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Formfactor Inc (FORM) stock

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NASDAQ: FORM Nasdaq Semiconductors Next results ~February 3, 2027

B Fundamentals grade

FormFactor, Inc. supplies electrical and optical test and measurement technologies used across the semiconductor product lifecycle, from early research and characterisation through to high-volume production. Its main product lines are probe cards, analytical probes, probe stations, thermal systems and cryogenic systems, alongside installation, maintenance and application-engineering services. Customers use these tools to test semiconductor and electro-optical devices, including logic and high-performance computing chips, DRAM and high-bandwidth memory, NAND and NOR flash, image sensors and quantum computing processors.

The company earns revenue chiefly by selling this hardware and related services to semiconductor manufacturers, foundries, fabless chip designers, universities and research institutions, serving the foundry and logic, DRAM, flash, display, sensor and quantum computing markets. It sells worldwide through a direct sales force together with manufacturers' representatives and distributors.

FormFactor operates two reportable segments: Probe Cards, covering probe cards and analytical probes, and Systems, covering probe stations, thermal subsystems and cryogenic systems. Founded in 1993, it introduced its first product in 1995 and had 2,153 regular full-time employees as of December 2025, with manufacturing sites in California, Oregon, Colorado, Germany and Japan.

Based on Formfactor Inc's 10-K filed February 20, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($17.55) is 0.18x the share price ($95.03) and 0.28x the median of our other models ($63.69); the other models don't support a gap this wide.

Price vs value

Under review: our cash-flow value ($17.55) is 0.18x the share price ($95.03) and 0.28x the median of our other models ($63.69); the other models don't support a gap this wide. We'll show the comparison once resolved.

Formfactor Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 9 selling0 purchases and 75 sales by directors and officers, last 12 monthsInsider trades
  • Funds296 adding, 207 cuttingOf 77 active managers that changed their stake, 42 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Formfactor files

Where Formfactor stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $902m, up 18.0% on a year earlier, faster than 9.6% a quarter earlier. Free-cash-flow margin rose to 15.1% from 0.5% a year earlier. Operating margin widened to 12.9% from 5.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 7 of our 7 financial-health checks.

Our model value for Formfactor is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

Formfactor Inc's trailing-twelve-month revenue grew 18.0% year on year, with a free-cash-flow margin of 15.1%. Where it stands out: long-term debt as % of assets of 0.8% ranks 7 of 47 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$18 per share in the base case (~$14–$22 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 3645.8% while net income grew 162.9%: a 3483pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 18.0% over the last 12 months, against a median of 13.7% for semiconductor companies we cover.
  • Growth speeding up. The growth rate is 8.4 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 7.5 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • High earnings multiple. The shares trade at 60 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 85% and a beta of 3.3 against the S&P 500.
  • Insiders selling. 9 insiders sold $23M of stock over the past 365 days and none bought (70% under pre-set trading plans).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$1.04 against an average estimate of $0.86: beat by 20.5%
Revenue
$258m, up 31.9% on a year earlier
Share reaction
-8.8% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenue $285m (fourth quarter ending December 26, 2026); gross margin 52.3% (fourth quarter ending December 26, 2026)
Next report
October 28, 2026; average EPS estimate $0.93

Formfactor's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.3%
  • 1 week-13.7%
  • 1 month-41.5%
  • This year+56.5%
  • 1 year+58.9%
  • 5 years+103.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$902M
Operating margin
12.9%
Net margin
12.8%
EPS (TTM, diluted)
$1.46

Growth

Revenue growth
+18.0%
Change in growth rate
+8.4 pts
Share count change
+1.6%

Cash

Free cash flow (TTM)
$136M
FCF margin
15.1%
Stock pay % of revenue
4.0%

Earnings

Last results
October 28, 2026
Next results (est.)
February 3, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Guidance
  4. Announcement
  5. Insider trade
  6. Announcement
  7. Share issue
  8. Announcement
  9. Announcement
  10. Announcement
  11. Announcement
  12. Insider trade
  13. Announcement
  14. Announcement
  15. Announcement
  16. Insider trade
  17. Announcement
  18. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Formfactor Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($17.55) is 0.18x the share price ($95.03) and 0.28x the median of our other models ($63.69); the other models don't support a gap this wide.

