FormFactor (FORM)
Market Price (9/23/2026): $126.15 | Market Cap: $9.8 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
FormFactor (FORM)
Market Price (9/23/2026): $126.15Market Cap: $9.8 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% Megatrend and thematic driversMegatrends include Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include AI Chips, Data Centers & Infrastructure, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 70x, P/EPrice/Earnings or Price/(Net Income) is 85x Stock price has recently run up significantly12M Rtn12 month market price return is 234% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% Key risksFORM key risks include [1] high customer concentration, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include AI Chips, Data Centers & Infrastructure, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 70x, P/EPrice/Earnings or Price/(Net Income) is 85x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 234% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% |
| Key risksFORM key risks include [1] high customer concentration, Show more. |
Qualitative Assessment
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FormFactor (FORM) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Upbeat Fiscal Q3 2026 Guidance. FormFactor reported record fiscal Q2 2026 results, with revenue of $258.2 million, a 31.9% year-over-year increase, and non-GAAP earnings per share (EPS) of $0.82, significantly exceeding analyst consensus estimates of $240 million in revenue and $0.61 EPS. This robust performance, marking the third consecutive quarterly revenue record, was further bolstered by optimistic fiscal Q3 2026 guidance, projecting revenue of $270 million ± $10 million and non-GAAP EPS of $0.86 ± $0.09, both surpassing Street expectations. This positive news served as a significant catalyst, driving the stock up by over 25% from $83.45 to $106.22 on July 30, 2026.
2. Sustained Demand in Key Semiconductor Segments, Driven by AI and High-Bandwidth Memory (HBM). FormFactor experienced strong underlying demand across its end markets, particularly in Foundry & Logic, DRAM, and its Systems business, largely fueled by the burgeoning artificial intelligence (AI) infrastructure and High-Bandwidth Memory (HBM) requirements. The broader semiconductor market also demonstrated strong momentum throughout fiscal Q2 and Q3 2026, with global revenue surpassing $425 billion in Q2 and AI-related investments acting as the primary growth engine. This robust industry backdrop provided consistent support for FormFactor's valuation, mitigating sustained downward pressure despite periods of volatility.
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FormFactor (FORM) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Upbeat Fiscal Q3 2026 Guidance. FormFactor reported record fiscal Q2 2026 results, with revenue of $258.2 million, a 31.9% year-over-year increase, and non-GAAP earnings per share (EPS) of $0.82, significantly exceeding analyst consensus estimates of $240 million in revenue and $0.61 EPS. This robust performance, marking the third consecutive quarterly revenue record, was further bolstered by optimistic fiscal Q3 2026 guidance, projecting revenue of $270 million ± $10 million and non-GAAP EPS of $0.86 ± $0.09, both surpassing Street expectations. This positive news served as a significant catalyst, driving the stock up by over 25% from $83.45 to $106.22 on July 30, 2026.
2. Sustained Demand in Key Semiconductor Segments, Driven by AI and High-Bandwidth Memory (HBM). FormFactor experienced strong underlying demand across its end markets, particularly in Foundry & Logic, DRAM, and its Systems business, largely fueled by the burgeoning artificial intelligence (AI) infrastructure and High-Bandwidth Memory (HBM) requirements. The broader semiconductor market also demonstrated strong momentum throughout fiscal Q2 and Q3 2026, with global revenue surpassing $425 billion in Q2 and AI-related investments acting as the primary growth engine. This robust industry backdrop provided consistent support for FormFactor's valuation, mitigating sustained downward pressure despite periods of volatility.
3. Valuation Concerns and Mixed Analyst Sentiment Following Rapid Gains. Despite the company's strong operational performance and favorable industry trends, FormFactor's stock, which had surged over 100% year-to-date by September, faced increasing scrutiny regarding its valuation. Analysts noted a rich valuation with a high price-to-earnings (P/E) ratio, suggesting that the stock's premium pricing required continued strong momentum. While a consensus "Buy" or "Moderate Buy" rating was maintained by most analysts, price targets showed a wide range, from $59 to $170, and some analysts issued cautious commentary or reduced price targets during the period. This mixed sentiment and the perception of a demanding valuation contributed to the stock consolidating and experiencing price fluctuations rather than sustaining a continuous upward trajectory.
