Inside the research
FormFactor, Inc.
FORM Research profile · latest available data
Price overview
$129.69
▲ +0.65 (+0.5%)
| 52w hi | $159.93 |
|---|---|
| 52w lo | $35.28 |
| Vol | 896.50K |
| As of | 25 Sep 2026 |
The Verdict
Our score +0.19
| Short | -0.29 |
|---|---|
| Medium | +0.46 |
| Long | +0.60 |
computed 2026-09-27
Key fundamentals
FormFactor, Inc.
Technology · Semiconductor Equipment & Materials
| Market cap | $10.13B |
|---|---|
| Enterprise value | $9.82B |
| Trailing P/E | 89.44x |
| Forward P/E | 36.58x |
| EV / EBITDA | 52.56x |
| P / S (ttm) | 11.21x |
| Profit margin | 12.8% |
| Return on equity | 11.0% |
| Revenue growth | +31.9% |
| Earnings growth | +502.5% |
| Debt / equity | 2.69 |
Layer Breakdown
| Layer | Raw | Contribution |
|---|---|---|
| Fundamental | +0.27 | |
| Sector | +0.19 | |
| Technical | -0.11 | |
| Earnings | +0.00 | |
| Sentiment | +0.00 |
macro × 1.00 · 2026-09-27
Business overview
FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, thermal systems, cryogenic systems, and related services in the United States, South Korea, Taiwan, China, Japan, Singapore, Europe, Malaysia, and internationally. The company operates in two segments: Probe Cards and Systems segments. The company provides probe cards to test various semiconductor device types, including systems- on-chip products, such as graphics, central, digital processing units, and other custom application-specific processing units; mobile application processors, microprocessors, and microcontrollers; network devices, which include switches and network processing units; dynamic random-access memory; radio-frequency amplifiers and filters; antenna-in-package devices; analog and mixed-signal integrated circuits; image sensors; co-packaged optical integrated circuits; NAND flash memory; NOR flash memory; and quantum computer processor devices. It also offers analytical probes, which are used for device characterization, electrical simulation model development, failure analysis, and prototype design debugging; probe stations, a critical tool for the development of new generations of semiconductor and electro-optical processes and designs; and thermal subsystems, which include thermal chucks and other test systems used in probe stations and other applications for precise temperature management. In addition, the company provides cryogenic systems, which includes the manufacture of precision cryogenic instruments and semiconductor test and measurement systems; and services and support, including installation services. Further, it offers on-site probe card maintenance and service training, seminars, and telephone support services. It markets and sells its products through direct sales force, manufacturers' representatives, and distributors. The company was incorporated in 1993 and is headquartered in Livermore, California.
Risk Metrics
| Beta vs SPX | 2.35 |
|---|---|
| Corr SPX | 0.51 |
| Annual vol | 74.3% |
| Annual ret | +81.2% |
| Sharpe | 1.09 |
| Max DD | -52.4% |
Window: 504 trading days (504 obs)
Analyst Coverage
| Mean PT | $138.38 |
|---|---|
| High / Low | $175.00 / $64.00 |
| Median | $147.50 |
| Analysts | 8 |
| Strong Buy | 0 | |
|---|---|---|
| Buy | 2 | |
| Hold | 8 | |
| Sell | 0 | |
| Strong Sell | 0 |
Recent rating actions
| 2026-04-30 | TD Cowen | → Hold |
| 2026-04-30 | Evercore ISI Group | → In-Line |
| 2026-04-30 | Citigroup | → Buy |
| 2026-04-29 | Evercore ISI Group | → In-Line |
| 2026-04-13 | B. Riley Securities | → Neutral |
| 2026-04-06 | Cantor Fitzgerald | → Overweight |
Material Events
| Date | Event | 8-K |
|---|---|---|
| 2026-07-29 | Earnings Release, Exhibits | read |
| 2026-05-19 | Officer / Director Change, Bylaws Amendment… | read |
| 2026-04-29 | Earnings Release, Exhibits | read |
| 2026-02-18 | Officer / Director Change, Reg FD Disclosure… | read |
| 2026-02-04 | Earnings Release, Exhibits | read |
| 2026-01-09 | Restructuring, 2.06 | read |
| 2025-10-29 | Earnings Release, Exhibits | read |
| 2025-08-12 | Officer / Director Change, Reg FD Disclosure… | read |
| 2025-07-30 | Material Agreement, Earnings Release… | read |
| 2025-05-21 | Officer / Director Change, Shareholder Vote… | read |
| 2025-04-30 | Earnings Release, Exhibits | read |
| 2025-02-05 | Earnings Release, Exhibits | read |
Flow & Concentration
| Insider 180d net | $0 |
|---|---|
| Insider buys / sells | 0 / 0 |
| Insider bias | Neutral |
| 13F holders | 10 |
| Top-5 share | 89.5% |
| HHI | 3,145 (concentrated) |
Top Holders
| Holder | Value | Shares |
|---|---|---|
| State Street Corp | $412.86M | 2.58M |
| Millennium Management | $108.91M | 680.97K |
| Citadel Advisors | $93.17M | 582.58K |
| Capital Research / Capital World | $47.36M | 296.10K |
| Renaissance Technologies | $47.27M | 295.57K |
| AQR Capital Management | $34.26M | 214.22K |
| Bridgewater Associates | $26.00M | 162.59K |
| Norges Bank (Norway sovereign) | $16.97M | 106.14K |
| Fidelity / FMR LLC | $5.73M | 35.82K |
| T. Rowe Price Group | $115.43K | 721.75K |
As of 2026-06-30
SEC Filings
The Long Run
FY 2011–2025 · 15 years
| Line | Latest | CAGR | Trend |
|---|---|---|---|
| Revenue | $784.99M | +11.6% | |
| Gross profit | $258.58M | +50.8% | |
| Operating income | $57.07M | +29.5% | |
| Net income | $54.36M | -8.9% | |
| Cash from ops | $64.60M | -4.7% |
Indices
Recent Sessions
| Date | Open | High | Low | Close | Vol |
|---|---|---|---|---|---|
| Sep 25 | $130.85 | $133.06 | $128.22 | $129.69 | 896.50K |
| Sep 24 | $126.98 | $129.86 | $124.36 | $129.04 | 930.50K |
| Sep 23 | $125.39 | $131.48 | $123.64 | $131.26 | 1.27M |
| Sep 22 | $116.82 | $126.17 | $116.52 | $126.01 | 842.00K |
| Sep 21 | $123.00 | $123.78 | $118.49 | $119.31 | 1.29M |
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