Our value per share comes from a discounted-cash-flow model of Formfactor Inc's free cash flow after stock-based pay ( $27.2M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Formfactor Inc as an operating company, with every model that fits that kind of business. Cost of equity 13.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.81 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$18 ~$14–$22 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$64 ~$60–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$8.1 ~$5.7–$12 Left out: out of range vs price (0.09x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$7.5 ~$6.8–$8.3 Left out: out of range vs price (0.09x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Formfactor Inc with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$9.11$11.20$15.65$14.01$26.04$42.58$44.51$22.23$41.71$45.92$58.06$87.30
Market value$527m$727m$1.2bn$1.1bn$2.0bn$3.4bn$3.5bn$1.7bn$3.3bn$3.6bn$4.5bn$6.9bn
+ Net debt (− = net cash)−$146m$38m$15m−$33m−$86m−$153m−$127m−$94m−$163m−$177m−$91m−$98m
Enterprise value$381m$765m$1.2bn$1.0bn$1.9bn$3.2bn$3.4bn$1.6bn$3.1bn$3.4bn$4.5bn$6.8bn
Multiples
Price / sales 1.9x1.9x2.1x2.0x3.4x4.8x4.6x2.3x4.9x4.7x5.8x7.7x
Price / earnings ——28.4x10.1x51.1x42.8x42.0x34.3x39.6x51.7x83.6x59.9x
Price / free cash flow 19.2x123.2x16.9x21.6x20.1x29.7x48.3x26.1xn/m45.5xn/m50.8x
EV / EBITDA 19.4x—19.6x20.2x28.8x30.7x27.4x19.7x25.8x35.1x47.1x44.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard Formfactor's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Cash operating profit has been a median 14.4% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 40.2%, moving by 3.3 percentage points (standard deviation) across 10 years.

  • Durability 2 / 20

    Operating margin has been a median 9.2%; its worst year was -2.0%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.2% of revenue.

  • Discipline 15 / 20

    The diluted share count fell 0.4% over five years; stock-based pay has been a median 3.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.35 +158% $1.0bn +34%
Next $4.24 +26% $1.3bn +24%

Next year's EPS estimate has moved +21.9% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +9.7% on 90 days ago. In the last 30 days, 0 analysts raised Formfactor Inc's forecast and 0 cut it.

Consensus EPS forecast Formfactor Inc, last 90 days
$3.00 $3.50 $4.00 $4.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.06 Current fiscal year, 60 days ago: $3.06 Current fiscal year, 30 days ago: $3.06 Current fiscal year, 7 days ago: $3.06 Current fiscal year, Now: $3.35 $3.35 Next fiscal year, 90 days ago: $3.48 Next fiscal year, 60 days ago: $3.71 Next fiscal year, 30 days ago: $3.71 Next fiscal year, 7 days ago: $3.87 Next fiscal year, Now: $4.24 $4.24

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.06$3.48
60 days ago $3.06$3.71
30 days ago $3.06$3.71
7 days ago $3.06$3.87
Now $3.35$4.24

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.86 $1.04 +20.5%
Jun 2026 $0.61 $0.82 +34.4%
Mar 2026 $0.44 $0.56 +27.6%
Dec 2025 $0.35 $0.46 +30.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Revenue fourth quarter ending December 26, 2026 about $285m
    “Revenue $285 million +/- $10 million - $285 million +/- $10 million” source
  • Net income per diluted share fourth quarter ending December 26, 2026 about $0.84 GAAP
    “Net income per diluted share $0.84 +/- $0.09” source
  • Net income per diluted share fourth quarter ending December 26, 2026 about $0.95 Non-GAAP
    “$0.95 +/- $0.09” source
  • Gross margin fourth quarter ending December 26, 2026 about 52.3% GAAP
    “Gross margin 52.3% +/- 1.5%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Formfactor Inc's revenue by +24.8% next year and +17.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+30.1%, weight 67%) and the company's own record (+14.2%, weight 33%) . How the weights are set.

