Sunday 11 October 2026
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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.
139.67
2.54
+1.85%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
0.00 | 29.38 | 10.06 | 49.94 | 41.77 | 42.73 | 33.72 | 37.71 | 48.89 | 79.69 |
Piotroski F-Score |
2 | 8 | 5 | 5 | 7 | 7 | 5 | 6 | 8 | 4 |
P/S ratio |
1.92 | 2.17 | 1.95 | 3.30 | 4.76 | 4.62 | 2.27 | 4.71 | 4.46 | 5.50 |
Altman Z-Score |
1.73 | 4.25 | 4.93 | 6.77 | 10.21 | 11.82 | 6.44 | 11.17 | 11.79 | 15.12 |
P/FCF ratio |
123.78 | 17.34 | 21.19 | 19.44 | 29.09 | 48.81 | 25.56 | 364.07 | 43.02 | 367.50 |
Altman Z″-Score (non-manufacturers) |
0.98 | 3.26 | 5.30 | 5.04 | 5.85 | 6.98 | 6.62 | 8.10 | 8.45 | 8.85 |
Beneish M-Score |
(1.67) | (2.73) | (2.02) | (2.92) | (2.84) | (2.63) | (3.02) | (2.20) | (2.63) | (2.40) |
P/Operating CF |
49.35 | 44.95 | 45.89 | 51.70 | 73.23 | 91.36 | 82.00 | 337.50 | 94.76 | 93.84 |
P/B ratio |
1.84 | 2.59 | 1.78 | 3.04 | 4.43 | 4.36 | 2.10 | 3.44 | 3.59 | 4.17 |
Price to Tangible BV |
8.53 | 6.94 | 3.20 | 5.07 | 6.99 | 6.27 | 2.98 | 4.49 | 4.61 | 5.37 |
EV/Sales |
2.00 | 2.10 | 1.79 | 3.03 | 4.44 | 4.29 | 1.97 | 4.23 | 4.00 | 5.16 |
EV/EBITDA |
0.00 | 12.61 | 11.85 | 18.91 | 23.22 | 23.10 | 15.86 | 23.91 | 32.32 | 43.70 |
EV/Operating CF |
43.98 | 13.37 | 13.83 | 14.73 | 18.18 | 23.70 | 11.20 | 43.45 | 25.97 | 35.10 |
EV/FCF |
128.67 | 16.84 | 19.45 | 17.80 | 27.13 | 45.32 | 22.19 | 327.32 | 38.59 | 345.01 |
Quick Ratio |
2.18 | 2.43 | 2.39 | 2.35 | 2.36 | 2.65 | 2.19 | 3.30 | 3.56 | 3.24 |
Current Ratio |
3.08 | 3.32 | 3.30 | 3.07 | 3.15 | 3.52 | 3.17 | 4.38 | 4.61 | 4.50 |
Net Debt/EBITDA |
(35.01) | (0.38) | (1.06) | (1.74) | (1.68) | (1.78) | (2.40) | (2.68) | (3.71) | (2.85) |
Debt/Assets |
22.32% | 16.34% | 8.90% | 6.96% | 3.58% | 2.39% | 1.53% | 1.30% | 1.16% | 1.00% |
Debt/Equity |
0.34 | 0.23 | 0.11 | 0.09 | 0.05 | 0.03 | 0.02 | 0.02 | 0.01 | 0.01 |
Asset Turnover |
0.80 | 0.87 | 0.77 | 0.75 | 0.77 | 0.78 | 0.74 | 0.63 | 0.68 | 0.66 |
Operating CF/Net income |
(2.66) | 2.11 | 0.66 | 3.08 | 2.16 | 1.66 | 2.60 | 0.78 | 1.69 | 2.12 |
Capex/Depreciation |
(0.24) | (0.39) | (0.45) | (0.47) | (1.15) | (1.48) | (1.71) | (1.62) | (1.30) | (2.91) |
Interest Coverage |
(20.04) | 10.31 | 10.90 | 25.93 | 96.98 | 162.85 | 94.84 | 196.57 | 154.98 | 109.54 |
| (1.88%) | 9.52% | 20.03% | 6.44% | 11.34% | 10.76% | 6.25% | 9.60% | 7.50% | 5.48% | |
| (1.36%) | 6.47% | 15.13% | 5.02% | 8.71% | 8.46% | 5.00% | 7.79% | 6.18% | 4.59% | |
ROIC |
(6.96%) | 6.83% | 4.56% | 6.51% | 10.04% | 10.91% | 5.87% | 8.71% | 6.78% | 4.62% |
Return on Tangible Assets |
(3.05%) | 15.71% | 35.95% | 11.53% | 17.98% | 16.08% | 9.86% | 12.73% | 10.18% | 7.85% |
Average Days of Receivables |
68.09 | 55.74 | 65.69 | 60.60 | 56.62 | 54.79 | 43.01 | 56.67 | 49.85 | 58.32 |
Research and Development Expense of Revenue |
14.97% | 13.46% | 14.16% | 13.83% | 12.84% | 13.11% | 14.60% | 17.46% | 15.97% | 14.74% |
Selling, General and Administrative Expense of Revenue |
19.13% | 17.41% | 18.74% | 18.04% | 16.59% | 16.08% | 17.63% | 20.06% | 18.57% | 16.95% |
Intangible Assets out of Total Assets |
0.51 | 0.44 | 0.35 | 0.31 | 0.28 | 0.24 | 0.24 | 0.19 | 0.18 | 0.19 |
