(FORM) FormFactor - NASDAQ
Sector: Technology | Industry: Semiconductor Equipment & Materials | Exchange: NASDAQ (USA) | Market Cap: 10.153m USD | Total Return: 299.1% in 12m
Avg Turnover: 187M
EPS Trend: 89.8%
Qual. Beats: 3
Rev. Trend: 94.3%
Qual. Beats: 0
Warnings
P/E ratio 149.7
Tailwinds
Rs Leader, Tailwind, Pullback 52w, Confidence
FormFactor, Inc. (FORM) designs and manufactures essential test and measurement equipment for the semiconductor industry, including probe cards, analytical probes, and cryogenic systems. The company operates through two primary segments: Probe Cards and Systems, serving a global market that includes major technology hubs in Asia, Europe, and North America. Its products are utilized across a wide spectrum of semiconductor devices, ranging from logic and memory chips to specialized quantum computing processors.
The business model relies on high-precision engineering to support the semiconductor manufacturing cycle, specifically during the wafer-level testing phase. As chip architectures become more complex with the rise of 2.5D and 3D packaging, the demand for sophisticated probe cards increases because these components must interface with thousands of microscopic contact points simultaneously. This alignment with advanced manufacturing nodes makes the company a critical vendor for foundries and integrated device manufacturers.
Investors can evaluate the companys valuation metrics and historical growth trends on ValueRay to gain further perspective. FormFactor maintains its market position through a combination of direct sales and a global network of distributors, focusing on high-growth areas such as co-packaged optics and thermal management systems.
- Advanced packaging adoption for high-performance computing drives probe card demand expansion
- Recovery in DRAM and HBM memory markets accelerates revenue growth
- Geopolitical trade restrictions on China impact semiconductor equipment export volumes
- Shift toward chiplet architectures increases testing complexity and average selling prices
- Foundry and logic research spending dictates analytical probe and system sales
| Net Income: 68.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA -2.67 > 1.0 |
| NWC/Revenue: 55.81% < 20% (prev 55.76%; Δ 0.05% < -1%) |
| CFO/TA 0.11 > 3% & CFO 136.8m > Net Income 68.3m |
| Net Debt (-262.2m) to EBITDA (151.7m): -1.73 < 3 |
| Current Ratio: 4.55 > 1.5 & < 3 |
| Outstanding Shares: last quarter (79.4m) vs 12m ago 1.97% < -2% |
| Gross Margin: 42.11% > 18% (prev 40.61%; Δ 1.49% > 0.5%) |
| Asset Turnover: 69.63% > 50% (prev 66.27%; Δ 3.36% > 0%) |
| Interest Coverage Ratio: 204.7 > 6 (EBIT TTM 106.6m / Interest Expense TTM 521k) |
| A: 0.37 (Total Current Assets 600.8m - Total Current Liabilities 132.1m) / Total Assets 1.26b |
| B: 0.16 (Retained Earnings 195.7m / Total Assets 1.26b) |
| C: 0.09 (EBIT TTM 106.6m / Avg Total Assets 1.21b) |
| D: 5.37 (Book Value of Equity 1.06b / Total Liabilities 197.1m) |
| Altman-Z'' = 9.19 = AAA |
| DSRI: 1.22 (Receivables 132.2m/98.6m, Revenue 839.8m/766.2m) |
| GMI: 0.96 (GM 40.61% / 42.11%) |
| AQI: 0.95 (AQ_t 0.31 / AQ_t-1 0.33) |
| SGI: 1.10 (Revenue 839.8m / 766.2m) |
| TATA: -0.05 (NI 68.3m - CFO 136.8m) / TA 1.26b) |
| Beneish M = -2.84 (Cap -4..+1) = A |
As of June 15, 2026, the stock is trading at USD 139.21 with a total of 1,204,781 shares traded.
Over the past week, the price has changed by +19.29%,
over one month by +8.77%,
over three months by +54.08% and
over the past year by +299.11%.
FormFactor has received a consensus analysts rating of 3.70. Therefore, it is recommended to hold FORM.
