FormFactor, Inc. FORM R2KAI
Company 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.
Why Investors Should Care
Revenue has grown at a 11.6% CAGR over the past five years.
Operating margin of 17.7% supports profitability.
Recent Developments
- Dec 2025 Revenue of $784.99M (+2.8% YoY); net profit $54.36M.
- Trailing 12 Months Year-on-year growth — revenue +32.0%, earnings +225.0%.
- 5-Year Trend Long-term compounding — revenue CAGR 11.6%, profit CAGR -7.1%.
Growth & Price Performance
Compounded Sales Growth
| 5 Years: | 11.61% |
| 1 Year: | 32.00% |
Compounded Profit Growth
| 5 Years: | -7.09% |
| 1 Year: | 225.00% |
Stock Price Performance
| 1 Year: | +234.86% |
| 6 Months: | +69.48% |
| 3 Months: | -9.27% |
| 1 Month: | -10.68% |
Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.
FormFactor makes probe cards and test/measurement systems used to test the advanced chips — including AI and HBM memory — during manufacturing.
Probe cards, analytical probes, probe stations and cryogenic systems for testing logic, memory and emerging quantum devices.
- Probe cards for AI/HBM FormFactor's advanced probe cards test the high-bandwidth memory and logic that AI accelerators depend on.
- Advanced-packaging test Its systems address the test challenges of chiplets and advanced packaging used in AI silicon.
- Quantum & cryogenic systems Cryogenic test systems serve emerging quantum and advanced-research customers.
- Leading probe-card supplier levered to advanced-logic and HBM test demand from AI.
- Recovering revenue (~32%) as advanced-node and HBM volumes rise.
- Margins are modest (net ~8%) and the business is capex-cyclical.
- Customer concentration and semiconductor cyclicality are key risks.
Curated from public filings and analyst commentary; figures are illustrative.
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 Charts
No fundamental data available for this stock.
Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.
PROS
- Compounding revenue at 11.6% over 5 years.
- In a confirmed uptrend (50-DMA above 200-DMA).
CONS
- Trading at a high P/E of 135.3.
- Earnings shrank at -7.1% CAGR over 5 years.
- Trading 27.3% below its 52-week high.
* The pros and cons are auto-generated from financial metrics.
Valuation
Growth (CAGR)
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
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. R2KAI | 116.33 | 135.27 | $9.07B | 0.00% | 5.19% | 6.75% | 11.61% | -7.09% |
| 2 | NVDA NVIDIA Corporation NDXSPXAI | 211.80 | 32.43 | $5.13T | 0.49% | 74.66% | 114.29% | 24.64% | 32.12% |
| 3 | AAPL Apple Inc. NDXSPX | 314.86 | 38.07 | $4.62T | 0.37% | 68.72% | 141.47% | 1.81% | 3.92% |
| 4 | MSFT Microsoft Corporation NDXSPXAI | 384.93 | 22.91 | $2.86T | 0.93% | 26.90% | 34.01% | 9.48% | 10.85% |
| 5 | TSM Taiwan Semiconductor Manufacturing Company Limited AI | 420.39 | 36.18 | $2.18T | 0.90% | 30.20% | 36.21% | 18.94% | 19.57% |
| 6 | AVGO Broadcom Inc. NDXSPXAI | 389.11 | 64.85 | $1.85T | 0.68% | 16.70% | 37.28% | 24.38% | 26.24% |
| 7 | MU Micron Technology, Inc. NDXSPXAI | 983.12 | 46.37 | $1.11T | 0.06% | 13.69% | 39.82% | 13.68% | 26.02% |
| 8 | AMD Advanced Micro Devices, Inc. NDXSPXAI | 548.13 | 181.50 | $893.78B | 0.00% | 6.33% | 8.06% | 13.64% | 48.64% |
| 9 | ASML ASML Holding N.V. NDXAI | 1,775.64 | 59.55 | $684.36B | 0.47% | 42.97% | 52.24% | 15.55% | 19.55% |
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios
Quarterly Results
Figures in USD.
