FormFactor, Inc. (FORM) 10-Year Financial Performance & Capital Metrics

FORM • • Industrial / General

TechnologySemiconductorsSemiconductor Manufacturing EquipmentAssembly & Test Equipment

AboutFormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems to semiconductor companies and scientific institutions. It operates in two segments, Probe Cards and Systems. The company offers probe cards to test various semiconductor device types, including systems on a chip products, mobile application processors, microprocessors, microcontrollers, and graphic processors, as well as radio frequency, analog, mixed signal, image sensor, electro-optical, dynamic random access memory, NAND flash memory, and NOR flash memory devices; and analytical probes, which are used for a range of applications, including device characterization, electrical simulation model development, failure analysis, and prototype design debugging for universities, research institutions, semiconductor integrated device manufacturers, semiconductor foundries, and fabless semiconductor companies. It also provides probing systems for semiconductor design engineers to capture and analyze accurate data; surface metrology systems for the development, production, and quality control of semiconductor products; thermal subsystems, such as thermal chucks and other test systems used in probe stations and other applications; and precision cryogenic instruments, semiconductor tests, and measurement systems. In addition, the company offers on-site probe card maintenance and service training, seminars, and telephone support services. The company markets and sells its products through direct sales force, manufacturers' representatives, and distributors in the United States, Taiwan, South Korea, China, Japan, Europe, rest of Asia-Pacific, and internationally. FormFactor, Inc. was incorporated in 1993 and is headquartered in Livermore, California.Show more

Revenue $764M +15.2%
EBITDA $98M -18.7%
Net Income $70M -15.5%
EPS (Diluted) 0.89 -15.2%
Gross Margin 40.33% +3.4%
EBITDA Margin 12.79% -29.4%
Operating Margin 8.48% -32.0%
Net Margin 9.12% -26.6%
ROE 7.5% -21.9%
ROIC 6.17% -24.0%
Debt/Equity 0.04 -21.9%
Interest Coverage 154.98 -21.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 94 (top 6%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 10.1%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.02%

5Y5.31%

3Y-0.26%

TTM2.29%

Profit (Net Income) CAGR

10Y-

5Y12.09%

3Y-6.04%

TTM-70.77%

EPS CAGR

10Y-

5Y11.78%

3Y-5.66%

TTM-71.26%

ROCE

10Y Avg5.39%

5Y Avg8.93%

3Y Avg7.29%

Latest6.51%

Peer Comparison

Assembly & Test Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KLICKulicke and Soffa Industries, Inc.	3.1B	59.17	9999	-7.38%	0.03%	0.03%	3.11%	0.05
FORMFormFactor, Inc.	5.84B	75.28	84.58	15.16%	5.23%	3.93%	1.36%	0.04
TERTeradyne, Inc.	35.66B	227.70	68.58	5.36%	15.49%	16.31%	1.33%	0.03
INTTinTEST Corporation	108.86M	8.72	36.33	5.99%	-1.93%	-2.22%	2.29%	0.26
COHUCohu, Inc.	1.36B	29.14	-19.56	-36.86%	-17.22%	-8.8%		0.02
AEHRAehr Test Systems	812.54M	26.53	-204.08	-10.95%	-16.63%	-6.77%		0.09
TRTTrio-Tech International	56.21M	6.46	-672.92	-13.8%	0.64%	0.8%		0.05

