high - Jabil's revenue correlates strongly with industrial production and business equipment spending. Cloud infrastructure spending follows corporate IT budgets and GDP growth. Automotive production is highly cyclical. Healthcare equipment shows more stability but still tied to hospital capital budgets. The company's 3.2% revenue growth amid -47% EPS decline demonstrates operating leverage working in reverse during demand slowdowns.

Moderate sensitivity through multiple channels: (1) Customer capex decisions - rising rates reduce OEM willingness to outsource and delay new product launches, particularly in automotive and industrial; (2) Working capital financing costs - Jabil finances $8B+ in inventory and receivables, so 100bps rate increase adds ~$80M annual interest expense; (3) Valuation compression - as low-margin, capital-intensive business, multiple contracts when risk-free rates rise. However, customer deposits and supplier payment terms partially offset rate exposure.

value - Stock trades at 0.9x P/S and 14.6x EV/EBITDA despite 50%+ ROE, attracting investors focused on capital efficiency and FCF generation rather than growth. The 4.3% FCF yield and recent 50% one-year return suggest momentum investors have entered following operational improvements. Low net margins and cyclicality deter growth investors.