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FormFactor, Inc. FORM R2K

Technology · Semiconductor Equipment & Materials · United States
https://www.formfactor.com

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.

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$124.59
+317.39% 1Y

Market & Price

Market Cap
$9.71B
Current Price
$124.59
High / Low (52W)
$155.08 / $27.62
Beta
1.32

Valuation

Stock P/E
143.21
Industry PE
32.74
Forward P/E
45.83
PEG Ratio
1.39
Book Value
$13.58
Price to Book
9.17
P/S
11.57
EV/EBITDA
68.72
Dividend Yield
-

Profitability & Returns

ROCE
6.35%
ROE
6.75%
ROA
5.15%
Profit Margin
8.14%
Op Margin
17.67%
EPS (Latest Qtr)
$0.26
EPS (TTM)
$0.87

Balance Sheet & Liquidity

Debt/Equity
3.01
Quick Ratio
3.34
Current Ratio
4.55
Debt
$31.89M
Total Assets
$1.22B
Current Assets
$557.05M
Working Capital
$433.19M

Ownership

Promoter Holding
0.71%
Chg in Prom Hold
-
FII / Inst Holding
98.42%
Chg in FII Hold
0.03%

Financial Snapshot

Enterprise Value
$9.44B
Total Revenue (TTM)
$839.78M
EBITDA
$137.39M
Free Cash Flow
$-566.88K
Operating Cash Flow
$136.82M
Shares Outstanding
77.95M
Gross Margin
42.20%
Payout Ratio
0.00%

Growth (CAGR)

Revenue 5Y
1.62%
Profit 5Y
2.33%
Revenue (YoY)
32.00%
Earnings (YoY)
225.00%

PROS

  • In a confirmed uptrend (50-DMA above 200-DMA).

CONS

  • Trading at a high P/E of 143.2.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#NameCMP $P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 FORM FormFactor, Inc. R2K 124.59 143.21 $9.71B - 6.35% 6.75% 1.62% 2.33%
2 NVDA NVIDIA Corporation NDXSPXAI 211.14 32.38 $5.11T 0.47% 81.14% 114.29% 100.05% 201.80%
3 AAPL Apple Inc. NDXSPX 312.06 37.73 $4.58T 0.35% 68.72% 141.47% 1.81% 3.92%
4 MSFT Microsoft Corporation NDXSPXAI 450.24 26.82 $3.34T 0.81% 26.37% 34.01% 12.42% 11.87%
5 TSM Taiwan Semiconductor Manufacturing Company Limited AI 418.45 35.86 $2.17T 0.91% 32.04% 36.21% 18.94% 19.57%
6 MU Micron Technology, Inc. NDXSPXAI 971.00 45.87 $1.10T 0.06% 14.20% 39.82% 6.71% -0.57%
7 AMD Advanced Micro Devices, Inc. NDXSPXAI 516.10 172.61 $841.55B - 6.33% 8.06% 13.64% 48.64%
8 ORCL Oracle Corporation SPXAI 225.78 40.46 $649.35B 0.89% 13.07% 57.57% 10.59% 22.81%
9 ASML ASML Holding N.V. NDXAI 1,612.76 53.76 $621.59B 0.54% 43.81% 52.24% 15.55% 19.55%
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Quarterly Results

Figures in USD.