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Stock Movement Drivers
Fundamental Drivers
The 1.1% change in FORM stock from 5/31/2026 to 9/22/2026 was primarily driven by a 57.3% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 124.59 | 126.01 | 1.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 840 | 902 | 7.4% |
| Net Income Margin (%) | 8.1% | 12.8% | 57.3% |
| P/E Multiple | 141.9 | 85.2 | -40.0% |
| Shares Outstanding (Mil) | 78 | 78 | -0.3% |
| Cumulative Contribution | 1.1% |
Market Drivers
5/31/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| FORM | 1.1% | |
| Market (SPY) | 2.5% | 56.2% |
| Sector (XLK) | 2.9% | 83.4% |
Fundamental Drivers
The 27.4% change in FORM stock from 2/28/2026 to 9/22/2026 was primarily driven by a 84.8% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 98.88 | 126.01 | 27.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 785 | 902 | 14.9% |
| Net Income Margin (%) | 6.9% | 12.8% | 84.8% |
| P/E Multiple | 141.1 | 85.2 | -39.7% |
| Shares Outstanding (Mil) | 78 | 78 | -0.6% |
| Cumulative Contribution | 27.4% |
Market Drivers
2/28/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| FORM | 27.4% | |
| Market (SPY) | 13.3% | 54.3% |
| Sector (XLK) | 41.8% | 74.6% |
Fundamental Drivers
The 331.7% change in FORM stock from 8/31/2025 to 9/22/2026 was primarily driven by a 122.7% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.19 | 126.01 | 331.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 765 | 902 | 18.0% |
| Net Income Margin (%) | 5.7% | 12.8% | 122.7% |
| P/E Multiple | 51.2 | 85.2 | 66.2% |
| Shares Outstanding (Mil) | 77 | 78 | -1.2% |
| Cumulative Contribution | 331.7% |
Market Drivers
8/31/2025 to 9/22/2026| Return | Correlation | |
|---|---|---|
| FORM | 331.7% | |
| Market (SPY) | 21.2% | 43.6% |
| Sector (XLK) | 50.4% | 60.7% |
Fundamental Drivers
The 256.8% change in FORM stock from 8/31/2023 to 9/22/2026 was primarily driven by a 168.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.32 | 126.01 | 256.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 670 | 902 | 34.6% |
| P/S Multiple | 4.1 | 10.9 | 168.0% |
| Shares Outstanding (Mil) | 77 | 78 | -1.1% |
| Cumulative Contribution | 256.8% |
Market Drivers
8/31/2023 to 9/22/2026| Return | Correlation | |
|---|---|---|
| FORM | 256.8% | |
| Market (SPY) | 78.3% | 53.0% |
| Sector (XLK) | 127.9% | 64.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FORM Return | 6% | -51% | 88% | 5% | 27% | 114% | 177% |
| Peers Return | 54% | -29% | 61% | 1% | 54% | 92% | 423% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| FORM Win Rate | 58% | 25% | 67% | 50% | 58% | 56% | |
| Peers Win Rate | 67% | 40% | 65% | 52% | 62% | 71% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| FORM Max Drawdown | -35% | -61% | -19% | -39% | -51% | -48% | |
| Peers Max Drawdown | -25% | -47% | -24% | -35% | -45% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 9/22/2026 (YTD)
How Low Can It Go
| Event | FORM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.3% | -18.8% |
| % Gain to Breakeven | 62.1% | 23.1% |
| Time to Breakeven | 167 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -33.7% | -7.8% |
| % Gain to Breakeven | 50.9% | 8.5% |
| Time to Breakeven | 521 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.2% | -9.5% |
| % Gain to Breakeven | 13.9% | 10.5% |
| Time to Breakeven | 13 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.7% | -6.7% |
| % Gain to Breakeven | 20.1% | 7.1% |
| Time to Breakeven | 40 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.2% | -24.5% |
| % Gain to Breakeven | 133.7% | 32.4% |
| Time to Breakeven | 528 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.8% | -33.7% |
| % Gain to Breakeven | 55.6% | 50.9% |
| Time to Breakeven | 75 days | 140 days |
In The Past
FormFactor's stock fell -38.3% during the 2025 US Tariff Shock. Such a loss loss requires a 62.1% gain to breakeven.
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Asset Allocation
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| Event | FORM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.3% | -18.8% |
| % Gain to Breakeven | 62.1% | 23.1% |
| Time to Breakeven | 167 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -33.7% | -7.8% |
| % Gain to Breakeven | 50.9% | 8.5% |
| Time to Breakeven | 521 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.2% | -24.5% |
| % Gain to Breakeven | 133.7% | 32.4% |
| Time to Breakeven | 528 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.8% | -33.7% |
| % Gain to Breakeven | 55.6% | 50.9% |
| Time to Breakeven | 75 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -20.1% | -3.7% |
| % Gain to Breakeven | 25.2% | 3.9% |
| Time to Breakeven | 13 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -37.1% | -17.9% |
| % Gain to Breakeven | 59.0% | 21.8% |
| Time to Breakeven | 1240 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -50.0% | -15.4% |
| % Gain to Breakeven | 100.0% | 18.2% |
| Time to Breakeven | 3337 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -65.5% | -53.4% |
| % Gain to Breakeven | 189.8% | 114.4% |
| Time to Breakeven | 4372 days | 1085 days |
In The Past
FormFactor's stock fell -38.3% during the 2025 US Tariff Shock. Such a loss loss requires a 62.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About FormFactor (FORM)
FormFactor, Inc. (FORM) is a critical supplier of advanced test and measurement solutions for the global semiconductor industry and scientific research. The company specializes in designing and manufacturing high-precision equipment primarily used for testing, characterizing, and analyzing semiconductor devices throughout their lifecycle, from initial design and development to volume production.
