Tearsheet

FormFactor (FORM)

Market Price (12/26/2025): $58.1 | Market Cap: $4.5 Bil
Sector: Information Technology | Industry: Semiconductor Materials & Equipment

FormFactor (FORM)

Market Price (12/26/2025): $58.1
Market Cap: $4.5 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%	Trading close to highs Dist 52W High is -1.8%	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 110x
1	Megatrend and thematic drivers Megatrends include Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include AI Chips, Data Centers & Infrastructure, Show more.		Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.5%, Rev Chg QQuarterly Revenue Change % is -2.5%
2			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 71%
3			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2%
4			Key risks FORM key risks include [1] high customer concentration, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%
1	Megatrend and thematic drivers Megatrends include Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include AI Chips, Data Centers & Infrastructure, Show more.
2	Trading close to highs Dist 52W High is -1.8%
3	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 110x
4	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.5%, Rev Chg QQuarterly Revenue Change % is -2.5%
5	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 71%
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2%
7	Key risks FORM key risks include [1] high customer concentration, Show more.

Valuation, Metrics & Events

	12/26/25	2024	2023	2022	2021
Share Price CYE	$58.10	$44.00	$41.71	$22.23	$45.72
Market Cap CYE ($ Bil)	4.5	3.4	3.2	1.7	3.6
Total Debt ($ Bil)	0.0	0.0	0.0	0.1	0.1
Total Cash ($ Bil)	0.3	0.4	0.3	0.2	0.3
Enterprise Value ($ Bil)	4.3	3.4	3.2	1.8	3.7
Valuation Ratios
P/S TTM	5.9	4.5	4.9	2.3	4.6
P/EBIT TTM	57.6	42.6	36.0	29.5	35.9
P/E TTM	110.1	48.9	39.2	34.0	42.4
P/FCF TTM	843.8	43.0	376.3	25.9	48.8
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6	4.6
P/EBIT TTM (Sector)	3.0	2.3	-0.2	-0.7	-0.0
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8	-0.0
P/FCF TTM (Sector)	12.3	13.7	12.2	6.9	13.8

	12/26/25	2024	2023
Share Price CYE	$58.10	$44.00	$41.71
Market Cap CYE ($ Bil)	4.5	3.4	3.2
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.3	0.4	0.3
Enterprise Value ($ Bil)	4.3	3.4	3.2
Valuation Ratios
P/S TTM	5.9	4.5	4.9
P/EBIT TTM	57.6	42.6	36.0
P/E TTM	110.1	48.9	39.2
P/FCF TTM	843.8	43.0	376.3
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.0	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.3	13.7	12.2

	FORM	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.8
Rev Chg Q	-2.5%	7.3%
Rev Chg LTM	2.3%	6.1%
Rev Chg 3Y Avg	-0.5%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	5.6%	18.8%
CFO/Rev LTM	13.9%	20.4%
Net Inc Mgn	5.4%	13.1%
VALUATION	HIGH
P/S	5.9	3.3
P/CFO	42.7	15.8
P/FCF	843.8	20.7
P/E	110.1	23.5
STABILITY	VERY GOOD
Debt/Equity	0.01	0.21
Cash/Assets	0.22	0.07

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Metric	Value	Date	Source
MEMS Probes per Year	115,000,000+	10292025	Link
Installed Probers	10,000+	10292025	Link
Number of Employees	~2,250	10292025	Link

Upcoming
2/04/2026	Earnings Release	Rev: - EPS: -

FORM Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

1. FormFactor reported strong third-quarter 2025 earnings, exceeding analyst expectations with $202.68 million in revenue and $0.33 earnings per share (EPS), driven by significant innovation breakthroughs and robust demand for DRAM high bandwidth memory products.

2. The company saw increased demand fueled by its DRAM high bandwidth memory products, with expectations for continued growth in 2025, particularly with the transition to HBM4 designs and new customer qualifications in the foundry and logic market.

3. Analysts issued positive ratings and increased price targets for FormFactor, reflecting a bullish outlook. For example, B. Riley and Cantor Fitzgerald raised their price targets and issued "Buy" recommendations, indicating confidence in the company's prospects.

4. FormFactor engaged in strategic initiatives and investments, including a focus on advanced packaging and AI technologies, as well as innovation in quantum computing and high-performance compute, positioning it for future growth in the semiconductor industry.

5. Significant institutional investment was observed, with Shannon River Fund Management initiating a new position in FormFactor, adding shares worth approximately $35.26 million as of a November 13, 2025, SEC filing, representing a notable vote of confidence in the company.

