CHARGED ALPHATMFrontier AI stock research

FORM · NasdaqGS

FormFactor, Inc.

Semiconductor Equipment & Materials · United States

USD 118.386.1% daily changeQuote 2026-09-18 · USD
Market cap (USD)
US$9.25B
Trailing P/E
82.21x
Forward P/E
34.07x
Quarterly revenue growth
31.9%
Trailing net margin
12.8%
Indicated dividend yield

Snapshot 2026-09-20 · Latest financial period 2026-06-27 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.

Next earnings: 2026-10-28 (provider estimate, not issuer-confirmed).

Company background

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.

Company website

Q2 2026

Go beyond the headline.

FormFactor (FORM): The HBM Toll Booth Just Beat by 34% — And Its Own CFO Told You the Margin Isn’t Real

Published 2026-07-30

Comparable businesses

FORM peer comparison

Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.

Comparison stocks

Market metrics · missing or inapplicable values shown as —
MetricFORMFormFactor, Inc.Snapshot 2026-09-20Financial period: 2026-06-27NVMINova Ltd.Snapshot 2026-09-20Financial period: 2026-06-30CAMTCamtek Ltd.Snapshot 2026-09-20Financial period: 2026-03-31Peer medianSimilar-size peers only
Market capMarket value, converted to USDUS$9.25BUS$11.33BUS$6.96BUS$9.14Bn=2
Forward P/EProvider forward earnings estimate34.07x26.07x31.14x28.60xn=2
EV / EBITDAEnterprise value / trailing EBITDA47.83x37.49x50.32x43.90xn=2
Revenue growthLatest quarter vs prior-year quarter31.9%15.9%2.5%9.2%n=2
Operating marginLatest reported quarter24.1%29.9%22.4%26.1%n=2
Free cash flow yieldTrailing cash flow / market cap1.2%1.0%
Net debt / EBITDANet debt / trailing EBITDA-1.69x-0.73x-1.32x-1.03xn=2
Debt / equityTotal debt / positive book equity0.03x0.55x0.71x0.63xn=2
Trailing P/ETrailing twelve-month earnings82.21x44.46x198.83x121.64xn=2
Price / bookPrice / positive book equity per share8.32x7.73x11.08x9.40xn=2
EV / salesEnterprise value / trailing revenue9.90x11.85x13.97x12.91xn=2
Earnings growthLatest quarter vs prior-year quarter502.5%2.9%-10.0%-3.5%n=2
Gross marginTrailing twelve months46.2%57.1%51.0%54.0%n=2
Net marginTrailing twelve months12.8%28.8%9.6%19.2%n=2
Return on equityProvider trailing return; positive equity only11.0%21.1%7.6%14.3%n=2
Free cash flow marginTrailing free cash flow / revenue12.7%12.0%
Dividend yieldIndicated annual dividend / price
Earnings payoutProvider trailing dividend payout0.0%0.0%0.0%0.0%n=2
Current ratioCurrent assets / current liabilities4.08x1.55x8.35x4.95xn=2
BetaProvider historical market sensitivity1.241.751.591.67n=2

Choose a comparison stock

Search covered companies, or search all listed stocks.

Comparison methodology & limitations

Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.

Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.

Reported performance

Financial trends

Reporting period
Financial history
Chart style
Comparison stocks

Financial statements load separately from the research page.

Market context

Valuation & price history

Adjusted closing price

Price history

Price history loads separately.

Earnings-multiple scenario

Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.

Starting assumptions, when available, use provider forward estimates as of 2026-09-20. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.

THE RESEARCH RECORD

Research history for FORM

All available reporting periods
Q2 20262026-07-30

Reported figures

Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.