The company's core product line includes various types of **probe cards**, which are essential tools for electrically testing a wide array of semiconductor devices such as microprocessors, mobile application processors, memory chips (DRAM, NAND), and systems-on-a-chip (SoC). Beyond probe cards, FormFactor also provides **analytical probes** for detailed device characterization and failure analysis, sophisticated **probing and surface metrology systems** for semiconductor design engineers and quality control, and specialized **thermal and cryogenic systems** used in advanced testing environments.
FormFactor's primary customers are leading semiconductor companies globally, including integrated device manufacturers, semiconductor foundries, and fabless companies. Its advanced analytical and cryogenic systems also serve universities and research institutions for scientific applications. The company operates and sells its products internationally, with a strong presence across the United States, Asia-Pacific (including Taiwan, South Korea, China, and Japan), and Europe.
AI Analysis | Feedback
Here are 1-3 brief analogies for FormFactor:
- They're like Teradyne, but focused on the precision probes and systems for physically testing semiconductor chips.
- Think of them as the KLA Corporation for comprehensive chip characterization and testing equipment.
AI Analysis | Feedback
- Probe Cards: Devices used to test various types of semiconductor devices, including processors, memory, and specialized circuits.
- Analytical Probes: Tools for device characterization, electrical simulation model development, failure analysis, and prototype design debugging.
- Probing Systems: Equipment for semiconductor design engineers to capture and analyze accurate data.
- Metrology Systems: Systems for surface metrology, used in the development, production, and quality control of semiconductor products.
- Thermal Systems: Subsystems like thermal chucks and other test systems used in probe stations and various applications.
- Cryogenic Systems: Precision instruments for cryogenic applications and semiconductor tests and measurements.
- Support Services: Includes on-site probe card maintenance, service training, seminars, and telephone support.
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Major Customers of FormFactor (FORM)
FormFactor, Inc. primarily sells its products and services to other companies and institutions, rather than to individuals. Based on the provided description, its major customers fall into the following categories:
- Semiconductor Companies: This broad category encompasses various entities involved in the semiconductor industry, including:
- Integrated Device Manufacturers (IDMs)
- Semiconductor Foundries
- Fabless Semiconductor Companies
- Scientific and Academic Institutions: These organizations utilize FormFactor's products for research and development purposes, and include:
- Universities
- Research Institutions
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Michael D. Slessor
Chief Executive Officer, President & Director
Michael D. Slessor has served as FormFactor's Chief Executive Officer since December 2014 (or January 2015) and as a Director since October 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 through FormFactor's acquisition of MicroProbe in 2012. Prior to MicroProbe, he held various management, product-marketing, and applications-engineering positions in the semiconductor industry, primarily with KLA-Tencor (now KLA Corporation). Dr. Slessor received his Ph.D. in Aeronautics and Physics from the California Institute of Technology and his B.A.Sc. in Engineering Physics from the University of British Columbia.
Aric McKinnis
Senior Vice President and 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 held the role of Vice President and Corporate Controller. With over 15 years in financial leadership, Mr. McKinnis was formerly Corporate Controller at semiconductor manufacturing companies MKS Instruments and Electro Scientific Industries, Inc. (“ESI”). Before ESI, he was a manager at Deloitte, where he focused on external audits for publicly listed companies. He graduated summa cum laude from Oregon State University with Honors College degrees from the college of business.
Steven Nott
Senior Vice President and Chief Information Officer
Steven Nott has served as FormFactor's Chief Information Officer since 2020. He brings over 20 years of experience in Information Technology, having held various IT positions within Cypress Semiconductor before becoming its first Chief Information Officer in 2012. Mr. Nott holds a BS in Accounting.
