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
Vol896.50K
As of25 Sep 2026

The Verdict

Hold

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/E89.44x
Forward P/E36.58x
EV / EBITDA52.56x
P / S (ttm)11.21x
Profit margin12.8%
Return on equity11.0%
Revenue growth+31.9%
Earnings growth+502.5%
Debt / equity2.69

Layer Breakdown

LayerRawContribution
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.

United States · www.formfactor.com

Risk Metrics

Beta vs SPX2.35
Corr SPX0.51
Annual vol74.3%
Annual ret+81.2%
Sharpe1.09
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
Analysts8
Strong Buy0
Buy2
Hold8
Sell0
Strong Sell0

Recent rating actions

2026-04-30TD Cowen→ Hold
2026-04-30Evercore ISI Group→ In-Line
2026-04-30Citigroup→ Buy
2026-04-29Evercore ISI Group→ In-Line
2026-04-13B. Riley Securities→ Neutral
2026-04-06Cantor Fitzgerald→ Overweight

Material Events

DateEvent8-K
2026-07-29Earnings Release, Exhibitsread
2026-05-19Officer / Director Change, Bylaws Amendment…read
2026-04-29Earnings Release, Exhibitsread
2026-02-18Officer / Director Change, Reg FD Disclosure…read
2026-02-04Earnings Release, Exhibitsread
2026-01-09Restructuring, 2.06read
2025-10-29Earnings Release, Exhibitsread
2025-08-12Officer / Director Change, Reg FD Disclosure…read
2025-07-30Material Agreement, Earnings Release…read
2025-05-21Officer / Director Change, Shareholder Vote…read
2025-04-30Earnings Release, Exhibitsread
2025-02-05Earnings Release, Exhibitsread

Flow & Concentration

Insider 180d net$0
Insider buys / sells0 / 0
Insider biasNeutral
13F holders10
Top-5 share89.5%
HHI3,145 (concentrated)

Top Holders

HolderValueShares
State Street Corp$412.86M2.58M
Millennium Management$108.91M680.97K
Citadel Advisors$93.17M582.58K
Capital Research / Capital World$47.36M296.10K
Renaissance Technologies$47.27M295.57K
AQR Capital Management$34.26M214.22K
Bridgewater Associates$26.00M162.59K
Norges Bank (Norway sovereign)$16.97M106.14K
Fidelity / FMR LLC$5.73M35.82K
T. Rowe Price Group$115.43K721.75K

As of 2026-06-30

SEC Filings

DateFormDoc
2026-08-104view
2026-08-104view
2026-08-074view
2026-08-074view
2026-08-0410-Qview
2026-07-298-Kview
2026-07-164view
2026-06-164view
2026-06-114view
2026-06-044view
2026-06-044view
2026-05-224view
2026-05-214view
2026-05-214view
2026-05-194view

The Long Run

FY 2011–2025 · 15 years

LineLatestCAGRTrend
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

S&P SmallCap 600

Recent Sessions

DateOpenHighLowCloseVol
Sep 25$130.85$133.06$128.22$129.69896.50K
Sep 24$126.98$129.86$124.36$129.04930.50K
Sep 23$125.39$131.48$123.64$131.261.27M
Sep 22$116.82$126.17$116.52$126.01842.00K
Sep 21$123.00$123.78$118.49$119.311.29M

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