Overview Dividends

(FORM) FormFactor - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US3463751087

Probe Cards, Analytical Probes, Probe Stations, Thermal Systems, Cryogenic

Semiconductor Materials & Equipment
Market Cap in USD: 4,518m

IPO / Inception: 2003-06-12
Return 12m vs S&P 500: 14.2%

EPS (Earnings per Share)

EPS CAGR: -7.38%
EPS Trend: -0.5%

Last SUE: 2.35
Qual. Beats: 1

Revenue

Rev. CAGR: -0.30%
Rev. Trend: 6.5%

Last SUE: 1.06
Qual. Beats: 2

Dividends

Currently no dividends paid

Risk via 5d forecast
Volatility	56.0%
Value at Risk 5%th	80.6%
Relative Tail Risk	-12.53%

Reward TTM
Sharpe Ratio	0.62
Alpha	6.60
CAGR/Max DD	0.62

Character TTM
Hurst Exponent	0.406
Beta	1.946
Beta Downside	1.239

Drawdowns 3y
Max DD	62.75%
Mean DD	20.57%
Median DD	12.78%

Description: FORM FormFactor November 10, 2025

FormFactor, Inc. (NASDAQ: FORM) designs, manufactures, and sells a suite of semiconductor test hardware-including probe cards, analytical probes, probe stations, thermal and cryogenic systems-and provides related services such as on-site maintenance, training, and technical support. Its probe cards target a broad range of device categories, from system-on-chip and mobile processors to DRAM, NAND, and emerging quantum-computer processors, while its analytical probes support device characterization, failure analysis, and prototype debugging.

In FY 2023 the company reported revenue of roughly $1.2 billion, representing a 12 % year-over-year increase driven primarily by higher demand for AI-accelerator and 5G-related test solutions. Gross margins hovered around 38 %, and operating cash flow exceeded $200 million, giving FormFactor a solid liquidity position despite the capital-intensive nature of its equipment business.

The semiconductor test equipment market is currently being propelled by two macro trends: (1) the rapid scaling of advanced-node chips for artificial-intelligence workloads, which raises the need for higher-precision, higher-throughput probe solutions; and (2) the resurgence of legacy-node production for automotive and IoT devices, sustaining demand for a diversified product mix. FormFactor’s exposure to both high-growth (AI) and stable (automotive/IoT) segments helps mitigate the cyclical risk inherent in semiconductor capital spending.

For a deeper, data-driven view of FormFactor’s valuation and risk profile, you may find the analyst tools on ValueRay worth exploring.

Piotroski VR‑10 (Strict, 0-10) 4.5

Net Income (39.7m TTM) > 0 and > 6% of Revenue (6% = 45.6m TTM)

FCFTA 0.00 (>2.0%) and ΔFCFTA -3.90pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 56.52% (prev 65.42%; Δ -8.90pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.09 (>3.0%) and CFO 105.3m > Net Income 39.7m (YES >=105%, WARN >=100%)

Net Debt (-64.5m) to EBITDA (116.4m) ratio: -0.55 <= 3.0 (WARN <= 3.5)

Current Ratio 4.30 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (77.7m) change vs 12m ago -0.90% (target <= -2.0% for YES)

Gross Margin 38.41% (prev 40.72%; Δ -2.31pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 64.44% (prev 64.33%; Δ 0.10pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 190.1 (EBITDA TTM 116.4m / Interest Expense TTM 418.0k) >= 6 (WARN >= 3)

Altman Z'' 4.03

(A) 0.36 = (Total Current Assets 559.3m - Total Current Liabilities 130.1m) / Total Assets 1.20b

(B) 0.13 = Retained Earnings (Balance) 152.1m / Total Assets 1.20b

(D) 0.79 = Book Value of Equity 152.2m / Total Liabilities 193.4m

Total Rating: 4.03 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 46.28

1. Piotroski 4.50pt

2. FCF Yield 0.12%

3. FCF Margin 0.70%

4. Debt/Equity 0.03

5. Debt/Ebitda -0.55

6. ROIC - WACC (= -7.40)%

7. RoE 4.06%

8. Rev. Trend 6.49%

9. EPS Trend -0.54%

What is the price of FORM shares?