Analyst recommendations

10 analysts, Oct 2026
Buy660%
Hold440%
Sell00%

Monthly trend

  1. Oct 20266410
  2. Sep 20266511
  3. Aug 20265510
  4. Jul 20265510

Counts of recommendations published by analysts covering Formfactor Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.8%
of tradable shares
Days to cover
1.37
at average volume
Short interest, 1 month
−19%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.7%
of shares
Employees
2,153
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +58.9%

$54.95 on October 31, 2025 to $87.30

ThenNowEffect
Revenue (last 12 months) $765m $902m +18.0%
Net margin 5.7% 12.8% +122.7%
P/E multiple 97.6x 59.9x −38.6%
Share count 78m 79m −1.5%

Biggest factor: net margin.

Last 3 years +159.3%

$33.67 on November 3, 2023 to $87.30

ThenNowEffect
Revenue (last 12 months) $670m $902m +34.6%
P/S multiple 3.9x 7.7x +97.5%
Share count 77m 79m −2.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FORM+6%−51%+88%+6%+27%+57%
Industry peers (median)+36%−34%+15%−15%+16%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FORM58%25%67%50%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FORM−35%−61%−19%−39%−51%−48%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 64% from April 5, 2021 to November 3, 2022. Getting back needed a 181% gain, reached on May 2, 2024, 546 days after the low.

Price behaviour

52-week range
$48.68 – $159.93
From 52-week high
−45.4%
vs 50-day average
−24.5%
vs 200-day average
−23.5%
Volatility (1 year)
85%
Beta vs S&P 500
3.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±12.3%
After a week
7 up, 4 down
typical move ±17.8%
After a month
6 up, 5 down
typical move ±15.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −8.8% 0.0% — —
July 29, 2026 +19.4% +0.1% +29.7% +24.9%
April 29, 2026 +1.3% +1.0% +11.1% −7.1%
February 4, 2026 +12.3% −1.7% +28.6% +13.8%
October 29, 2025 +39.7% −1.1% +30.5% +29.7%
July 30, 2025 −18.1% −0.5% −20.4% −14.9%
April 30, 2025 +3.8% +0.7% +6.3% +7.0%
February 5, 2025 −3.2% +0.8% −9.4% −16.7%
October 30, 2024 −15.9% −2.3% −7.9% −11.3%
July 31, 2024 −6.4% +0.2% −14.6% −3.4%
May 1, 2024 +16.1% +0.6% +25.9% +22.7%
February 7, 2024 +2.1% +0.9% +11.5% +16.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Formfactor Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Formfactor Inc
$600M $700M $800M $900M $1B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $660.9M Revenue (TTM), FY23 Q4: $663.1M Revenue (TTM), FY24 Q1: $664.4M Revenue (TTM), FY24 Q2: $705.9M Revenue (TTM), FY24 Q3: $742.3M Revenue (TTM), FY24 Q4: $763.6M Revenue (TTM), FY25 Q1: $766.2M Revenue (TTM), FY25 Q2: $764.6M Revenue (TTM), FY25 Q3: $759.3M Revenue (TTM), FY25 Q4: $785M Revenue (TTM), FY26 Q1: $839.8M Revenue (TTM), FY26 Q2: $902.2M $902.2M

