FormFactor, Inc. logo

FormFactor, Inc.

FORM

NASDAQTechnologySemiconductors

Latest quote

$107.9

−$6.26 · -5.48%

Aug 24, 4:00 PM ET

After-hours

$108

+$0.10 · +0.09%

Aug 24, 4:15 PM ET

FORM company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Sell

Trim exposure — unfavorable risk-reward

Valuation

9

Overpriced

Momentum

41

Neutral

Sentiment

60

Mixed

Risk resilience

46

Elevated Risk

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Company profile

Company website

FormFactor, Inc., established in Livermore, California in 1993, specializes in the design, manufacturing, and global distribution of advanced test and measurement solutions for the semiconductor industry. The company primarily caters to semiconductor manufacturers and research institutions, operating through two main divisions: Probe Cards and Systems. Within the Probe Cards segment, FormFactor supplies crucial components designed to verify the functionality of a wide array of integrated circuits. These include complex system-on-chip (SoC) products, processors for mobile applications, microcontrollers, graphics processors, and various memory devices such as dynamic random-access memory (DRAM) and NAND/NOR flash. Additionally, their probe cards support the testing of radio frequency (RF), analog, mixed-signal, image sensor, and electro-optical devices. The Systems division encompasses several specialized product lines. For instance, analytical probes are instrumental in applications such as device characterization, developing electrical simulation models, conducting failure analysis, and debugging prototype designs. These probes serve a diverse clientele including universities, research facilities, integrated device manufacturers (IDMs), semiconductor foundries, and fabless semiconductor companies. Furthermore, FormFactor provides probing systems that enable semiconductor design engineers to accurately capture and analyze critical data. They also offer surface metrology systems vital for product development, manufacturing, and quality assurance in semiconductor production. The company's thermal subsystems, such as thermal chucks, are incorporated into probe stations and other testing environments. Completing their portfolio are precision cryogenic instruments and associated test and measurement systems for semiconductors. Beyond hardware, FormFactor delivers comprehensive support services, including on-site maintenance for probe cards, specialized training programs, educational seminars, and telephone assistance. The company leverages a multi-channel sales strategy, utilizing a direct sales force, manufacturers' representatives, and independent distributors to market its offerings across major global markets. Its operational footprint spans the United States, Taiwan, South Korea, China, Japan, Europe, the broader Asia-Pacific region, and various other international territories.

Industry
Semiconductors
Sector
Technology
Headquarters
US
CEO
Michael D. Slessor
Listed since
Jun 12, 2003
Employees
2,153

Market position

Day range

Current $107.9

52-week range

Current $107.9

Open
$110.63
Previous close
$114.16
Volume
1.23M
0.69× average
Average volume
1.78M
Average daily volume
Market cap
8.41B USD
Beta
1.25
Market reference 1
50-day average
$122.31
-11.78% below average
200-day average
$99.4956
+8.45% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
4.43B USD
P/E (TTM)
72.91×
P/B (TTM)
7.57×
P/S (TTM)
9.32×
EV / EBITDA
38.6×
Earnings yield
1.21%
Free cash flow yield
0.26%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
45.64%
Operating margin
16.86%
Net margin
12.80%
Return on equity
5.25%
Return on assets
4.44%
Return on invested capital
4.67%

Financial health

Debt / equity
0.03×
Current ratio
4.5×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends45%31%17%3%Gross margin, FY2021: 41.94%Gross margin, FY2022: 39.58%Gross margin, FY2023: 39.00%Gross margin, FY2024: 40.33%Gross margin, FY2025: 39.14%Operating margin, FY2021: 12.74%Operating margin, FY2022: 7.34%Operating margin, FY2023: 12.48%Operating margin, FY2024: 8.48%Operating margin, FY2025: 8.18%Net margin, FY2021: 10.90%Net margin, FY2022: 6.78%Net margin, FY2023: 12.42%Net margin, FY2024: 9.12%Net margin, FY2025: 6.93%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 41.94%. Gross margin FY2022 39.58%. Gross margin FY2023 39.00%. Gross margin FY2024 40.33%. Gross margin FY2025 39.14%. Operating margin FY2021 12.74%. Operating margin FY2022 7.34%. Operating margin FY2023 12.48%. Operating margin FY2024 8.48%. Operating margin FY2025 8.18%. Net margin FY2021 10.90%. Net margin FY2022 6.78%. Net margin FY2023 12.42%. Net margin FY2024 9.12%. Net margin FY2025 6.93%.