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	282.36M	383.88M	548.44M	529.67M	589.46M	693.62M	769.67M	747.94M	663.1M	763.6M
Revenue Growth %	0.05%	0.36%	0.43%	-0.03%	0.11%	0.18%	0.11%	-0.03%	-0.11%	0.15%
Cost of Goods Sold+	196.62M	281.2M	332.84M	319.34M	351.97M	405.7M	446.91M	451.93M	404.52M	455.68M
COGS % of Revenue	0.7%	0.73%	0.61%	0.6%	0.6%	0.58%	0.58%	0.6%	0.61%	0.6%
Gross Profit+	85.74M	102.68M	215.6M	210.34M	237.5M	287.92M	322.77M	296.01M	258.58M	307.92M
Gross Margin %	0.3%	0.27%	0.39%	0.4%	0.4%	0.42%	0.42%	0.4%	0.39%	0.4%
Gross Profit Growth %	0.11%	0.2%	1.1%	-0.02%	0.13%	0.21%	0.12%	-0.08%	-0.13%	0.19%
Operating Expenses+	89.84M	150.59M	169.3M	174.23M	187.83M	204.13M	224.73M	241.1M	175.82M	243.14M
OpEx % of Revenue	0.32%	0.39%	0.31%	0.33%	0.32%	0.29%	0.29%	0.32%	0.27%	0.32%
Selling, General & Admin	45.09M	73.44M	95.49M	99.25M	106.33M	115.1M	123.79M	131.88M	133.01M	141.79M
SG&A % of Revenue	0.16%	0.19%	0.17%	0.19%	0.18%	0.17%	0.16%	0.18%	0.2%	0.19%
Research & Development	44.18M	57.45M	73.81M	74.98M	81.5M	89.03M	100.94M	109.22M	115.77M	121.94M
R&D % of Revenue	0.16%	0.15%	0.13%	0.14%	0.14%	0.13%	0.13%	0.15%	0.17%	0.16%
Other Operating Expenses	567K	19.69M	0	0	0	0	0	0	-72.95M	-20.58M
Operating Income+	-4.1M	-47.91M	46.3M	36.11M	49.66M	83.79M	98.04M	54.91M	82.76M	64.78M
Operating Margin %	-0.01%	-0.12%	0.08%	0.07%	0.08%	0.12%	0.13%	0.07%	0.12%	0.08%
Operating Income Growth %	0.8%	-10.68%	1.97%	-0.22%	0.38%	0.69%	0.17%	-0.44%	0.51%	-0.22%
EBITDA+	19.67M	-1.11M	90.87M	79.8M	94.52M	132.47M	142.56M	92.95M	120.21M	97.68M
EBITDA Margin %	0.07%	-0%	0.17%	0.15%	0.16%	0.19%	0.19%	0.12%	0.18%	0.13%
EBITDA Growth %	0.98%	-1.06%	82.94%	-0.12%	0.18%	0.4%	0.08%	-0.35%	0.29%	-0.19%
D&A (Non-Cash Add-back)	23.77M	46.8M	44.57M	43.69M	44.86M	48.69M	44.52M	38.04M	37.45M	32.9M
EBIT	-3.54M	-47.8M	46.7M	37.24M	52.98M	86.04M	99.1M	58.45M	89.69M	79.83M
Net Interest Income+	283K	-2.06M	-3.94M	-1.96M	799K	637K	-33K	1.64M	6.8M	13.69M
Interest Income	283K	327K	548K	1.36M	2.71M	1.5M	569K	2.22M	7.22M	14.11M
Interest Expense	0	2.39M	4.49M	3.31M	1.92M	864K	602K	579K	421K	418K
Other Income/Expense	2.83M	-2.29M	-4.09M	-2.18M	1.4M	1.39M	462K	2.96M	6.51M	14.63M
Pretax Income+	-1.27M	-50.2M	42.21M	33.93M	51.06M	85.17M	98.5M	57.87M	89.27M	79.41M
Pretax Margin %	-0%	-0.13%	0.08%	0.06%	0.09%	0.12%	0.13%	0.08%	0.13%	0.1%
Income Tax+	252K	-43.64M	1.29M	-70.11M	11.72M	6.65M	14.58M	7.13M	6.88M	9.8M
Effective Tax Rate %	1.2%	0.13%	0.97%	3.07%	0.77%	0.92%	0.85%	0.88%	0.92%	0.88%
Net Income+	-1.52M	-6.56M	40.91M	104.04M	39.35M	78.52M	83.92M	50.74M	82.39M	69.61M
Net Margin %	-0.01%	-0.02%	0.07%	0.2%	0.07%	0.11%	0.11%	0.07%	0.12%	0.09%
Net Income Growth %	0.92%	-3.31%	7.24%	1.54%	-0.62%	1%	0.07%	-0.4%	0.62%	-0.16%
Net Income (Continuing)	-1.52M	-6.56M	40.91M	104.04M	39.35M	78.52M	83.92M	50.74M	82.39M	69.61M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.03	-0.10	0.55	1.38	0.51	0.99	1.06	0.65	1.05	0.89
EPS Growth %	0.92%	-2.8%	6.5%	1.51%	-0.63%	0.94%	0.07%	-0.39%	0.62%	-0.15%
EPS (Basic)	-0.03	-0.10	0.57	1.42	0.52	1.02	1.08	0.65	1.06	0.90
Diluted Shares Outstanding	57.85M	64.94M	74.24M	75.18M	77.29M	79M	79.13M	78.2M	78.16M	78.44M
Basic Shares Outstanding	57.85M	64.94M	72.29M	73.48M	74.99M	76.68M	77.79M	77.58M	77.37M	77.34M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	258.02M	254.7M	305.85M	337.82M	419.04M	487.07M	524.04M	474.55M	573.78M	605.13M
Cash & Short-Term Investments	187.59M	108.91M	140.17M	149M	220.87M	255.03M	276.06M	238.14M	328.32M	360.02M
Cash Only	146.26M	101.41M	91.18M	98.47M	144.54M	187.22M	151.01M	109.13M	177.81M	190.73M
Short-Term Investments	41.33M	7.5M	48.99M	50.53M	76.33M	67.81M	125.06M	129.01M	150.51M	169.29M
Accounts Receivable	36.73M	71.62M	83.76M	95.33M	97.87M	107.6M	115.54M	88.14M	106.76M	104.29M
