Upside case
Bull case
$151+1.2%
FORM would need investors to value it at roughly 69x earnings — about 1x more generous than today's 69x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
FormFactor, Inc. (FORM) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
19
analysts
8 bullish · 1 bearish · 19 covering FORM
Strong Buy
0
Buy
8
Hold
10
Sell
1
Strong Sell
0
Consensus Target
$123
-17.3% vs today
Scenario Range
— – $151
Model bear to bull value window
Coverage
19
Published analyst ratings
Valuation Context
68.5x
Forward P/E · Market cap $11.6B
FORM price targets
Three scenarios for where FORM stock could go
Current
~$149
Confidence
52 / 100
Updated
May 1, 2026
Where we are now
Current · $149
Base
$103
Bull
$151
Market caseClosest to today
Base case
$103-30.9%
At 47x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
FormFactor, Inc.
FORM · NASDAQTechnologySemiconductorsDecember year-end
FormFactor is a semiconductor testing equipment company that designs and manufactures probe cards and analytical systems used to test integrated circuits during development and production. It generates revenue primarily from probe cards (~70% of sales) for production testing and systems (~30%) for R&D applications—serving semiconductor manufacturers, foundries, and research institutions. The company's competitive advantage lies in its deep technical expertise in wafer-level testing and strong relationships with leading semiconductor companies that rely on its precision measurement solutions.
Market Cap
$11.6B
Revenue TTM
$840M
Net Income TTM
$68M
Net Margin
8.1%
FORM Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
67%Exceptional
12 quarters tracked
Revenue Beat Rate
58%Exceptional
vs consensus estimates
Avg EPS Surprise
+13.2%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$0.27/$0.30
Revenue
$196M/$199M
Q4 2025
EPS
$0.33/$0.25
Revenue
$203M/$210M
Q1 2026
EPS
$0.46/$0.35
Revenue
$215M/$211M
Q2 2026
EPS
$0.56/$0.45
Revenue
$226M/$226M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.27/$0.30 | -10.0% | $196M/$199M | -1.8% |
| Q4 2025 | $0.33/$0.25 | +32.0% | $203M/$210M | -3.6% |
| Q1 2026 | $0.46/$0.35 | +31.4% | $215M/$211M | +2.2% |
| Q2 2026 | $0.56/$0.45 | +24.4% | $226M/$226M | +0.3% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$879M
+4.7% YoY
FY2
$918M
+4.5% YoY
EPS Outlook
FY1
$1.20
+39.5% YoY
FY2
$1.29
+7.2% YoY
Trailing FCF (TTM)-$5M
FCF Margin: -0.6%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
FORM beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
FORM Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $785M
Product Mix
Latest annual revenue by segment or product family
Foundry & Logic Product Group
47.1%
-3.0% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Systems Segment
100.0%
+6.9% YoY
Tap, hover, or focus a slice to inspect segment detail.
Foundry & Logic Product Group is the largest disclosed segment at 47.1% of FY 2025 revenue, down 3.0% YoY.
Systems Segment is the largest reported region at 100.0%, up 6.9% YoY.
FORM Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Overvalued
Fair value est. $43 — implies -68.6% from today's price.
