FormFactor, Inc. (FORM) vs Qnity Electronics, Inc. (Q)

FormFactor, Inc. and Qnity Electronics, Inc. are both Semiconductor Equipment & Materials companies. Qnity Electronics, Inc. is the larger, with a market value of $25.0B against $8.9B — 2.8× the size. Qnity Electronics, Inc. trades at the lower P/E: 41.2× against 71.0×. FormFactor, Inc. has the higher net margin (12.8% vs 11.3%) and the higher return on invested capital (9.33% vs 6.10%). Across the 19 metrics below, Qnity Electronics, Inc. leads on 12 and FormFactor, Inc. on 7.

Valuation

Metric FORM Q Semiconductor Equipment & Materials median
P/E 70.95 41.20 45.03
P/S 9.08 4.64 4.64
P/B 7.37 3.20 3.22
Price to free cash flow 59.99 29.09 48.18
EV/EBITDA 51.95 19.18 33.11
EV/Sales 8.71 5.23 5.52
Earnings yield 1.41% 2.43% 1.41%
Free cash flow yield 1.67% 3.44% 1.67%

Profitability

Metric FORM Q Semiconductor Equipment & Materials median
Gross margin 43.13% 46.22% 43.95%
Operating margin 12.85% 19.87% 10.32%
Net margin 12.80% 11.25% 7.45%
Free cash flow margin 15.14% 15.95% 6.77%
Return on equity 10.99% 6.36% 4.78%
Return on assets 9.15% 8.18% 3.62%
Return on invested capital 9.33% 6.10% 6.10%

Growth

Metric FORM Q Semiconductor Equipment & Materials median
Revenue growth (TTM) 18.01% — 14.60%
EPS growth (last fiscal year) (22.47%) (4.56%) (4.56%)
Revenue growth, 5-year CAGR 2.51% — 10.11%
Net income growth, 5-year CAGR (7.09%) — 0.00%

Health

Metric FORM Q Semiconductor Equipment & Materials median
Debt to equity 0.01 0.53 0.09
Current ratio 4.08 2.01 3.66
Net debt to EBITDA (2.85) 2.31 (0.49)

Dividend

Metric FORM Q Semiconductor Equipment & Materials median
Dividend yield — — 0.42%
Payout ratio — — 0.19

Size

Metric FORM Q Semiconductor Equipment & Materials median
Market cap 8.85b 25.02b 3.80b

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