JBL Stock: Earnings Surge, Cash Faces a Funding Test — Q4 FY2026

Jabil Inc. (JBL) Q4 FY2026 — The valuation reference is the September 29 pre-print close of $318.84; this is not a post-release trading price.

THE CALL: HOLD (3/5, MODERATE) — base-case value ~$300.00 vs ~$318.84 at the September 29, 2026 pre-print close.

KEY METRICS:

- Q4 revenue $10.616B, up 28.6%; core EPS $4.40, up 33.7%; GAAP EPS $3.76

- FY2026 OCF $2.002B; operating asset cash use $7.846B offset by $7.984B grouped liability funding

- Adjusted FCF $1.532B includes $158M PP&E proceeds and advances; gross-capex FCF $1.374B

- FY2027 guide revenue $44.5B, core EPS $17.55, adjusted FCF about $1.6B

- HOLD, $300 fair value, $180–$425 scenario range, $301.25 weighted versus $318.84 September 29 pre-print close

What to watch: Deliver the Q1 guide, sustain about $1.6B annual adjusted FCF and improve cash conversion without sharply rising net debt.

Full research packet: https://chargedalpha.com/research/jbl-q4-fy2026

Also on YouTube: @ChargedAlpha

DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.