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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 $23.0B against $5.6B — 4.1× the size. FormFactor, Inc. trades at the lower P/E: 32.8× against 40.6×. FormFactor, Inc. grew revenue faster over the last twelve months: 29.1% against 16.5%. FormFactor, Inc. has the higher net margin (17.7% vs 10.2%) and the higher return on invested capital (14.1% vs 6.36%). Across the 20 metrics below, FormFactor, Inc. leads on 12 and Qnity Electronics, Inc. on 8.

Valuation

Metric FORM Q Semiconductor Equipment & Materials median
P/E 32.80 40.63 33.70
P/S 5.82 4.22 4.22
P/B 4.83 2.94 2.94
Price to free cash flow 31.32 29.62 31.49
EV/EBITDA 24.89 18.37 22.64
EV/Sales 5.42 4.75 4.97
Earnings yield 3.05% 2.46% 2.02%
Free cash flow yield 3.19% 3.38% 2.27%

Profitability

Metric FORM Q Semiconductor Equipment & Materials median
Gross margin 47.13% 46.92% 46.86%
Operating margin 18.32% 20.00% 12.02%
Net margin 17.72% 10.16% 10.16%
Free cash flow margin 18.57% 14.26% 6.73%
Return on equity 15.85% 6.46% 5.31%
Return on assets 13.18% 4.10% 4.10%
Return on invested capital 14.09% 6.36% 6.36%

Growth

Metric FORM Q Semiconductor Equipment & Materials median
Revenue growth (TTM) 29.08% 16.51% 15.82%
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 0.51 0.09
Current ratio 3.68 2.09 3.56
Net debt to EBITDA (2.85) 2.31 (0.49)

Dividend

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

Size

Metric FORM Q Semiconductor Equipment & Materials median
Market cap 5.63b 23.02b 3.04b

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