A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
FORMFACTOR INC
FORM
$8.2B
Mkt Cap
$104.04
-7.73%
FORMFACTOR INC (FORM) has a current P/E ratio of 150.8, compared to its historical median P/E of 42.7. The stock is currently considered Expensive based on its historical valuation range.
FORMFACTOR INC (FORM) has a 5-year average return on invested capital (ROIC) of 10.3%. This indicates solid capital allocation.
FORMFACTOR INC (FORM) has a market capitalization of $8.1B. It is classified as a mid-cap stock.
FORMFACTOR INC (FORM) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.05%.
Based on historical P/E analysis, FORMFACTOR INC (FORM) appears expensive. The current P/E of 150.8 is 253% above its historical median of 42.7. The estimated fair value CAGR (P/E method) is -3.5%.
FORMFACTOR INC (FORM) operates in the Semiconductors & Related Devices industry, within the Technology sector.
FORMFACTOR INC (FORM) reported annual revenue of $785 million in its most recent fiscal year, based on SEC EDGAR filings.
FormFactor, Inc. is a leading provider of electrical and optical test and measurement technologies along the full semiconductor product lifecycle - from characterization, modeling, reliability, and design de-bug, to qualification and production test. We provide a broad range of high-performance probe cards, analytical probes, probe stations, thermal systems, and cryogenic systems to both semiconductor companies and scientific institutions. Our products provide electrical and optical information from a variety of semiconductor and electro-optical devices and integrated circuits from early research, through development, to high-volume production. Customers use our products and services to accelerate profitability by optimizing device performance, reducing scrap, and improving yields. Founded in 1993, we introduced our first product in 1995.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 840M | 785M | 764M | 663M | 748M | 770M |
| Net Income | 68M | 54M | 70M | 82M | 51M | 84M |
| EPS | $0.88 | $0.69 | $0.89 | $1.05 | $0.65 | $1.06 |
| Free Cash Flow | 37M | 12M | 79M | 8.6M | 67M | 73M |
| ROIC | 7.8% | 6.7% | 9.3% | 12.6% | 8.1% | 14.8% |
| Gross Margin | 39.4% | 39.3% | 40.3% | 39.0% | 39.6% | 41.9% |
| Debt/Equity | 0.01 | 0.03 | 0.04 | 0.05 | 0.06 | 0.08 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 70M | 57M | 65M | 83M | 55M | 98M |
| Operating Margin | 8.4% | 7.3% | 8.5% | 12.5% | 7.3% | 12.7% |
| ROE | 6.5% | 5.5% | 7.5% | 9.6% | 6.2% | 10.8% |
| Shares Outstanding | 78M | 79M | 78M | 78M | 78M | 79M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 269M | 282M | 384M | 548M | 530M | 589M | 694M | 770M | 748M | 663M | 764M | 785M | 840M |
| Gross Margin | 28.8% | 30.4% | 26.7% | 39.3% | 39.7% | 40.3% | 41.5% | 41.9% | 39.6% | 39.0% | 40.3% | 39.3% | 39.4% |
| R&D | 43M | 44M | 57M | 74M | 75M | 81M | 89M | 101M | 109M | 116M | 122M | 116M | 119M |
| SG&A | 51M | 45M | 73M | 95M | 99M | 106M | 115M | 124M | 132M | 133M | 142M | 133M | 132M |
| EBIT | -21M | -4.1M | -48M | 46M | 36M | 50M | 84M | 98M | 55M | 83M | 65M | 57M | 70M |
| Op. Margin | -7.7% | -1.5% | -12.5% | 8.4% | 6.8% | 8.4% | 12.1% | 12.7% | 7.3% | 12.5% | 8.5% | 7.3% | 8.4% |
| Net Income | -19M | -1.5M | -6.6M | 41M | 104M | 39M | 79M | 84M | 51M | 82M | 70M | 54M | 68M |
| Net Margin | -7.1% | -0.5% | -1.7% | 7.5% | 19.6% | 6.7% | 11.3% | 10.9% | 6.8% | 12.4% | 9.1% | 6.9% | 8.1% |
| Non-Recurring | 3.9M | 567K | 19M | 300K | -165K | -486K | -451K | 5.6M | 16M | 75M | 21M | 5.8M | 27M |
| Returns on Capital | |||||||||||||
| ROIC | -6.6% | -0.5% | -1.6% | 10.4% | 7.8% | 7.4% | 14.9% | 14.8% | 8.1% | 12.6% | 9.3% | 6.7% | 7.8% |
| ROE | -6.6% | -0.5% | -1.9% | 9.5% | 20.0% | 6.4% | 11.3% | 10.8% | 6.2% | 9.6% | 7.5% | 5.5% | 6.5% |
| ROA | -5.6% | -0.4% | -1.4% | 6.5% | 15.1% | 5.0% | 8.7% | 8.5% | 5.0% | 7.8% | 6.2% | 4.6% | 5.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 18M | 36M | 17M | 86M | 69M | 121M | 169M | 139M | 132M | 65M | 118M | 115M | 137M |
| Free Cash Flow | 12M | 27M | 5.9M | 69M | 49M | 100M | 113M | 73M | 67M | 8.6M | 79M | 12M | 37M |
| Owner Earnings | -26M | 276K | -41M | 25M | 7.2M | 53M | 97M | 65M | 62M | -18M | 42M | 37M | -297M |
| CapEx | 5.7M | 8.6M | 12M | 18M | 20M | 21M | 56M | 66M | 65M | 56M | 38M | 104M | 100M |
| Maint. CapEx | 30M | 24M | 47M | 45M | 44M | 45M | 49M | 45M | 38M | 44M | 35M | 40M | 397M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 7.2M | 22M | 27M | 12M | 3.0M | 64M | 0 |
| D&A | 30M | 24M | 47M | 45M | 44M | 45M | 49M | 45M | 38M | 44M | 35M | 40M | 397M |
| CapEx/OCF | 32.1% | 23.9% | 66.1% | 20.6% | 28.9% | 17.2% | 33.0% | 47.7% | 49.5% | 86.7% | 32.7% | 89.8% | 73.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 8.2M | 0 | 19M | 0 | 0 | 0 | 24M | 82M | 20M | 53M | 26M | 4.1M |
| Buyback Yield | N/A | 1.8% | N/A | 1.6% | N/A | N/A | N/A | 0.7% | 4.9% | 0.6% | 1.5% | 0.6% | 0.1% |
| Stock-Based Comp | 13M | 12M | 12M | 16M | 18M | 23M | 24M | 29M | 31M | 39M | 40M | 39M | 37M |
| Debt Repayment | 0 | 0 | 11M | 33M | 41M | 30M | 43M | 9.3M | 8.4M | 1.0M | 1.1M | 1.1M | 1.1M |
| Balance Sheet | |||||||||||||
| Net Debt | -164M | -188M | 29M | -35M | -84M | -127M | -186M | -213M | -188M | -280M | -321M | -243M | -291M |
| Cash & Equiv. | 114M | 146M | 101M | 91M | 98M | 145M | 187M | 151M | 109M | 178M | 191M | 103M | 303M |
| Long-Term Debt | 0 | 0 | 125M | 87M | 35M | 16M | 25M | 15M | 14M | 13M | 12M | 11M | 11M |
| Debt/Equity | 0.00 | 0.00 | 0.34 | 0.23 | 0.11 | 0.15 | 0.09 | 0.08 | 0.06 | 0.05 | 0.04 | 0.03 | 0.01 |
| Interest Coverage | -205.6 | N/A | -20.0 | 10.3 | 10.9 | 25.9 | 97.0 | 162.9 | 94.8 | 196.6 | 155.0 | 109.5 | 27.1 |
| Equity | 289M | 295M | 401M | 459M | 580M | 641M | 744M | 816M | 808M | 909M | 948M | 1.0B | 1.1B |
| Total Assets | 344M | 343M | 619M | 647M | 728M | 840M | 963M | 1.0B | 1.0B | 1.1B | 1.1B | 1.2B | 1.3B |
| Total Liabilities | 55M | 48M | 218M | 188M | 148M | 199M | 219M | 205M | 200M | 198M | 198M | 189M | 197M |
| Intangibles | 39M | 26M | 127M | 97M | 68M | 58M | 59M | 36M | 27M | 13M | 10M | 16M | 15M |
| Retained Earnings | -421M | -422M | -429M | -388M | -284M | -244M | -166M | -82M | -31M | 51M | 121M | 175M | 196M |
| Working Capital | 196M | 214M | 172M | 214M | 235M | 282M | 333M | 375M | 325M | 443M | 474M | 433M | 469M |
| Current Assets | 244M | 258M | 255M | 306M | 338M | 419M | 487M | 524M | 475M | 574M | 605M | 557M | 601M |
| Current Liabilities | 48M | 44M | 83M | 92M | 103M | 137M | 155M | 149M | 150M | 131M | 131M | 124M | 132M |
| Per Share Data | |||||||||||||
| EPS | -0.34 | -0.03 | -0.10 | 0.55 | 1.38 | 0.51 | 0.99 | 1.06 | 0.65 | 1.05 | 0.89 | 0.69 | 0.88 |
| Owner EPS | -0.46 | 0.01 | -0.63 | 0.34 | 0.10 | 0.69 | 1.22 | 0.83 | 0.80 | -0.23 | 0.54 | 0.47 | -3.80 |
| Book Value | 5.13 | 5.80 | 6.12 | 6.17 | 7.70 | 8.31 | 9.38 | 10.30 | 10.35 | 11.58 | 12.12 | 13.14 | 13.58 |
| Cash Flow/Share | 0.31 | 0.71 | 0.27 | 1.16 | 0.91 | 1.57 | 2.13 | 1.76 | 1.69 | 0.82 | 1.50 | 1.46 | 5.96 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 56.4M | 50.8M | 65.6M | 74.4M | 75.4M | 77.1M | 79.3M | 79.2M | 78.1M | 78.5M | 78.2M | 78.8M | 78.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | 29.1 | 10.2 | 51.1 | 43.6 | 42.7 | 33.3 | 39.9 | 51.6 | 84.1 | 118.2 |
| P/FCF | 40.7 | 16.8 | 126.7 | 17.4 | 21.6 | 20.0 | 30.2 | 49.2 | 25.4 | 383.4 | 45.4 | 389.6 | 221.9 |
| EV/EBIT | N/A | N/A | N/A | 25.4 | 27.7 | 38.0 | 38.3 | 34.1 | 26.8 | 35.9 | 50.1 | 75.6 | 111.0 |
| Price/Book | 1.7 | 1.6 | 1.9 | 2.6 | 1.8 | 3.1 | 4.6 | 4.4 | 2.1 | 3.6 | 3.8 | 4.4 | 7.7 |
| Price/Sales | 1.5 | 1.5 | 1.5 | 1.9 | 2.0 | 2.3 | 3.2 | 4.2 | 3.6 | 3.8 | 4.8 | 3.7 | 9.7 |
| FCF Yield | 2.5% | 5.9% | 0.8% | 5.8% | 4.6% | 5.0% | 3.3% | 2.0% | 3.9% | 0.3% | 2.2% | 0.3% | 0.5% |
| Market Cap | 488M | 462M | 747M | 1.2B | 1.1B | 2.0B | 3.4B | 3.6B | 1.7B | 3.3B | 3.6B | 4.6B | 8.1B |
| Avg. Price | 7.12 | 8.25 | 8.96 | 13.83 | 13.94 | 17.72 | 27.99 | 40.69 | 34.22 | 32.05 | 46.70 | 37.32 | 104.04 |
| Year-End Price | 8.65 | 9.11 | 11.40 | 16.00 | 14.01 | 26.04 | 43.17 | 45.25 | 21.66 | 41.90 | 45.92 | 58.06 | 104.04 |
FORMFACTOR INC passes 2 of 9 quality checks, indicating weak fundamentals.
FORMFACTOR INC trades at 150.8x trailing earnings, compared to its 15-year median P/E of 42.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 690.5x vs a median of 25.4x. The company's 5-year average ROIC is 10.3% with a gross margin of 40.0%. At current prices, the estimated annualized return to fair value is -27.1%.
FORMFACTOR INC (FORM) has a net profit margin of 6.9%. This is a modest margin.
FORMFACTOR INC (FORM) generated $12 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FORMFACTOR INC (FORM) has a debt-to-equity ratio of 0.03. This indicates a conservatively financed balance sheet.
FORMFACTOR INC (FORM) reported earnings per share (EPS) of $0.69 in its most recent fiscal year.
FORMFACTOR INC (FORM) has a return on equity (ROE) of 5.5%. This indicates moderate shareholder returns.
FORMFACTOR INC (FORM) has a 5-year average gross margin of 40.0%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for FORMFACTOR INC (FORM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FORMFACTOR INC (FORM) has a book value per share of $13.14, based on its most recent annual SEC filing.