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FormFactor (FORM) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

FormFactor
NasdaqGS•Technology•Semiconductor Equipment & Materials
$104.82+3.13(0.03%)Pre-market
Market Cap
$9.24B
P/E
80.0x
P/S
10.2x
P/B
8.3x

FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, thermal systems, cryogenic systems, and related services in the United States, South Korea, Taiwan, China, Japan, Singapore, Europe, Malaysia, and internationally. The company operates in two segments: Probe Cards and Systems segments. The company provides probe cards to test various semiconductor device types, including systems- on-chip products, such as graphics, central, digital processing units, and other custom application-specific processing units; mobile application processors, microprocessors, and microcontrollers; network devices, which include switches and network processing units; dynamic random-access memory; radio-frequency amplifiers and filters; antenna-in-package devices; analog and mixed-signal integrated circuits; image sensors; co-packaged optical integrated circuits; NAND flash memory; NOR flash memory; and quantum computer processor devices. It also offers analytical probes, which are used for device characterization, electrical simulation model development, failure analysis, and prototype design debugging; probe stations, a critical tool for the development of new generations of semiconductor and electro-optical processes and designs; and thermal subsystems, which include thermal chucks and other test systems used in probe stations and other applications for precise temperature management. In addition, the company provides cryogenic systems, which includes the manufacture of precision cryogenic instruments and semiconductor test and measurement systems; and services and support, including installation services. Further, it offers on-site probe card maintenance and service training, seminars, and telephone support services. It markets and sells its products through direct sales force, manufacturers' representatives, and distributors. The company was incorporated in 1993 and is headquartered in Livermore, California.

A

How this company scores

ExcellentMetricSide Score: 90/100

Strongest: Growth (24/25); weakest: Balance Sheet & Red Flags (21/25).

Profitability21/25
Growth24/25
Balance Sheet & Red Flags21/25
Cash & Earnings Quality24/25
Strengths
Growing revenueRising free cash flowRising earningsLow leverage

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 80.0x5y range 22.4x – 111.5x
P/E 80.0x · above its 18-quarter median

Currently above its 18-quarter median.

P/S · 10.2x5y range 2.3x – 10.2x
P/S 10.2x · above its 20-quarter median

Currently above its 20-quarter median.

P/B · 8.3x5y range 2.1x – 8.3x
Price & Volume
Market Cap $9.24B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$902.23M
3Q
Q. Revenue
$258.24M
5Q
TTM EBITDA
$177.34M
4Q
TTM Op. Income
$115.94M
4Q
Q. Op. Income
$57.80M
370%
TTM Net Income
$115.47M
3Q
Q. Net Income
$56.21M
519%
EPS
$0.72
500%
Shares Out.
$78.04M
4Q
$902.23M in TTM revenue grew 18.0% YoY, reaching $258.24M last quarter. TTM EBITDA of $177.34M and TTM operating income of $115.94M show growth is flowing through to the bottom line. TTM net income of $115.47M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
50.7%
36%
EBITDA Margin
26.2%
135%
Op. Margin
22.4%
256%
Net Margin
21.8%
369%
Op. margin of 22.4% is up 16.1% YoY — cost efficiency is improving. Net margin at 21.8% and gross margin of 50.7% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 256% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
80.0x
31%
P/S Ratio
10.2x
5Q
P/B Ratio
8.3x
3Q
At 80.0x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 10.2x and P/B of 8.3x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 31% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$1.34B
6Q
Cash
$109.76M
63%
Long-Term Debt
$10.49M
7Q
Book Value
$1.11B
6Q
D/E Ratio
0.0
7Q
Debt/EBITDA
0.2
71%
With $1.34B in assets and $10.49M in long-term debt, D/E is 0.0and book value is $1.11B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$61.80M
227%
TTM Free Cash Flow
$136.12M
4Q
FCF Margin
15.1%
4Q
FCF / Net Income
1.2
4Q
TTM FCF of $136.12M on $61.80M in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 4 consecutive quarters — an improving trend.

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· above its 20-quarter median

Currently above its 20-quarter median.