Metric Jun 2015Sep 2015Dec 2015Mar 2016Jun 2016Sep 2016Dec 2016Apr 2017Jul 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019Dec 2019Mar 2020Jun 2020Sep 2020Mar 2021Jun 2021Sep 2021Mar 2022Jun 2022Sep 2022Apr 2023Jul 2023Sep 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue -------128.83M143.98M143.74M131.90M118.29M135.51M134.99M140.89M132.21M138.02M140.60M178.63M160.75M157.82M178.00M186.64M188.08M189.96M197.17M203.91M180.87M167.45M155.92M171.57M168.72M197.47M207.92M-171.36M195.80M202.68M215.16M226.14M
Cost of Revenue -----------------------------------106.83M122.86M122.05M124.40M139.35M
Gross Profit 23.30M18.45M21.19M9.79M25.43M27.19M40.27M47.57M61.77M57.63M48.63M45.13M56.22M52.97M56.02M52.52M55.35M55.32M74.31M67.39M66.17M76.75M76.71M76.28M80.22M94.22M94.37M62.21M61.08M60.28M69.28M62.74M86.90M84.70M-64.52M72.94M80.63M90.76M86.79M
Operating Expenses -----------------------------------61.25M60.63M61.66M65.57M63.07M
Operating Income 697.00K-3.36M-761.00K-13.57M-6.65M-13.16M-14.53M7.06M19.58M14.27M5.40M3.63M11.31M9.37M11.80M7.61M8.99M9.34M23.72M18.43M22.49M22.04M22.64M20.35M23.25M34.18M32.65M4.03M91.00K-1.31M2.71M21.30M17.77M17.86M-3.27M12.31M18.97M25.19M23.72M
EBITDA -----------------------------------12.10M21.87M28.74M44.44M32.89M
Interest Expense ----------------------------------------
Pretax Income -----------------------------------7.48M14.94M20.43M26.55M19.26M
Tax Provision -----------------------------------1.07M2.37M5.94M3.62M396.00K
Net Income 838.00K-2.52M-619.00K-13.80M36.88M-14.20M-15.44M5.18M17.58M12.56M5.59M2.12M9.12M7.69M85.10M5.48M6.95M8.28M18.64M15.89M20.47M22.89M19.62M17.91M20.50M29.87M30.24M4.35M1.34M828.00K4.37M21.78M19.39M18.74M-6.40M9.09M15.66M23.22M20.38M
Diluted EPS 0.01-0.04-0.01-0.240.61-0.20-0.220.070.240.170.070.030.120.101.130.070.090.110.240.200.260.290.250.230.260.380.380.060.020.010.060.280.250.24-0.080.120.200.290.26
R&D Expense 11.22M10.64M11.24M10.85M11.13M17.25M18.22M17.41M18.54M19.34M18.51M18.05M19.68M18.86M18.40M19.72M20.07M20.10M21.61M21.27M20.92M22.88M24.05M25.45M26.03M27.13M28.32M26.55M28.25M28.34M31.01M28.63M31.56M31.24M-27.80M28.79M28.69M-30.78M

Profit & Loss (Annual)

Figures in USD.

Metric Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue -------383.88M548.44M529.67M589.46M693.62M769.67M747.94M663.10M763.60M784.99M
Cost of Revenue -------------451.93M404.52M455.68M476.14M
Gross Profit 819.00K-2.27M20.96M25.33M42.28M77.44M85.74M102.68M215.60M210.34M237.50M287.92M322.77M296.01M258.58M307.92M308.85M
Operating Expenses -------------241.10M248.78M263.72M248.76M
Operating Income -145.19M-197.18M-70.36M-64.12M-58.79M-20.56M-4.10M-47.91M46.30M36.11M49.66M83.79M98.04M54.91M9.80M44.20M60.09M
EBITDA -------------96.49M127.14M112.73M107.50M
Interest Expense -------------579.00K421.00K418.00K521.00K
Pretax Income -------------57.87M89.27M79.41M69.39M
Tax Provision -------------7.13M6.88M9.80M13.00M
Net Income -155.65M-188.29M-65.98M-35.55M-57.68M-19.18M-1.52M-6.56M40.91M104.04M39.35M78.52M83.92M50.74M82.39M69.61M54.36M
Diluted EPS -------0.03-0.100.551.380.510.991.060.651.050.890.69
R&D Expense 57.51M55.39M43.54M40.13M42.14M42.73M44.18M57.45M73.81M74.98M81.50M89.03M100.94M109.22M115.77M121.94M115.68M

Compounded Sales Growth

5 Years:1.62%
1 Year:32.00%

Compounded Profit Growth

5 Years:2.33%
1 Year:225.00%

Stock Price Performance

1 Year:+317.39%
6 Months:+134.28%
3 Months:+26.00%
1 Month:-8.07%

Balance Sheet (Annual)

Figures in USD.