Days Sales Outstanding	47.47	68.09	55.74	65.69	60.6	56.62	54.79	43.01	58.76	49.85
Inventory	27.22M	59.81M	67.85M	77.71M	83.26M	99.23M	111.55M	123.16M	111.69M	101.68M
Days Inventory Outstanding	50.54	77.63	74.4	88.82	86.34	89.28	91.1	99.47	100.77	81.44
Other Current Assets	0	106K	372K	849K	1.98M	1.9M	2.23M	25.12M	27.02M	39.13M
Total Non-Current Assets+	84.7M	365.29M	340.72M	390.4M	420.84M	476.14M	496.48M	533.68M	533.01M	541.09M
Property, Plant & Equipment	23.85M	42.66M	46.75M	54.05M	90.17M	134.86M	181.76M	221.21M	234.92M	232.81M
Fixed Asset Turnover	11.84x	9.00x	11.73x	9.80x	6.54x	5.14x	4.23x	3.38x	2.82x	3.28x
Goodwill	30.73M	188.01M	189.92M	189.21M	199.2M	212.76M	212.3M	211.44M	201.09M	199.17M
Intangible Assets	25.55M	126.61M	97.48M	67.64M	57.61M	59.15M	36.34M	26.75M	12.94M	10.36M
Long-Term Investments	435K	1.08M	1.17M	1.23M	0	0	2.1M	0	0	0
Other Non-Current Assets	853K	3.62M	2.26M	968K	2.61M	3.13M	1.98M	6.63M	5.1M	6.74M
Total Assets+	342.72M	619.99M	646.57M	728.22M	839.88M	963.22M	1.02B	1.01B	1.11B	1.15B
Asset Turnover	0.82x	0.62x	0.85x	0.73x	0.70x	0.72x	0.75x	0.74x	0.60x	0.67x
Asset Growth %	-0%	0.81%	0.04%	0.13%	0.15%	0.15%	0.06%	-0.01%	0.1%	0.04%
Total Current Liabilities+	43.58M	83.72M	92.16M	102.52M	136.56M	154.57M	148.75M	149.67M	131.09M	131.34M
Accounts Payable	18.07M	34.08M	35.05M	40.01M	40.91M	62.05M	57.86M	69.31M	63.86M	62.29M
Days Payables Outstanding	33.55	44.23	38.43	45.73	42.43	55.82	47.26	55.98	57.62	49.89
Short-Term Debt	0	12.7M	18.44M	29.84M	42.85M	9.52M	8.93M	1.04M	1.07M	1.11M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	12.61M	14.8M	14.75M	7.91M	8.26M	15.26M	13.04M	20.45M	24.34M	9.59M
Current Ratio	5.92x	3.04x	3.32x	3.30x	3.07x	3.15x	3.52x	3.17x	4.38x	4.61x
Quick Ratio	5.30x	2.33x	2.58x	2.54x	2.46x	2.51x	2.77x	2.35x	3.52x	3.83x
Cash Conversion Cycle	64.46	101.49	91.71	108.79	104.51	90.08	98.64	86.51	101.92	81.4
Total Non-Current Liabilities+	4.46M	135.22M	95.78M	45.54M	62.33M	64.56M	55.99M	50.28M	66.89M	67.1M
Long-Term Debt	0	125.47M	87.23M	34.97M	15.64M	24.98M	15.43M	14.39M	13.31M	12.21M
Capital Lease Obligations	0	0	0	0	29.09M	28M	31.01M	27.59M	25.33M	17.55M
Deferred Tax Liabilities	0	3.7M	3.38M	2.35M	6.99M	5.35M	3.62M	2.73M	0	0
Other Non-Current Liabilities	4.46M	6.04M	0	0	10.61M	6.24M	5.92M	5.57M	10.25M	19.34M
Total Liabilities	48.04M	218.94M	187.94M	148.06M	198.88M	219.13M	204.74M	199.94M	197.99M	198.45M
Total Debt+	0	138.18M	105.67M	64.81M	94.12M	69.19M	63.27M	50.37M	48.15M	39.23M
Net Debt	-146.26M	36.77M	14.49M	-33.66M	-50.42M	-118.03M	-87.73M	-58.76M	-129.67M	-151.5M
Debt / Equity	-	0.34x	0.23x	0.11x	0.15x	0.09x	0.08x	0.06x	0.05x	0.04x
Debt / EBITDA	-	-	1.16x	0.81x	1.00x	0.52x	0.44x	0.54x	0.40x	0.40x
Net Debt / EBITDA	-7.44x	-	0.16x	-0.42x	-0.53x	-0.89x	-0.62x	-0.63x	-1.08x	-1.55x
Interest Coverage	-	-20.04x	10.31x	10.90x	25.93x	96.98x	162.85x	94.84x	196.57x	154.98x
Total Equity+	294.68M	401.06M	458.64M	580.16M	641M	744.08M	815.78M	808.28M	908.8M	947.77M
Equity Growth %	0.02%	0.36%	0.14%	0.26%	0.1%	0.16%	0.1%	-0.01%	0.12%	0.04%
Book Value per Share	5.09	6.18	6.18	7.72	8.29	9.42	10.31	10.34	11.63	12.08
Total Shareholders' Equity	294.68M	401.06M	458.64M	580.16M	641M	744.08M	815.78M	808.28M	908.8M	947.77M
Common Stock	718.96M	833.41M	73K	75K	76K	78K	78K	77K	77K	77K
Retained Earnings	-422.06M	-428.62M	-387.57M	-283.59M	-244.24M	-165.72M	-81.79M	-31.06M	51.33M	120.94M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.22M	-3.74M	3.02M	780K	-659K	5.89M	-1.45M	-5.58M	-4.05M	-10.84M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	36.12M	17.42M	86.32M	68.7M	121.05M	169.26M	139.36M	131.79M	64.6M	117.53M
Operating CF Margin %	0.13%	0.05%	0.16%	0.13%	0.21%	0.24%	0.18%	0.18%	0.1%	0.15%
Operating CF Growth %	1.05%	-0.52%	3.95%	-0.2%	0.76%	0.4%	-0.18%	-0.05%	-0.51%	0.82%
Net Income	-1.52M	-6.56M	40.91M	104.04M	39.35M	78.52M	83.92M	50.74M	82.39M	69.61M
Depreciation & Amortization	23.77M	46.8M	44.57M	43.69M	44.86M	48.69M	44.52M	38.04M	37.45M	32.9M
Stock-Based Compensation	11.57M	10.72M	16.34M	17.83M	23.18M	23.83M	29.38M	31.34M	38.62M	39.76M
Deferred Taxes	-14K	-45.02M	-590K	-74.91M	4.95M	-562K	3.87M	-6.34M	-12.1M	-13.36M
Other Non-Cash Items	5.72M	30.54M	9.17M	11.31M	5.47M	16.92M	27.42M	36.19M	-49.52M	-2.74M
Working Capital Changes	-3.41M	-19.06M	-24.07M	-33.25M	3.25M	1.86M	-49.76M	-18.17M	-32.23M	-8.65M
Change in Receivables	8.26M	-6.85M	-10.65M	-13.83M	481K	-3.54M	-9.09M	26.03M	-23.3M	-1.92M
Change in Inventory	-8.17M	-11.73M	-15.63M	-21.3M	-14.29M	-22.19M	-31.66M	-28.78M	-9.49M	-8.26M
Change in Payables	-2.04M	3.43M	741K	3.05M	-27K	16.79M	-6.59M	3.9M	1.32M	-8.23M
Cash from Investing+	1.13M	-206.32M	-59.67M	-21.3M	-66.35M	-98.92M	-124.74M	-75.7M	29.05M	-33.48M
Capital Expenditures	-8.64M	-11.52M	-17.76M	-19.87M	-20.85M	-55.87M	-66.5M	-65.25M	-56.03M	-38.44M
CapEx % of Revenue	0.03%	0.03%	0.03%	0.04%	0.04%	0.08%	0.09%	0.09%	0.08%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.2M	-726K	-248K	23K	-51.08M	0	0	-1M	0	-1.5M
Cash from Financing+	-4.79M	143.61M	-39.47M	-39.33M	-6.58M	-30.93M	-47.2M	-95.93M	-22.71M	-64.61M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-1.51M	-6.88M	-5.79M	-8.03M	-15.53M	-48.52M	-98.03M	-30.49M	-19.98M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	27.48M	5.9M	68.57M	48.83M	100.2M	113.39M	72.87M	66.53M	8.57M	79.1M
FCF Margin %	0.1%	0.02%	0.13%	0.09%	0.17%	0.16%	0.09%	0.09%	0.01%	0.1%
FCF Growth %	1.29%	-0.79%	10.62%	-0.29%	1.05%	0.13%	-0.36%	-0.09%	-0.87%	8.22%
FCF per Share	0.48	0.09	0.92	0.65	1.30	1.44	0.92	0.85	0.11	1.01
FCF Conversion (FCF/Net Income)	-23.72x	-2.66x	2.11x	0.66x	3.08x	2.16x	1.66x	2.60x	0.78x	1.69x
Interest Paid	0	2.11M	3.84M	3.11M	1.41M	867K	643K	535K	422K	391K
Taxes Paid	27K	2.57M	3.17M	4.58M	4.32M	9.15M	7.96M	10.92M	17.39M	15.58M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-0.52%	-1.88%	9.52%	20.03%	6.44%	11.34%	10.76%	6.25%	9.6%	7.5%
Return on Invested Capital (ROIC)	-1.9%	-12.26%	7.62%	5.31%	6.55%	10.33%	10.86%	5.57%	8.12%	6.17%
Gross Margin	30.36%	26.75%	39.31%	39.71%	40.29%	41.51%	41.94%	39.58%	39%	40.33%
Net Margin	-0.54%	-1.71%	7.46%	19.64%	6.67%	11.32%	10.9%	6.78%	12.42%	9.12%
Debt / Equity	-	0.34x	0.23x	0.11x	0.15x	0.09x	0.08x	0.06x	0.05x	0.04x
Interest Coverage	-	-20.04x	10.31x	10.90x	25.93x	96.98x	162.85x	94.84x	196.57x	154.98x
FCF Conversion	-23.72x	-2.66x	2.11x	0.66x	3.08x	2.16x	1.66x	2.60x	0.78x	1.69x
Revenue Growth	5.15%	35.96%	42.87%	-3.42%	11.29%	17.67%	10.97%	-2.82%	-11.34%	15.16%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Foundry & Logic Product Group	-	237.59M	313.71M	258.46M	318.55M	446.18M	435.81M	409.2M	363.54M	381.18M
Foundry & Logic Product Group Growth	-	-	32.04%	-17.61%	23.25%	40.07%	-2.32%	-6.11%	-11.16%	4.85%
DRAM Product Group	-	86.91M	124.69M	135.33M	147.26M	109.73M	156.05M	133.45M	113.78M	227.42M
DRAM Product Group Growth	-	-	43.46%	8.54%	8.81%	-25.48%	42.21%	-14.48%	-14.74%	99.88%
Systems Product Group	-	45.91M	93.65M	95.41M	98.1M	111.88M	136.39M	156.51M	165.2M	137.64M
Systems Product Group Growth	-	-	103.98%	1.88%	2.82%	14.04%	21.91%	14.75%	5.55%	-16.68%
Flash Product Group	-	13.47M	16.39M	40.48M	25.55M	25.82M	41.42M	48.78M	20.59M	17.36M
Flash Product Group Growth	-	-	21.72%	146.89%	-36.87%	1.05%	60.41%	17.77%	-57.80%	-15.69%
SoC	145.84M	-	-	-	-	-	-	-	-	-
SoC Growth	-	-	-	-	-	-	-	-	-	-
DRAM	125.51M	-	-	-	-	-	-	-	-	-
DRAM Growth	-	-	-	-	-	-	-	-	-	-
Flash	11.01M	-	-	-	-	-	-	-	-	-
Flash Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Systems	-	-	-	-	-	-	-	-	-	137.64M
Systems Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

