FormFactor Stock Slides 22% Over 5 Straight Down Days
A five-day slide in FormFactor stock puts the company’s high valuation and strong recent growth into sharp focus.
FormFactor (FORM) stock has now moved lower for 5 consecutive trading days, a cumulative loss of 22%. That streak has erased about $2.0 billion from the company’s market value, which now stands at about $6.9 billion.
FormFactor, Inc. designs, manufactures, and sells probe cards and other systems used to test various semiconductor device types. The company markets and sells its products in the United States, Taiwan, South Korea, and other regions globally.
The Streak Next To The S&P 500
Here is how FORM stock stacks up against the S&P 500 over the streak and the periods around it:
| Return Period | FORM | S&P 500 |
|---|---|---|
| 1D | -10.7% | 0.2% |
| 5D (Current Streak) | -22.4% | -1.1% |
| 1M (21D) | -32.5% | 1.0% |
| 3M (63D) | -38.7% | 3.6% |
| YTD 2026 | 58.2% | 8.5% |
| 2025 | 26.8% | 16.4% |
| 2024 | 5.5% | 23.3% |
| 2023 | 87.6% | 24.2% |
What do the fundamentals say about this drop?
The evidence is mixed. Revenue over the last twelve months grew 9.6%, ahead of the S&P 500 median of 7.8%. The market, however, appears to be weighing this against a valuation that stands out. FORM trades at a price-to-earnings multiple of 100.5, far above the S&P 500 median of 24.4. Its operating margin of 9.5% is also below the S&P median of 18.4%.
This move is largely specific to the stock. Over the same 5 trading days the S&P 500 returned -1.1%. While losing streaks are not uncommon, with 62 S&P 500 stocks currently on losing streaks of 3 days or more, this one comes after the stock returned +158.8% over the trailing twelve months.
How should an investor interpret a streak like this?
A streak is information, not an instruction. It signals that a stock has the market’s attention and that momentum, in this case downward, has been persistent. It does not, by itself, tell you whether the new price is a bargain or a warning.
The disciplined response is to use the streak as a prompt to check the business against its price. The numbers here provide a starting point for that work, framing a company with solid recent growth against a premium valuation and lower margins than its peers. The question is whether the long-term business story justifies the price the market is asking.
If the drop has you weighing an entry, resist buying a falling price alone. Our Buy the Dip screen ranks the marked-down names where growth and cash generation still support a recovery.
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