Income trends

Revenue

784.99M USD+2.80%

Operating income

64.22M USD-0.86%

Net income

54.36M USD-21.91%
Income trends across reported periods858.42M USD564.72M USD271.01M USD−22.69M USDRevenue, FY2021: 769.67M USDRevenue, FY2022: 747.94M USDRevenue, FY2023: 663.1M USDRevenue, FY2024: 763.6M USDRevenue, FY2025: 784.99M USDOperating income, FY2021: 98.04M USDOperating income, FY2022: 54.91M USDOperating income, FY2023: 82.76M USDOperating income, FY2024: 64.78M USDOperating income, FY2025: 64.22M USDNet income, FY2021: 83.92M USDNet income, FY2022: 50.74M USDNet income, FY2023: 82.39M USDNet income, FY2024: 69.61M USDNet income, FY2025: 54.36M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 769.67M USD. Revenue FY2022 747.94M USD. Revenue FY2023 663.1M USD. Revenue FY2024 763.6M USD. Revenue FY2025 784.99M USD. Operating income FY2021 98.04M USD. Operating income FY2022 54.91M USD. Operating income FY2023 82.76M USD. Operating income FY2024 64.78M USD. Operating income FY2025 64.22M USD. Net income FY2021 83.92M USD. Net income FY2022 50.74M USD. Net income FY2023 82.39M USD. Net income FY2024 69.61M USD. Net income FY2025 54.36M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue784.99M USD763.6M USD663.1M USD747.94M USD769.67M USD
Cost of goods sold477.78M USD455.68M USD404.52M USD451.93M USD446.91M USD
Gross profit307.21M USD307.92M USD258.58M USD296.01M USD322.77M USD
Research and development115.92M USD121.94M USD115.77M USD109.22M USD100.94M USD
Selling, general, and administrative127.07M USD141.79M USD133.01M USD131.88M USD123.79M USD
Operating expenses242.99M USD243.14M USD175.82M USD241.1M USD224.73M USD
Interest income10.64M USD14.11M USD7.22M USD2.22M USD569K USD
Interest expense521K USD418K USD421K USD579K USD602K USD
Depreciation and amortization46.93M USD32.9M USD37.45M USD38.04M USD44.52M USD
Operating income64.22M USD64.78M USD82.76M USD54.91M USD98.04M USD
Net income54.36M USD69.61M USD82.39M USD50.74M USD83.92M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
64%
7 beats, 3 misses, 1 met estimate
Average EPS surprise
+13.38%
11 comparable reports
Latest EPS result
0.82
Estimate 0.61 · Beat by 34.65%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.910.660.410.16Q1 '25MissQ2 '25BeatQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 5, 2025: actual 0.27, estimate 0.29, surprise -6.90%, Miss. Q2 2025, reported Apr 30, 2025: actual 0.23, estimate 0.19, surprise +21.05%, Beat. Q3 2025, reported Jul 30, 2025: actual 0.27, estimate 0.3, surprise -10.00%, Miss. Q4 2025, reported Oct 29, 2025: actual 0.33, estimate 0.25, surprise +32.00%, Beat. Q1 2026, reported Feb 4, 2026: actual 0.46, estimate 0.35, surprise +31.43%, Beat. Q2 2026, reported Apr 29, 2026: actual 0.56, estimate 0.45, surprise +24.44%, Beat. Q3 2026, reported Jul 29, 2026: actual 0.82, estimate 0.609, surprise +34.65%, Beat. Q4 2026, reported Nov 4, 2026: actual —, estimate 0.86, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates281.23M240.55M199.88M159.21MQ1 '25MissQ2 '25BeatQ3 '25MissQ4 '25MissQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 5, 2025: actual 189.48M USD, estimate 190.12M USD, surprise -0.33%, Miss. Q2 2025, reported Apr 30, 2025: actual 171.36M USD, estimate 170.03M USD, surprise +0.78%, Beat. Q3 2025, reported Jul 30, 2025: actual 195.8M USD, estimate 199.42M USD, surprise -1.82%, Miss. Q4 2025, reported Oct 29, 2025: actual 202.68M USD, estimate 210.29M USD, surprise -3.62%, Miss. Q1 2026, reported Feb 4, 2026: actual 215.16M USD, estimate 210.56M USD, surprise +2.19%, Beat. Q2 2026, reported Apr 29, 2026: actual 226.14M USD, estimate 225.54M USD, surprise +0.27%, Beat. Q3 2026, reported Jul 29, 2026: actual 258.24M USD, estimate 240M USD, surprise +7.60%, Beat. Q4 2026, reported Nov 4, 2026: actual —, estimate 270.41M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$150.5

39.48% upside
Past 12 months12-month forecastHigh $175Average $150.5Low $118

FORM peers

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