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $660.9M
FY23 Q4 $663.1M
FY24 Q1 $664.4M
FY24 Q2 $705.9M
FY24 Q3 $742.3M
FY24 Q4 $763.6M
FY25 Q1 $766.2M
FY25 Q2 $764.6M
FY25 Q3 $759.3M
FY25 Q4 $785M
FY26 Q1 $839.8M
FY26 Q2 $902.2M
Revenue growth, TTM YoY Formfactor Inc
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -16.0% Revenue growth, TTM YoY, FY23 Q4: -11.3% Revenue growth, TTM YoY, FY24 Q1: -7.5% Revenue growth, TTM YoY, FY24 Q2: 5.3% Revenue growth, TTM YoY, FY24 Q3: 12.3% Revenue growth, TTM YoY, FY24 Q4: 15.2% Revenue growth, TTM YoY, FY25 Q1: 15.3% Revenue growth, TTM YoY, FY25 Q2: 8.3% Revenue growth, TTM YoY, FY25 Q3: 2.3% Revenue growth, TTM YoY, FY25 Q4: 2.8% Revenue growth, TTM YoY, FY26 Q1: 9.6% Revenue growth, TTM YoY, FY26 Q2: 18.0% 18.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -16.0%
FY23 Q4 -11.3%
FY24 Q1 -7.5%
FY24 Q2 5.3%
FY24 Q3 12.3%
FY24 Q4 15.2%
FY25 Q1 15.3%
FY25 Q2 8.3%
FY25 Q3 2.3%
FY25 Q4 2.8%
FY26 Q1 9.6%
FY26 Q2 18.0%
Operating margin (TTM) Formfactor Inc
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -2.2% Operating margin (TTM), FY23 Q4: 12.5% Operating margin (TTM), FY24 Q1: 15.6% Operating margin (TTM), FY24 Q2: 17.4% Operating margin (TTM), FY24 Q3: 18.6% Operating margin (TTM), FY24 Q4: 8.5% Operating margin (TTM), FY25 Q1: 6.1% Operating margin (TTM), FY25 Q2: 5.4% Operating margin (TTM), FY25 Q3: 5.5% Operating margin (TTM), FY25 Q4: 7.3% Operating margin (TTM), FY26 Q1: 8.4% Operating margin (TTM), FY26 Q2: 12.9% 12.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -2.2%
FY23 Q4 12.5%
FY24 Q1 15.6%
FY24 Q2 17.4%
FY24 Q3 18.6%
FY24 Q4 8.5%
FY25 Q1 6.1%
FY25 Q2 5.4%
FY25 Q3 5.5%
FY25 Q4 7.3%
FY26 Q1 8.4%
FY26 Q2 12.9%
FCF margin (TTM) Formfactor Inc
0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 0.6% FCF margin (TTM), FY23 Q4: 1.3% FCF margin (TTM), FY24 Q1: 5.3% FCF margin (TTM), FY24 Q2: 6.7% FCF margin (TTM), FY24 Q3: 6.8% FCF margin (TTM), FY24 Q4: 10.4% FCF margin (TTM), FY25 Q1: 8.4% FCF margin (TTM), FY25 Q2: 0.5% FCF margin (TTM), FY25 Q3: 0.7% FCF margin (TTM), FY25 Q4: 1.5% FCF margin (TTM), FY26 Q1: 4.4% FCF margin (TTM), FY26 Q2: 15.1% 15.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 0.6%
FY23 Q4 1.3%
FY24 Q1 5.3%
FY24 Q2 6.7%
FY24 Q3 6.8%
FY24 Q4 10.4%
FY25 Q1 8.4%
FY25 Q2 0.5%
FY25 Q3 0.7%
FY25 Q4 1.5%
FY26 Q1 4.4%
FY26 Q2 15.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Formfactor took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $785M
  2. Other income $10.3M · 1.3%
  3. Cost of revenue $476M · 60.7%
  4. Gross profit $309M · 39.3%
  5. Research and development $116M · 14.7%
  6. Selling, general and admin $133M · 17.0%
  7. Operating income $57.1M · 7.3%
  8. Income tax $13M · 1.7%
  9. Net income $54.4M · 6.9%