Show less

Stock Movement Drivers

Fundamental Drivers

The 63.4% change in FORM stock from 9/25/2025 to 12/25/2025 was primarily driven by a 76.3% change in the company's P/E Multiple.

	9252025	12252025	Change
Stock Price ($)	35.60	58.16	63.38%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	764.55	759.31	-0.69%
Net Income Margin (%)	5.75%	5.38%	-6.37%
P/E Multiple	62.49	110.19	76.34%
Shares Outstanding (Mil)	77.11	77.39	-0.36%
Cumulative Contribution			63.38%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
FORM	63.4%
Market (SPY)	4.9%	25.5%
Sector (XLK)	5.3%	35.8%

Fundamental Drivers

The 65.0% change in FORM stock from 6/26/2025 to 12/25/2025 was primarily driven by a 119.1% change in the company's P/E Multiple.

	6262025	12252025	Change
Stock Price ($)	35.26	58.16	64.96%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	766.23	759.31	-0.90%
Net Income Margin (%)	7.08%	5.38%	-24.00%
P/E Multiple	50.29	110.19	119.14%
Shares Outstanding (Mil)	77.34	77.39	-0.05%
Cumulative Contribution			64.96%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
FORM	65.0%
Market (SPY)	13.1%	28.0%
Sector (XLK)	16.7%	37.7%

Fundamental Drivers

The 21.7% change in FORM stock from 12/25/2024 to 12/25/2025 was primarily driven by a 304.3% change in the company's P/E Multiple.

	12252024	12252025	Change
Stock Price ($)	47.80	58.16	21.68%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	742.28	759.31	2.29%
Net Income Margin (%)	18.29%	5.38%	-70.59%
P/E Multiple	27.26	110.19	304.31%
Shares Outstanding (Mil)	77.41	77.39	0.02%
Cumulative Contribution			21.68%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
FORM	21.7%
Market (SPY)	15.8%	58.7%
Sector (XLK)	22.2%	62.7%

Fundamental Drivers

The 171.2% change in FORM stock from 12/26/2022 to 12/25/2025 was primarily driven by a 501.0% change in the company's P/E Multiple.

	12262022	12252025	Change
Stock Price ($)	21.45	58.16	171.17%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	786.95	759.31	-3.51%
Net Income Margin (%)	11.48%	5.38%	-53.15%
P/E Multiple	18.34	110.19	500.96%
Shares Outstanding (Mil)	77.25	77.39	-0.18%
Cumulative Contribution			171.16%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
FORM	38.5%
Market (SPY)	48.3%	58.6%
Sector (XLK)	53.5%	64.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
FORM Return	66%	6%	-51%	88%	5%	32%	124%
Peers Return	57%	54%	-29%	61%	1%	58%	340%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
FORM Win Rate	50%	58%	25%	67%	50%	58%
Peers Win Rate	60%	67%	40%	65%	52%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
FORM Max Drawdown	-36%	-23%	-60%	-1%	-10%	-47%
Peers Max Drawdown	-41%	-7%	-45%	-3%	-15%	-34%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: TER, COHU, ONTO, KLAC, LRCX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	FORM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-64.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	181.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	546 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-41.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	69.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	88 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-37.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	59.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	344 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-75.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	301.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	4,438 days	1,480 days

Compare to Q, LRCX, AMAT, KLAC, TER

In The Past

FormFactor's stock fell -64.4% during the 2022 Inflation Shock from a high on 4/5/2021. A -64.4% loss requires a 181.0% gain to breakeven.

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About FormFactor (FORM)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems to semiconductor companies and scientific institutions. It operates in two segments, Probe Cards and Systems. The company offers probe cards to test various semiconductor device types, including systems on a chip products, mobile application processors, microprocessors, microcontrollers, and graphic processors, as well as radio frequency, analog, mixed signal, image sensor, electro-optical, dynamic random access memory, NAND flash memory, and NOR flash memory devices; and analytical probes, which are used for a range of applications, including device characterization, electrical simulation model development, failure analysis, and prototype design debugging for universities, research institutions, semiconductor integrated device manufacturers, semiconductor foundries, and fabless semiconductor companies. It also provides probing systems for semiconductor design engineers to capture and analyze accurate data; surface metrology systems for the development, production, and quality control of semiconductor products; thermal subsystems, such as thermal chucks and other test systems used in probe stations and other applications; and precision cryogenic instruments, semiconductor tests, and measurement systems. In addition, the company offers on-site probe card maintenance and service training, seminars, and telephone support services. The company markets and sells its products through direct sales force, manufacturers' representatives, and distributors in the United States, Taiwan, South Korea, China, Japan, Europe, rest of Asia-Pacific, and internationally. FormFactor, Inc. was incorporated in 1993 and is headquartered in Livermore, California.

