FORM
FormFactor, Inc.

FormFactor, Inc.FORM

Technology · Semiconductor Equipment & Materials
81.12USD
+13.04%
Nov 08, 2026
FORM overview ready
Semiconductor Test Equipment Supplier Enabling Advanced Chip Manufacturing
FormFactor is a direct semiconductor-test equipment supplier: its probe-card business serves DRAM/HBM and foundry/logic wafer test, while its Systems segment supplies analytical probing, thermal and cryogenic solutions used in semiconductor characterization and advanced-device development.
Theme not measured
Semiconductor Test Equipment has no leadership state this session.
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Fair valuation
The price broadly reflects the level and quality of its cash generation, with upside and risk reasonably balanced.
Unremarkable fundamentals
Primary risk
Semiconductor industry cyclicality impacting demand.
Market Nov 6Filing Sep 26Price action Nov 7Research Oct 2

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction1.4BusinessPerformance9.0BusinessQuality7.9Valuation4.5ThemeMomentum—Accelerating — Revenue growth has accelerated, rising from +32% to +38% year over year. Diluted EPS is up 365% year over year at $0.93. — Accelerating describes growth momentum measured in recent filed quarters. It is not proof that the acceleration will continue.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
Semiconductor Test Equipment — Semiconductor Test Equipment is tracked (3–4 priced members) — too few for a leadership state
Its economic family, Semiconductors, reads Lagging (−22.2pp vs SPY) — the family’s reading, not this theme’s.
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$6.4B
Avg Volume (60D)
1.8M
60 sessions
Revenue Growth YoY
+2.8%
FY2025 vs FY2024
Gross Margin
+47.1%
Trailing twelve months
Operating Margin
+18.3%
Trailing twelve months
Free Cash Flow Yield
+2.8%
Distance from 200DMA
-29.0%
P/E
36.6x
EV / Sales
6.1x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 26, 2026
Filed balance-sheet data as of Sep 26, 2026

Business Performance

Accelerating

Revenue growth has accelerated, rising from +32% to +38% year over year. Diluted EPS is up 365% year over year at $0.93.

Latest reported: Q3 FY2026, ended Sep 26
Revenue growthAccelerating
+38%
$281M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +14%
  2. +32%
  3. +32%
  4. +38%
Earnings growthGrowing
+365%
Diluted EPS $0.93 vs $0.20 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. +142%
  2. +225%
  3. +492%
  4. +365%
Operating marginExpanding
29.1%
+20.2 pp YoY · gross margin 54.7% (+14.9 pp)

Business Quality

7.9 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Only one valuation perspective could be built for this company, and it reads fair.
FormFactor, Inc. has a Fair valuation stance because the price broadly reflects the level and quality of its cash generation, with upside and risk reasonably balanced.

What changed

Company Research

Thesis
FormFactor is a direct semiconductor-test equipment supplier: its probe-card business serves DRAM/HBM and foundry/logic wafer test, while its Systems segment supplies analytical probing, thermal and cryogenic solutions used in semiconductor characterization and advanced-device development.
Opportunity
High opportunity
AI accelerators, HBM stacks, high-speed networking silicon and heterogeneous packages raise wafer- and package-level test intensity, increasing demand for specialized probe cards, test systems and yield-characterization tools.
Key risk
Semiconductor industry cyclicality impacting demand.

Economic classification

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Business & Markets

Technology · Semiconductor Equipment & Materials
What they do

FormFactor designs, manufactures, and sells semiconductor test equipment including probe cards and analytical systems, operating globally across multiple regions through two main segments: Probe Cards and Systems.

How it earns

Primarily transactional revenue from sales of probe cards, test systems, and related services.

Products & services
Probe cards
Analytical probes
Probe stations
Thermal systems
Cryogenic systems
Related services
Customers & end markets
Semiconductor manufacturers
Foundries
Memory chip producers
Advanced packaging developers
Market position

Leader in semiconductor test equipment focused on probe cards and analytical systems for advanced device testing.

Demand drivers
Medium cyclicality

Demand is linked to semiconductor industry cycles and capital spending on advanced chip testing equipment.

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