Shares of revenue. Source: Formfactor's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 135 189 169 179 232 269 282 384 548 530 589 694 770 748 663 764 785 902
Gross profit 1 −2 21 25 42 77 86 103 216 210 237 288 323 296 259 308 309 389
EBITDA −178 −169 −60 −47 −30 10 20 −1 60 50 67 104 124 84 120 98 95 153
Operating income −145 −197 −70 −64 −59 −21 −4 −48 46 36 50 84 98 55 83 65 57 116
Net income −156 −188 −66 −36 −58 −19 −2 −7 41 104 39 79 84 51 82 70 54 115
Diluted EPS −$3.15 −$3.75 −$1.31 −$0.70 −$1.06 −$0.34 −$0.03 −$0.10 $0.55 $1.38 $0.51 $0.99 $1.06 $0.65 $1.05 $0.89 $0.69 $1.46
Growth (year on year)
Revenue — +39.3% −10.2% +5.4% +29.7% +16.0% +5.1% +36.0% +42.9% −3.4% +11.3% +17.7% +11.0% −2.8% −11.3% +15.2% +2.8% +18.0%
EBITDA — — — — — — +98.0% −105.6% — −15.9% +32.6% +56.3% +18.5% −32.5% +43.9% −18.7% −3.1% +96.5%
Operating income — — — — — — — — — −22.0% +37.5% +68.7% +17.0% −44.0% +50.7% −21.7% −11.9% +180.9%
Net income — — — — — — — — — +154.3% −62.2% +99.6% +6.9% −39.5% +62.4% −15.5% −21.9% +162.9%
Diluted EPS — — — — — — — — — +150.9% −63.0% +94.1% +7.1% −38.7% +61.5% −15.2% −22.5% +158.8%
Margins
Gross margin 0.6% −1.2% 12.4% 14.2% 18.3% 28.8% 30.4% 26.7% 39.3% 39.7% 40.3% 41.5% 41.9% 39.6% 39.0% 40.3% 39.3% 43.1%
EBITDA margin −131.4% −89.6% −35.2% −26.4% −12.9% 3.7% 7.0% −0.3% 10.9% 9.5% 11.3% 15.1% 16.1% 11.2% 18.1% 12.8% 12.1% 17.0%
Operating margin −107.3% −104.6% −41.6% −35.9% −25.4% −7.7% −1.5% −12.5% 8.4% 6.8% 8.4% 12.1% 12.7% 7.3% 12.5% 8.5% 7.3% 12.9%
Net margin −115.0% −99.9% −39.0% −19.9% −24.9% −7.1% −0.5% −1.7% 7.5% 19.6% 6.7% 11.3% 10.9% 6.8% 12.4% 9.1% 6.9% 12.8%
Free-cash-flow margin −53.1% −55.2% −21.9% −19.1% −6.2% 4.5% 9.7% 1.5% 12.5% 9.2% 17.0% 16.3% 9.5% 8.9% 1.3% 10.4% 1.5% 15.1%
Cash flow
Cash from operations −53 −73 −29 −26 −6 18 36 17 86 69 121 169 139 132 65 118 115 180
Capital spending 19 31 8 8 9 6 9 12 18 20 21 56 66 65 56 38 104 44
Free cash flow −72 −104 −37 −34 −14 12 27 6 69 49 100 113 73 67 9 79 12 136
Stock-based pay −21 18 14 13 12 13 12 12 16 18 23 24 29 31 39 40 39 36
Free cash flow after stock pay −51 −122 −51 −47 −26 −1 15 −6 52 31 77 90 43 35 −30 39 −27 100
Balance sheet
Cash 122 121 139 72 59 114 146 101 91 98 145 187 151 109 178 191 103 110
Total debt 0 0 0 0 0 0 0 139 106 65 59 35 24 15 14 13 12 12
Net debt (negative = net cash) −122 −121 −139 −72 −59 −114 −146 38 15 −33 −86 −153 −127 −94 −163 −177 −91 −98
Diluted shares — 50m 51m 51m 54m 56m 58m 65m 74m 75m 77m 79m 79m 78m 78m 78m 78m 79m
Returned to shareholders
Buybacks 0 1 16 0 0 0 8 0 19 0 0 0 24 82 20 53 26 2
Total returned 0 1 16 0 0 0 8 0 19 0 0 0 24 82 20 53 26 2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · June 27, 2026
What it owns · $1.3bn
Short-term assets $670mLonger-term assets $673m
What it owes, and who funded it · $1.3bn
