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FormFactor, Inc. (FORM) vs Nova Ltd. (NVMI)

FormFactor, Inc. and Nova Ltd. are both Semiconductor Equipment & Materials companies. Nova Ltd. is the larger, with a market value of $8.9B against $5.6B — 1.6× the size. Nova Ltd. trades at the lower P/E: 32.4× against 32.8×. FormFactor, Inc. grew revenue faster over the last twelve months: 29.1% against 16.2%. Nova Ltd. has the higher net margin (28.8% vs 17.7%) and the higher return on invested capital (14.4% vs 14.1%). Across the 22 metrics below, FormFactor, Inc. leads on 11 and Nova Ltd. on 11.

Valuation

Metric FORM NVMI Semiconductor Equipment & Materials median
P/E 32.80 32.44 33.70
P/S 5.82 9.55 4.22
P/B 4.83 6.79 2.94
Price to free cash flow 31.32 47.19 31.49
EV/EBITDA 24.89 32.05 22.64
EV/Sales 5.42 10.03 4.97
Earnings yield 3.05% 3.08% 2.02%
Free cash flow yield 3.19% 2.12% 2.27%

Profitability

Metric FORM NVMI Semiconductor Equipment & Materials median
Gross margin 47.13% 57.12% 46.86%
Operating margin 18.32% 28.97% 12.02%
Net margin 17.72% 28.84% 10.16%
Free cash flow margin 18.57% 20.24% 6.73%
Return on equity 15.85% 0.00% 5.31%
Return on assets 13.18% 13.44% 4.10%
Return on invested capital 14.09% 14.41% 6.36%

Growth

Metric FORM NVMI Semiconductor Equipment & Materials median
Revenue growth (TTM) 29.08% 16.16% 15.82%
EPS growth (last fiscal year) (22.47%) 38.43% (4.56%)
Revenue growth, 5-year CAGR 2.51% 26.73% 10.11%
Net income growth, 5-year CAGR (7.09%) 40.17% 0.00%

Health

Metric FORM NVMI Semiconductor Equipment & Materials median
Debt to equity 0.01 0.50 0.09
Current ratio 3.68 1.55 3.56
Net debt to EBITDA (2.85) (1.16) (0.49)

Dividend

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

Size

Metric FORM NVMI Semiconductor Equipment & Materials median
Market cap 5.63b 8.92b 3.04b

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