FormFactor, Inc. (FORM) AI Stock Analysis

FormFactor, Inc. specializes in the design, manufacturing, and sale of advanced semiconductor testing solutions for semiconductor companies and scientific institutions globally. The company operates through two segments: Probe Cards and Systems. Its probe cards test and validate diverse device types, such as mobile processors, microcontrollers, memory devices, and imaging sensors. FormFactor also provides analytical probes for device characterization, electrical simulation model development, failure analysis, and prototype design debugging. Additionally, its portfolio features sophisticated probing systems, surface metrology systems for quality control, thermal subsystems including thermal chucks, and precision cryogenic instruments used in semiconductor testing and measurement across universities, research institutions, foundries, and fabless firms.

FormFactor generated $785.0M in revenue in FY2025, up 2.8% from $763.6M in FY2024, following a 15.2% rebound from $663.1M in FY2023. Gross margin stood at 39.1% in FY2025, compared to 40.3% in FY2024 and 41.9% in FY2021. Operating margin was 8.2% in FY2025, while net income totaled $54.4M with diluted EPS of $1.29. Research and development spending reached $115.9M in FY2025. Over the five years from FY2020 to FY2025, revenue posted a compound annual growth rate of 2.5%. In the trailing twelve months, revenue reached $902.2M with a 12.8% profit margin, supported by a 31.9% year-over-year revenue increase and 502.5% earnings expansion in the quarter ended June 30, 2026.

As of June 30, 2026, FormFactor held $345.6M in cash and short-term investments alongside $29.9M in total debt, yielding net cash of $315.7M. Total assets were $1.34B against shareholders' equity of $1.11B, resulting in a low debt-to-equity ratio of 0.03 and a current ratio of 4.08. In FY2025, operating cash flow was $115.4M and free cash flow was $11.7M, after allocating $103.7M to capital expenditures and $26.2M to share buybacks.

FormFactor closed at $105.01 on October 16, 2026, giving it a market cap of $8.20B and an enterprise value of $9.95B. The stock trades at a trailing P/E of 72.4x and a forward P/E of 36.6x, above the median of its US-listed Technology peers at 28.1x and 18.8x, respectively. Its price-to-sales ratio of 9.1x and EV/EBITDA of 56.0x also stand above the peer medians of 2.8x and 16.6x. Over the past year, FORM gained 150.6%, outpacing the S&P 500 (SPY) return of 16.8%, though the shares trade 6.4% below their 200-day moving average.

FormFactor has 10 analyst ratings, comprising 6 Strong Buy and 4 Hold recommendations. The mean price target of $153.89 represents a 46.5% premium to its last close of $105.01. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $1.03B and EPS of $3.06, reflecting expected EPS growth of 135.2%. For the following fiscal year, 8 analysts project revenue of $1.22B and EPS of $3.87. FormFactor beat EPS estimates in each of its last 4 quarters, with its next earnings report scheduled for October 28, 2026.

This page is an AI-written research summary of FormFactor, Inc. (FORM). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: FORM income statement, FORM balance sheet, FORM key metrics, FORM analyst forecast, FORM chart. See the FORM stock overview for the latest quote and news.