Alan Chan
Senior Vice President and Chief Legal Officer
Alan Chan has served as FormFactor's Senior Vice President and Chief Legal Officer since 2024. His previous roles include Chief Legal & People Officer and Corporate Secretary of BowFlex Inc., and Vice President, Legal Affairs and Assistant Corporate Secretary at Arrow Electronics, Inc. Mr. Chan began his legal career as a patent litigator at Kaye Scholer LLP. He holds a B.S. in biology from Binghamton University and a J.D. from Emory University School of Law.
Aliza Scott
Senior Vice President and Chief Human Resources Officer
Aliza Scott joined FormFactor in 2022 and serves as the Senior Vice President and Chief Human Resources Officer. Before joining FormFactor, Ms. Scott held various HR leadership roles at Fortive, including Vice President of HR Transformation & Technology. She also held senior HR leadership positions at global technology companies such as Danaher, Tripwire, Autodesk, and FEI Company. Ms. Scott holds a B.A. degree from Oregon State University.
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- Cyclicality of the Semiconductor Industry: FormFactor's revenue is highly dependent on the capital expenditure and production volumes of semiconductor companies. The semiconductor industry is inherently cyclical, characterized by periods of rapid growth followed by downturns. Economic slowdowns, changes in consumer electronics demand, or oversupply of chips can lead to reduced demand for FormFactor's probe cards, test systems, and related services, negatively impacting its financial performance.
- Rapid Technological Change and Need for Continuous Innovation: The semiconductor industry is characterized by rapid technological advancements, requiring FormFactor to continuously innovate and develop new probe technologies, metrology systems, and testing solutions to keep pace with evolving chip designs (e.g., smaller geometries, new materials, advanced packaging, AI chips, photonics). Failure to anticipate or adapt to these technological shifts could render FormFactor's products obsolete or less competitive, leading to a loss of market share.
- Geopolitical Risks and International Trade Tensions: FormFactor generates a significant portion of its revenue from international sales across Asia-Pacific (Taiwan, South Korea, China, Japan), Europe, and other regions. Increasing geopolitical tensions, particularly concerning the global technology and semiconductor supply chains (e.g., US-China trade disputes, export controls, tariffs), could disrupt FormFactor's ability to sell its products in certain markets, impact its supply chain, or result in unfavorable trade policies, thereby adversely affecting its business and financial results.
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FormFactor, Inc. operates in several addressable markets related to semiconductor manufacturing and scientific institutions.
Probe Cards
The global probe card market size was valued at USD 2.6 billion in 2023 and is projected to reach approximately USD 6.7 billion by 2033, growing at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2033. The U.S. probe card market alone was valued at USD 0.86 billion in 2025E and is projected to reach USD 1.44 billion by 2033, with a CAGR of 6.63% during 2026-2033.
Analytical Probes
The global semiconductor analytical probes market is expected to grow from USD 1.2 billion in 2024 to approximately USD 2.5 billion by 2033, registering a CAGR of 9.2% from 2025 to 2033.
Probe Stations
The global probe station market was valued at USD 1.41 billion in 2026 and is expected to reach USD 3.32 billion by 2035, expanding at a CAGR of 9.8% from 2026 to 2035.
Metrology Systems
The global semiconductor metrology and inspection equipment market, which includes metrology systems, was estimated at USD 8.98 billion in 2024 and is projected to reach USD 16.21 billion by 2033, growing at a CAGR of 6.9% from 2025 to 2033.
Thermal Systems (Thermal Chucks)
The global electrostatic chucks market, which includes thermal chucks used in semiconductor manufacturing, was valued at USD 0.45 billion in 2024 and is expected to reach USD 0.89 billion by 2032, at a CAGR of 8.9% during the forecast period. Another estimate for the global electrostatic chuck market size is USD 2.2 billion in 2026, projected to touch USD 3.43 billion by 2035 at a CAGR of 5.1%.
Cryogenic Systems
The global cryogenic semiconductor cooling market is estimated at USD 0.5 billion in 2025 and is projected to reach USD 1 billion by 2033, expanding at a CAGR of 9% during the forecast period.
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FormFactor (FORM) is expected to drive future revenue growth over the next two to three years through several key areas:
- Accelerated Demand for High-Bandwidth Memory (HBM) and Advanced Packaging: The increasing adoption of HBM technologies, specifically HBM3, HBM3E, and the upcoming HBM4, is a significant growth catalyst. This demand is primarily fueled by artificial intelligence (AI) and high-performance computing (HPC) workloads, which require more rigorous and complex testing solutions that FormFactor provides for advanced packaging.
- Growth in the Foundry and Logic Segment Driven by AI and HPC: FormFactor anticipates continued expansion within its Foundry and Logic segment. This growth is intrinsically linked to the demand for advanced processors, such as GPUs and custom ASICs, which incorporate advanced packaging techniques. The slowing of Moore's Law necessitates greater test intensity and complexity for these cutting-edge chips, directly benefiting FormFactor's probe card business.
