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FormFactor, Inc. (FORM) vs IPG Photonics Corporation (IPGP)

FormFactor, Inc. and IPG Photonics Corporation are both Semiconductor Equipment & Materials companies. FormFactor, Inc. is the larger, with a market value of $5.6B against $2.6B — 2.1× the size. FormFactor, Inc. trades at the lower P/E: 32.8× against 65.0×. FormFactor, Inc. grew revenue faster over the last twelve months: 29.1% against 14.8%. FormFactor, Inc. has the higher net margin (17.7% vs 3.65%) and the higher return on invested capital (14.1% vs 1.06%). Across the 22 metrics below, FormFactor, Inc. leads on 14 and IPG Photonics Corporation on 8.

Valuation

Metric FORM IPGP Semiconductor Equipment & Materials median
P/E 32.80 64.97 33.70
P/S 5.82 2.39 4.22
P/B 4.83 1.23 2.94
Price to free cash flow 31.32 70.44 31.49
EV/EBITDA 24.89 23.54 22.64
EV/Sales 5.42 1.58 4.97
Earnings yield 3.05% 1.54% 2.02%
Free cash flow yield 3.19% 1.42% 2.27%

Profitability

Metric FORM IPGP Semiconductor Equipment & Materials median
Gross margin 47.13% 38.71% 46.86%
Operating margin 18.32% 1.89% 12.02%
Net margin 17.72% 3.65% 10.16%
Free cash flow margin 18.57% 3.39% 6.73%
Return on equity 15.85% 1.90% 5.31%
Return on assets 13.18% 1.66% 4.10%
Return on invested capital 14.09% 1.06% 6.36%

Growth

Metric FORM IPGP Semiconductor Equipment & Materials median
Revenue growth (TTM) 29.08% 14.78% 15.82%
EPS growth (last fiscal year) (22.47%) 117.85% (4.56%)
Revenue growth, 5-year CAGR 2.51% (3.52%) 10.11%
Net income growth, 5-year CAGR (7.09%) (27.90%) 0.00%

Health

Metric FORM IPGP Semiconductor Equipment & Materials median
Debt to equity 0.01 0.00 0.09
Current ratio 3.68 5.99 3.56
Net debt to EBITDA (2.85) (12.73) (0.49)

Dividend

Metric FORM IPGP Semiconductor Equipment & Materials median
Dividend yield — — 0.59%
Payout ratio — — 0.16

Size

Metric FORM IPGP Semiconductor Equipment & Materials median
Market cap 5.63b 2.64b 3.04b

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