FormFactor, Inc. FORM R2K
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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Valuation
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Growth (CAGR)
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
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
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).
| # | Name | CMP $ | P/E | Mkt Cap | Div 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% |
Quarterly Results
Figures in USD.
| Metric | Jun 2015 | Sep 2015 | Dec 2015 | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Apr 2017 | Jul 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Apr 2023 | Jul 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | 128.83M | 143.98M | 143.74M | 131.90M | 118.29M | 135.51M | 134.99M | 140.89M | 132.21M | 138.02M | 140.60M | 178.63M | 160.75M | 157.82M | 178.00M | 186.64M | 188.08M | 189.96M | 197.17M | 203.91M | 180.87M | 167.45M | 155.92M | 171.57M | 168.72M | 197.47M | 207.92M | - | 171.36M | 195.80M | 202.68M | 215.16M | 226.14M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 106.83M | 122.86M | 122.05M | 124.40M | 139.35M |
| Gross Profit | 23.30M | 18.45M | 21.19M | 9.79M | 25.43M | 27.19M | 40.27M | 47.57M | 61.77M | 57.63M | 48.63M | 45.13M | 56.22M | 52.97M | 56.02M | 52.52M | 55.35M | 55.32M | 74.31M | 67.39M | 66.17M | 76.75M | 76.71M | 76.28M | 80.22M | 94.22M | 94.37M | 62.21M | 61.08M | 60.28M | 69.28M | 62.74M | 86.90M | 84.70M | - | 64.52M | 72.94M | 80.63M | 90.76M | 86.79M |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 61.25M | 60.63M | 61.66M | 65.57M | 63.07M |
| Operating Income | 697.00K | -3.36M | -761.00K | -13.57M | -6.65M | -13.16M | -14.53M | 7.06M | 19.58M | 14.27M | 5.40M | 3.63M | 11.31M | 9.37M | 11.80M | 7.61M | 8.99M | 9.34M | 23.72M | 18.43M | 22.49M | 22.04M | 22.64M | 20.35M | 23.25M | 34.18M | 32.65M | 4.03M | 91.00K | -1.31M | 2.71M | 21.30M | 17.77M | 17.86M | - | 3.27M | 12.31M | 18.97M | 25.19M | 23.72M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 12.10M | 21.87M | 28.74M | 44.44M | 32.89M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.48M | 14.94M | 20.43M | 26.55M | 19.26M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.07M | 2.37M | 5.94M | 3.62M | 396.00K |
| Net Income | 838.00K | -2.52M | -619.00K | -13.80M | 36.88M | -14.20M | -15.44M | 5.18M | 17.58M | 12.56M | 5.59M | 2.12M | 9.12M | 7.69M | 85.10M | 5.48M | 6.95M | 8.28M | 18.64M | 15.89M | 20.47M | 22.89M | 19.62M | 17.91M | 20.50M | 29.87M | 30.24M | 4.35M | 1.34M | 828.00K | 4.37M | 21.78M | 19.39M | 18.74M | - | 6.40M | 9.09M | 15.66M | 23.22M | 20.38M |
| Diluted EPS | 0.01 | -0.04 | -0.01 | -0.24 | 0.61 | -0.20 | -0.22 | 0.07 | 0.24 | 0.17 | 0.07 | 0.03 | 0.12 | 0.10 | 1.13 | 0.07 | 0.09 | 0.11 | 0.24 | 0.20 | 0.26 | 0.29 | 0.25 | 0.23 | 0.26 | 0.38 | 0.38 | 0.06 | 0.02 | 0.01 | 0.06 | 0.28 | 0.25 | 0.24 | - | 0.08 | 0.12 | 0.20 | 0.29 | 0.26 |
| R&D Expense | 11.22M | 10.64M | 11.24M | 10.85M | 11.13M | 17.25M | 18.22M | 17.41M | 18.54M | 19.34M | 18.51M | 18.05M | 19.68M | 18.86M | 18.40M | 19.72M | 20.07M | 20.10M | 21.61M | 21.27M | 20.92M | 22.88M | 24.05M | 25.45M | 26.03M | 27.13M | 28.32M | 26.55M | 28.25M | 28.34M | 31.01M | 28.63M | 31.56M | 31.24M | - | 27.80M | 28.79M | 28.69M | - | 30.78M |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | 383.88M | 548.44M | 529.67M | 589.46M | 693.62M | 769.67M | 747.94M | 663.10M | 763.60M | 784.99M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 451.93M | 404.52M | 455.68M | 476.14M |
| Gross Profit | 819.00K | -2.27M | 20.96M | 25.33M | 42.28M | 77.44M | 85.74M | 102.68M | 215.60M | 210.34M | 237.50M | 287.92M | 322.77M | 296.01M | 258.58M | 307.92M | 308.85M |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | 241.10M | 248.78M | 263.72M | 248.76M |
