(FORM) FormFactor - Overview

Sector: Technology | Industry: Semiconductor Equipment & Materials | Exchange: NASDAQ (USA) | Market Cap: 9.438m USD | Total Return: 378.1% in 12m

Probe Cards, Test Systems, Cryogenics
Total Rating 78
Safety 95
Buy Signal 0.74
Semiconductor Equipment & Materials
Industry Rotation: +20.1
Market Cap: 9.44B
Avg Turnover: 157M USD
ATR: 5.58%
Peers RS (IBD): 93.4
Risk 5d forecast
Volatility61.3%
Rel. Tail Risk-13.1%
Reward TTM
Sharpe Ratio2.70
Alpha318.54
Character TTM
Beta2.179
Beta Downside1.329
Drawdowns 3y
Max DD62.75%
CAGR/Max DD1.06
EPS (Earnings per Share) EPS (Earnings per Share) of FORM over the last years for every Quarter: "2021-03": 0.38, "2021-06": 0.36, "2021-09": 0.4, "2021-12": 0.44, "2022-03": 0.49, "2022-06": 0.46, "2022-09": 0.24, "2022-12": 0.05, "2023-03": 0.16, "2023-06": 0.14, "2023-09": 0.22, "2023-12": 0.2, "2024-03": 0.18, "2024-06": 0.35, "2024-09": 0.35, "2024-12": 0.27, "2025-03": 0.23, "2025-06": 0.27, "2025-09": 0.33, "2025-12": 0.46,
EPS CAGR: -1.67%
EPS Trend: 23.9%
Last SUE: 2.75
Qual. Beats: 2
Revenue Revenue of FORM over the last years for every Quarter: 2021-03: 186.636, 2021-06: 188.076, 2021-09: 189.964, 2021-12: 204.998, 2022-03: 197.174, 2022-06: 203.907, 2022-09: 180.869, 2022-12: 165.987, 2023-03: 167.448, 2023-06: 155.916, 2023-09: 171.575, 2023-12: 168.163, 2024-03: 168.725, 2024-06: 197.474, 2024-09: 207.917, 2024-12: 189.483, 2025-03: 171.356, 2025-06: 195.798, 2025-09: 202.676, 2025-12: 215.163,
Rev. CAGR: 2.36%
Rev. Trend: 36.2%
Last SUE: 1.92
Qual. Beats: 3

Warnings

P/E ratio 175.5

Volatile

Tailwinds

No distinct edge detected

Description: FORM FormFactor

FormFactor, Inc. (FORM) is a global provider of essential semiconductor test and measurement equipment, specializing in probe cards, analytical probes, and cryogenic systems. The company operates through two primary segments: Probe Cards and Systems. Its technology facilitates the testing of diverse semiconductor architectures, including high-performance computing (HPC) units, memory (DRAM and NAND), and quantum computing processors.

The semiconductor equipment sector is characterized by high R&D intensity and cyclical demand driven by technology transitions, such as the shift to advanced packaging and chiplet architectures. FormFactor’s business model relies on a combination of direct sales and localized service support to maintain long-term relationships with major integrated device manufacturers and foundries. As chip designs become more complex, the demand for precise thermal management and electrical characterization during the wafer-sort process increases.

For more detailed financial metrics and valuation trends, consider reviewing the data available on ValueRay.