Short-term liabilities $164mLonger-term liabilities $67mShareholders' equity $1.1bn
  • Short-term assets cover short-term liabilities $670m of assets due within a year against $164m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $670m short-term assets against $67m of longer-dated liabilities.
  • More cash than debt $110m of cash against $12m of debt.
  • Debt below 40% of shareholders' equity Debt is 1% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 2% to 1% over five years.
  • A year's operating cash flow covers at least 20% of debt $180m of operating cash flow against $12m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Formfactor Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.7M
Returned to shareholders
1%
of free cash flow
Buybacks, last 3 fiscal years
$99.3M
Diluted share count
+1.6%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
R&D spending
13.4%
of revenue
Sales & admin spending
15.3%
of revenue
Days sales outstanding
63 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated FORM SIMO PLAB SLAB HIMX ALGM Median
Revenue, last 12 months $902m $886m $867m $856m $832m $1.0bn $1.1bn
Revenue growth, last 12 months 18.0% 10.2% 1.2% 21.7% −8.2% 27.9% 13.7%
Revenue growth, 3-year average 10.4% 57.8% −0.3% −5.6% — −2.0% 3.9%
Revenue growth, latest quarter 31.9% — 2.7% 18.3% — 29.2% 20.1%
Gross margin 43.1% 48.3% 33.7% 60.6% 30.6% 47.9% 48.3%
Operating margin 12.9% 10.5% 22.5% −5.1% 5.3% 7.5% 4.8%
Operating margin, 3-year average 11.9% 18.5% 24.5% −17.4% 13.9% 3.9% 4.8%
Net margin 12.8% 13.8% 19.0% −4.6% 5.3% 3.1% 5.3%
Cash from operations / revenue 19.9% 6.9% 35.6% 3.9% 16.8% 13.9% 17.4%
Free-cash-flow margin 15.1% 0.7% 12.7% −0.6% 14.4% 10.4% 9.6%
Free-cash-flow margin, 3-year average 7.4% 11.5% 12.9% −1.9% 12.5% 8.5% 8.5%
Stock pay / revenue 4.0% 3.0% 1.6% 10.2% 0.1% 5.1% 5.8%
Change in share count 1.6% −0.1% −4.2% 1.6% −0.2% 0.8% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 18.0% 13.7% 32 of 75
Change in growth rate Growth +8.4pp +3.7pp 20 of 75
Gross margin Profitability 43.1% 48.3% 43 of 73
Operating margin Profitability 12.9% 4.8% 26 of 75
Net margin Profitability 12.8% 5.3% 26 of 75
Free-cash-flow margin Cash generation 15.1% 9.6% 29 of 75
Stock pay as % of revenue Cash generation 4.0% 6.4% 33 of 74
Long-term debt as % of assets Balance sheet 0.8% 14.0% 7 of 47
Change in share count Balance sheet 1.6% 0.9% 42 of 72
Days sales outstanding Balance sheet 63 days 58 days 39 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 27, 2025
Segments
Line of business Revenue Share YoY
Probe Cards $638M 81.3% ▲ 1.9%
Systems $147M 18.7% ▲ 6.9%
Products and services
Line of business Revenue Share YoY
Foundry Logic Product Group $370M 47.1% ▼ 3.0%
DRAM Product Group $247M 31.5% ▲ 8.8%
Systems Product Group $147M 18.7% —
Flash Product Group $20.6M 2.6% ▲ 18.7%

