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FormFactor, Inc.

FORM Technology Semiconductor Equipment & Materials

FormFactor, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $785.0 million, up 2.80% from fiscal 2024. In the quarter to June 2026, revenue grew 31.9%, EPS grew 500.0%, free cash flow grew 211.5% and total debt fell 8.78%, each against the same quarter a year earlier.

87.18 10.28 −10.55%
Market cap
$7.6B
P/E
58.9×
Fwd P/E
40.8×
Dividend yield
—
F-score
4/9
Altman Z
15.12
Beneish M
−2.40
Dividend safety
n/a
Overview Business Profile Financial Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions trades per month

Total sells 23.44
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 2 2 9 2 1 6 3 1 1 2 1
Insider Ownership 0.66%

Capital & Financial Ratios $m

Market Cap 7,610.00
Revenue 902.23
Net Income 115.47
Free Cash Flow 136.59
Net Debt (334.76)
Current Ratio 4.08 (at or above 1.5: strong)
Debt/Equity 0.01 (at or below 0.5: strong)
P/E ratio 58.91 (above 35: high)
Fwd P/E 40.80 (above 35: high)
P/S ratio 7.54
P/B ratio 6.12 (above 6: high)
Past 5Y EPS Growth (6.97%) (below 0%: weak)
This Y EPS Growth 157.51% (at or above 15%: strong)
Next Y EPS Growth 29.66% (at or above 15%: strong)
Next Y revenue growth 31.72% (at or above 10%: strong)
Next 5Y EPS Growth 66.80% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.2×, against a ten-year median of 2.9×; over the ten years it ranged from 0.9× in 2016 to 13.5× in 2026.
P/E against its own 10 years 79.80%
10-year low 10-year high
P/S against its own 10 years 93.10%
10-year low 10-year high
P/B against its own 10 years 93.21%
10-year low 10-year high
EV/Sales against its own 10 years 93.10%
10-year low 10-year high
EV/FCF against its own 10 years 66.12%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 329 364 276 346
Receivables 103 104 125 156
Inventory 112 102 111 121
Other — — — —
574 605 557 670
2023 2024 2025 Q'26
Payables 64 62 47 77
ST’ Debt 1 1 1 1
Other — — — —
131 131 124 164

Compound Annual Growth %

10y 5y 3y
Sales 10.77% 2.51% 1.62%
Cash Flow 12.32% (7.37%) (4.33%)
Earnings 0.00% (7.09%) 2.33%
Book Value 13.39% 6.83% 8.60%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.86 Actual 1.04

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.35 0.46 Beat by 0.11
Q1 FY26 0.45 0.56 Beat by 0.11
Q2 FY26 0.61 0.82 Beat by 0.21
Q3 FY26 0.86 1.04 Beat by 0.18
Q4 FY26 0.80 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.26 0.71 — — —
’25 0.08 0.12 0.20 0.29 0.69
’24 0.28 0.25 0.24 0.12 0.89
’23 0.02 0.01 0.06 0.97 1.05
’22 0.38 0.38 0.06 (0.18) 0.65
’21 0.25 0.23 0.26 0.33 1.06
’20 0.20 0.26 0.29 0.24 0.99
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 226 258 — — —
’25 171 196 203 215 785
’24 169 197 208 189 764
’23 167 156 172 168 663
’22 197 204 181 166 748
’21 187 188 190 205 770
’20 161 158 178 197 694
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 45 62 — — —
’25 24 19 27 46 115
’24 33 22 27 36 118
’23 12 22 21 9 65
’22 44 43 24 21 132
’21 32 34 34 39 139
’20 39 43 42 45 169
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 30 53 — — —
’25 5 (47) 19 35 12
’24 20 13 18 28 79
’23 (7) 2 15 (1) 9
’22 29 28 15 (5) 67
’21 19 16 14 24 73
’20 27 55 0 31 113
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 6.15 10.45 11.10 12.87 16.35 32.69 18.15 21.71 37.21 22.58 +15.5% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 12.05 18.65 17.15 26.30 45.92 52.39 47.48 42.38 63.63 61.10 +19.8% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 1,571 1,685 1,676 1,836 2,166 2,293 2,105 2,115 2,238 2,153 +3.6% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.24 0.33 0.32 0.32 0.32 0.34 0.36 0.31 0.34 0.36 +4.5% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 384 548 530 589 694 770 748 663 764 785 +8.3% 1,034 1,224 1,481 +23.6%
Gross margin, % 26.75 39.31 39.71 40.29 41.51 41.94 39.58 39.00 40.33 39.34 +12.6 pt
EBT (50) 42 34 51 85 99 58 89 79 69 n/m
EBT margin, % (13.08) 7.70 6.41 8.66 12.28 12.80 7.74 13.46 10.40 8.84 +21.9 pt
Net income (7) 41 104 39 79 84 51 82 70 54 n/m
Depreciation 47 45 44 45 49 45 38 35 30 36 (3.1%)
Per share, $
Per share, $ Revenue 5.91 7.59 7.21 7.86 9.05 9.89 9.64 8.57 9.87 10.15 +6.2%
Earnings (0.10) 0.57 1.42 0.52 1.02 1.08 0.65 1.06 0.90 0.70 n/m
Cash flow 0.27 1.19 0.93 1.61 2.21 1.79 1.70 0.84 1.52 1.49 +21.0%
Capex (0.18) (0.25) (0.27) (0.28) (0.73) (0.85) (0.84) (0.72) (0.50) (1.34) +25.3%
Free cash flow 0.09 0.95 0.66 1.34 1.48 0.94 0.86 0.11 1.02 0.15 +5.8%
Book value 6.18 6.34 7.90 8.55 9.70 10.49 10.42 11.75 12.25 13.39 +9.0%
Shares, m 65 72 73 75 77 78 78 77 77 77 +2.0%
Valuation, ×
Valuation, × P/E 0.00 29.38 10.06 49.94 41.77 42.73 33.72 37.71 48.89 79.69 37.4
P/S 1.92 2.17 1.95 3.30 4.76 4.62 2.27 4.71 4.46 5.50 3.6
P/B 1.84 2.59 1.78 3.04 4.43 4.36 2.10 3.44 3.59 4.17 3.1
EV/Sales 2.00 2.10 1.79 3.03 4.44 4.29 1.97 4.23 4.00 5.16 3.3
EV/FCF 128.67 16.84 19.45 17.80 27.13 45.32 22.19 327.32 38.59 345.01 98.8
Cash, $m
Cash, $m Operating cash flow 17 86 69 121 169 139 132 65 118 115 +23.4%
Capex (11) (18) (20) (21) (56) (66) (65) (56) (38) (104) +27.7%
Free cash flow 6 69 49 100 113 73 67 9 79 12 +7.8%
Balance, $m
Balance, $m Working capital 172 214 235 282 333 375 325 443 474 433 +10.8%
Total debt 138 106 65 58 34 24 15 14 13 12 (23.6%)
Net debt 29 (35) (85) (164) (222) (254) (224) (315) (350) (264) n/m
Shareholders’ equity 401 459 580 641 744 816 808 909 948 1,035 +11.1%
Returns, %
Returns, % ROA (1.36) 6.47 15.13 5.02 8.71 8.46 5.00 7.79 6.18 4.59 +6.0 pt
ROIC (6.96) 6.83 4.56 6.51 10.04 10.91 5.87 8.71 6.78 4.62 +11.6 pt
ROE (1.88) 9.52 20.03 6.44 11.34 10.76 6.25 9.60 7.50 5.48 +7.4 pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