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Here are 1-3 brief analogies to describe FormFactor (FORM):

The ASML for semiconductor testing.
Applied Materials, but for indispensable chip testing tools.
KLA Corporation, but specializing in electrical testing probes for semiconductors.

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Probe Cards: Interfaces that electrically connect automated test equipment to individual semiconductor dies on a silicon wafer for functional and parametric testing during wafer sort.
Analytical Probers and Probes: High-precision systems and tools utilized in semiconductor research, development, and failure analysis for detailed electrical characterization at the wafer or die level.
Device Test Solutions (e.g., Test Sockets): Provides critical electrical and thermal interfaces for testing and burn-in of packaged semiconductor devices during final manufacturing stages.

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FormFactor (symbol: FORM) primarily sells to other companies within the semiconductor industry. Its major customers, representing 10% or more of its net revenue in recent years, are:

Samsung (Samsung Electronics Co., Ltd. is a public company listed on the Korea Exchange, but does not have a commonly traded symbol on major U.S. exchanges)
Intel (symbol: INTC)

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Michael D. Slessor, President and Chief Executive Officer

Michael D. Slessor has served as FormFactor's Chief Executive Officer since 2014 and as a Director since 2013. He was President from 2013 to 2014 and Senior Vice President and General Manager, MicroProbe Product Group from 2012 to 2013. Before joining FormFactor, he was President and Chief Executive Officer of MicroProbe from 2008 until FormFactor acquired MicroProbe in 2012. Prior to MicroProbe, he held various management, product-marketing, and applications-engineering positions in the semiconductor industry, notably with KLA. He also co-founded International Test Solutions (ITS) and led it to a successful acquisition.

Aric McKinnis, Senior Vice President & Chief Financial Officer

Aric McKinnis has served as FormFactor's Senior Vice President & Chief Financial Officer since 2025. He joined FormFactor in August 2019 and previously served as Vice President and Corporate Controller. Prior to FormFactor, he was Corporate Controller at MKS Instruments and Electro Scientific Industries, Inc. (ESI). Before ESI, he was a manager at Deloitte, where he served in external audit for publicly listed companies.

Shai Shahar, Senior Vice President and Executive Advisor

Shai Shahar has served as Senior Vice President and Executive Advisor since 2025, and previously as Chief Financial Officer from 2018 to 2025. He has over 25 years of financial leadership and management experience. Before FormFactor, he served as the Vice President of Finance & Operations at Nova Measuring Instruments. From 2014 to 2016, Shai was Vice President Finance and Corporate Controller of PMC-Sierra, Inc., where he also held the position of Vice President Finance, FP&A, from 2010 to 2014. Earlier in his career, he was Chief Financial Officer of Wintegra, Inc., until its acquisition by PMC-Sierra.

Sudhakar Raman, Senior Vice President and General Manager, Probes Business Unit

Sudhakar Raman has served as FormFactor's Senior Vice President and General Manager of the Probes Business Unit since 2024. He joined FormFactor in 2021 as Vice President/General Manager Strategic accounts, expanding his role to include all of North America Business Development and Applications Engineering. Prior to joining FormFactor, he was the Chief Operating Officer at SVXR and before that, Vice President/General Manager of Automated Metrology at Onto Innovation. He also held various management, marketing, and applications engineering positions, including expatriate experience working in Korea with Veeco and ESI (now MKS).

Aliza Scott, Chief Human Resources Officer

Aliza Scott serves as the Chief Human Resources Officer at FormFactor. Her background includes extensive experience in human resources leadership roles, focusing on talent management, organizational development, and strategic HR initiatives. Prior to FormFactor, she held key HR positions at prominent technology and semiconductor companies, contributing to workforce planning and employee engagement strategies.

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The key risks to FormFactor's business include:

Customer Concentration: FormFactor generates a substantial portion of its revenue from a limited number of major customers. For instance, in fiscal year 2024, two customers collectively accounted for 33.5% of total revenues. A deterioration in the company's relationship with any of these significant customers could materially and adversely affect its business, financial condition, and operating results.
Cyclical Nature of the Semiconductor Industry: FormFactor's operating results are highly susceptible to the inherent cyclicality of the semiconductor industry. Downturns in the broader semiconductor market, such as the one experienced from the second half of fiscal 2022 through at least fiscal 2024, can lead to significant declines in demand for its products, impacting revenue and profitability.
Intense Competition and Rapid Technological Change: The semiconductor test equipment market is highly competitive and characterized by rapid technological advancements. Increased competition can result in price reductions, diminished gross margins, or a loss of market share. The emergence of new competitive products or technologies, whether from existing rivals or new entrants, could reduce the value and demand for FormFactor's current offerings.

