FORM
FormFactor, Inc.
Semiconductors
Market Cap$11.62B
5Y Perf.+492.5%
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Stock Comparison
FORM vs ACLS
Revenue, margins, valuation, and 5-year total return — side by side.
ACLS
Axcelis Technologies, Inc.
Semiconductors
Market Cap$5.54B
5Y Perf.+536.9%
FORM vs ACLS — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | FORM | ACLS |
|---|---|---|
| Industry | Semiconductors | Semiconductors |
| Market Cap | $11.62B | $5.54B |
| Revenue (TTM) | $840M | $839M |
| Net Income (TTM) | $68M | $120M |
| Gross Margin | 42.1% | 44.9% |
| Operating Margin | 12.7% | 14.2% |
| Forward P/E | 68.5x | 46.9x |
| Total Debt | $45M | $42M |
| Cash & Equiv. | $103M | $145M |
FORM vs ACLS — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
FORM
ACLS
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| FormFactor, Inc. (FORM) | 100 | 592.5 | +492.5% |
| Axcelis Technologie… (ACLS) | 100 | 636.9 | +536.9% |
Price return only. Dividends and distributions are not included.
Quick Verdict: FORM vs ACLS
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: ACLS leads in 4 of 7 categories, making it the strongest pick for valuation and capital efficiency and profitability and margin quality. FormFactor, Inc. is the stronger pick specifically for growth and revenue expansion and recent price momentum and sentiment. As sector peers, any of these can serve as alternatives in the same allocation.
FORM
FormFactor, Inc.
The Growth Play
FORM is the clearest fit if your priority is growth exposure and long-term compounding.
- Rev growth 2.8%, EPS growth -22.5%, 3Y rev CAGR 1.6%
- 20.8% 10Y total return vs ACLS's 16.1%
- 2.8% revenue growth vs ACLS's -17.6%
Best for: growth exposure and long-term compounding
ACLS
Axcelis Technologies, Inc.
The Income Pick
ACLS carries the broadest edge in this set and is the clearest fit for income & stability and sleep-well-at-night.
- Dividend streak 0 yrs, beta 2.00
- Lower volatility, beta 2.00, Low D/E 4.1%, current ratio 4.77x
- Beta 2.00, current ratio 4.77x
Best for: income & stability and sleep-well-at-night
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | FORM | 2.8% revenue growth vs ACLS's -17.6% |
| Value | ACLS | Lower P/E (46.9x vs 68.5x) |
| Quality / Margins | ACLS | 14.3% margin vs FORM's 8.1% |
| Stability / Safety | ACLS | Beta 2.00 vs FORM's 2.02, lower leverage |
| Dividends | Tie | Neither stock pays a meaningful dividend |
| Momentum (1Y) | FORM | +407.6% vs ACLS's +212.7% |
| Efficiency (ROA) | ACLS | 8.8% ROA vs FORM's 5.6%, ROIC 9.6% vs 5.4% |
FORM vs ACLS — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2024
FORM vs ACLS — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLACLSLAGGINGFORM
FORMFormFactor, Inc.
1leads
ACLSAxcelis Technologies,…
4leads
6 Total Categories
CATEGORYLEADERvs FORMMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
ACLS4/6
Valuation MetricsMultiples, price ratios, and targets
ACLS6/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
ACLS8/9
Total Returns1Y, 3Y, 5Y total returns with dividends
FORM5/6
Risk & VolatilityBeta, volatility, and downside exposure
ACLS2/2
Analyst OutlookRatings, price targets, and dividends
—
—
Income & Cash Flow (Last 12 Months)
ACLS leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
FORM and ACLS operate at a comparable scale, with $840M and $839M in trailing revenue. ACLS is the more profitable business, keeping 14.3% of every revenue dollar as net income compared to FORM's 8.1%. On growth, FORM holds the edge at +32.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | FORMFormFactor, Inc. | ACLSAxcelis Technolog… |
|---|---|---|
| RevenueTrailing 12 months | $840M | $839M |
| EBITDAEarnings before interest/tax | $152M | $137M |
| Net IncomeAfter-tax profit | $68M | $120M |
| Free Cash FlowCash after capex | -$5M | $107M |
| Gross MarginGross profit ÷ Revenue | +42.1% | +44.9% |
| Operating MarginEBIT ÷ Revenue | +12.7% | +14.2% |
| Net MarginNet income ÷ Revenue | +8.1% | +14.3% |
| FCF MarginFCF ÷ Revenue | -0.6% | +12.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | +32.0% | -5.6% |
| EPS Growth (YoY)Latest quarter vs prior year | +2.2% | -28.6% |
ACLS leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
ACLS leads this category, winning 6 of 6 comparable metrics.
