Jabil Inc.

Jabil Inc. is an American provider of engineering, manufacturing, and supply-chain solutions, running roughly 100 sites across 30 countries and earning $29.8 billion of net revenue in fiscal 2025. Once a plain contract assembler, the St. Petersburg, Florida company now sells design, industrialisation, procurement, and testing alongside assembly — work that has pulled it into AI data centres, healthcare, automotive, and energy infrastructure.

This is a story about an old manufacturing franchise that quietly re-made itself, and is now being repriced for a growth business it did not used to be. Jabil's three segments — Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce — carry very different economics, and the whole file turns on a single question: whether the AI-infrastructure surge is a durable re-rating of the entire platform or a cyclical boom flattering a low-margin assembler.

The market is not waiting for an answer. At $299.16 a share the equity is worth about $31 billion, or roughly 36 times trailing GAAP earnings and 16 times trailing EBITDA — a multiple that assumes the AI business keeps compounding and that margins keep climbing. Whether that assumption holds is what the reader has to judge.