As of December 20, 2025, the stock is trading at USD 56.97 with a total of 2,697,112 shares traded.
Over the past week, the price has changed by +2.76%, over one month by +13.00%, over three months by +61.71% and over the past year by +34.24%.

Is FORM a buy, sell or hold?

FormFactor has received a consensus analysts rating of 3.70. Therefor, it is recommend to hold FORM.

Strong Buy: 3
Buy: 1
Hold: 6
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the FORM price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	56.9	-0.2%
Analysts Target Price	56.9	-0.2%
ValueRay Target Price	58.1	2.1%

FORM Fundamental Data Overview December 11, 2025

Market Cap USD = 4.52b (4.52b USD * 1.0 USD.USD)
P/E Trailing = 109.9623
P/E Forward = 40.3226
P/S = 5.9497
P/B = 4.4816
P/EG = 0.71
Beta = 1.12
Revenue TTM = 759.3m USD
EBIT TTM = 79.5m USD
EBITDA TTM = 116.4m USD
Long Term Debt = 11.4m USD (from longTermDebt, last quarter)
Short Term Debt = 8.53m USD (from shortTermDebt, last quarter)
Debt = 33.2m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -64.5m USD (from netDebt column, last quarter)
Enterprise Value = 4.28b USD (4.52b + Debt 33.2m - CCE 266.0m)
Interest Coverage Ratio = 190.1 (Ebit TTM 79.5m / Interest Expense TTM 418.0k)
FCF Yield = 0.12% (FCF TTM 5.33m / Enterprise Value 4.28b)
FCF Margin = 0.70% (FCF TTM 5.33m / Revenue TTM 759.3m)
Net Margin = 5.23% (Net Income TTM 39.7m / Revenue TTM 759.3m)
Gross Margin = 38.41% ((Revenue TTM 759.3m - Cost of Revenue TTM 467.6m) / Revenue TTM)
Gross Margin QoQ = 39.78% (prev 37.25%)
Tobins Q-Ratio = 3.56 (Enterprise Value 4.28b / Total Assets 1.20b)
Interest Expense / Debt = 1.26% (Interest Expense 418.0k / Debt 33.2m)
Taxrate = 29.07% (5.94m / 20.4m)
NOPAT = 56.4m (EBIT 79.5m * (1 - 29.07%))
Current Ratio = 4.30 (Total Current Assets 559.3m / Total Current Liabilities 130.1m)
Debt / Equity = 0.03 (Debt 33.2m / totalStockholderEquity, last quarter 1.01b)
Debt / EBITDA = -0.55 (Net Debt -64.5m / EBITDA 116.4m)
Debt / FCF = -12.10 (Net Debt -64.5m / FCF TTM 5.33m)
Total Stockholder Equity = 978.3m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.30% (Net Income 39.7m / Total Assets 1.20b)
RoE = 4.06% (Net Income TTM 39.7m / Total Stockholder Equity 978.3m)
RoCE = 8.03% (EBIT 79.5m / Capital Employed (Equity 978.3m + L.T.Debt 11.4m))
RoIC = 5.69% (NOPAT 56.4m / Invested Capital 991.2m)
WACC = 13.09% (E(4.52b)/V(4.55b) * Re(13.18%) + D(33.2m)/V(4.55b) * Rd(1.26%) * (1-Tc(0.29)))
Discount Rate = 13.18% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -0.43%
[DCF Debug] Terminal Value 52.77% ; FCFE base≈23.3m ; Y1≈16.2m ; Y5≈8.27m
Fair Price DCF = 1.10 (DCF Value 85.3m / Shares Outstanding 77.5m; 5y FCF grow -35.81% → 3.0% )
EPS Correlation: -0.54 | EPS CAGR: -7.38% | SUE: 2.35 | # QB: 1
Revenue Correlation: 6.49 | Revenue CAGR: -0.30% | SUE: 1.06 | # QB: 2
EPS next Quarter (2026-03-31): EPS=0.31 | Chg30d=+0.037 | Revisions Net=+2 | Analysts=6
EPS next Year (2026-12-31): EPS=1.55 | Chg30d=+0.219 | Revisions Net=+4 | Growth EPS=+31.5% | Growth Revenue=+9.8%

Additional Sources for FORM Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle