FormFactor Inc (FORM)
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 106.20 $ — 59% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIFormFactor verkauft keine KI-Produkte, sondern profitiert als Testausrüster nur indirekt vom KI-Speicher-Boom (HBM); operativ setzt das Unternehmen laut Geschäftsbericht (10-K) 2025 KI-Technologien in verschiedenen Bereichen des eigenen Betriebs ein, auch in seinen IT-Systemen.
View the full file — quotes, sources, reviewed filings
„Furthermore, we utilize artificial intelligence ("AI") technologies in various aspects of our operations, which introduces novel and evolving risks. AI models can produce inaccurate, biased, or unpredictable outputs, potentially leading to flawed decision-making, operational inefficiencies, or customer dissatisfaction."
Darüber hinaus setzen wir Technologien der künstlichen Intelligenz („KI“) in verschiedenen Bereichen unseres Betriebs ein, was neuartige und sich entwickelnde Risiken mit sich bringt. KI-Modelle können ungenaue, verzerrte oder unvorhersehbare Ergebnisse liefern, die zu fehlerhaften Entscheidungen, betrieblichen Ineffizienzen oder Kundenunzufriedenheit führen können.
„Failures in our information technology systems, including those incorporating artificial intelligence, or our inability to adapt to technological advancements, could disrupt our operations and harm our business."
Ausfälle in unseren IT-Systemen, einschließlich derjenigen, die künstliche Intelligenz einbinden, oder unsere Unfähigkeit, uns an technologische Fortschritte anzupassen, könnten unseren Betrieb stören und unserem Geschäft schaden.
Filings Reviewed: 10-K 2026-02-20 · 10-Q 2026-05-05 · 10-K 2025-02-21
Rated on July 10, 2026 · How the Rating Is Built
What the Earnings Calls Reveal
Red flags promises repeatedly delayedAcross ten quarters FormFactor shows a split picture: revenue guidance was consistently met or beaten, and the HBM growth promise from 2023-Q4 was vastly over-delivered. At the same time, management repeatedly pushed out qualification deadlines at its large CPU and GPU customers, missed its own margin range twice, and reaffirmed the 47 percent margin target every quarter even as margins moved away from it. Only after the admission in 2025-Q2, a CFO change and a tough cost program was the target model actually reached in 2026-Q1 - faster than last promised.
10 calls reviewed, 2023-Q4 through 2026-Q1 · As of August 2, 2026
Qualification deadlines at CPU and GPU customers repeatedly pushed out
In 2023-Q4 the CEO said he was confident of qualifying at the large fabless CPU customer at least in 2024; per 2025-Q3, qualification was only achieved in early 2025 - and only for one narrowly focused application. On the large GPU maker, 2024-Q2 called qualification in 2024 a strategic imperative; 2025-Q2 held out revenue for the second half of 2025, 2025-Q3 was still in the pilot stage, 2025-Q4 pushed competing for volume orders into 2026, and in 2026-Q1 the qualification was still only nearing completion with about 20 million dollars of revenue expected in the second half of 2026. Both dated commitments were clearly missed, even though the underlying progress is real.
Margin narrative flipped: first blamed on mix, then fixed via costs
From 2024-Q3 through 2025-Q1, management explained the gap to the 47 percent target margin mainly with the DRAM-heavy product mix and made a recovery of the higher-margin foundry-and-logic business a precondition. From 2025-Q3 the new CFO explicitly called the margin program mix-independent, and indeed non-GAAP margin rose from 38.5 percent in 2025-Q2 to 41 percent in 2025-Q3, 43.9 percent in 2025-Q4 and 49 percent in 2026-Q1 - with a record-high DRAM share and without the historical CPU customer even reaching the 10 percent threshold. The multi-year mix explanation thus proved incomplete at best; a substantial part of the gap was self-inflicted and fixable through a cost program within three quarters.