- Expansion into Emerging Test Markets: The company is strategically diversifying its product offerings and market reach into nascent but high-growth areas. This includes developing new metrology and thermal subsystem solutions for silicon carbide (SiC) and gallium nitride (GaN) power devices used in electric vehicles (EVs), integrating optical probe technology for co-packaged optics testing, and introducing cryogenic systems for quantum computing research and hardware validation.
- Customer Diversification and Market Share Gains: FormFactor is actively working to broaden its customer base and gain market share, particularly within critical segments. This includes making progress with new fabless MPU and GPU manufacturers and expanding its HBM customer reach beyond a major customer, which is expected to contribute to revenue stability and overall growth as new qualifications are achieved.
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Share Repurchases
- FormFactor repurchased $22.1 million worth of common stock in fiscal 2025.
- In April 2025, FormFactor repurchased 135,000 shares for $4.1 million, with $70.9 million remaining authorized under the program.
- The company authorized a $75 million share repurchase program in July 2025, which is set to expire on April 24, 2027.
Share Issuance
- Share issuances primarily occurred through the settlement of Restricted Stock Units (RSUs) as part of equity compensation plans.
- Examples include the issuance of 5,908 shares and withholding of 3,282 shares for taxes, and the settlement of 2,955 RSUs with 1,642 shares withheld for taxes.
- The number of outstanding shares has seen minor fluctuations, with 77.58 million at the end of 2025, indicating that issuances, often for compensation, are partially offset by repurchases.
Inbound Investments
- No information was found regarding large inbound equity investments from third-party strategic partners or private equity firms for capital injection into the company.
Outbound Investments
- FormFactor acquired Keystone Photonics in December 2025 for approximately $20 million, aiming to enhance its position in the AI infrastructure, silicon photonics, and co-packaged optics testing markets.
- In June 2025, the company purchased a manufacturing site in Farmers Branch, Texas, for $55 million to expand production capabilities, particularly for High Bandwidth Memory (HBM) probe-card products.
- In fiscal 2025, FormFactor acquired a 20% equity interest in FICT Limited to bolster its presence in the semiconductor test and high-performance computing industries.
Capital Expenditures
- Capital expenditures significantly increased to $104 million in 2025, up from $38 million in 2024, primarily driven by investments in capacity expansion.
- Year-to-date capital spending was $92.3 million as of Q3 2025.
- Expected cash expenditures related to the Farmers Branch, Texas manufacturing facility are projected to be between $140 million and $170 million over fiscal 2026, with an additional $20 million to $25 million in preproduction operating expenses.
Peer Outperformance in Semiconductor Materials & Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| FORM | FormFactor | 10.5% | 85.2x | 234.2% | 279.3% | 211.8% | — |
| AXTI | AXT | 10.5% | 1,174.9x | 1413.4% | 3210.2% | 794.1% | +582pp |
| LRCX | Lam Research | 11.7% | 53.5x | 136.3% | 413.9% | 434.2% | +222pp |
| KLAC | KLA | 9.7% | 50.9x | 76.7% | 326.8% | 432.9% | +221pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 62.3% | 191.7% | 280.0% | TTMI 923% · FLEX 732% · SANM 453% |
| Semiconductor Materials & Equipment ← | 27 | 105.5% | 97.6% | 109.4% | AXTI 794% · AEHR 754% · LRCX 434% |