Valuation Metrics
At 45.0x trailing earnings, ACLS trades at a 79% valuation discount to FORM's 216.1x P/E. On an enterprise value basis, ACLS's 39.7x EV/EBITDA is more attractive than FORM's 104.1x.
| Metric | FORMFormFactor, Inc. | ACLSAxcelis Technolog… |
|---|---|---|
| Market CapShares × price | $11.6B | $5.5B |
| Enterprise ValueMkt cap + debt − cash | $11.6B | $5.4B |
| Trailing P/EPrice ÷ TTM EPS | 216.12x | 45.00x |
| Forward P/EPrice ÷ next-FY EPS est. | 68.52x | 46.87x |
| PEG RatioP/E ÷ EPS growth rate | — | 2.13x |
| EV / EBITDAEnterprise value multiple | 104.06x | 39.71x |
| Price / SalesMarket cap ÷ Revenue | 14.81x | 6.60x |
| Price / BookPrice ÷ Book value/share | 11.28x | 5.23x |
| Price / FCFMarket cap ÷ FCF | 990.17x | 51.77x |
ACLS leads this category, winning 6 of 6 comparable metrics.
Profitability & Efficiency
ACLS leads this category, winning 8 of 9 comparable metrics.
Profitability & Efficiency
ACLS delivers a 11.6% return on equity — every $100 of shareholder capital generates $12 in annual profit, vs $7 for FORM. ACLS carries lower financial leverage with a 0.04x debt-to-equity ratio, signaling a more conservative balance sheet compared to FORM's 0.04x. On the Piotroski fundamental quality scale (0–9), ACLS scores 5/9 vs FORM's 4/9, reflecting solid financial health.
| Metric | FORMFormFactor, Inc. | ACLSAxcelis Technolog… |
|---|---|---|
| ROE (TTM)Return on equity | +6.7% | +11.6% |
| ROA (TTM)Return on assets | +5.6% | +8.8% |
| ROICReturn on invested capital | +5.4% | +9.6% |
| ROCEReturn on capital employed | +6.1% | +10.4% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 |
| Debt / EquityFinancial leverage | 0.04x | 0.04x |
| Net DebtTotal debt minus cash | -$58M | -$103M |
| Cash & Equiv.Liquid assets | $103M | $145M |
| Total DebtShort + long-term debt | $45M | $42M |
| Interest CoverageEBIT ÷ Interest expense | 252.69x | 33.79x |
ACLS leads this category, winning 8 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
FORM leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in ACLS five years ago would be worth $42,463 today (with dividends reinvested), compared to $38,975 for FORM. Over the past 12 months, FORM leads with a +407.6% total return vs ACLS's +212.7%. The 3-year compound annual growth rate (CAGR) favors FORM at 74.7% vs ACLS's 12.5% — a key indicator of consistent wealth creation.
| Metric | FORMFormFactor, Inc. | ACLSAxcelis Technolog… |
|---|---|---|
| YTD ReturnYear-to-date | +151.9% | +98.6% |
| 1-Year ReturnPast 12 months | +407.6% | +212.7% |
| 3-Year ReturnCumulative with dividends | +433.1% | +42.5% |
| 5-Year ReturnCumulative with dividends | +289.8% | +324.6% |
| 10-Year ReturnCumulative with dividends | +2083.3% | +1610.0% |
| CAGR (3Y)Annualised 3-year return | +74.7% | +12.5% |
FORM leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
ACLS leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
ACLS is the less volatile stock with a 2.00 beta — it tends to amplify market swings less than FORM's 2.02 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. ACLS currently trades 99.7% from its 52-week high vs FORM's 93.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | FORMFormFactor, Inc. | ACLSAxcelis Technolog… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.02x | 2.00x |
| 52-Week HighHighest price in past year | $159.09 | $171.60 |
| 52-Week LowLowest price in past year | $26.08 | $52.55 |
| % of 52W HighCurrent price vs 52-week peak | +93.7% | +99.7% |
| RSI (14)Momentum oscillator 0–100 | 64.1 | 71.7 |
| Avg Volume (50D)Average daily shares traded | 1.6M | 717K |
ACLS leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Insufficient data to determine a leader in this category.