Margin missed guidance twice despite revenue beats
In 2024-Q1 non-GAAP gross margin of 38.7 percent came in 0.8 points below the bottom of the guided range even though revenue was near the top; weaker mix and unexpected warranty costs were cited. In 2025-Q2 revenue exceeded the high end of guidance, yet margin (38.5 percent, exactly at the low end) and earnings fell short of the outlook - caused in part by unplanned ramp-up costs for an HBM4 design where the company's own engineering initially missed a critical customer specification. In 2024-Q3, unexpected quality costs in the systems business also pushed margin below the midpoint. Revenue guidance, by contrast, was met or beaten in all ten quarters.
Target model reaffirmed for eight quarters, delivered only after admission and CFO change
The target model formula - 2 dollars of non-GAAP EPS on 850 million dollars of revenue at 47 percent margin - was repeated almost verbatim in every call from 2023-Q4 through 2025-Q1, while actual margin fell from 45.3 percent (2024-Q2) to 38.5 percent (2025-Q2). In 2025-Q2 management for the first time openly admitted that recent results showed no clear path to the model. By the 2025-Q3 call, CFO Shahar had been replaced by Aric McKinnis without explanation on the call; headcount reductions, site consolidation and a cost program followed. In 2026-Q1 the model was reached on a run-rate basis (49 percent margin, 0.56 dollars EPS on 226 million dollars of quarterly revenue) - over-delivering on the 2025-Q3 promise to reach target margins over the course of 2026.
Positive: HBM promise over-delivered, three clear beats in a row
The 2023-Q4 forecast that quarterly HBM revenue could double in 2024 versus 2023 was far exceeded: per 2024-Q4, HBM revenue quadrupled to 126 million dollars and delivered nearly all of the 100 million dollar annual growth. From the first half of 2025 to the first half of 2026, 2026-Q1 reported more than 50 percent additional HBM growth, now with volume shipments to all three HBM manufacturers. From 2025-Q3 onward, revenue, margin and EPS beat the company's own ranges three quarters in a row, partly by wide margins. The recurring caveats about lead times under one quarter and lack of half-year visibility were consistent across all ten calls and were never rebuilt into after-the-fact excuses.
Management promises
-
2023-Q4 kept
Quarterly HBM revenue can double in 2024 versus the 2023 run rate.
Vastly over-delivered: per 2024-Q4, HBM revenue quadrupled in 2024 to 126 million dollars (up about 100 million).
-
2023-Q4 broken
Qualification at the large fabless CPU customer at least in 2024 (quote: confident to qualify at least in 2024).
Deadline missed: per 2024-Q4 only the technical requirements were met, and per 2025-Q3 qualification was achieved only in early 2025 - and only for one focused application.
-
2024-Q2 broken
GPU qualification at the leading GPU maker in 2024 as a strategic imperative; per 2025-Q2, revenue from it in the second half of 2025.
Repeatedly postponed: still in pilot stage in 2025-Q3, volume orders pushed to 2026 in 2025-Q4, qualification still only nearing completion in 2026-Q1; about 20 million dollars of revenue now targeted for the second half of 2026.
-
2024-Q2 kept
The HBM digestion pause in the third quarter of 2024 is temporary; growth resumes within one to two quarters.
Technically kept: HBM grew again in 2024-Q4 (29 to 32 million dollars) but dipped again in 2025-Q1; the 43 million record from 2024-Q2 was only regained in late 2025.
-
2025-Q2 kept
The HBM4 ramp-up issue (missed customer spec on one design) will be fully resolved in the third quarter of 2025; no further ramp-up costs.
Kept: in 2025-Q3 margin came in at 41 percent at the high end of the range with no repeat costs; the issue did not resurface.
-
2025-Q3 kept
Target model gross margins will be reached over the course of 2026, independent of product mix.
Over-delivered: already in 2026-Q1 the company posted 49 percent margin and 0.56 dollars EPS on 226 million dollars of quarterly revenue - achieving the target model on a run-rate basis, with a new model announced for the May 11, 2026 investor day.
Based on public earnings call transcripts. Reviewed: 10 transcripts 2023-Q4 through 2026-Q1.