| Technology Distributors | 9 | 31.2% | 74.9% | 96.3% | CLMB 393% · AVT 198% · SNX 169% |
| Communications Equipment | 36 | 14.9% | 82.3% | 72.4% | AAOI 1394% · FEIM 1016% · LITE 1006% |
| Electronic Components | 26 | 37.7% | 74.9% | 69.1% | CLS 3582% · BELFA 1352% · COHR 406% |
| Semiconductors | 55 | 24.9% | 42.6% | 40.2% | POET 1906% · MU 1418% · NVDA 922% |
| Technology Hardware, Storage & Peripherals | 20 | 33.2% | 95.1% | 37.9% | STX 1145% · DELL 1068% · SMCI 1008% |
| Internet Services & Infrastructure | 6 | 8.7% | 54.9% | 32.4% | DOCN 67% · VRSN 41% · GDDY 37% |
| Electronic Equipment & Instruments | 26 | -14.1% | 13.0% | -10.6% | PI 194% · OSIS 114% · ACFN 100% |
| IT Consulting & Other Services | 30 | -26.5% | -16.8% | -38.5% | CHRN 557795% · APLD 1259% · TSSI 745% |
| Application Software | 125 | -31.1% | -14.2% | -47.5% | VIDA 151567% · INLX 5065% · PLTR 543% |
| Systems Software | 74 | -21.5% | 12.2% | -58.8% | QNC 510% · ZETA 384% · PANW 365% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 236.06 |
| Mkt Cap | 38.2 |
| Rev LTM | 2,792 |
| Op Inc LTM | 766 |
| FCF LTM | 526 |
| FCF 3Y Avg | 420 |
| CFO LTM | 666 |
| CFO 3Y Avg | 543 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.0% |
| Rev Chg 3Y Avg | 10.1% |
| Rev Chg Q | 33.6% |
| QoQ Delta Rev Chg LTM | 8.0% |
| Op Inc Chg LTM | 47.6% |
| Op Inc Chg 3Y Avg | 16.8% |
| Op Mgn LTM | 22.7% |
| Op Mgn 3Y Avg | 20.1% |
| QoQ Delta Op Mgn LTM | 2.6% |
| CFO/Rev LTM | 23.8% |
| CFO/Rev 3Y Avg | 24.9% |
| FCF/Rev LTM | 19.5% |
| FCF/Rev 3Y Avg | 20.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Probe Cards | 638 | 626 | 498 | 591 | 633 |
| Systems | 147 | 138 | 165 | 157 | 136 |
| Corporate and Other | 0 | 0 | 0 | 0 | 0 |
| Total | 785 | 764 | 663 | 748 | 770 |
| $ Mil | 2025 | 2024 | 2023 | 2017 | 2016 |
|---|---|---|---|---|---|
| Probe Cards | 137 | 128 | 69 | 61 | 49 |
| Systems | 20 | 16 | 37 | 18 | 9 |
| Factory start-up costs | -3 | ||||
| Corporate and Other | -34 | -33 | -39 | -32 | -106 |
| General and administrative | -63 | -67 | -58 | ||
| Gain on sale of business | 21 | 73 | |||
| Total | 57 | 65 | 83 | 46 | -48 |
Price Behavior
| Market Price | $126.01 | |
| Market Cap ($ Bil) | 9.8 | |
| First Trading Date | 06/12/2003 | |
| Distance from 52W High | -21.2% | |
| 50 Days | 200 Days | |
| DMA Price | $111.00 | $104.86 |
| DMA Trend | up | down |
| Distance from DMA | 13.5% | 20.2% |
| 3M | 1YR | |
| Volatility | 109.6% | 85.7% |
| Downside Capture | 508.75 | 261.32 |
| Upside Capture | 321.53 | 357.87 |
| Correlation (SPY) | 52.5% | 44.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.85 | 5.32 | 5.15 | 3.94 | 2.99 | 2.34 |
| Up Beta | 5.35 | 11.05 | 8.71 | 5.56 | 4.60 | 2.74 |
| Down Beta | -0.84 | 0.39 | 1.61 | 1.47 | 0.62 | 1.41 |
| Up Capture | 258% | 245% | 679% | 755% | 1729% | 6473% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 17 | 29 | 67 | 138 | 380 |
| Down Capture | 520% | 512% | 384% | 267% | 175% | 113% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 25 | 35 | 60 | 113 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FORM | |
|---|---|---|---|---|
| FORM | 259.5% | 85.8% | 1.86 | - |
| Sector ETF (XLK) | 41.7% | 26.5% | 1.28 | 61.1% |
| Equity (SPY) | 17.6% | 13.0% | 0.98 | 43.9% |
| Gold (GLD) | 18.0% | 29.3% | 0.56 | 25.7% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | -8.3% |
| Real Estate (VNQ) | 5.2% | 13.6% | 0.12 | -5.4% |
| Bitcoin (BTCUSD) | -26.0% | 44.9% | -0.54 | 10.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FORM | |
|---|---|---|---|---|
| FORM | 27.5% | 61.1% | 0.64 | - |
| Sector ETF (XLK) | 21.1% | 26.0% | 0.72 | 63.8% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 53.9% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 14.4% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 7.2% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.05 | 24.2% |
| Bitcoin (BTCUSD) | 12.7% | 52.6% | 0.42 | 20.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FORM | |
|---|---|---|---|---|
| FORM | 29.7% | 56.0% | 0.69 | - |
| Sector ETF (XLK) | 25.0% | 25.0% | 0.90 | 61.2% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 54.1% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 12.0% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 12.4% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 29.8% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 15.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 26.3% | 37.1% | 32.1% |
| 4/29/2026 | 0.3% | 10.0% | -8.1% |
| 2/4/2026 | 17.2% | 34.2% | 18.8% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 13 |
| # Negative | 12 | 9 | 11 |
| Median Positive | 8.5% | 12.6% | 14.9% |
| Median Negative | -9.3% | -12.7% | -8.9% |
| Max Positive | 26.3% | 37.1% | 48.6% |
| Max Negative | -24.1% | -30.4% | -27.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 26.3% | 37.1% | 32.1% |
| 4/29/2026 | 0.3% | 10.0% | -8.1% |
| 2/4/2026 | 17.2% | 34.2% | 18.8% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 13 |
| # Negative | 12 | 9 | 11 |
| Median Positive | 8.5% | 12.6% | 14.9% |
| Median Negative | -9.3% | -12.7% | -8.9% |
| Max Positive | 26.3% | 37.1% | 48.6% |
| Max Negative | -24.1% | -30.4% | -27.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 260.00 Mil | 270.00 Mil | 280.00 Mil | 12.5% | Higher New | Guidance: 240.00 Mil for Q2 2026 | |
| Q3 2026 Gross Profit | Calculated | 136.50 Mil | 145.80 Mil | 155.40 Mil | Rev x Gross Margin | |||
| Q3 2026 Gross Margin (GAAP) | Reported | 50.5% | 52.0% | 53.5% | 2.5% | Higher New | Guidance: 49.5% for Q2 2026 | |
| Q3 2026 Gross Margin (Non-GAAP) | Reported | 52.5% | 54.0% | 55.5% | 4.5% | Higher New | Guidance: 49.5% for Q2 2026 | |
| Q3 2026 EPS (GAAP) | Reported | 0.66 | 0.75 | 0.84 | 23.0% | Higher New | Guidance: 0.61 for Q2 2026 | |
| Q3 2026 EPS (Non-GAAP) | Reported | 0.77 | 0.86 | 0.95 | 41.0% | Higher New | Guidance: 0.61 for Q2 2026 | |
Prior: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 235.00 Mil | 240.00 Mil | 245.00 Mil | 6.7% | Higher New | Guidance: 225.00 Mil for Q1 2026 | |
| Q2 2026 Gross Profit | Calculated | 112.80 Mil | 118.80 Mil | 124.95 Mil | Rev x Gross Margin | |||
| Q2 2026 Gross margin | Reported | 48.0% | 49.5% | 51.0% | 4.5% | Higher New | Guidance: 45.0% for Q1 2026 | |
| Q2 2026 Net income per diluted share | Reported | 0.57 | 0.61 | 0.65 | 35.6% | Higher New | Guidance: 0.45 for Q1 2026 | |
Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 220.00 Mil | 225.00 Mil | 230.00 Mil | 7.1% | Higher New | Guidance: 210.00 Mil for Q4 2025 | |
| Q1 2026 Gross Profit | Calculated | 95.70 Mil | 101.25 Mil | 106.95 Mil | Rev x Gross Margin | |||
| Q1 2026 Gross margin | Reported | 43.5% | 45.0% | 46.5% | 3.0% | Higher New | Guidance: 42.0% for Q4 2025 | |
| Q1 2026 Net income per diluted share | Reported | 0.41 | 0.45 | 0.49 | 10.0% | Higher New | Guidance: 0.35 for Q4 2025 | |
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | Reported | 205.00 Mil | 210.00 Mil | 215.00 Mil | 5.0% | Higher New | Guidance: 200.00 Mil for Q3 2025 | |
| Q4 2025 Gross Profit | Calculated | 83.03 Mil | 88.20 Mil | 93.53 Mil | Rev x Gross Margin | |||
| Q4 2025 Gross Margin (GAAP) | Reported | 38.5% | 40.0% | 41.5% | 0 | Same New | Guidance: 40.0% for Q3 2025 | |
| Q4 2025 Gross Margin (Non-GAAP) | Reported | 40.5% | 42.0% | 43.5% | ||||
| Q4 2025 EPS (GAAP) | Reported | 0.15 | 0.19 | 0.23 | -24.0% | -6.0% | Lower New | Guidance: 0.25 for Q3 2025 |