- StrongBuy: 3
- Buy: 1
- Hold: 6
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 144.7 | 3.9% |
P/E Trailing = 149.7012
P/E Forward = 62.5
P/S = 12.0899
P/B = 9.589
P/EG = 1.3915
Revenue TTM = 839.8m USD
EBIT TTM = 106.6m USD
EBITDA TTM = 151.7m USD
Long Term Debt = 10.8m USD (from longTermDebt, last quarter)
Short Term Debt = 9.47m USD (from shortTermDebt, last quarter)
Debt = 41.1m USD (from shortLongTermDebtTotal, last quarter) + Leases 20.0m
Net Debt = -262.2m USD (calculated: Debt 41.1m - CCE 303.3m)
Enterprise Value = 9.89b USD (10.2b + Debt 41.1m - CCE 303.3m)
Interest Coverage Ratio = 204.7 (Ebit TTM 106.6m / Interest Expense TTM 521k)
EV/FCF = 270.6x (Enterprise Value 9.89b / FCF TTM 36.6m)
FCF Yield = 0.37% (FCF TTM 36.6m / Enterprise Value 9.89b)
FCF Margin = 4.35% (FCF TTM 36.6m / Revenue TTM 839.8m)
Net Margin = 8.14% (Net Income TTM 68.3m / Revenue TTM 839.8m)
Gross Margin = 42.11% ((Revenue TTM 839.8m - Cost of Revenue TTM 486.2m) / Revenue TTM)
Gross Margin QoQ = 47.89% (prev 42.81%)
Tobins Q-Ratio = 7.88 (Enterprise Value 9.89b / Total Assets 1.26b)
Interest Expense / Debt = 1.27% (Interest Expense 521k / Debt 41.1m)
Taxrate = 15.28% (12.3m / 80.7m)
NOPAT = 90.3m (EBIT 106.6m * (1 - 15.28%))
Current Ratio = 4.55 (Total Current Assets 600.8m / Total Current Liabilities 132.1m)
Debt / Equity = 0.04 (Debt 41.1m / totalStockholderEquity, last quarter 1.06b)
Debt / EBITDA = -1.73 (Net Debt -262.2m / EBITDA 151.7m)
Debt / FCF = -7.17 (Net Debt -262.2m / FCF TTM 36.6m)
Total Stockholder Equity = 1.02b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.67% (Net Income 68.3m / Total Assets 1.26b)
RoE = 6.68% (Net Income TTM 68.3m / Total Stockholder Equity 1.02b)
RoCE = 10.31% (EBIT 106.6m / Capital Employed (Equity 1.02b + L.T.Debt 10.8m))
RoIC = 8.28% (NOPAT 90.3m / Invested Capital 1.09b)
WACC = 13.74% (E(10.2b)/V(10.2b) * Re(13.79%) + D(41.1m)/V(10.2b) * Rd(1.27%) * (1-Tc(0.15)))
Discount Rate = 13.79% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: -2.22 | Cagr: 0.57%
[DCF] Terminal Value 55.83% ; FCFF base≈47.7m ; Y1≈41.9m ; Y5≈33.8m
[DCF] Fair Price = 7.09 (EV 290.2m - Net Debt -262.2m = Equity 552.4m / Shares 78.0m; r=13.74% [WACC]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 89.78 | EPS CAGR: 35.09% | SUE: 2.37 | # QB: 3
Revenue Correlation: 94.33 | Revenue CAGR: 8.68% | SUE: 0.36 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.61 | Chg30d=+0.00% | Revisions=+56% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.62 | Chg30d=+0.00% | Revisions=+56% | Analysts=7
EPS current Year (2026-12-31): EPS=2.44 | Chg30d=+0.00% | Revisions=+56% | GrowthEPS=+87.5% | GrowthRev=+22.8%
EPS next Year (2027-12-31): EPS=2.79 | Chg30d=+1.66% | Revisions=+20% | GrowthEPS=+14.5% | GrowthRev=+13.4%
[Analyst] Revisions Ratio: +56%