The company maintains a conservative capital structure with a 0.02 debt-to-equity ratio and a robust 4.55 current ratio as of 2026Q1, providing significant protection against cyclical downturns.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Total Current Assets | 600.81M | 557.05M | 605.13M | 573.78M | 474.55M | 524.04M | 487.07M | 419.04M | 337.82M | 305.85M | 254.7M | 258.02M | 244.27M | 211.65M | 239.17M | 336.98M | 416.29M | 546.61M | 642.96M | 702.34M | 596.38M | 292.54M | 240.12M | 212.31M | 56.59M |
| Cash & Short-Term Investments | 303.28M | 276.24M | 360.02M | 328.32M | 238.14M | 276.06M | 255.03M | 220.87M | 149M | 140.17M | 108.91M | 187.59M | 163.84M | 151.09M | 165.79M | 296.69M | 347.24M | 449.24M | 522.89M | 570.05M | 492.39M | 211.61M | 191.48M | 179.27M | 34.34M |
| Cash Only | 123.54M | 103.33M | 190.73M | 177.81M | 109.13M | 151.01M | 187.22M | 144.54M | 98.47M | 91.18M | 101.41M | 146.26M | 113.94M | 59.2M | 72.24M | 139.05M | 121.21M | 122.04M | 337.93M | 315.23M | 284.13M | 31.22M | 34.84M | 116.31M | 26.79M |
| Short-Term Investments | 179.74M | 171.84M | 169.29M | 150.51M | 129.01M | 125.06M | 67.81M | 76.33M | 50.53M | 48.99M | 7.5M | 41.33M | 49.9M | 91.89M | 93.55M | 157.64M | 226.03M | 327.19M | 184.97M | 254.81M | 208.26M | 180.39M | 156.65M | 62.97M | 7.56M |
| Accounts Receivable | 132.16M | 125.42M | 104.29M | 106.76M | 88.14M | 115.54M | 107.6M | 97.87M | 95.33M | 83.76M | 71.62M | 36.73M | 45.93M | 30.97M | 34.59M | 13.57M | 28.6M | 56.19M | 63.54M | 71.53M | 54.57M | 43.97M | 25.05M | 19.7M | 11.99M |
| Days Sales Outstanding | 54.99 | 58.31 | 49.85 | 58.76 | 43.01 | 54.79 | 56.62 | 60.6 | 65.69 | 55.74 | 68.09 | 47.47 | 62.44 | 48.82 | 70.71 | 29.26 | 55.36 | 151.53 | 110.34 | 56.49 | 53.95 | 67.57 | 51.44 | 73.14 | 55.6 |
| Inventory | 112.88M | 110.88M | 101.68M | 111.69M | 123.16M | 111.55M | 99.23M | 83.26M | 77.71M | 67.85M | 59.81M | 27.22M | 25.55M | 20.71M | 23.62M | 18.09M | 25.76M | 25.55M | 18.79M | 29.31M | 24.78M | 18.4M | 11.23M | 8.03M | 4.23M |
| Days Inventory Outstanding | 83.22 | 84.71 | 81.44 | 100.77 | 99.47 | 91.1 | 89.28 | 86.34 | 88.82 | 74.4 | 77.63 | 50.54 | 48.8 | 39.94 | 56.26 | 44.51 | 49.28 | 69.32 | 39.43 | 49.65 | 49.13 | 51.63 | 45.47 | 58.67 | 39.13 |
| Other Current Assets | 52.49M | 44.52M | 39.13M | 27.02M | 25.12M | 2.23M | 1.9M | 1.98M | 849K | 372K | 106K | 0 | 2.04M | 2.78M | 4.61M | 1.16M | 712K | 3.3M | 23.04M | 18M | 14.5M | 11.4M | 7.59M | 2.83M | 2.57M |
| Total Non-Current Assets | 655.04M | 667.31M | 541.09M | 533.01M | 533.68M | 496.48M | 476.14M | 420.84M | 390.4M | 340.72M | 365.29M | 84.7M | 99.97M | 129.06M | 156.51M | 46.1M | 49.76M | 107.22M | 142.75M | 152.98M | 101.95M | 88.82M | 62.45M | 23.8M | 20.93M |
| Property, Plant & Equipment | 264.85M | 276.27M | 232.81M | 234.92M | 221.21M | 181.76M | 134.86M | 90.17M | 54.05M | 46.75M | 42.66M | 23.85M | 25.5M | 35.19M | 45.52M | 35.13M | 37.31M | 97.76M | 113.81M | 130.88M | 94.06M | 81.59M | 59.36M | 20.5M | 16.54M |
| Fixed Asset Turnover | 3.07x | 2.84x | 3.28x | 2.82x | 3.38x | 4.23x | 5.14x | 6.54x | 9.80x | 11.73x | 9.00x | 11.84x | 10.53x | 6.58x | 3.92x | 4.82x | 5.05x | 1.38x | 1.85x | 3.53x | 3.93x | 2.91x | 2.99x | 4.80x | 4.76x |