| Operating Income | -145.19M | -197.18M | -70.36M | -64.12M | -58.79M | -20.56M | -4.10M | -47.91M | 46.30M | 36.11M | 49.66M | 83.79M | 98.04M | 54.91M | 9.80M | 44.20M | 60.09M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | 96.49M | 127.14M | 112.73M | 107.50M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | 579.00K | 421.00K | 418.00K | 521.00K |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | 57.87M | 89.27M | 79.41M | 69.39M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.13M | 6.88M | 9.80M | 13.00M |
| Net Income | -155.65M | -188.29M | -65.98M | -35.55M | -57.68M | -19.18M | -1.52M | -6.56M | 40.91M | 104.04M | 39.35M | 78.52M | 83.92M | 50.74M | 82.39M | 69.61M | 54.36M |
| Diluted EPS | - | - | - | - | - | - | -0.03 | -0.10 | 0.55 | 1.38 | 0.51 | 0.99 | 1.06 | 0.65 | 1.05 | 0.89 | 0.69 |
| R&D Expense | 57.51M | 55.39M | 43.54M | 40.13M | 42.14M | 42.73M | 44.18M | 57.45M | 73.81M | 74.98M | 81.50M | 89.03M | 100.94M | 109.22M | 115.77M | 121.94M | 115.68M |
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 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 466.05M | 383.07M | 395.68M | 340.71M | 344.24M | 342.72M | 618.98M | 646.57M | 728.22M | 839.88M | 963.22M | - | 1.01B | 1.11B | 1.15B | 1.22B |
| Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 474.55M | 573.78M | 605.13M | 557.05M |
| Cash & Equivalents | 337.93M | 122.04M | 121.21M | 139.05M | 72.24M | 59.20M | 113.94M | 146.26M | 101.41M | 91.18M | 98.47M | 144.54M | 187.22M | - | 109.13M | 177.81M | 190.73M | 103.33M |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 123.16M | 111.69M | 101.68M | 110.88M |
| Receivables | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 88.14M | 102.96M | 104.29M | 125.42M |
| Total Liabilities | - | - | 54.85M | 36.42M | 56.42M | 46.62M | 54.81M | 48.04M | 217.93M | 187.94M | 148.06M | 198.88M | 219.13M | - | 199.94M | 197.99M | 198.45M | 188.96M |
| Current Liabilities | - | - | 45.52M | 28.59M | 45.05M | 37.77M | 47.86M | 43.58M | 82.71M | 92.16M | 102.52M | 136.56M | 154.57M | - | 149.67M | 131.09M | 131.34M | 123.86M |
| Long Term Debt | - | - | - | - | - | - | - | - | 125.47M | 87.23M | 34.97M | 15.64M | 24.98M | - | 14.39M | 13.31M | 12.21M | 11.07M |
| Total Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 50.37M | 48.15M | 39.23M | 32.36M |
| Total Equity | 706.06M | 577.78M | 411.20M | 346.65M | 339.26M | 294.09M | 289.44M | 294.68M | 401.06M | 458.64M | 580.16M | 641.00M | 744.08M | - | 808.28M | 908.80M | 947.77M | 1.04B |
| Shares Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 76.91M | 77.38M | 77.11M | 77.65M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | - | - | - | - | - | - | - | 86.32M | 68.70M | 121.05M | 169.26M | - | 131.79M | 64.60M | 117.53M | 115.40M |
| Investing Cash Flow | - | - | - | - | - | - | - | - | -59.42M | -21.30M | -66.35M | -98.92M | - | -75.70M | 29.05M | -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 | - | - | - | - | - | - | - | - | 68.57M | 48.83M | 100.20M | 113.39M | - | 66.53M | 8.57M | 79.10M | 11.74M |
| Net Change in Cash | - | - | - | - | - | - | - | - | - | - | - | - | - | -39.85M | 70.94M | 19.44M | -89.70M |
| Share Buybacks | 0 | 626.00K | 16.41M | 0 | 0 | 0 | 8.21M | 0 | 18.97M | 0 | 0 | 0 | 24.04M | 82.33M | 19.80M | 53.30M | 26.24M |
Ratios (Annual)
Figures in %.
| Metric | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 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
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 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
Analyst aggregate. Targets and ratings update periodically; not investment advice.
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