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FormFactor (FORM) participates in several addressable markets within the semiconductor industry, primarily focusing on wafer test and measurement technologies. These markets are generally global in scope.

The total addressable market for FormFactor's three segments is as follows:
- Wafer Fabrication Equipment: $85 billion (global)
- Wafer Test and Measurement Equipment: $2.8 billion (global)
- Wafer Assembly and Final Test Equipment: $3.5 billion (global)
More specifically, the global market for probe cards, a core product for FormFactor, is valued at approximately $2.5 billion and is projected to grow to $2.7 billion by 2028 with a compound annual growth rate (CAGR) of 10%. The market for advanced probe cards is forecasted to exceed $3.1 billion by 2026, growing at a 7% CAGR from 2021. FormFactor holds a significant share in this niche, around 26% to 28%.
FormFactor also addresses the thermal management market with its thermal products (heaters, chillers, and custom solutions). This market was valued at $15.8 billion globally in 2024 and is expected to reach $22.4 billion by 2029.

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FormFactor (FORM) anticipates several key drivers for its revenue growth over the next two to three years:

Accelerated Demand for High-Bandwidth Memory (HBM) and AI-Related Applications: FormFactor expects significant revenue growth to be fueled by the increasing demand for High-Bandwidth Memory (HBM), which is a critical component in generative AI systems and data center applications. The company's probe cards are essential for testing HBM, and this segment has shown record-setting revenue growth.
Increased Adoption of Advanced Packaging Technologies: The semiconductor industry's shift towards advanced packaging techniques, where single chips are divided into smaller, optimized chiplets, is a crucial driver. This trend leads to higher test intensity, as each chiplet requires thorough testing, thereby increasing demand for FormFactor's probe card products.
Expansion and Diversification within Foundry & Logic and Systems Segments: FormFactor is focused on expanding and diversifying its market presence. This includes qualifying new customers in client PC and server applications within the Foundry & Logic segment and developing new products for high-performance compute (GPU) applications. Additionally, the Systems segment is seeing growth driven by complex electro-optical test and measurement, particularly for technologies like silicon photonics, which are vital for reducing power consumption and increasing bandwidth.
Strategic Capacity Expansion and Operational Enhancements: Strategic investments in manufacturing capabilities are expected to support future revenue growth. FormFactor has acquired a new manufacturing facility in Farmers Branch, Texas, to increase capacity and improve operational flexibility, especially to meet the growing demand for HBM probe cards. Furthermore, the acquisition of a minority interest in FICT Limited, a key supplier of advanced probe card components, ensures access to critical technologies and supports the company's long-term growth strategy.

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Share Repurchases

In May 2022, FormFactor authorized a $75 million stock repurchase program, expiring in May 2024, primarily to offset dilution from stock-based compensation.
An additional $75 million share repurchase program was authorized in October 2023, with an expiration date of October 30, 2025, also aimed at offsetting potential dilution.
FormFactor announced another $75 million stock repurchase authorization in April 2025, set to expire on April 23, 2027.

Share Issuance

For the six months ended June 28, 2025, proceeds from the issuance of common stock totaled $21.576 million.
During the same period, tax withholdings related to net share settlements of equity awards amounted to $3.619 million.

Outbound Investments

In February 2025, FormFactor, in partnership with MBK Partners, completed the acquisition of FICT Limited.
FormFactor invested approximately $60 million for a 20% non-controlling stake in FICT, securing access to essential technologies for advanced probe cards and strengthening the semiconductor test supply chain.

Capital Expenditures

Capital expenditures as a percentage of revenue decreased from 8.4% in fiscal 2023 to 5.0% in fiscal 2024, with a target of 3.5%-4.0%.
In June 2025, the company purchased a manufacturing facility in Farmers Branch, Texas, for $55 million, which includes 50,000 square feet of clean room space. The purpose of this acquisition is to provide operational flexibility and meet anticipated long-term demand for probe-card products, particularly for advanced packaging technologies like High Bandwidth Memory.
For the six months ended June 28, 2025, capital expenditures (acquisition of property, plant, and equipment) were $84.840 million.