Headlines to Watch Out For
  • Semiconductor industry downturn reduces demand for probe cards
  • Memory chip market fluctuations impact probe card sales
  • Capital expenditure cycles of chipmakers dictate equipment orders
  • Geopolitical tensions disrupt global semiconductor supply chains
Piotroski VR‑10 (Strict) 5.5
Net Income: 54.4m TTM > 0 and > 6% of Revenue
FCF/TA: 0.01 > 0.02 and ΔFCF/TA -5.94 > 1.0
NWC/Revenue: 55.18% < 20% (prev 62.05%; Δ -6.86% < -1%)
CFO/TA 0.09 > 3% & CFO 115.4m > Net Income 54.4m
Net Debt (-230.3m) to EBITDA (93.3m): -2.47 < 3
Current Ratio: 4.50 > 1.5 & < 3
Outstanding Shares: last quarter (78.9m) vs 12m ago 1.13% < -2%
Gross Margin: 39.50% > 18% (prev 0.40%; Δ 3.91k% > 0.5%)
Asset Turnover: 66.23% > 50% (prev 66.62%; Δ -0.39% > 0%)
Interest Coverage Ratio: 120.9 > 6 (EBITDA TTM 93.3m / Interest Expense TTM 521k)
Altman Z'' 4.10
A: 0.35 (Total Current Assets 557.1m - Total Current Liabilities 123.9m) / Total Assets 1.22b
B: 0.14 (Retained Earnings 175.3m / Total Assets 1.22b)
C: 0.05 (EBIT TTM 63.0m / Avg Total Assets 1.19b)
D: 0.91 (Book Value of Equity 171.9m / Total Liabilities 189.0m)
Altman-Z'' Score: 4.10 = AA
Beneish M -2.79
DSRI: 1.17 (Receivables 125.4m/104.3m, Revenue 785.0m/763.6m)
GMI: 1.02 (GM 39.50% / 40.33%)
AQI: 1.19 (AQ_t 0.32 / AQ_t-1 0.27)
SGI: 1.03 (Revenue 785.0m / 763.6m)
TATA: -0.05 (NI 54.4m - CFO 115.4m) / TA 1.22b)
Beneish M-Score: -2.79 (Cap -4..+1) = A
What is the price of FORM shares? As of April 16, 2026, the stock is trading at USD 129.62 with a total of 1,723,150 shares traded.
Over the past week, the price has changed by +10.03%, over one month by +43.46%, over three months by +72.18% and over the past year by +378.13%.
Is FORM a buy, sell or hold? FormFactor has received a consensus analysts rating of 3.70. Therefor, it is recommend to hold FORM.
  • StrongBuy: 3
  • Buy: 1
  • Hold: 6
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the FORM price?
Analysts Target Price 86.9 -33%
FormFactor (FORM) - Fundamental Data Overview as of 11 April 2026
P/E Trailing = 175.4638
P/E Forward = 53.1915
P/S = 12.023
P/B = 7.7662
P/EG = 1.3915
Revenue TTM = 785.0m USD
EBIT TTM = 63.0m USD
EBITDA TTM = 93.3m USD
Long Term Debt = 11.1m USD (from longTermDebt, last quarter)
Short Term Debt = 8.80m USD (from shortTermDebt, last quarter)
Debt = 44.8m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -230.3m USD (recalculated: Debt 44.8m - CCE 275.2m)
Enterprise Value = 9.21b USD (9.44b + Debt 44.8m - CCE 275.2m)
Interest Coverage Ratio = 120.9 (Ebit TTM 63.0m / Interest Expense TTM 521k)
EV/FCF = 784.3x (Enterprise Value 9.21b / FCF TTM 11.7m)
FCF Yield = 0.13% (FCF TTM 11.7m / Enterprise Value 9.21b)
FCF Margin = 1.50% (FCF TTM 11.7m / Revenue TTM 785.0m)
Net Margin = 6.93% (Net Income TTM 54.4m / Revenue TTM 785.0m)
Gross Margin = 39.50% ((Revenue TTM 785.0m - Cost of Revenue TTM 474.9m) / Revenue TTM)
Gross Margin QoQ = 42.84% (prev 39.69%)
Tobins Q-Ratio = 7.52 (Enterprise Value 9.21b / Total Assets 1.22b)
Interest Expense / Debt = 1.16% (Interest Expense 521k / Debt 44.8m)
Taxrate = 13.49% (3.62m / 26.8m)
NOPAT = 54.5m (EBIT 63.0m * (1 - 13.49%))
Current Ratio = 4.50 (Total Current Assets 557.1m / Total Current Liabilities 123.9m)
Debt / Equity = 0.04 (Debt 44.8m / totalStockholderEquity, last quarter 1.04b)
Debt / EBITDA = -2.47 (Net Debt -230.3m / EBITDA 93.3m)
Debt / FCF = -19.62 (Net Debt -230.3m / FCF TTM 11.7m)
Total Stockholder Equity = 1.00b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.59% (Net Income 54.4m / Total Assets 1.22b)
RoE = 5.43% (Net Income TTM 54.4m / Total Stockholder Equity 1.00b)
RoCE = 6.23% (EBIT 63.0m / Capital Employed (Equity 1.00b + L.T.Debt 11.1m))
RoIC = 5.38% (NOPAT 54.5m / Invested Capital 1.01b)
WACC = 13.59% (E(9.44b)/V(9.48b) * Re(13.65%) + D(44.8m)/V(9.48b) * Rd(1.16%) * (1-Tc(0.13)))
Discount Rate = 13.65% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.29%
[DCF] Terminal Value 49.96% ; FCFF base≈38.7m ; Y1≈25.4m ; Y5≈11.6m
[DCF] Fair Price = 4.49 (EV 119.6m - Net Debt -230.3m = Equity 349.9m / Shares 78.0m; r=13.59% [WACC]; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: 23.86 | EPS CAGR: -1.67% | SUE: 2.75 | # QB: 2
Revenue Correlation: 36.15 | Revenue CAGR: 2.36% | SUE: 1.92 | # QB: 3
EPS next Quarter (2026-06-30): EPS=0.45 | Chg7d=+0.071 | Chg30d=+0.082 | Revisions Net=+5 | Analysts=9
EPS current Year (2026-12-31): EPS=1.85 | Chg7d=+0.249 | Chg30d=+0.277 | Revisions Net=+7 | Growth EPS=+42.6% | Growth Revenue=+16.3%
EPS next Year (2027-12-31): EPS=2.23 | Chg7d=+0.309 | Chg30d=+0.424 | Revisions Net=+2 | Growth EPS=+20.3% | Growth Revenue=+7.5%
[Analyst] Revisions Ratio: +1.00 (5 Up / 0 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = 13.1% (Discount Rate 13.7% - Earnings Yield 0.6%)
[Growth] Growth Spread = +3.2% (Analyst 16.3% - Implied 13.1%)
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