Share Based Compensation of Revenue |
3.04% | 2.98% | 3.37% | 3.93% | 3.44% | 3.82% | 4.19% | 5.82% | 5.21% | 4.91% |
Graham Net Nets |
0.05 | 0.10 | 0.18 | 0.11 | 0.08 | 0.09 | 0.16 | 0.12 | 0.12 | 0.09 |
Graham Number |
0.00 | 8.94 | 15.77 | 10.00 | 15.00 | 15.89 | 12.34 | 16.82 | 15.75 | 14.52 |
Earnings Yield |
(0.35%) | 3.40% | 9.94% | 2.00% | 2.39% | 2.34% | 2.97% | 2.65% | 2.05% | 1.25% |
Free Cash Flow Yield |
0.81% | 5.77% | 4.72% | 5.14% | 3.44% | 2.05% | 3.91% | 0.27% | 2.32% | 0.27% |
Revenue per Share |
5.91 | 7.59 | 7.21 | 7.86 | 9.05 | 9.89 | 9.64 | 8.57 | 9.87 | 10.15 |
Operating CF per Share |
0.27 | 1.19 | 0.93 | 1.61 | 2.21 | 1.79 | 1.70 | 0.84 | 1.52 | 1.49 |
Capex per Share |
(0.18) | (0.25) | (0.27) | (0.28) | (0.73) | (0.85) | (0.84) | (0.72) | (0.50) | (1.34) |
Free Cash Flow per Share |
0.09 | 0.95 | 0.66 | 1.34 | 1.48 | 0.94 | 0.86 | 0.11 | 1.02 | 0.15 |
Cash per Share |
1.68 | 1.94 | 2.04 | 2.97 | 3.35 | 3.58 | 3.09 | 4.26 | 4.70 | 3.57 |
Shareholders Equity per Share |
6.18 | 6.34 | 7.90 | 8.55 | 9.70 | 10.49 | 10.42 | 11.75 | 12.25 | 13.39 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
6.18 | 6.34 | 7.90 | 8.55 | 9.70 | 10.49 | 10.42 | 11.75 | 12.25 | 13.39 |
Free Cash Flow |
5.96 | 68.57 | 48.85 | 100.20 | 113.39 | 72.87 | 66.53 | 8.58 | 79.10 | 11.74 |
Working Capital |
172.00 | 213.69 | 235.30 | 282.48 | 332.50 | 375.29 | 324.89 | 442.69 | 473.78 | 433.19 |
Capital Expenditures |
(11.47) | (17.76) | (19.85) | (20.85) | (55.86) | (66.50) | (65.25) | (56.03) | (38.44) | (103.66) |
Net Current Asset Value |
36.78 | 117.92 | 189.76 | 220.16 | 267.94 | 319.30 | 274.61 | 375.79 | 406.68 | 368.10 |
EV/EBIT |
0.00 | 24.93 | 26.32 | 35.91 | 36.72 | 33.69 | 26.89 | 33.92 | 47.12 | 70.97 |
Capex to Sales |
0.03 | 0.03 | 0.04 | 0.04 | 0.08 | 0.09 | 0.09 | 0.08 | 0.05 | 0.13 |
Price to Operating Income |
0.00 | 25.68 | 28.67 | 39.22 | 39.37 | 36.28 | 30.97 | 37.72 | 52.53 | 75.60 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
1.10 | 0.97 | 0.82 | 0.76 | 0.47 | 0.31 | 0.20 | 0.17 | 0.14 | 0.14 |
Cash ROIC |
0.92% | 9.73% | 6.15% | 10.86% | 10.95% | 6.52% | 6.26% | 0.68% | 5.97% | 0.89% |
Accounts Receivable Turnover |
7.09 | 7.06 | 5.92 | 6.10 | 6.75 | 6.90 | 7.34 | 6.94 | 7.37 | 6.83 |
Accounts Payable Turnover |
10.78 | 9.63 | 8.51 | 8.70 | 7.88 | 7.45 | 7.11 | 6.08 | 7.22 | 8.68 |
Inventory Turnover |
6.46 | 5.21 | 4.39 | 4.37 | 4.45 | 4.24 | 3.85 | 3.45 | 4.27 | 4.48 |
Average Days of Payables |
44.23 | 38.43 | 45.73 | 42.43 | 55.82 | 47.26 | 55.98 | 57.62 | 49.89 | 36.36 |
Days of Inventory on Hand |
77.63 | 74.40 | 88.82 | 86.34 | 89.28 | 91.10 | 99.47 | 100.77 | 81.44 | 85.00 |
Average Receivables |
54.17 | 77.69 | 89.55 | 96.60 | 102.74 | 111.57 | 101.84 | 95.55 | 103.63 | 114.86 |
Average Payables |
26.07 | 34.56 | 37.53 | 40.46 | 51.48 | 59.95 | 63.59 | 66.58 | 63.07 | 54.86 |
Average Inventory |
43.51 | 63.83 | 72.78 | 80.48 | 91.24 | 105.39 | 117.35 | 117.42 | 106.68 | 106.28 |
Average Assets |
480.85 | 632.78 | 687.40 | 784.05 | 901.55 | 991.87 | 1,014.37 | 1,057.51 | 1,126.50 | 1,185.29 |
Average Common Equity |
347.87 | 429.85 | 519.40 | 610.58 | 692.54 | 779.93 | 812.03 | 858.54 | 928.29 | 991.59 |
Columns are period end dates