Better Bets than FormFactor (FORM)

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		Best Bets In Information Technology Sector
	FORM	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	110.2	28.3	17.1	46.3	44.4	29.9	16.4	14.6	19.2	24.1	21.0
P/EBIT	57.7	20.4	13.8	39.4	37.9	10.6	23.9	11.9	20.9	66.0	24.0
What You Get
Rev Chg Q	-2.5%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	2.3%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	-0.5%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	2.7%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	FormFactor Earnings Notes
2	FormFactor Earnings Notes
3	Can FormFactor Stock Hold Up When Markets Turn?	Return
4	Why FormFactor Stock Moved: FORM Stock Has Gained 156% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
5	FORM Dip Buy Analysis
6	FormFactor (FORM) Valuation Ratios Comparison	Financials
7	FormFactor Total Shareholder Return (TSR): 10.1% in 2024 and 1.0% 3-yr compounded annual returns (above peer average)
8	Now Is Not The Time To Buy FormFactor Stock	Buy or Fear
9	FormFactor (FORM) Operating Cash Flow Comparison	Financials
10	FormFactor (FORM) Net Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to FORM. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	13.9%	13.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	12.0%	12.0%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	17.0%	17.0%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.9%	11.9%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.1%	4.1%	0.0%
FORM_9302022_Dip_Buyer_High_CFO_Margins_ExInd_DE	09302022	FORM	FormFactor	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	27.1%	39.5%	-27.4%

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AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for FormFactor

Peers to compare with:

Financials

	FORM	TER	COHU	ONTO	KLAC	LRCX	Median
Name	FormFact.	Teradyne	Cohu	Onto Inn.	KLA	Lam Rese.
Mkt Price	58.16	198.53	23.55	161.86	1,276.99	177.33	169.60
Mkt Cap	4.5	31.5	1.1	7.9	168.3	224.2	19.7
Rev LTM	759	2,860	425	1,002	12,524	19,592	1,931
Op Inc LTM	42	539	-68	169	5,231	6,466	354
FCF LTM	5	457	-30	261	3,873	5,550	359
FCF 3Y Avg	20	427	25	205	3,413	4,964	316
CFO LTM	105	675	-10	289	4,248	6,384	482
CFO 3Y Avg	91	611	41	233	3,737	5,531	422

Growth & Margins

	FORM	TER	COHU	ONTO	KLAC	LRCX	Median
Name	FormFact.	Teradyne	Cohu	Onto Inn.	KLA	Lam Rese.
Rev Chg LTM	2.3%	4.5%	-4.5%	6.4%	22.1%	25.7%	5.4%
Rev Chg 3Y Avg	-0.5%	-4.3%	-18.4%	1.4%	8.7%	4.0%	0.5%
Rev Chg Q	-2.5%	4.3%	32.4%	-13.5%	13.0%	27.7%	8.6%
QoQ Delta Rev Chg LTM	-0.7%	1.1%	7.8%	-3.3%	3.0%	6.3%	2.1%
Op Mgn LTM	5.6%	18.8%	-15.9%	16.8%	41.8%	33.0%	17.8%
Op Mgn 3Y Avg	3.1%	19.4%	-5.5%	17.7%	38.9%	30.2%	18.6%
QoQ Delta Op Mgn LTM	0.2%	-0.4%	2.9%	-2.1%	0.5%	1.0%	0.4%
CFO/Rev LTM	13.9%	23.6%	-2.3%	28.9%	33.9%	32.6%	26.2%
CFO/Rev 3Y Avg	12.5%	22.0%	5.9%	24.8%	34.0%	32.5%	23.4%
FCF/Rev LTM	0.7%	16.0%	-7.2%	26.1%	30.9%	28.3%	21.0%
FCF/Rev 3Y Avg	2.7%	15.4%	2.6%	21.7%	31.1%	29.3%	18.5%

Valuation

	FORM	TER	COHU	ONTO	KLAC	LRCX	Median
Name	FormFact.	Teradyne	Cohu	Onto Inn.	KLA	Lam Rese.
Mkt Cap	4.5	31.5	1.1	7.9	168.3	224.2	19.7
P/S	5.9	11.0	2.6	7.9	13.4	11.4	9.5
P/EBIT	57.7	60.0	-16.3	47.0	32.6	33.5	40.2
P/E	110.2	71.1	-15.1	45.3	39.7	38.6	42.5
P/CFO	42.7	46.6	-111.6	27.4	39.6	35.1	37.4
Total Yield	0.9%	1.7%	-6.6%	2.2%	3.1%	3.1%	1.9%
Dividend Yield	0.0%	0.2%	0.0%	0.0%	0.6%	0.5%	0.1%
FCF Yield 3Y Avg	0.6%	2.2%	1.0%	2.8%	3.6%	4.4%	2.5%
D/E	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net D/E	-0.1	-0.0	-0.1	-0.1	0.0	-0.0	-0.0