FormFactor, Inc. (FORM) has a price-to-earnings (P/E) ratio of 84.6x. This suggests investors expect higher future growth.

Growth & Financials

FormFactor, Inc. (FORM) reported $759.3M in revenue for fiscal year 2024. This represents a 348% increase from $169.3M in 2011.

FormFactor, Inc. (FORM) grew revenue by 15.2% over the past year. This is strong growth.

Yes, FormFactor, Inc. (FORM) is profitable, generating $39.7M in net income for fiscal year 2024 (9.1% net margin).

Dividend & Returns

FormFactor, Inc. (FORM) has a return on equity (ROE) of 7.5%. This is below average, suggesting room for improvement.

FormFactor, Inc. (FORM) generated $5.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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FormFactor, Inc. (FORM) 10-Year Financial Performance & Capital Metrics

FORM • • Industrial / General

TechnologySemiconductorsSemiconductor Manufacturing EquipmentAssembly & Test Equipment

Revenue $764M +15.2%
EBITDA $98M -18.7%
Net Income $70M -15.5%
EPS (Diluted) 0.89 -15.2%
Gross Margin 40.33% +3.4%
EBITDA Margin 12.79% -29.4%
Operating Margin 8.48% -32.0%
Net Margin 9.12% -26.6%
ROE 7.5% -21.9%
ROIC 6.17% -24.0%
Debt/Equity 0.04 -21.9%
Interest Coverage 154.98 -21.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 94 (top 6%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 10.1%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.02%

5Y5.31%

3Y-0.26%

TTM2.29%

Profit (Net Income) CAGR

10Y-

5Y12.09%

3Y-6.04%

TTM-70.77%

EPS CAGR

10Y-

5Y11.78%

3Y-5.66%

TTM-71.26%

ROCE

10Y Avg5.39%

5Y Avg8.93%

3Y Avg7.29%

Latest6.51%

Peer Comparison

Assembly & Test Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KLICKulicke and Soffa Industries, Inc.	3.1B	59.17	9999	-7.38%	0.03%	0.03%	3.11%	0.05
FORMFormFactor, Inc.	5.84B	75.28	84.58	15.16%	5.23%	3.93%	1.36%	0.04
TERTeradyne, Inc.	35.66B	227.70	68.58	5.36%	15.49%	16.31%	1.33%	0.03
INTTinTEST Corporation	108.86M	8.72	36.33	5.99%	-1.93%	-2.22%	2.29%	0.26
COHUCohu, Inc.	1.36B	29.14	-19.56	-36.86%	-17.22%	-8.8%		0.02
AEHRAehr Test Systems	812.54M	26.53	-204.08	-10.95%	-16.63%	-6.77%		0.09
TRTTrio-Tech International	56.21M	6.46	-672.92	-13.8%	0.64%	0.8%		0.05

