FORM
FormFactor, Inc.

FormFactor, Inc.FORM

Technology · Semiconductor Equipment & Materials
126.01USD
+5.62%
Sep 23, 2026
FORM overview ready
Probe-card bottleneck for HBM/AI chips
FormFactor supplies specialized probe cards and related test and measurement systems used to electrically test DRAM/HBM, logic, micro-bump and advanced-packaging devices at wafer level and during development or production qualification.
Strong narrative exposure
Exposed to the AI Compute Infrastructure Buildout narrative through Advanced AI Compute and HBM Semiconductor Test — component supplier.
Advancing price action
Longer-term context reads extended trend, with a near-term setup of daily advance.
Demanding valuation
The price embeds expectations that run ahead of what comparable businesses command.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Cyclicality of semiconductor capital spending.
Market Sep 22Filing Jun 27Price action Sep 22Research Sep 1

Conviction Level

NarrativeHeat9.5ThemeHeat8.2PriceAction8.0Valuation1.7CompanyPosition9.5
Price
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Price Action

Advancing price action
Longer-term context reads extended trend, with a near-term setup of daily advance.
EntryReset + recovery

The stock remains extended from its long-term weekly base, but the recent reset toward the daily SMA200 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location. The advance off that reset has already consumed part of the entry advantage while the weekly trend remains extended, which tempers the assessment.

Key Financials

Market Cap
$9.8B
Avg Volume (60D)
1.2M
60 sessions
Revenue Growth YoY
+2.8%
FY2025 vs FY2024
Gross Margin
+43.1%
Trailing twelve months
Operating Margin
+12.9%
Trailing twelve months
Free Cash Flow Yield
+1.4%
Distance from 200DMA
+19.6%
Next Earnings
2026-10-28
P/E
85.3x
EV / Sales
10.5x
Market metrics as of Sep 22, 2026
Financial results for the period ended Jun 27, 2026
Filed balance-sheet data as of Jun 27, 2026

Fundamentals & Valuation

Only one valuation perspective could be built for this company, and it reads expensive.
FormFactor, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of what comparable businesses command. It trades at a 1.4% free-cash-flow yield and 10.5x revenue, which require sustained delivery to be justified.

Company Research

Thesis
FormFactor supplies specialized probe cards and related test and measurement systems used to electrically test DRAM/HBM, logic, micro-bump and advanced-packaging devices at wafer level and during development or production qualification.
Opportunity
High opportunity
AI accelerator, high-bandwidth-memory, co-packaged-optics and heterogeneous-integration deployment is increasing the technical difficulty and test intensity of wafer-level, known-good-die and stacked-device qualification, supporting spending on semiconductor test interfaces, automated test and advanced-packaging test capacity.
Key risk
Cyclicality of semiconductor capital spending.

Narrative & Theme

AI Compute Infrastructure Buildout
Part of Advanced AI Compute and HBM Semiconductor Test, with strong fit.
FORM has a specific, direct revenue linkage to AI-compute hardware buildout through HBM and advanced-packaging test intensity rather than a generic semiconductor adjacency.
Narrative HeatHot9.5 / 10
Theme HeatHeating up8.2 / 10

Business & Markets

Technology · Semiconductor Equipment & Materials
What they do

FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, thermal and cryogenic systems, operating globally across multiple semiconductor markets through two main segments: Probe Cards and Systems.

How it earns

The company generates revenue primarily through transactional sales of its semiconductor testing equipment and related services.

Products & services
Probe cards
Analytical probes
Probe stations
Thermal systems
Cryogenic systems
Customers & end markets
Semiconductor manufacturers
Advanced packaging providers
Integrated device manufacturers
Market position

Leader in probe card technology and semiconductor test equipment.

Demand drivers
High cyclicality

Semiconductor equipment demand is closely tied to the semiconductor industry cycle and capital spending patterns.

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