Returns

	FORM	TER	COHU	ONTO	KLAC	LRCX	Median
Name	FormFact.	Teradyne	Cohu	Onto Inn.	KLA	Lam Rese.
1M Rtn	9.4%	18.4%	-0.3%	18.2%	11.4%	16.9%	14.2%
3M Rtn	63.4%	49.5%	16.8%	26.5%	20.8%	38.6%	32.6%
6M Rtn	65.0%	118.4%	19.5%	61.5%	42.0%	83.8%	63.2%
12M Rtn	21.7%	53.4%	-12.2%	-6.3%	98.0%	142.4%	37.6%
3Y Rtn	171.2%	132.3%	-25.4%	138.5%	248.5%	344.0%	154.8%
1M Excs Rtn	9.6%	16.2%	-0.2%	19.0%	9.0%	14.7%	12.2%
3M Excs Rtn	58.4%	44.6%	11.8%	21.6%	15.8%	33.7%	27.6%
6M Excs Rtn	52.1%	105.5%	6.7%	48.6%	29.1%	70.9%	50.3%
12M Excs Rtn	18.8%	41.4%	-23.7%	-20.1%	87.8%	132.4%	30.1%
3Y Excs Rtn	76.2%	45.9%	-108.4%	49.5%	161.2%	235.5%	62.9%

FDIC Bank Data

$ Mil \| FY: 12/28	LTM	2024	2023	2022	2021	2020	2019
Period End	9/27/2025	12/28/2024	12/30/2023	12/31/2022	12/25/2021	12/26/2020	12/28/2019
Filing Date	11/4/2025	2/21/2025	2/23/2024	2/24/2023	2/18/2022	2/22/2021	2/21/2020
Key Financials
Total Revenue	759	764	663	748	770	694	589
EBITDA	115	113	127	96	144	135	98
Operating Income	42	44	10	55	98	84	50
Net Income	41	70	82	51	84	79	39
EPS	0.53	0.90	1.06	0.65	1.08	1.02	0.52
Growth Rates
Total Revenue Growth	2.3%	15.2%	-11.3%	-2.8%	11.0%	17.7%	11.3%
EBITDA Growth	-26.9%	-11.3%	31.8%	-32.8%	6.6%	37.7%	20.9%
Operating Income Growth	-5.1%	350.9%	-82.1%	-44.0%	17.0%	68.7%	37.5%
Net Income Growth	-69.9%	-15.5%	62.4%	-39.5%	6.9%	99.6%	-62.2%
Margins
EBITDA Margin	15.1%	14.8%	19.2%	12.9%	18.7%	19.4%	16.6%
Operating Income Margin	5.6%	5.8%	1.5%	7.3%	12.7%	12.1%	8.4%
Net Income Margin	5.4%	9.1%	12.4%	6.8%	10.9%	11.3%	6.7%
Cash & Debt
Total Cash	266	360	328	238	276	255	221
Total Debt	33	39	48	50	63	69	94
Net Debt / (Cash)	-233	-321	-280	-188	-213	-186	-127
Cash Flows
Net Cash from Operations	105	118	65	132	139	169	121
Free Cash from Operations	5	79	9	67	73	113	100
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	2	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/28	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/27/2025	6/28/2025	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022
Filing Date	11/4/2025	8/5/2025	5/6/2025	2/21/2025	11/5/2024	8/7/2024	5/7/2024	2/23/2024	11/7/2023	8/8/2023	5/9/2023	2/24/2023
Key Financials Quarterly
Total Revenue	203	196	171	189	208	197	169	168	172	156	167	166
Ebitda	29	22	12	52	26	25	9	97	12	7	12	-9
Operating Income	19	12	3	8	18	17	1	8	3	-1	0	-16
Net Income	16	9	6	10	19	19	22	76	4	1	1	-14
EPS	0.20	0.12	0.08	0.13	0.24	0.25	0.28	0.98	0.06	0.01	0.02	-0.18
Key Financials TTM
Total Revenue TTM	759	765	766	764	742	706	664	663	661	670	718	748
Ebitda TTM	115	112	116	113	157	143	124	127	22	29	65	96
Operating Income TTM	42	41	46	44	45	30	11	10	-15	-13	21	55
Net Income TTM	41	44	54	70	136	121	103	82	-7	-7	22	51
Growth Rates Quarterly
Total Revenue Growth	-2.5%	-0.8%	1.6%	12.7%	21.2%	26.7%	0.8%	1.3%	-5.1%	-23.5%	-15.1%	-19.0%
EBITDA Growth	10.0%	-14.2%	36.5%	-46.0%	122.5%	267.5%	-24.5%	1216.4%	-39.4%	-83.6%	-73.0%	-121.0%
Operating Income Growth	6.2%	-29.5%	216.8%	-5.6%	559.6%	1430.9%	1034.1%	151.7%	-33.6%	-104.0%	-99.7%	-150.6%
Net Income Growth	-16.4%	-53.1%	-70.6%	-87.2%	328.6%	2242.0%	1523.0%	652.5%	0.5%	-97.3%	-95.5%	-153.0%
Margins Quarterly
EBITDA Margin	14.2%	11.2%	7.1%	27.6%	12.6%	12.9%	5.3%	57.5%	6.8%	4.4%	7.0%	-5.2%
Operating Income Margin	9.4%	6.3%	1.9%	4.1%	8.6%	8.8%	0.6%	4.9%	1.6%	-0.8%	0.1%	-9.7%
Net Income Margin	7.7%	4.6%	3.7%	5.1%	9.0%	9.8%	12.9%	45.1%	2.5%	0.5%	0.8%	-8.3%
Cash & Debt
Total Cash	266	249	299	360	354	358	349	328	244	237	236	238
Total Debt	33	36	37	39	42	44	46	48	48	49	49	50
Net Debt / (Cash)	-233	-213	-262	-321	-313	-314	-303	-280	-197	-188	-187	-188
Cash Flows Quarterly
FCF from Operations	27	19	24	36	27	22	33	9	21	22	12	21
Cash Flows TTM
FCF from Operations TTM	105	105	108	118	91	85	85	65	76	80	100	132
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	2	-0	-0	-0	17	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	8.6%	6.5%	1.9%	5.0%	12.0%	11.6%	0.7%	5.3%	1.4%	-0.8%	0.1%	-8.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	5.3%	5.5%	7.0%	7.7%	7.6%	4.9%	1.8%	1.6%	-1.9%	-1.8%	2.8%	7.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Probe Cards	498	591	633	582	491
Systems	165	157	136	112	98
Corporate and Other	0	0
Total	663	748	770	694	589

