(FORM) FormFactor - Overview
Stock: Probe Cards, Analytical Probes, Probe Stations, Thermal Systems, Cryogenic
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 78.4% |
| Relative Tail Risk | -14.1% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.51 |
| Alpha | 92.54 |
| Character TTM | |
|---|---|
| Beta | 1.987 |
| Beta Downside | 1.261 |
| Drawdowns 3y | |
|---|---|
| Max DD | 62.75% |
| CAGR/Max DD | 0.68 |
Description: FORM FormFactor January 13, 2026
FormFactor, Inc. (NASDAQ: FORM) designs, manufactures, and services a portfolio of semiconductor test hardware-including probe cards, analytical probes, probe stations, thermal and cryogenic systems-targeting a broad spectrum of device types from SoCs and GPUs to quantum processors. The company sells primarily through a direct sales force complemented by representatives and distributors, and it provides on-site maintenance and training services.
In FY 2023 the firm reported revenue of roughly $1.1 billion, up about 12 % year-over-year, with a gross margin hovering near 45 % and operating cash flow exceeding $150 million, reflecting strong pricing power in high-mix, high-mix test equipment. The order backlog at year-end was approximately $600 million, indicating a multi-quarter runway of demand from customers upgrading to 5 nm and beyond nodes.
Key macro drivers for FormFactor include the sustained rise in semiconductor capital expenditures-global wafer-fab capex is projected to grow at a 6-7 % CAGR through 2027-and the accelerating adoption of AI accelerators and advanced packaging, which increase the need for sophisticated test solutions. Additionally, the shift toward heterogeneous integration and quantum computing creates niche but high-margin opportunities for the company’s cryogenic and specialized probe offerings.
For a deeper quantitative breakdown of FORMs valuation metrics, the ValueRay platform offers a concise, data-rich snapshot worth reviewing.
Piotroski VR‑10 (Strict, 0-10) 5.5
| Net Income: 39.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -3.90 > 1.0 |
| NWC/Revenue: 56.52% < 20% (prev 65.42%; Δ -8.90% < -1%) |
| CFO/TA 0.09 > 3% & CFO 105.3m > Net Income 39.7m |
| Net Debt (-64.5m) to EBITDA (116.4m): -0.55 < 3 |
| Current Ratio: 4.30 > 1.5 & < 3 |
| Outstanding Shares: last quarter (77.7m) vs 12m ago -0.90% < -2% |
| Gross Margin: 38.41% > 18% (prev 0.41%; Δ 3800 % > 0.5%) |
| Asset Turnover: 64.44% > 50% (prev 64.33%; Δ 0.10% > 0%) |
| Interest Coverage Ratio: 190.1 > 6 (EBITDA TTM 116.4m / Interest Expense TTM 418.0k) |
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 152.1m / Total Assets 1.20b) |
| C: 0.07 (EBIT TTM 79.5m / Avg Total Assets 1.18b) |
| D: 0.79 (Book Value of Equity 152.2m / Total Liabilities 193.4m) |
| Altman-Z'' Score: 4.03 = AA |
Beneish M -2.83
| DSRI: 1.12 (Receivables 133.3m/116.9m, Revenue 759.3m/742.3m) |
| GMI: 1.06 (GM 38.41% / 40.72%) |
| AQI: 1.14 (AQ_t 0.31 / AQ_t-1 0.27) |
| SGI: 1.02 (Revenue 759.3m / 742.3m) |
| TATA: -0.05 (NI 39.7m - CFO 105.3m) / TA 1.20b) |
| Beneish M-Score: -2.83 (Cap -4..+1) = A |
What is the price of FORM shares?
Over the past week, the price has changed by +28.09%, over one month by +41.08%, over three months by +66.53% and over the past year by +135.56%.
Is FORM a buy, sell or hold?
- StrongBuy: 3
- Buy: 1
- Hold: 6
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the FORM price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 67.9 | -24.8% |
| Analysts Target Price | 67.9 | -24.8% |
| ValueRay Target Price | 100.5 | 11.3% |
FORM Fundamental Data Overview February 03, 2026
P/E Forward = 43.8596
P/S = 7.1962
P/B = 5.4129
P/EG = 0.71
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 = 5.23b USD (5.46b + Debt 33.2m - CCE 266.0m)
Interest Coverage Ratio = 190.1 (Ebit TTM 79.5m / Interest Expense TTM 418.0k)
EV/FCF = 981.9x (Enterprise Value 5.23b / FCF TTM 5.33m)
FCF Yield = 0.10% (FCF TTM 5.33m / Enterprise Value 5.23b)
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 = 4.35 (Enterprise Value 5.23b / 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 = 3.37% (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 = 13.17% (E(5.46b)/V(5.50b) * Re(13.24%) + D(33.2m)/V(5.50b) * Rd(1.26%) * (1-Tc(0.29)))
Discount Rate = 13.24% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -0.43%
[DCF Debug] Terminal Value 52.51% ; FCFF base≈23.3m ; Y1≈16.2m ; Y5≈8.25m
Fair Price DCF = 1.93 (EV 84.8m - Net Debt -64.5m = Equity 149.3m / Shares 77.5m; r=13.17% [WACC]; 5y FCF grow -35.81% → 2.90% )
EPS Correlation: -25.38 | EPS CAGR: -56.07% | SUE: -4.0 | # QB: 0
Revenue Correlation: 6.49 | Revenue CAGR: -0.30% | SUE: 1.06 | # QB: 2
EPS next Quarter (2026-03-31): EPS=0.32 | Chg30d=+0.011 | Revisions Net=+1 | Analysts=7
EPS next Year (2026-12-31): EPS=1.59 | Chg30d=+0.042 | Revisions Net=+3 | Growth EPS=+34.6% | Growth Revenue=+10.5%