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	282.36M	383.88M	548.44M	529.67M	589.46M	693.62M	769.67M	747.94M	663.1M	763.6M
Revenue Growth %	0.05%	0.36%	0.43%	-0.03%	0.11%	0.18%	0.11%	-0.03%	-0.11%	0.15%
Cost of Goods Sold+	196.62M	281.2M	332.84M	319.34M	351.97M	405.7M	446.91M	451.93M	404.52M	455.68M
COGS % of Revenue	0.7%	0.73%	0.61%	0.6%	0.6%	0.58%	0.58%	0.6%	0.61%	0.6%
Gross Profit+	85.74M	102.68M	215.6M	210.34M	237.5M	287.92M	322.77M	296.01M	258.58M	307.92M
Gross Margin %	0.3%	0.27%	0.39%	0.4%	0.4%	0.42%	0.42%	0.4%	0.39%	0.4%
Gross Profit Growth %	0.11%	0.2%	1.1%	-0.02%	0.13%	0.21%	0.12%	-0.08%	-0.13%	0.19%
Operating Expenses+	89.84M	150.59M	169.3M	174.23M	187.83M	204.13M	224.73M	241.1M	175.82M	243.14M
OpEx % of Revenue	0.32%	0.39%	0.31%	0.33%	0.32%	0.29%	0.29%	0.32%	0.27%	0.32%
Selling, General & Admin	45.09M	73.44M	95.49M	99.25M	106.33M	115.1M	123.79M	131.88M	133.01M	141.79M
SG&A % of Revenue	0.16%	0.19%	0.17%	0.19%	0.18%	0.17%	0.16%	0.18%	0.2%	0.19%
Research & Development	44.18M	57.45M	73.81M	74.98M	81.5M	89.03M	100.94M	109.22M	115.77M	121.94M
R&D % of Revenue	0.16%	0.15%	0.13%	0.14%	0.14%	0.13%	0.13%	0.15%	0.17%	0.16%
Other Operating Expenses	567K	19.69M	0	0	0	0	0	0	-72.95M	-20.58M
Operating Income+	-4.1M	-47.91M	46.3M	36.11M	49.66M	83.79M	98.04M	54.91M	82.76M	64.78M
Operating Margin %	-0.01%	-0.12%	0.08%	0.07%	0.08%	0.12%	0.13%	0.07%	0.12%	0.08%
Operating Income Growth %	0.8%	-10.68%	1.97%	-0.22%	0.38%	0.69%	0.17%	-0.44%	0.51%	-0.22%
EBITDA+	19.67M	-1.11M	90.87M	79.8M	94.52M	132.47M	142.56M	92.95M	120.21M	97.68M
EBITDA Margin %	0.07%	-0%	0.17%	0.15%	0.16%	0.19%	0.19%	0.12%	0.18%	0.13%
EBITDA Growth %	0.98%	-1.06%	82.94%	-0.12%	0.18%	0.4%	0.08%	-0.35%	0.29%	-0.19%
D&A (Non-Cash Add-back)	23.77M	46.8M	44.57M	43.69M	44.86M	48.69M	44.52M	38.04M	37.45M	32.9M
EBIT	-3.54M	-47.8M	46.7M	37.24M	52.98M	86.04M	99.1M	58.45M	89.69M	79.83M
Net Interest Income+	283K	-2.06M	-3.94M	-1.96M	799K	637K	-33K	1.64M	6.8M	13.69M
Interest Income	283K	327K	548K	1.36M	2.71M	1.5M	569K	2.22M	7.22M	14.11M
Interest Expense	0	2.39M	4.49M	3.31M	1.92M	864K	602K	579K	421K	418K
Other Income/Expense	2.83M	-2.29M	-4.09M	-2.18M	1.4M	1.39M	462K	2.96M	6.51M	14.63M
Pretax Income+	-1.27M	-50.2M	42.21M	33.93M	51.06M	85.17M	98.5M	57.87M	89.27M	79.41M
Pretax Margin %	-0%	-0.13%	0.08%	0.06%	0.09%	0.12%	0.13%	0.08%	0.13%	0.1%
Income Tax+	252K	-43.64M	1.29M	-70.11M	11.72M	6.65M	14.58M	7.13M	6.88M	9.8M
Effective Tax Rate %	1.2%	0.13%	0.97%	3.07%	0.77%	0.92%	0.85%	0.88%	0.92%	0.88%
Net Income+	-1.52M	-6.56M	40.91M	104.04M	39.35M	78.52M	83.92M	50.74M	82.39M	69.61M
Net Margin %	-0.01%	-0.02%	0.07%	0.2%	0.07%	0.11%	0.11%	0.07%	0.12%	0.09%
Net Income Growth %	0.92%	-3.31%	7.24%	1.54%	-0.62%	1%	0.07%	-0.4%	0.62%	-0.16%
Net Income (Continuing)	-1.52M	-6.56M	40.91M	104.04M	39.35M	78.52M	83.92M	50.74M	82.39M	69.61M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.03	-0.10	0.55	1.38	0.51	0.99	1.06	0.65	1.05	0.89
EPS Growth %	0.92%	-2.8%	6.5%	1.51%	-0.63%	0.94%	0.07%	-0.39%	0.62%	-0.15%
EPS (Basic)	-0.03	-0.10	0.57	1.42	0.52	1.02	1.08	0.65	1.06	0.90
Diluted Shares Outstanding	57.85M	64.94M	74.24M	75.18M	77.29M	79M	79.13M	78.2M	78.16M	78.44M
Basic Shares Outstanding	57.85M	64.94M	72.29M	73.48M	74.99M	76.68M	77.79M	77.58M	77.37M	77.34M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	258.02M	254.7M	305.85M	337.82M	419.04M	487.07M	524.04M	474.55M	573.78M	605.13M
Cash & Short-Term Investments	187.59M	108.91M	140.17M	149M	220.87M	255.03M	276.06M	238.14M	328.32M	360.02M
Cash Only	146.26M	101.41M	91.18M	98.47M	144.54M	187.22M	151.01M	109.13M	177.81M	190.73M
Short-Term Investments	41.33M	7.5M	48.99M	50.53M	76.33M	67.81M	125.06M	129.01M	150.51M	169.29M
Accounts Receivable	36.73M	71.62M	83.76M	95.33M	97.87M	107.6M	115.54M	88.14M	106.76M	104.29M
Days Sales Outstanding	47.47	68.09	55.74	65.69	60.6	56.62	54.79	43.01	58.76	49.85
Inventory	27.22M	59.81M	67.85M	77.71M	83.26M	99.23M	111.55M	123.16M	111.69M	101.68M
Days Inventory Outstanding	50.54	77.63	74.4	88.82	86.34	89.28	91.1	99.47	100.77	81.44