Analyst Outlook
Wall Street rates FORM as "Hold" and ACLS as "Buy". Consensus price targets imply -17.3% upside for FORM (target: $123) vs -25.1% for ACLS (target: $128).
| Metric | FORMFormFactor, Inc. | ACLSAxcelis Technolog… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $123.38 | $128.00 |
| # AnalystsCovering analysts | 19 | 12 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | 0 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.2% | +2.2% |
Insufficient data to determine a leader in this category.
Key Takeaway
ACLS leads in 4 of 6 categories (Income & Cash Flow, Valuation Metrics). FORM leads in 1 (Total Returns).
Best OverallAxcelis Technologies, Inc. (ACLS)Leads 4 of 6 categories
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FORM vs ACLS: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is FORM or ACLS a better buy right now?
For growth investors, FormFactor, Inc.
(FORM) is the stronger pick with 2. 8% revenue growth year-over-year, versus -17. 6% for Axcelis Technologies, Inc. (ACLS). Axcelis Technologies, Inc. (ACLS) offers the better valuation at 45. 0x trailing P/E (46. 9x forward), making it the more compelling value choice. Analysts rate Axcelis Technologies, Inc. (ACLS) a "Buy" — based on 12 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — FORM or ACLS?
On trailing P/E, Axcelis Technologies, Inc.
(ACLS) is the cheapest at 45. 0x versus FormFactor, Inc. at 216. 1x. On forward P/E, Axcelis Technologies, Inc. is actually cheaper at 46. 9x.
03Which is the better long-term investment — FORM or ACLS?
Over the past 5 years, Axcelis Technologies, Inc.
(ACLS) delivered a total return of +324. 6%, compared to +289. 8% for FormFactor, Inc. (FORM). Over 10 years, the gap is even starker: FORM returned +20. 8% versus ACLS's +1610%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — FORM or ACLS?
By beta (market sensitivity over 5 years), Axcelis Technologies, Inc.
(ACLS) is the lower-risk stock at 2. 00β versus FormFactor, Inc. 's 2. 02β — meaning FORM is approximately 1% more volatile than ACLS relative to the S&P 500. On balance sheet safety, Axcelis Technologies, Inc. (ACLS) carries a lower debt/equity ratio of 4% versus 4% for FormFactor, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — FORM or ACLS?
By revenue growth (latest reported year), FormFactor, Inc.
(FORM) is pulling ahead at 2. 8% versus -17. 6% for Axcelis Technologies, Inc. (ACLS). On earnings-per-share growth, the picture is similar: FormFactor, Inc. grew EPS -22. 5% year-over-year, compared to -38. 2% for Axcelis Technologies, Inc.. Over a 3-year CAGR, FORM leads at 1. 6% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — FORM or ACLS?
Axcelis Technologies, Inc.
(ACLS) is the more profitable company, earning 14. 3% net margin versus 6. 9% for FormFactor, Inc. — meaning it keeps 14. 3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ACLS leads at 14. 2% versus 8. 2% for FORM. At the gross margin level — before operating expenses — ACLS leads at 44. 9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is FORM or ACLS more undervalued right now?
On forward earnings alone, Axcelis Technologies, Inc.
(ACLS) trades at 46. 9x forward P/E versus 68. 5x for FormFactor, Inc. — 21. 7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for FORM: -17. 3% to $123. 38.
08Which pays a better dividend — FORM or ACLS?
None of the stocks in this comparison currently pay a material dividend.
All are effectively zero-yield and should be held for capital appreciation rather than income.
09Is FORM or ACLS better for a retirement portfolio?
For long-horizon retirement investors, Axcelis Technologies, Inc.
(ACLS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+1610% 10Y return). FormFactor, Inc. (FORM) carries a higher beta of 2. 02 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (ACLS: +1610%, FORM: +20. 8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between FORM and ACLS?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(FORM: 32.0% · ACLS: -5.6%)Net Margin>
%
(FORM: 8.1% · ACLS: 14.3%)P/E Ratio<
x
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