Growth Score
5 of 10 Solid growthTen checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 1.6% failed
- More than 10% revenue growth is expected for the coming year 13.4% passed
- Share count grows by less than 3% a year 0.1% passed
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 4.3% failed
- Gross margin at 40% or higher and without meaningful erosion 39.1% failed
- Goodwill from acquisitions does not grow faster than revenue 17.6% passed
- Net debt below twice EBITDA 231 m net cash passed
- Operating cash flow covers the profits of the last three years 91 m passed
- Return on capital at 15% or higher, or up versus two years ago 5.8% failed
- Insiders hold at least 10% or are net buyers 0.7% failed
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 30.5% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 10
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.06 | 3.03 – 3.12 | 1,033 | 135.2% | 7 |
| 12/31/2027 | 3.48 | 1.85 – 4.27 | 1,171 | 13.7% | 8 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.12 | -87.10 | 190 | 12.70 | 5.10 | 36 | 28 |
| 2025: Q1 | 0.08 | -70.40 | 171 | 1.60 | 3.70 | 24 | 5 |
| 2025: Q2 | 0.12 | -52.40 | 196 | -0.80 | 4.60 | 19 | -47 |
| 2025: Q3 | 0.20 | -15.70 | 203 | -2.50 | 7.70 | 27 | 20 |
| 2025: Q4 | 0.29 | 136.60 | 215 | 13.60 | 10.80 | 46 | 35 |
| 2026: Q1 | 0.26 | 212.30 | 226 | 32.00 | 9.00 | 45 | 30 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 384 | -48 | -7 | -0.10 | 17 | 401 | 620 |
| 2017 | 548 | 46 | 41 | 0.55 | 86 | 459 | 647 |
| 2018 | 530 | 36 | 104 | 1.38 | 69 | 580 | 728 |
| 2019 | 589 | 50 | 39 | 0.51 | 121 | 641 | 840 |
| 2020 | 694 | 84 | 79 | 0.99 | 169 | 744 | 963 |
| 2021 | 770 | 98 | 84 | 1.06 | 139 | 816 | 1,021 |
| 2022 | 748 | 55 | 51 | 0.65 | 132 | 808 | 1,008 |
| 2023 | 663 | 83 | 82 | 1.05 | 65 | 909 | 1,107 |
| 2024 | 764 | 65 | 70 | 0.89 | 118 | 948 | 1,146 |
| 2025 | 785 | 64 | 54 | 0.69 | 115 | 1,035 | 1,224 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
About the Company
FormFactor, Inc. entwirft, fertigt und verkauft Probe Cards, Analyseproben, Probe Stations, Thermalsysteme, kryogene Systeme und zugehörige Dienste in den USA, Südkorea, Taiwan, China, Japan, Singapur, Europa, Malaysia und international.
| Employees | 2,153 |
|---|---|
| Headquarters | Livermore, CA |
| Address | 7005 Southfront Road, 94551 Livermore, United States |
| Phone | 925 290 4000 |
| Website | formfactor.com |
| IPO Date | 12. Jun 2003 |
| ISIN | US3463751087 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Aric McKinnis | Senior VP & CFO | 1983 |
| Missy Figueroa | Senior Vice President of Global Operations | – |
| Steven Nott | Senior VP & Chief Information Officer | – |
| Stan Finkelstein | Head of Investor Relations | – |
| Alan Lop-Gate Chan | Senior VP, Chief Legal Officer & Corporate Secretary | 1977 |
| Aliza Scott | Senior VP & Chief Human Resources Officer | – |
| Aasutosh Dave | Senior Vice President & Chief Commercial Officer | – |
| Sudhakar Raman | Senior VP & GM of Probes Business Unit | – |
| Jens Klattenhoff | Senior VP & GM of Systems Business Unit | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 15. Jul 2026 | Slessor Mike | CEO | Sell | 868 | 121.30 | 105,288 |
| 15. Jul 2026 | Slessor Mike | CEO | Sell | 300 | 120.58 | 36,174 |
| 15. Jul 2026 | Slessor Mike | CEO | Sell | 170 | 119.08 | 20,244 |
| 15. Jul 2026 | Slessor Mike | CEO | Sell | 706 | 118.21 | 83,456 |
| 15. Jul 2026 | Slessor Mike | CEO | Sell | 1,650 | 117.39 | 193,694 |
| 15. Jul 2026 | Slessor Mike | CEO | Sell | 1,041 | 116.56 | 121,339 |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.