FormFactor, Inc. vs peers in Semiconductor Equipment & Materials (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ONTO Onto Innovation Inc. $10.9B 74.7× 32.7× +35.30% (above 0%: growing) +76.81% (above 0%: growing) +30.97% (above 0%: growing) 53.41% 18.52% Compare
NVMI Nova Ltd. $10.6B 36.1× 32.8× +15.90% (above 0%: growing) +1.72% (above 0%: growing) −10.48% (below 0%: shrinking) 56.54% 29.88% Compare
AMKR Amkor Technology, Inc. $10.2B 17.6× 15.2× +25.58% (above 0%: growing) +218.18% (above 0%: growing) −276.02% (below 0%: shrinking) 16.79% 10.53% Compare
FORM FormFactor, Inc. $7.6B 58.9× 40.8× +31.89% (above 0%: growing) +500.00% (above 0%: growing) +211.52% (above 0%: growing) 50.70% 22.38%
CAMT Camtek Ltd. $5.9B 153× 39.3× +12.31% (above 0%: growing) −33.33% (below 0%: shrinking) +952.40% (above 0%: growing) 50.06% 20.43% Compare
KLIC Kulicke and Soffa Industries, Inc. $4.2B 33.7× 21.9× +122.63% (above 0%: growing) n/m +856.72% (above 0%: growing) 47.80% 20.66% Compare
AXTI AXT Inc $4.0B 1,820× 61.6× +164.77% (above 0%: growing) n/m +173.29% (above 0%: growing) 44.90% 21.90% Compare
ACLS Axcelis Technologies, Inc. $3.5B 33.3× 37.6× +10.60% (above 0%: growing) −23.23% (below 0%: shrinking) −60.74% (below 0%: shrinking) 42.38% 9.43% Compare
ACMR ACM Research, Inc. $3.4B 20.2× 18.7× +36.01% (above 0%: growing) +178.72% (above 0%: growing) −19.43% (below 0%: shrinking) 45.96% 16.98% Compare
Median of peers $5.0B 34.9× 32.8× +30.44% +39.27% +10.24% 46.88% 19.48%

All 29 Semiconductor Equipment & Materials stocks →

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.48m 12.86m 136.40
2024 5.30m 8.15m 107.80
2023 6.73m 13.48m 98.00
2022 5.11m (2.44m) 52.20
2021 5.23m 2.79m 104.50

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 15.30%
The Vanguard Group, Inc. 13.60%
EARNEST Partners, LLC 7.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

FormFactor, Inc. (FORM) Latest News

30 Oct

Impact 3 ·
Impact 3 ·

29 Oct

Impact 4 ·
Impact 4 ·
Impact 4 · transcript
Impact 3 · earnings

28 Oct

Impact 4 ·
Impact 4 · earnings
Impact 4 ·
Impact 3 ·
Impact 3 ·

27 Oct

Impact 3 ·

26 Oct

Impact 4 ·
Impact 3 ·

22 Oct

Impact 4 ·

14 Oct

Impact 4 ·
Impact 4 ·
Impact 3 ·

12 Oct

Impact 4 ·
Impact 4 ·

10 Oct

Impact 4 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·

2 Oct

Impact 3 ·

1 Oct

Impact 3 ·
Impact 3 ·

30 Sep

Impact 4 ·
Impact 3 ·

21 Sep

Impact 3 ·
stockrow.com/FORM · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com