From Formfactor Inc's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$11.4B
Institutions reporting
505
Shares held vs prior quarter
▼ 3.2%
Positions opened / closed
150 / 40

Top buyers and sellers, Q2 2026: 296 institutions bought and 207 sold ; the biggest buyer was Gf Fund Management Co. Ltd (+764K shares) and the biggest seller Blackrock, Inc (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.7B 10.5M 14.7% ▼ 14.4%
Vanguard Portfolio Management LLC $838M 5.2M 7.3% ▼ 10.8%
Earnest Partners LLC $602M 3.8M 5.3% ▼ 22.8%
Vanguard Capital Management LLC $562M 3.5M 4.9% ▲ 1.2%
State Street Corp $413M 2.6M 3.6% ▼ 11.8%
Polar Capital Holdings PLC $343M 2.1M 3.0% ▼ 6.4%
Geode Capital Management, LLC $295M 1.8M 2.6% ▼ 16.2%
Bank Of America Corp $285M 1.8M 2.5% ▼ 28.1%
Primecap Management Co $270M 1.7M 2.4% ▼ 5.5%
Invesco Ltd. $252M 1.6M 2.2% ▲ 27.5%
Dimensional Fund Advisors LP $227M 1.4M 2.0% ▲ 0.5%
Sei Investments Co $215M 1.3M 1.9% ▼ 20.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Formfactor Inc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $23.4M 75 trades by 9 insiders · 70% under pre-set plans
Net ▼ $23.4M net selling
Insider Date Trade Shares Price Value
Slessor Mike CEO October 14, 2026 Sell pre-set plan 1,200 $125.92 $151,104
Slessor Mike CEO October 14, 2026 Sell pre-set plan 7,703 $125.36 $965,648
Slessor Mike CEO October 14, 2026 Sell pre-set plan 2,195 $124.23 $272,685
Slessor Mike CEO September 16, 2026 Sell pre-set plan 1,000 $105.80 $105,800
Slessor Mike CEO September 16, 2026 Sell pre-set plan 7,773 $105.12 $817,098
Slessor Mike CEO September 16, 2026 Sell pre-set plan 8,737 $104.26 $910,920
Steven-Waiss Kelley Director September 3, 2026 Sell 2,100 $96.10 $201,810
Slessor Mike CEO August 14, 2026 Sell pre-set plan 686 $133.33 $91,464
Slessor Mike CEO August 14, 2026 Sell pre-set plan 5,535 $132.50 $733,388
Slessor Mike CEO August 14, 2026 Sell pre-set plan 1,125 $131.65 $148,106
Slessor Mike CEO August 14, 2026 Sell pre-set plan 3,282 $130.54 $428,432
Slessor Mike CEO August 14, 2026 Sell pre-set plan 2,892 $129.55 $374,659

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 4, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Formfactor Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Formfactor Inc in brief

What does Formfactor Inc do?
Formfactor Inc is a US-listed company in the semiconductors industry. Its financial year ends in December.
What is Formfactor Inc's stock ticker?
Formfactor Inc trades under the ticker FORM on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Formfactor Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Formfactor Inc reported revenue of $902M, 18.0% higher than a year earlier, according to its SEC filings.
What is Formfactor Inc's free cash flow?
Formfactor Inc's free-cash-flow margin is 15.1% of revenue over the trailing twelve months, ranking 29 of the 75 semiconductor companies we cover.
Who are Formfactor Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Earnest Partners LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Formfactor Inc buying back stock, and does it pay a dividend?
Formfactor Inc spent $1.7M on share repurchases over the trailing twelve months, and its diluted share count still rose 1.6% over the year.
What is Formfactor Inc's market cap?
On November 2, 2026, Formfactor Inc's market capitalisation was about $6.9B, with a price-to-earnings ratio of 59.9 and net debt of -$98.1M. Market figures come from third-party market data and may be delayed.
How much debt does Formfactor Inc have?
Formfactor Inc's debt-to-equity ratio is 1.0%, from its latest balance sheet (1.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Formfactor Inc's competitors?
In our Semiconductors peer group, the companies closest to Formfactor Inc are Silicon Motion Technology Corp, Photronics Inc, Silicon Laboratories Inc., Himax Technologies, Inc. and Allegro Microsystems, Inc. The side-by-side comparison below sets their revenue, margins and growth against Formfactor Inc's.
Are insiders buying or selling Formfactor Inc stock?
Over the last 12 months, Formfactor Inc's directors and officers reported 0 open-market purchases and 75 sales on Form 4. The insider trading page charts every trade.
When is Formfactor Inc's next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Formfactor Inc announces its own schedule.