Premium to Fair Value
68.6%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
FORM
216.1x
vs
S&P 500
25.2x
+757% premium
vs Technology Trailing P/E
FORM
216.1x
vs
Technology
27.5x
+687% premium
vs FORM 5Y Avg P/E
Today
216.1x
vs
5Y Average
50.6x
+327% premium
Forward PE
68.5x
S&P 500
19.1x
+259%
Technology
21.7x
+216%
5Y Avg
—
—
Trailing PE
216.1x
S&P 500
25.2x
+757%
Technology
27.5x
+687%
5Y Avg
50.6x
+327%
PEG Ratio
—
S&P 500
1.75x
—
Technology
1.47x
—
5Y Avg
—
—
EV/EBITDA
104.1x
S&P 500
15.3x
+582%
Technology
17.4x
+499%
5Y Avg
28.9x
+260%
Price/FCF
990.2x
S&P 500
21.3x
+4542%
Technology
19.8x
+4902%
5Y Avg
40.4x
+2349%
Price/Sales
14.8x
S&P 500
3.1x
+373%
Technology
2.4x
+514%
5Y Avg
4.5x
+230%
Dividend Yield
—
S&P 500
1.88%
—
Technology
1.18%
—
5Y Avg
—
—
| Metric | FORM | S&P 500 | Technology | 5Y Avg FORM |
|---|---|---|---|---|
| Forward PE | 68.5x | 19.1x+259% | 21.7x+216% | — |
| Trailing PE | 216.1x | 25.2x+757% | 27.5x+687% | 50.6x+327% |
| PEG Ratio | — | 1.75x | 1.47x | — |
| EV/EBITDA | 104.1x | 15.3x+582% | 17.4x+499% | 28.9x+260% |
| Price/FCF | 990.2x | 21.3x+4542% | 19.8x+4902% | 40.4x+2349% |
| Price/Sales | 14.8x | 3.1x+373% | 2.4x+514% | 4.5x+230% |
| Dividend Yield | — | 1.88% | 1.18% | — |
FORM trades above S&P 500 benchmarks on 5 of 5 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolFORM Financial Health
Verdict
Adequate
Key financial metrics for FORM are shown below.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$840M
Revenue Growth
TTM vs prior year
+9.6%
Gross Margin
Gross profit as a share of revenue
42.1%
Operating Margin
Operating income divided by revenue
12.7%
Net Margin
Net income divided by revenue
8.1%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$0.86
Free Cash Flow (TTM)
Cash generation after capex
-$5M
FCF Margin
FCF as share of revenue — the primary cash quality signal
-0.6%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
5.4%
ROA
Return on assets, trailing twelve months
5.6%
Cash & Equivalents
Liquid assets on the balance sheet
$103M
Net Cash
Cash exceeds total debt — no net leverage
$58M
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE
Return on equity, trailing twelve months
6.7%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.2%
Dividend
—
Buyback
0.2%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$26M
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
78M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageFORM Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Revenue Growth Constraints
FormFactor is expected to face constrained revenue growth until its new facility ramps up in 2027. This delay could significantly impact the company's short-to-medium term financial performance.
High Risk
Technological Advancements and Obsolescence
The semiconductor industry is characterized by rapid technological change, posing risks related to the development and potential obsolescence of new technologies. Companies relying on specific technologies may face vulnerabilities if those technologies become outdated.
Medium
Market Shifts and Competition
FormFactor is subject to market shifts and competitor pricing pressures, which can adversely affect its profitability and market share. This competitive landscape is a significant risk factor for the company's long-term success.
Medium
Supply Chain Disruptions
Global supply chain issues, including shipping delays and shutdowns of foreign facilities, can disrupt production and delivery. Such disruptions may increase costs and negatively impact customer satisfaction.
Medium
Inflation and Economic Conditions
Rising inflation can adversely affect FormFactor's cost structure and profitability. Additionally, broader economic conditions, such as recessions, may reduce demand for semiconductor products.
Lower
Labor Market Challenges
A tight labor market and wage inflation can challenge workforce stability and increase operating costs for FormFactor. This may affect the company's ability to attract and retain talent.
Lower
M&A Activity and Strategic Changes
While acquisitions can provide growth opportunities, they also introduce risks related to integration and market reception. Strategic shifts may pose additional challenges for FormFactor.
Lower
Valuation Concerns
Some analysts believe that FormFactor's current stock price may be overvalued. This presents a risk for investors if the stock price fails to meet expectations.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why FORM Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Robust Growth in HBM and AI
FormFactor is benefiting significantly from the increasing demand for high-bandwidth memory (HBM) driven by generative AI and high-performance computing. This positions the company favorably within the rapidly expanding AI hardware sector.
Strong Earnings Performance and Revisions
The company has a history of beating earnings estimates, with Q4 2025 EPS at $0.46, surpassing estimates of $0.35. Analysts are projecting a substantial 179% expected EPS growth for 2026, indicating strong future growth potential.
Positive Technical Indicators
FormFactor's stock is showing relative outperformance, achieving a series of 52-week highs. Both the 50-day and 200-day moving averages are trending upward, suggesting a bullish market sentiment.
