments to pricing based on decreases and increases in component prices and other factors", so component costs largely pass through, while competitors may "be better positioned to compete on price for their services". Management's fiscal 2027 outlook is a core operating margin (non-GAAP) of 6.1% (release, https://www.sec.gov/Archives/edgar/data/898293/000162828026063890/jbl-20260930ex991.htm).

基于所引来源做出的人工整理护城河判断。 来源：sec.gov

与其他公司对比…

产业链位置

层级: servers & ODM

• 上游（供应商）： —
• 下游（客户）： —
• 竞争对手： Celestica, Flex

Contract manufacturer for cloud, networking, semiconductor-equipment, automotive, healthcare and consumer customers. On the Q4 FY2026 call management said "Others in the industry are building product companies around their own power and cooling platforms and asking customers to standardize on them. That's a legitimate model. Ours is different."

由这家公司已映射的供应链关系及其所属产业层级推导而来。

信号贡献 编辑先验

护城河先验在长周期（约 6 个月）上投出 -0.06 票，权重为 0.20——该周期上的群体判断是 neutral（得分 -0.10，信念度 0）。

编辑先验——主观、未经回测。它有界（±0.6）、低置信度，且从不对短周期与中周期投票。 查看它究竟如何投票 →

产品线

产品与服务，附编辑判定的市场份额区间与技术壁垒区间——这些是与所引依据绑定的定性判断，绝非杜撰的数字。

你正在看的是什么

这些图表绘制的是 Jabil 在其 SEC 申报文件中已申报的利润表、现金流量表与资产负债表（截至 2026-06-30）。每一个数字都是申报原值 XBRL——没有任何一项是预估。

在已申报的区间内，FY2025 净利润为 $657.0M。

我们的模型在中周期上对这只股票偏向 Low-confidence · Neutral——这是对市场方向的判断，不是对盈利的预测。查看“信号”标签。

申报文件

• 2025Q3 · 申报于 2026-06-30 来源：sec.gov
• 2026Q2 · 申报于 2026-06-30 来源：sec.gov
• 2025Q2 · 申报于 2026-06-30 来源：sec.gov
• 2026Q1 · 申报于 2026-04-08 来源：sec.gov
• 2025Q1 · 申报于 2026-04-08 来源：sec.gov

关键比率与同业对比

正在与同业比较…

机构持有人（13F, 2026Q2）

TradingPilot 计算的列（占 13F 比例、占流通股比例）由申报原值推导而来；只有名称、股数与金额是申报原值。