| Q4 2025 EPS (Non-GAAP) | Reported | 0.31 | 0.35 | 0.39 | 40.0% | 10.0% | Higher New | Guidance: 0.25 for Q3 2025 |
Insider Activity
Updated 9/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Slessor, Mike | CEO | Direct | Sell | 9172026 | 104.73 | 17,510 | 1,833,817 | 48,876,731 | Form |
| 2 | Steven-Waiss, Kelley | Direct | Sell | 9042026 | 96.10 | 2,100 | 201,810 | 2,347,341 | Form | |
| 3 | Slessor, Mike | CEO | Direct | Sell | 8172026 | 130.95 | 16,002 | 2,095,532 | 63,408,636 | Form |
| 4 | Slessor, Mike | CEO | Direct | Sell | 7162026 | 118.31 | 4,735 | 560,195 | 50,921,759 | Form |
| 5 | St, Dennis Thomas | Direct | Sell | 6162026 | 151.49 | 2,800 | 424,172 | 4,404,269 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Slessor, Mike | CEO | Direct | Sell | 9172026 | 104.73 | 17,510 | 1,833,817 | 48,876,731 | Form |
| 2 | Steven-Waiss, Kelley | Direct | Sell | 9042026 | 96.10 | 2,100 | 201,810 | 2,347,341 | Form | |
| 3 | Slessor, Mike | CEO | Direct | Sell | 8172026 | 130.95 | 16,002 | 2,095,532 | 63,408,636 | Form |
| 4 | Slessor, Mike | CEO | Direct | Sell | 7162026 | 118.31 | 4,735 | 560,195 | 50,921,759 | Form |
| 5 | St, Dennis Thomas | Direct | Sell | 6162026 | 151.49 | 2,800 | 424,172 | 4,404,269 | Form | |
| 6 | Slessor, Mike | CEO | Direct | Sell | 6112026 | 121.35 | 11,890 | 1,442,897 | 52,806,769 | Form |
| 7 | Rhodes, Sheri | Direct | Sell | 6042026 | 125.40 | 6,328 | 793,531 | 674,025 | Form | |
| 8 | Obregon-Jimenez, Rebeca | Direct | Sell | 5222026 | 126.47 | 3,828 | 484,146 | 995,991 | Form | |
| 9 | White, Brian C | Direct | Sell | 5212026 | 126.00 | 3,250 | 409,500 | 1,090,278 | Form | |
| 10 | St, Dennis Thomas | Direct | Sell | 5212026 | 115.84 | 1,000 | 115,840 | 3,692,165 | Form | |
| 11 | Slessor, Mike | CEO | Direct | Sell | 5142026 | 126.52 | 9,438 | 1,194,064 | 56,557,616 | Form |
| 12 | Slessor, Mike | CEO | Direct | Sell | 4152026 | 127.72 | 11,294 | 1,442,463 | 57,418,166 | Form |
| 13 | Slessor, Mike | CEO | Direct | Sell | 3182026 | 95.15 | 10,227 | 973,076 | 43,849,709 | Form |
| 14 | McKinnis, Aric Brendan | CFO, SVP Global Finance | Direct | Sell | 3062026 | 90.42 | 3,462 | 313,034 | 1,007,279 | Form |
| 15 | White, Brian C | Direct | Sell | 2252026 | 100.01 | 2,300 | 230,023 | 1,055,706 | Form | |
| 16 | Slessor, Mike | CEO | Direct | Sell | 2182026 | 94.14 | 8,664 | 815,597 | 44,346,283 | Form |
| 17 | St, Dennis Thomas | Direct | Sell | 2112026 | 93.84 | 7,431 | 697,355 | 2,958,525 | Form | |
| 18 | Rhodes, Sheri | Direct | Sell | 2112026 | 92.61 | 7,634 | 706,973 | 959,054 | Form | |
| 19 | Steven-Waiss, Kelley | Direct | Sell | 2112026 | 93.70 | 2,200 | 206,139 | 2,865,237 | Form | |
| 20 | Slessor, Mike | CEO | Direct | Sell | 1152026 | 76.81 | 13,088 | 1,005,267 | 36,323,166 | Form |
| 21 | Slessor, Mike | CEO | Direct | Sell | 1062026 | 65.00 | 39,606 | 2,574,390 | 31,589,675 | Form |
| 22 | Slessor, Mike | CEO | Direct | Sell | 12172025 | 56.36 | 7,669 | 432,221 | 29,622,595 | Form |
| 23 | Steven-Waiss, Kelley | Direct | Sell | 12022025 | 55.97 | 2,700 | 151,106 | 1,834,477 | Form | |
| 24 | Slessor, Mike | CEO | Direct | Sell | 11192025 | 50.06 | 8,403 | 420,690 | 26,697,754 | Form |
| 25 | St, Dennis Thomas | Direct | Sell | 11172025 | 49.85 | 2,000 | 99,693 | 1,941,870 | Form | |
| 26 | Steven-Waiss, Kelley | Direct | Sell | 9122025 | 30.43 | 3,600 | 109,530 | 1,079,449 | Form |
Investor Activity (13F)
Updated Sep 23, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
FormFactor — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductor Materials & Equipment Resources |
| SEMI |
| Semiconductor Digest |
| Semiconductor Today |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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