Price Behavior

Price Behavior

Market Price	$58.16
Market Cap ($ Bil)	4.5
First Trading Date	06/12/2003
Distance from 52W High	-1.8%
	50 Days	200 Days
DMA Price	$52.04	$36.85
DMA Trend	up	up
Distance from DMA	11.8%	57.8%
	3M	1YR
Volatility	75.1%	66.8%
Downside Capture	134.47	189.72
Upside Capture	336.28	182.63
Correlation (SPY)	26.4%	58.8%

FORM Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.35	1.32	1.59	1.72	1.94	1.99
Up Beta	3.11	1.19	1.49	1.75	2.49	2.29
Down Beta	1.50	-0.62	-0.27	-0.02	1.17	1.41
Up Capture	147%	447%	543%	427%	366%	1941%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	8	22	34	62	119	369
Down Capture	259%	118%	128%	185%	140%	111%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	19	28	62	127	378

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of FORM With Other Asset Classes (Last 1Y)
	FORM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	37.1%	26.7%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	66.8%	27.6%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	0.73	0.84	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		62.7%	58.7%	10.8%	22.9%	32.2%	27.9%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of FORM With Other Asset Classes (Last 5Y)
	FORM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.1%	19.0%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	54.2%	24.7%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.32	0.69	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		63.7%	57.6%	10.4%	14.6%	31.4%	25.8%

Based On 10-Year Data

		Comparison of FORM With Other Asset Classes (Last 10Y)
	FORM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	20.9%	22.3%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	51.8%	24.2%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.57	0.84	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		60.0%	55.5%	6.8%	17.0%	33.8%	17.9%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	2,256,427
Short Interest: % Change Since 11302025	-1.8%
Average Daily Volume	649,525
Days-to-Cover Short Interest	3.47
Basic Shares Quantity	77,387,000
Short % of Basic Shares	2.9%

Returns Analyses

	Title
0	Can FormFactor Stock Hold Up When Markets Turn?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/29/2025	24.2%	16.0%	14.9%
7/30/2025	-17.5%	-19.8%	-14.2%
4/30/2025	2.9%	5.4%	6.1%
2/5/2025	-6.8%	-12.7%	-19.7%
10/30/2024	-13.3%	-5.0%	-8.6%
7/31/2024	-11.8%	-19.5%	-8.9%
5/1/2024	17.6%	27.6%	24.4%
2/7/2024	2.2%	11.6%	16.3%
...
SUMMARY STATS
# Positive	10	13	12
# Negative	14	11	12
Median Positive	6.7%	11.6%	13.9%
Median Negative	-6.7%	-12.2%	-13.1%
Max Positive	24.2%	27.6%	48.6%
Max Negative	-24.1%	-30.4%	-27.7%