| Metric | Dec 2014 | Mar 2015 | 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 | Mar 2025 | Jun 2025 | Sep 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 | 226.14M |
| Gross Profit | 20.95M | 22.79M | 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 | 86.79M |
| Operating Income | -3.36M | -682.00K | 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 | 18.00M | 16.65M |
| Net Income | -1.87M | 783.00K | 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 | 20.38M |
| Diluted EPS | -0.03 | 0.01 | 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 | 0.26 |
| R&D Expense | 10.71M | 11.09M | 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 | 135.34M | 188.56M | 169.32M | 178.53M | 231.53M | 268.53M | 282.36M | 383.88M | 548.44M | 529.67M | 589.46M | 693.62M | 769.67M | 747.94M | 663.10M | 763.60M | 784.99M |
| 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 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 | 82.76M | 64.78M | 57.07M |
| 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 |
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 | 1.02B | 1.01B | 1.11B | 1.15B | 1.22B |
| 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 | 815.78M | 808.28M | 908.80M | 947.77M | 1.04B |
| 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 | 151.01M | 109.13M | 177.81M | 190.73M | 103.33M |
| Long Term Debt | - | - | - | - | - | - | - | - | 125.47M | 87.23M | 34.97M | 15.64M | 24.98M | 15.43M | 14.39M | 13.31M | 12.21M | 11.07M |
| Total Liabilities | - | - | 54.85M | 36.42M | 56.42M | 46.62M | 54.81M | 48.04M | 217.93M | 187.94M | 148.06M | 198.88M | 219.13M | 204.74M | 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 | 148.75M | 149.67M | 131.09M | 131.34M | 123.86M |
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 | 139.36M | 131.79M | 64.60M | 117.53M | 115.40M |
| Investing Cash Flow | - | - | - | - | - | - | - | - | -59.42M | -21.30M | -66.35M | -98.92M | -124.74M | -75.70M | 29.05M | -33.48M | -191.47M |
| Financing Cash Flow | - | - | - | - | - | - | - | - | -39.47M | -39.33M | -6.58M | -30.93M | -47.20M | -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 | -66.50M | -65.25M | -56.03M | -38.44M | -103.66M |
| Free Cash Flow | - | - | - | - | - | - | - | - | 68.57M | 48.83M | 100.20M | 113.39M | 72.87M | 66.53M | 8.57M | 79.10M | 11.74M |
| 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 % | 0.6% | -1.2% | 12.4% | 14.2% | 18.3% | 28.8% | 30.4% | 26.7% | 39.3% | 39.7% | 40.3% | 41.5% | 41.9% | 39.6% | 39.0% | 40.3% | 39.3% |
| Operating Margin % | -107.3% | -104.6% | -41.6% | -35.9% | -25.4% | -7.7% | -1.5% | -12.5% | 8.4% | 6.8% | 8.4% | 12.1% | 12.7% | 7.3% | 12.5% | 8.5% | 7.3% |
| Net Margin % | -115.0% | -99.9% | -39.0% | -19.9% | -24.9% | -7.1% | -0.5% | -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% | 10.3% | 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% | 11.2% | 6.4% | 8.5% | 6.4% | 5.2% |
Shareholding Pattern
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Blackrock Inc. | 15.71% | 12.25M | $1.55B |
| 2 | Vanguard Portfolio Management LLC | 7.54% | 5.88M | $744.88M |
| 3 | Earnest Partners LLC | 6.25% | 4.88M | $617.59M |
| 4 | Vanguard Capital Management LLC | 4.45% | 3.47M | $439.90M |
| 5 | State Street Corporation | 3.76% | 2.93M | $370.94M |
| 6 | Bank of America Corporation | 3.18% | 2.48M | $314.30M |
| 7 | Polar Capital Holdings PLC | 2.94% | 2.29M | $290.39M |
| 8 | Alliancebernstein L.P. | 2.86% | 2.23M | $282.69M |
| 9 | Geode Capital Management, LLC | 2.81% | 2.19M | $277.16M |
| 10 | Primecap Management Company | 2.29% | 1.79M | $226.59M |
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
Latest News
Recent headlines for FORM
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FormFactor Inc (FORM) Stock Up 5.5% but GF Value Says Overvalued -- GF Score: 68/100 - GuruFocus
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FORM — Frequently Asked Questions
What is the current share price of FormFactor, Inc. (FORM)?
As of 2026-07-14 21:23 PDT, FormFactor, Inc. (FORM) trades at $116.33 on NasdaqGS. Its 52-week range is $27.62 to $159.93.
What is the market capitalisation of FORM?
FormFactor, Inc. (FORM) has a market capitalisation of $9.07B on NasdaqGS.
What is the P/E ratio of FORM?
FORM trades at a trailing price-to-earnings (P/E) ratio of 135.27. The industry average P/E is 36.02. Its price-to-book (P/B) ratio is 10.25.
What is the return on equity (ROE) of FORM?
FORM has a return on equity (ROE) of 6.75%. Its return on capital employed (ROCE) is 5.19%.
Is FORM a good stock to buy?
This page provides a data-driven analysis of FormFactor, Inc. (FORM), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.