Solid Financials and Balance Sheet
The company boasts healthy cash generation and a strong balance sheet, characterized by net cash, a high current ratio, and low debt-to-equity. This financial stability supports its growth initiatives.
Expanding Market Presence
FormFactor is increasing its deployment in 5G applications for mobility and automotive sectors, which represents significant future growth prospects. This expansion aligns with broader industry trends towards enhanced connectivity.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
FORM Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$149.12
52W Range Position
93%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$26.08
+471.8% from the low
52-Week High
$159.09
-6.3% from the high
1 Month
+42.74%
3 Month
+65.16%
YTD
+151.9%
1 Year
+407.6%
3Y CAGR
+74.7%
5Y CAGR
+31.3%
10Y CAGR
+36.1%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
FORM vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
68.5x
vs 58.2x median
+18% above peer median
Revenue Growth
+4.7%
vs +5.4% median
-13% below peer median
Net Margin
8.1%
vs 10.3% median
-21% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
FOR FORM FormFactor, Inc. | $11.6B | 68.5x | +4.7% | 8.1% | Hold | -17.3% |
COH COHU Cohu, Inc. | $2.3B | 93.2x | +0.8% | -11.5% | Buy | +0.3% |
ONT ONTO Onto Innovation Inc. | $14.6B | 41.6x | +7.7% | 10.3% | Buy | +4.9% |
ACL ACLS Axcelis Technologies, Inc. | $5.5B | 46.9x | -6.2% | 14.3% | Buy | -25.1% |
ICH ICHR Ichor Holdings, Ltd. | $2.5B | 63.4x | +5.4% | -5.3% | Buy | -31.3% |
CAM CAMT Camtek Ltd. | $7.2B | 58.2x | +25.4% | 28.4% | Buy | -18.2% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
FORM Dividend and Capital Return
FORM returns 0.2% annually — null% through dividends and 0.2% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
0.2%
Dividend + buyback return per year
Buyback Yield
0.2%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
—
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$26M
Estimated Shares Retired
176.0K
Approx. Share Reduction
0.2%
Shares Outstanding
Current diluted share count from the screening snapshot
78M
FAQ
7 questionsFORM Investor Questions
Common questions answered from live analyst data and company financials.
01Is FormFactor, Inc. (FORM) stock a buy or sell in 2026?
FormFactor, Inc. (FORM) is rated Hold by Wall Street analysts as of 2026. Of 19 analysts covering the stock, 8 rate it Buy or Strong Buy, 10 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $123, implying -17.3% from the current price of $149.
02What is the FORM stock price target for 2026?
The Wall Street consensus price target for FORM is $123 based on 19 analyst estimates. The high-end target is $175 (+17.4% from today), and the low-end target is $64 (-57.1%). The base case model target is $103.
03Is FormFactor, Inc. (FORM) stock overvalued in 2026?
FORM trades at 68.5x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals significantly overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for FormFactor, Inc. (FORM) stock in 2026?
The primary risks for FORM in 2026 are: (1) Revenue Growth Constraints — FormFactor is expected to face constrained revenue growth until its new facility ramps up in 2027. (2) Technological Advancements and Obsolescence — The semiconductor industry is characterized by rapid technological change, posing risks related to the development and potential obsolescence of new technologies. (3) Market Shifts and Competition — FormFactor is subject to market shifts and competitor pricing pressures, which can adversely affect its profitability and market share. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is FormFactor, Inc.'s revenue and earnings forecast?
Analyst consensus estimates FORM will report consensus revenue of $879M (+4.7% year-over-year) and EPS of $1.20 (+39.5% year-over-year) for the upcoming fiscal year. The following year, analysts project $918M in revenue.
06When does FormFactor, Inc. (FORM) report its next earnings?
A confirmed upcoming earnings date for FORM is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does FormFactor, Inc. generate?
FormFactor, Inc. (FORM) had a free cash outflow of $5M in free cash flow over the trailing twelve months — a free cash flow margin of 0.6%. FORM returns capital to shareholders through and share repurchases ($26M TTM).