	Forward Returns
10/29/2025	24.2%	16.0%	14.9%
7/30/2025	-17.5%	-19.8%	-14.2%
4/30/2025	2.9%	5.4%	6.1%
2/5/2025	-6.8%	-12.7%	-19.7%
10/30/2024	-13.3%	-5.0%	-8.6%
7/31/2024	-11.8%	-19.5%	-8.9%
5/1/2024	17.6%	27.6%	24.4%
2/7/2024	2.2%	11.6%	16.3%
11/1/2023	-0.9%	7.1%	12.2%
8/2/2023	-1.6%	-6.2%	-1.9%
5/3/2023	-3.1%	4.3%	14.9%
2/8/2023	12.0%	12.6%	-1.9%
10/26/2022	-24.1%	-30.4%	-15.9%
7/27/2022	-13.9%	-12.2%	-16.2%
4/27/2022	9.8%	15.0%	12.9%
2/2/2022	-5.4%	-0.6%	-7.7%
10/27/2021	7.2%	17.2%	12.0%
7/28/2021	-0.6%	6.1%	2.7%
4/28/2021	-18.2%	-21.4%	-27.7%
2/3/2021	5.4%	8.0%	0.8%
10/28/2020	3.0%	16.0%	48.6%
7/30/2020	-6.5%	-7.6%	-12.1%
5/6/2020	6.3%	-0.9%	15.7%
2/5/2020	-1.4%	2.6%	-15.2%
SUMMARY STATS
# Positive	10	13	12
# Negative	14	11	12
Median Positive	6.7%	11.6%	13.9%
Median Negative	-6.7%	-12.2%	-13.1%
Max Positive	24.2%	27.6%	48.6%
Max Negative	-24.1%	-30.4%	-27.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/27/2025
6302025	8052025	10-Q 6/28/2025
3312025	5062025	10-Q 3/29/2025
12312024	2212025	10-K 12/28/2024
9302024	11052024	10-Q 9/28/2024
6302024	8072024	10-Q 6/29/2024
3312024	5072024	10-Q 3/30/2024
12312023	2232024	10-K 12/30/2023
9302023	11072023	10-Q 9/30/2023
6302023	8082023	10-Q 7/1/2023
3312023	5092023	10-Q 4/1/2023
12312022	2242023	10-K 12/31/2022
9302022	11012022	10-Q 9/24/2022
6302022	8022022	10-Q 6/25/2022
3312022	5032022	10-Q 3/26/2022
12312021	2182022	10-K 12/25/2021

Insider Activity

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FormFactor (FORM)

Market Price (12/26/2025): $58.1 | Market Cap: $4.5 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment

FormFactor (FORM)

Market Price (12/26/2025): $58.1Market Cap: $4.5 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

FORM Stock

Why The Stock Moved

Qualitative Assessment

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About FormFactor (FORM)

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INDUSTRY: Semiconductor Materials & Equipment

Higher Rev Chg 3Y Avg | Lower P/S (Values for FORM: -0.5% | 5.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for FORM: -0.5% | 106.2x)

Higher Rev Chg LTM (Value for FORM: 2.3%)

Higher Rev Chg 3Y Avg (Value for FORM: -0.5%)

Higher Op Mgn LTM (Value for FORM: 5.6%)

Higher CFO/Rev LTM (Value for FORM: 13.9%)

Higher FCF/Rev LTM (Value for FORM: 0.7%)

Higher Total Yield (Value for FORM: 0.9%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for FORM: -0.5% | 5.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for FORM: -0.5% | 106.2x)

Higher Rev Chg LTM (Value for FORM: 2.3%)

Higher Rev Chg 3Y Avg (Value for FORM: -0.5%)

Higher Op Mgn LTM (Value for FORM: 5.6%)

Higher CFO/Rev LTM (Value for FORM: 13.9%)

Higher FCF/Rev LTM (Value for FORM: 0.7%)

Higher Total Yield (Value for FORM: 0.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for FORM: -0.5% | 5.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for FORM: -0.5% | 106.2x)

Higher Rev Chg LTM (Value for FORM: 2.3%)

Higher Rev Chg 3Y Avg (Value for FORM: -0.5%)

Higher Op Mgn LTM (Value for FORM: 5.6%)

Higher CFO/Rev LTM (Value for FORM: 13.9%)

Higher FCF/Rev LTM (Value for FORM: 0.7%)

Higher Total Yield (Value for FORM: 0.9%)

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Market Price (12/26/2025): $58.1 | Market Cap: $4.5 Bil
Sector: Information Technology | Industry: Semiconductor Materials & Equipment

Market Price (12/26/2025): $58.1
Market Cap: $4.5 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment