FormFactor Inc is a 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..
It is a $10.9B technology company. Revenue grew 18.0% over the last year, it keeps 13¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 94.5× earnings — in the most expensive third of its own history.
- Website
- formfactor.com
- Location
- Livermore, CA
- Employees
- 2 153
- Sector
- Technology
- Founded
- 1993
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong health and quality; Valuation, Growth, Profitability and Moat lag behind.
Valuation15
- P/E vs own history79th pct · 5/25
- FCF yield1.2% · 5/25
- P/S12.1x · 5/25
- EV/EBITDA92.9x · 0/25
Growth31
- Revenue CAGR0.5% · 6/25
- Net income CAGR-10.3% · 0/25
- EPS CAGR ~5Y-6.9% · 0/25
- Fwd implied growth166.7% · 25/25
Profitability49
- ROIC7.1% · 5/25
- ROE11.0% · 12/25
- Net margin12.8% · 20/25
- Operating margin12.8% · 12/25
Health75
- Altman Zn/a · 0/25
- Current ratio4.08 · 25/25
- Interest coverage114.0x · 25/25
- Net cash / debtNet cash · 25/25
Quality77
- Piotroski F5/9 · 15/25
- Beneish M-2.66 · 25/25
- FCF conversion118% · 25/25
- Margin stabilityσ 8.6% · 12/25
Moat43
- ROIC >12% years2/10 yrs · 0/25
- Median gross margin39.6% · 13/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst -1.7% · 5/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2023AcquisitionFRT Metrology business was acquired by Camtek in October 2023
- 2020AcquisitionAdvantest Corporation's probe card assets were acquired by FormFactor for $35 million and in October,…
- 2019AcquisitionFormFactor acquired Germany-based FRT for $19.7 million
- FY2018FinancialBest year on record$104M net income
- FY2017FinancialTurned profitable$40.9M net income after a loss year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2016AcquisitionFormFactor acquired Cascade Microtech for $352 million
- 2012AcquisitionFormFactor signed an agreement with Astria Semiconductors Holdings, Inc
- 2003IPOThe company completed an initial public offering (IPO) on the Nasdaq as FORM, in June 2003 with 6 million shares…
- 2000ProductFormFactor released the first x64 DRAM probe card in 2000, followed by the x128 DRAM probe card in 2002
- 1993FoundedFormFactor was founded in Elmsford, NY in 1993, and set up its first headquarters in Livermore, California in 1995
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (46.0%)
- Revenue growing 18.0% year over year
- Strong cash conversion — FCF is 15.1% of revenue
- Net cash position after subtracting debt from cash
- Interest covered 114.0× by operating earnings
Watch-outs
- Loss-making in 1 of the recent years
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+18.0% YoY
- Profitable — makes more than it spends$115M TTM
- Profit growing — earnings are higher than last year+2.3% YoY
- Generates cash — cash left after running and investing$136M TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$10.9B market cap
- Not printing shares — share count not ballooning — you keep your slice-0.9% shares over ~5y
- Proven track record — years of profitability behind it9/10 profitable years
- Financially stable — balance sheet not near distresshealth score 50/100
- Pays a dividend — returns cash to shareholdersno data
- Valuation not extreme — price not wildly above earningsP/E 94.5
Peer comparisonFormFactor Inc. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| FORM this company | $10.9B | 94.5 | +18.0% | 12.8% | Mixed |
| NVDA Nvidia Corp | $5.5T | 28.6 | +83.4% | 63.7% | Mixed |
| AAPL Apple Inc. | $4.9T | 38.1 | +14.2% | 27.6% | Strong |
| GOOGL Alphabet Inc. | $4.3T | 17.6 | +20.1% | 54.8% | Mixed |
| MSFT Microsoft Corp | $4.0T | 29.7 | +17.8% | 40.3% | Strong |
| SPCX Space Exploration Technologies Corp. | $2.1T | — | +33.2% | -34.0% | Strained |
| META Meta Platforms, Inc. | $1.8T | 26.9 | +27.7% | 29.8% | Mixed |
Head-to-head: FORM vs NVDA · FORM vs AAPL · FORM vs GOOGL
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/FORM
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Deeper analysis of FORM on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $139.67 · market cap $10.9B.