Other Current Assets	0	106K	372K	849K	1.98M	1.9M	2.23M	25.12M	27.02M	39.13M
Total Non-Current Assets+	84.7M	365.29M	340.72M	390.4M	420.84M	476.14M	496.48M	533.68M	533.01M	541.09M
Property, Plant & Equipment	23.85M	42.66M	46.75M	54.05M	90.17M	134.86M	181.76M	221.21M	234.92M	232.81M
Fixed Asset Turnover	11.84x	9.00x	11.73x	9.80x	6.54x	5.14x	4.23x	3.38x	2.82x	3.28x
Goodwill	30.73M	188.01M	189.92M	189.21M	199.2M	212.76M	212.3M	211.44M	201.09M	199.17M
Intangible Assets	25.55M	126.61M	97.48M	67.64M	57.61M	59.15M	36.34M	26.75M	12.94M	10.36M
Long-Term Investments	435K	1.08M	1.17M	1.23M	0	0	2.1M	0	0	0
Other Non-Current Assets	853K	3.62M	2.26M	968K	2.61M	3.13M	1.98M	6.63M	5.1M	6.74M
Total Assets+	342.72M	619.99M	646.57M	728.22M	839.88M	963.22M	1.02B	1.01B	1.11B	1.15B
Asset Turnover	0.82x	0.62x	0.85x	0.73x	0.70x	0.72x	0.75x	0.74x	0.60x	0.67x
Asset Growth %	-0%	0.81%	0.04%	0.13%	0.15%	0.15%	0.06%	-0.01%	0.1%	0.04%
Total Current Liabilities+	43.58M	83.72M	92.16M	102.52M	136.56M	154.57M	148.75M	149.67M	131.09M	131.34M
Accounts Payable	18.07M	34.08M	35.05M	40.01M	40.91M	62.05M	57.86M	69.31M	63.86M	62.29M
Days Payables Outstanding	33.55	44.23	38.43	45.73	42.43	55.82	47.26	55.98	57.62	49.89
Short-Term Debt	0	12.7M	18.44M	29.84M	42.85M	9.52M	8.93M	1.04M	1.07M	1.11M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	12.61M	14.8M	14.75M	7.91M	8.26M	15.26M	13.04M	20.45M	24.34M	9.59M
Current Ratio	5.92x	3.04x	3.32x	3.30x	3.07x	3.15x	3.52x	3.17x	4.38x	4.61x
Quick Ratio	5.30x	2.33x	2.58x	2.54x	2.46x	2.51x	2.77x	2.35x	3.52x	3.83x
Cash Conversion Cycle	64.46	101.49	91.71	108.79	104.51	90.08	98.64	86.51	101.92	81.4
Total Non-Current Liabilities+	4.46M	135.22M	95.78M	45.54M	62.33M	64.56M	55.99M	50.28M	66.89M	67.1M
Long-Term Debt	0	125.47M	87.23M	34.97M	15.64M	24.98M	15.43M	14.39M	13.31M	12.21M
Capital Lease Obligations	0	0	0	0	29.09M	28M	31.01M	27.59M	25.33M	17.55M
Deferred Tax Liabilities	0	3.7M	3.38M	2.35M	6.99M	5.35M	3.62M	2.73M	0	0
Other Non-Current Liabilities	4.46M	6.04M	0	0	10.61M	6.24M	5.92M	5.57M	10.25M	19.34M
Total Liabilities	48.04M	218.94M	187.94M	148.06M	198.88M	219.13M	204.74M	199.94M	197.99M	198.45M
Total Debt+	0	138.18M	105.67M	64.81M	94.12M	69.19M	63.27M	50.37M	48.15M	39.23M
Net Debt	-146.26M	36.77M	14.49M	-33.66M	-50.42M	-118.03M	-87.73M	-58.76M	-129.67M	-151.5M
Debt / Equity	-	0.34x	0.23x	0.11x	0.15x	0.09x	0.08x	0.06x	0.05x	0.04x
Debt / EBITDA	-	-	1.16x	0.81x	1.00x	0.52x	0.44x	0.54x	0.40x	0.40x
Net Debt / EBITDA	-7.44x	-	0.16x	-0.42x	-0.53x	-0.89x	-0.62x	-0.63x	-1.08x	-1.55x
Interest Coverage	-	-20.04x	10.31x	10.90x	25.93x	96.98x	162.85x	94.84x	196.57x	154.98x
Total Equity+	294.68M	401.06M	458.64M	580.16M	641M	744.08M	815.78M	808.28M	908.8M	947.77M
Equity Growth %	0.02%	0.36%	0.14%	0.26%	0.1%	0.16%	0.1%	-0.01%	0.12%	0.04%
Book Value per Share	5.09	6.18	6.18	7.72	8.29	9.42	10.31	10.34	11.63	12.08
Total Shareholders' Equity	294.68M	401.06M	458.64M	580.16M	641M	744.08M	815.78M	808.28M	908.8M	947.77M
Common Stock	718.96M	833.41M	73K	75K	76K	78K	78K	77K	77K	77K
Retained Earnings	-422.06M	-428.62M	-387.57M	-283.59M	-244.24M	-165.72M	-81.79M	-31.06M	51.33M	120.94M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.22M	-3.74M	3.02M	780K	-659K	5.89M	-1.45M	-5.58M	-4.05M	-10.84M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	36.12M	17.42M	86.32M	68.7M	121.05M	169.26M	139.36M	131.79M	64.6M	117.53M
Operating CF Margin %	0.13%	0.05%	0.16%	0.13%	0.21%	0.24%	0.18%	0.18%	0.1%	0.15%
Operating CF Growth %	1.05%	-0.52%	3.95%	-0.2%	0.76%	0.4%	-0.18%	-0.05%	-0.51%	0.82%
Net Income	-1.52M	-6.56M	40.91M	104.04M	39.35M	78.52M	83.92M	50.74M	82.39M	69.61M
Depreciation & Amortization	23.77M	46.8M	44.57M	43.69M	44.86M	48.69M	44.52M	38.04M	37.45M	32.9M
Stock-Based Compensation	11.57M	10.72M	16.34M	17.83M	23.18M	23.83M	29.38M	31.34M	38.62M	39.76M
Deferred Taxes	-14K	-45.02M	-590K	-74.91M	4.95M	-562K	3.87M	-6.34M	-12.1M	-13.36M
Other Non-Cash Items	5.72M	30.54M	9.17M	11.31M	5.47M	16.92M	27.42M	36.19M	-49.52M	-2.74M
