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.
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FormFactor, Inc. (FORM) Altman Z-score
FormFactor, Inc.'s Altman Z-score for fiscal 2025 is 15.12, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 15.12 | 3.33 |
| FY2024 | 11.79 | 0.61 |
| FY2023 | 11.17 | 4.73 |
| FY2022 | 6.44 | (5.38) |
| FY2021 | 11.82 | 1.61 |
| FY2020 | 10.21 | 3.44 |
| FY2019 | 6.77 | 1.84 |
| FY2018 | 4.93 | 0.68 |
| FY2017 | 4.25 | 2.52 |
| FY2016 | 1.73 | (4.58) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.35 | — | 0.42 | |
| Retained earnings / total assets | 0.14 | — | 0.20 | |
| EBIT / total assets | 0.05 | — | 0.15 | |
| Market value of equity / total liabilities | 22.83 | — | 13.70 | |
| Sales / total assets | 0.64 | — | 0.64 | |
| Altman Z-score | Safe zone | 15.12 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 8.85 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ONTO Onto Innovation Inc. compare | 19.0× |
| FORM FormFactor, Inc. | 15.1× |
| NVMI Nova Ltd. compare | 7.6× |
| KLIC Kulicke and Soffa Industries, Inc. compare | 7.4× |
| CAMT Camtek Ltd. compare | 6.4× |
| AXTI AXT Inc compare | 3.4× |
| AMKR Amkor Technology, Inc. compare | 3.4× |
| ACMR ACM Research, Inc. compare | 2.9× |
| ENTG Entegris, Inc. compare | 2.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets