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Makes probe cards and test equipment used to test chips on the wafer before they are packaged.
Makes probe cards and test equipment used to test chips on the wafer before they are packaged.
Probe cards wear out and must be redesigned for each new chip, so sales follow customers' new chip launches and test volumes rather than factory output alone. DRAM makers are the largest buyers, which ties results to the memory cycle. Wafer probers, the machines that hold the wafer during testing, are the smaller line.
Moat: narrow (process know-how, customer qualification, IP / patents). Probe-card design is qualified per chip design/node, giving sticky but low-differentiation positions.
Headquarters: Livermore, California, US · Founded: 1993 · Employees: 2,153
Size FormFactor (FORM) is a United States Information Technology company (Semiconductors) with a market value of $6.36B, the 1020th largest of 3,117 United States companies the cockpit tracks. Shares closed at $81.12 on 6 Nov 2026.
Performance Over six months the shares fell 45.1%, against -18.8% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 29.1% over the last twelve months (peer median +17.4%); the operating margin is 21.2% (peer median 9.9%).
Valuation It trades at 19.7× forward earnings against a peer median of 30.9× (4th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +20 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.0 points above its cost of capital (11.2% WACC).
Backlog Backlog (remaining performance obligations) was $13.3M at 26 Sep 2026, down 30% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 3.4% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $980M | $785M | $764M | $663M | $748M |
| Revenue growth | — | +3% | +15% | -11% | — |
| Gross profit | $474M | $307M | $308M | $255M | $303M |
| EBITDA | $252M | $111M | $84.5M | $56.1M | $119M |
| Net income | $174M | $54.4M | $69.6M | $82.4M | $50.7M |
| Free cash flow | $181M | $11.7M | $79.1M | $8.57M | $66.5M |
| Capital expenditure | $75.8M | $104M | $38.4M | $56.0M | $65.3M |
| Total debt | $27.8M | $32.4M | $39.2M | $48.1M | $50.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| FormFactor FORM | $6.36B | -45% | +29% | 21% | 19.7× | 22.4% |
| Technoprobe TPRO.MI | $14.9B | +5% | +22% | 30% | 38.4× | 36.4% |
| MPI 6223.TWO | $10.2B | -31% | +38% | 30% | 37.2× | n/a |
| Japan Electronic Materials 6855.T | $451M | -31% | +38% | 26% | 9.7× | 10.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FORM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -40.8% | -20.0% | 3rd lowest of 21 |
| 6-month return | -45.1% | -18.8% | 2nd lowest of 20 |
| Distance from 52-week high | -49.4% | -54.1% | 10th highest of 21 |
| Revenue growth (TTM) | +29.1% | +17.4% | 7th highest of 21 |
| Operating margin | 21.2% | 9.9% | 3rd highest of 21 |
| Forward P/E | 19.7× | 30.9× | 4th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 22.4% | 20.6% | 5th least demanding of 9 |
| Growth delivered (Del g) | +2.5% | +23.8% | lowest of 9 |
| Hurdle (Req g minus delivered) | +19.9 pp | -2.1 pp | most demanding of 9 |
| ROIC minus cost of capital | +9.0 pp | -4.4 pp | 3rd highest of 21 |
| EV / EBITDA | 23.7× | 11.5× | most expensive of 5 |
| Net debt / EBITDA | -1.5× | -0.6× | least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| FormFactor FORM | United States | $6.36B | -45% | +29% | 21% | 19.7× | 22.4% | +2.5% |
| Unigroup Guoxin Microelectronics 002049.SZ | China | $6.37B | -35% | -1% | 18% | 25.5× | 24.4% | +13.5% |
| GRINM Semiconductor Materials 688432.SS | China | $6.34B | +131% | +36% | 19% | 161.4× | n/a | n/a |
| Shanghai Iluvatar CoreX Semiconductor 9903.HK | Hong Kong | $6.06B | -6% | +158% | -65% | n/a | n/a | n/a |
| Shanghai Biren Technology 6082.HK | Hong Kong | $6.03B | -67% | +542% | -47% | n/a | n/a | n/a |
| Suzhou Maxwell Technologies 300751.SZ | China | $6.72B | -33% | -26% | 6% | 72.0× | 47.7% | +29.0% |
| Jinko Solar 688223.SS | China | $6.73B | -34% | -18% | -11% | n/a | n/a | n/a |
| Yangzhou Yangjie Electronic Technology 300373.SZ | China | $5.99B | -3% | +29% | 18% | 22.4× | 18.1% | +22.3% |
| Rohm 6963.T | Japan | $6.76B | -19% | +12% | 4% | 24.3× | n/a | n/a |
| Vanguard International Semiconductor 5347.TWO | Taiwan | $6.82B | -22% | +10% | 17% | 17.7× | n/a | n/a |
| Hangzhou Silan Microelectronics 600460.SS | China | $5.93B | -18% | +12% | 2% | 41.1× | n/a | n/a |
| Sanan Optoelectronics 600703.SS | China | $6.87B | -33% | -22% | -7% | n/a | n/a | n/a |
| Beijing YanDong MicroElectronic 688172.SS | China | $5.86B | -26% | +22% | -89% | 63.3× | n/a | n/a |
| Amlogic (Shanghai) 688099.SS | China | $5.84B | -13% | +39% | 17% | 22.4× | n/a | n/a |
| Minebea Mitsumi 6479.T | Japan | $6.97B | -13% | +12% | 7% | 11.9× | 10.8% | +11.0% |
| SG Micro 3661.HK | Hong Kong | $5.78B | n/a | +54% | 17% | 38.7× | 3.4% | +25.8% |
| Smartsens Technology (Shanghai) 688213.SS | China | $7.01B | +21% | +27% | 13% | 30.9× | 23.1% | +42.7% |
| Henan Shijia Photons Technology 688313.SS | China | $5.72B | -36% | +73% | 22% | 47.9× | n/a | n/a |
| Cirrus Logic CRUS | United States | $5.69B | -34% | +6% | 23% | 16.9× | 1.5% | +7.8% |
| TCL Zhonghuan Renewable Energy Technology 002129.SZ | China | $5.68B | +9% | +13% | -27% | n/a | n/a | n/a |
| Espressif Systems (Shanghai) 688018.SS | China | $5.61B | +30% | +23% | 19% | 48.8× | 36.0% | +25.3% |
FormFactor reported $13.3M of remaining performance obligations at 26 Sep 2026, down 30% from a year earlier and up 23% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.01.