Working Capital Changes	-3.41M	-19.06M	-24.07M	-33.25M	3.25M	1.86M	-49.76M	-18.17M	-32.23M	-8.65M
Change in Receivables	8.26M	-6.85M	-10.65M	-13.83M	481K	-3.54M	-9.09M	26.03M	-23.3M	-1.92M
Change in Inventory	-8.17M	-11.73M	-15.63M	-21.3M	-14.29M	-22.19M	-31.66M	-28.78M	-9.49M	-8.26M
Change in Payables	-2.04M	3.43M	741K	3.05M	-27K	16.79M	-6.59M	3.9M	1.32M	-8.23M
Cash from Investing+	1.13M	-206.32M	-59.67M	-21.3M	-66.35M	-98.92M	-124.74M	-75.7M	29.05M	-33.48M
Capital Expenditures	-8.64M	-11.52M	-17.76M	-19.87M	-20.85M	-55.87M	-66.5M	-65.25M	-56.03M	-38.44M
CapEx % of Revenue	0.03%	0.03%	0.03%	0.04%	0.04%	0.08%	0.09%	0.09%	0.08%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.2M	-726K	-248K	23K	-51.08M	0	0	-1M	0	-1.5M
Cash from Financing+	-4.79M	143.61M	-39.47M	-39.33M	-6.58M	-30.93M	-47.2M	-95.93M	-22.71M	-64.61M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-1.51M	-6.88M	-5.79M	-8.03M	-15.53M	-48.52M	-98.03M	-30.49M	-19.98M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	27.48M	5.9M	68.57M	48.83M	100.2M	113.39M	72.87M	66.53M	8.57M	79.1M
FCF Margin %	0.1%	0.02%	0.13%	0.09%	0.17%	0.16%	0.09%	0.09%	0.01%	0.1%
FCF Growth %	1.29%	-0.79%	10.62%	-0.29%	1.05%	0.13%	-0.36%	-0.09%	-0.87%	8.22%
FCF per Share	0.48	0.09	0.92	0.65	1.30	1.44	0.92	0.85	0.11	1.01
FCF Conversion (FCF/Net Income)	-23.72x	-2.66x	2.11x	0.66x	3.08x	2.16x	1.66x	2.60x	0.78x	1.69x
Interest Paid	0	2.11M	3.84M	3.11M	1.41M	867K	643K	535K	422K	391K
Taxes Paid	27K	2.57M	3.17M	4.58M	4.32M	9.15M	7.96M	10.92M	17.39M	15.58M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-0.52%	-1.88%	9.52%	20.03%	6.44%	11.34%	10.76%	6.25%	9.6%	7.5%
Return on Invested Capital (ROIC)	-1.9%	-12.26%	7.62%	5.31%	6.55%	10.33%	10.86%	5.57%	8.12%	6.17%
Gross Margin	30.36%	26.75%	39.31%	39.71%	40.29%	41.51%	41.94%	39.58%	39%	40.33%
Net Margin	-0.54%	-1.71%	7.46%	19.64%	6.67%	11.32%	10.9%	6.78%	12.42%	9.12%
Debt / Equity	-	0.34x	0.23x	0.11x	0.15x	0.09x	0.08x	0.06x	0.05x	0.04x
Interest Coverage	-	-20.04x	10.31x	10.90x	25.93x	96.98x	162.85x	94.84x	196.57x	154.98x
FCF Conversion	-23.72x	-2.66x	2.11x	0.66x	3.08x	2.16x	1.66x	2.60x	0.78x	1.69x
Revenue Growth	5.15%	35.96%	42.87%	-3.42%	11.29%	17.67%	10.97%	-2.82%	-11.34%	15.16%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Foundry & Logic Product Group	-	237.59M	313.71M	258.46M	318.55M	446.18M	435.81M	409.2M	363.54M	381.18M
Foundry & Logic Product Group Growth	-	-	32.04%	-17.61%	23.25%	40.07%	-2.32%	-6.11%	-11.16%	4.85%
DRAM Product Group	-	86.91M	124.69M	135.33M	147.26M	109.73M	156.05M	133.45M	113.78M	227.42M
DRAM Product Group Growth	-	-	43.46%	8.54%	8.81%	-25.48%	42.21%	-14.48%	-14.74%	99.88%
Systems Product Group	-	45.91M	93.65M	95.41M	98.1M	111.88M	136.39M	156.51M	165.2M	137.64M
Systems Product Group Growth	-	-	103.98%	1.88%	2.82%	14.04%	21.91%	14.75%	5.55%	-16.68%
Flash Product Group	-	13.47M	16.39M	40.48M	25.55M	25.82M	41.42M	48.78M	20.59M	17.36M
Flash Product Group Growth	-	-	21.72%	146.89%	-36.87%	1.05%	60.41%	17.77%	-57.80%	-15.69%
SoC	145.84M	-	-	-	-	-	-	-	-	-
SoC Growth	-	-	-	-	-	-	-	-	-	-
DRAM	125.51M	-	-	-	-	-	-	-	-	-
DRAM Growth	-	-	-	-	-	-	-	-	-	-
Flash	11.01M	-	-	-	-	-	-	-	-	-
Flash Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Systems	-	-	-	-	-	-	-	-	-	137.64M
Systems Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

FormFactor, Inc. (FORM) has a price-to-earnings (P/E) ratio of 84.6x. This suggests investors expect higher future growth.

Growth & Financials

FormFactor, Inc. (FORM) reported $759.3M in revenue for fiscal year 2024. This represents a 348% increase from $169.3M in 2011.

FormFactor, Inc. (FORM) grew revenue by 15.2% over the past year. This is strong growth.

Yes, FormFactor, Inc. (FORM) is profitable, generating $39.7M in net income for fiscal year 2024 (9.1% net margin).

Dividend & Returns

FormFactor, Inc. (FORM) has a return on equity (ROE) of 7.5%. This is below average, suggesting room for improvement.

FormFactor, Inc. (FORM) generated $5.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.