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FormFactor, Inc. (FORM) vs Teradyne, Inc. (TER)

FormFactor, Inc. and Teradyne, Inc. are both Semiconductor Equipment & Materials companies. Teradyne, Inc. is the larger, with a market value of $33.2B against $5.6B — 5.9× the size. Teradyne, Inc. trades at the lower P/E: 24.8× against 32.8×. Teradyne, Inc. grew revenue faster over the last twelve months: 74.9% against 29.1%. Teradyne, Inc. has the higher net margin (27.5% vs 17.7%) and the higher return on invested capital (31.2% vs 14.1%). Across the 22 metrics below, Teradyne, Inc. leads on 14 and FormFactor, Inc. on 8.

Valuation

Metric FORM TER Semiconductor Equipment & Materials median
P/E 32.80 24.76 33.70
P/S 5.82 6.79 4.22
P/B 4.83 9.20 2.94
Price to free cash flow 31.32 33.11 31.49
EV/EBITDA 24.89 19.32 22.64
EV/Sales 5.42 6.74 4.97
Earnings yield 3.05% 4.04% 2.02%
Free cash flow yield 3.19% 3.02% 2.27%

Profitability

Metric FORM TER Semiconductor Equipment & Materials median
Gross margin 47.13% 59.32% 46.86%
Operating margin 18.32% 32.11% 12.02%
Net margin 17.72% 27.46% 10.16%
Free cash flow margin 18.57% 20.49% 6.73%
Return on equity 15.85% 42.87% 5.31%
Return on assets 13.18% 29.17% 4.10%
Return on invested capital 14.09% 31.16% 6.36%

Growth

Metric FORM TER Semiconductor Equipment & Materials median
Revenue growth (TTM) 29.08% 74.88% 15.82%
EPS growth (last fiscal year) (22.47%) 4.52% (4.56%)
Revenue growth, 5-year CAGR 2.51% 0.44% 10.11%
Net income growth, 5-year CAGR (7.09%) (6.71%) 0.00%

Health

Metric FORM TER Semiconductor Equipment & Materials median
Debt to equity 0.01 0.00 0.09
Current ratio 3.68 2.08 3.56
Net debt to EBITDA (2.85) (0.16) (0.49)

Dividend

Metric FORM TER Semiconductor Equipment & Materials median
Dividend yield — 0.23% 0.59%
Payout ratio — 0.06 0.16

Size

Metric FORM TER Semiconductor Equipment & Materials median
Market cap 5.63b 33.21b 3.04b

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