Metric Dec 2008Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Assets --466.05M383.07M395.68M340.71M344.24M342.72M618.98M646.57M728.22M839.88M963.22M-1.01B1.11B1.15B1.22B
Current Assets --------------474.55M573.78M605.13M557.05M
Cash & Equivalents 337.93M122.04M121.21M139.05M72.24M59.20M113.94M146.26M101.41M91.18M98.47M144.54M187.22M-109.13M177.81M190.73M103.33M
Inventory --------------123.16M111.69M101.68M110.88M
Receivables --------------88.14M102.96M104.29M125.42M
Total Liabilities --54.85M36.42M56.42M46.62M54.81M48.04M217.93M187.94M148.06M198.88M219.13M-199.94M197.99M198.45M188.96M
Current Liabilities --45.52M28.59M45.05M37.77M47.86M43.58M82.71M92.16M102.52M136.56M154.57M-149.67M131.09M131.34M123.86M
Long Term Debt --------125.47M87.23M34.97M15.64M24.98M-14.39M13.31M12.21M11.07M
Total Debt --------------50.37M48.15M39.23M32.36M
Total Equity 706.06M577.78M411.20M346.65M339.26M294.09M289.44M294.68M401.06M458.64M580.16M641.00M744.08M-808.28M908.80M947.77M1.04B
Shares Outstanding --------------76.91M77.38M77.11M77.65M

Cash Flows (Annual)

Figures in USD.

Metric Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Operating Cash Flow --------86.32M68.70M121.05M169.26M-131.79M64.60M117.53M115.40M
Investing Cash Flow ---------59.42M-21.30M-66.35M-98.92M--75.70M29.05M-33.48M-191.47M
Financing Cash Flow ---------39.47M-39.33M-6.58M-30.93M--95.93M-22.71M-64.61M-13.63M
Capital Expenditure -19.17M-30.91M-7.70M-7.95M-8.53M-5.67M-8.64M-11.52M-17.76M-19.87M-20.85M-55.87M--65.25M-56.03M-38.44M-103.66M
Free Cash Flow --------68.57M48.83M100.20M113.39M-66.53M8.57M79.10M11.74M
Net Change in Cash --------------39.85M70.94M19.44M-89.70M
Share Buybacks 0626.00K16.41M0008.21M018.97M00024.04M82.33M19.80M53.30M26.24M

Ratios (Annual)

Figures in %.

Metric Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Gross Margin % -------26.7%39.3%39.7%40.3%41.5%41.9%39.6%39.0%40.3%39.3%
Operating Margin % --------12.5%8.4%6.8%8.4%12.1%12.7%7.3%1.5%5.8%7.7%
Net Margin % --------1.7%7.5%19.6%6.7%11.3%10.9%6.8%12.4%9.1%6.9%
ROE % -26.9%-45.8%-19.0%-10.5%-19.6%-6.6%-0.5%-1.6%8.9%17.9%6.1%10.6%-6.3%9.1%7.3%5.3%
ROCE % --46.9%-19.8%-18.3%-19.4%-6.9%-1.4%-8.9%8.4%5.8%7.1%10.4%-6.4%1.0%4.4%5.5%

Shareholding Pattern

Insiders
0.71%
Institutions
98.42%
Public Float
99.13%

Top Institutional Holders

#Holder% HeldSharesValue
1 Blackrock Inc. 15.71% 12.25M $1.53B
2 Vanguard Portfolio Management LLC 7.54% 5.88M $732.59M
3 Earnest Partners LLC 6.25% 4.88M $607.40M
4 Vanguard Capital Management LLC 4.45% 3.47M $432.64M
5 State Street Corporation 3.76% 2.93M $364.82M
6 Bank of America Corporation 3.18% 2.48M $309.12M
7 Polar Capital Holdings PLC 2.94% 2.29M $285.60M
8 Alliancebernstein L.P. 2.86% 2.23M $278.03M
9 Geode Capital Management, LLC 2.81% 2.19M $272.59M
10 Primecap Management Company 2.29% 1.79M $222.85M

Analyst View

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