| Goodwill | 215.41M | 216.03M | 199.17M | 201.09M | 211.44M | 212.3M | 212.76M | 199.2M | 189.21M | 189.92M | 188.01M | 30.73M | 30.73M | 30.73M | 30.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 15.48M | 16.3M | 10.36M | 12.94M | 26.75M | 36.34M | 59.15M | 57.61M | 67.64M | 97.48M | 126.61M | 25.55M | 38.69M | 57.47M | 74.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 133.71M | 66.75M | 0 | 0 | 0 | 2.1M | 0 | 0 | 1.23M | 1.17M | 1.08M | 435K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 68.67M | 2.43M | 6.74M | 5.1M | 6.63M | 1.98M | 3.13M | 2.61M | 968K | 2.26M | 3.62M | 853K | 1.58M | 1.71M | 1.52M | 5.01M | 7.01M | 9.4M | 8.35M | 12.06M | 3.19M | 2.71M | 2.52M | 2.91M | 3.32M |
| Total Assets | 1.26B | 1.22B | 1.15B | 1.11B | 1.01B | 1.02B | 963.22M | 839.88M | 728.22M | 646.57M | 619.99M | 342.72M | 344.24M | 340.71M | 395.68M | 383.07M | 466.05M | 653.83M | 785.71M | 855.32M | 698.33M | 381.36M | 302.57M | 236.11M | 77.52M |
| Asset Turnover | 0.69x | 0.64x | 0.67x | 0.60x | 0.74x | 0.75x | 0.72x | 0.70x | 0.73x | 0.85x | 0.62x | 0.82x | 0.78x | 0.68x | 0.45x | 0.44x | 0.40x | 0.21x | 0.27x | 0.54x | 0.53x | 0.62x | 0.59x | 0.42x | 1.02x |
| Asset Growth % | 21.9% | 6.82% | 3.56% | 9.78% | -1.2% | 5.95% | 14.68% | 15.33% | 12.63% | 4.29% | 80.9% | -0.44% | 1.04% | -13.89% | 3.29% | -17.81% | -28.72% | -16.78% | -8.14% | 22.48% | 83.11% | 26.04% | 28.15% | 204.59% | - |
| Total Current Liabilities | 132.11M | 123.86M | 131.34M | 131.09M | 149.67M | 148.75M | 154.57M | 136.56M | 102.52M | 92.16M | 83.72M | 43.58M | 47.86M | 37.77M | 45.05M | 28.59M | 45.52M | 64M | 66.21M | 80.25M | 75.59M | 60.43M | 35.01M | 21.73M | 16.06M |
| Accounts Payable | 54.23M | 47.44M | 62.29M | 63.86M | 69.31M | 57.86M | 62.05M | 40.91M | 40.01M | 35.05M | 34.08M | 18.07M | 20.27M | 16.31M | 21.02M | 9.73M | 14.95M | 29.25M | 33.21M | 42.89M | 31.27M | 26.37M | 17.56M | 10.58M | 6.71M |
| Days Payables Outstanding | 41.29 | 36.24 | 49.89 | 57.62 | 55.98 | 47.26 | 55.82 | 42.43 | 45.73 | 38.43 | 44.23 | 33.55 | 38.73 | 31.46 | 50.07 | 23.94 | 28.59 | 79.37 | 69.7 | 72.65 | 62.01 | 73.98 | 71.07 | 77.34 | 62.09 |
| Short-Term Debt | 9.47M | 8.8M | 1.11M | 1.07M | 1.04M | 8.93M | 9.52M | 42.85M | 29.84M | 18.44M | 12.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 875K |
| Deferred Revenue (Current) | 84.45M | 20.09M | 15.85M | 16.7M | 29.85M | 23.22M | 20.96M | 9.81M | 4.94M | 4.98M | 5.3M | 3.89M | 6.3M | 7.03M | 6.19M | 4.8M | 4.64M | 11.32M | 5.4M | 5.54M | 7.27M | 3.59M | 2.77M | 1M | 793K |
| Other Current Liabilities | 42.12M | 47.53M | 9.59M | 24.34M | 20.45M | 13.04M | 15.26M | 8.26M | 7.91M | 14.75M | 14.8M | 12.61M | 12.65M | 8.13M | 8.84M | 0 | 0 | 0 | 0 | 1.79M | 8.43M | 10.01M | 0 | 13K | 0 |
| Current Ratio | 4.55x | 4.50x | 4.61x | 4.38x | 3.17x | 3.52x | 3.15x | 3.07x | 3.30x | 3.32x | 3.04x | 5.92x | 5.10x | 5.60x | 5.31x | 11.78x | 9.14x | 8.54x | 9.71x | 8.75x | 7.89x | 4.84x | 6.86x | 9.77x | 3.52x |
| Quick Ratio | 3.69x | 3.60x | 3.83x | 3.52x | 2.35x | 2.77x | 2.51x | 2.46x | 2.54x | 2.58x | 2.33x | 5.30x | 4.57x | 5.06x | 4.79x | 11.15x | 8.58x | 8.14x | 9.43x | 8.39x | 7.56x | 4.54x | 6.54x | 9.40x | 3.26x |
| Cash Conversion Cycle | 96.92 | 106.79 | 81.4 | 101.92 | 86.51 | 98.64 | 90.08 | 104.51 | 108.79 | 91.71 | 101.49 | 64.46 | 72.51 | 57.3 | 76.9 | 49.83 | 76.04 | 141.49 | 80.06 | 33.48 | 41.07 | 45.23 | 25.84 | 54.47 | 32.64 |
| Total Non-Current Liabilities | 64.94M | 65.18M | 67.1M | 66.89M | 50.28M | 55.99M | 64.56M | 62.33M | 45.54M | 95.78M | 135.22M | 4.46M | 6.95M | 8.85M | 11.38M | 7.82M | 9.33M | 12.05M | 13.44M | 18.13M | 5.13M | 3.14M | 2.38M | 433K | 66.5M |
| Long-Term Debt | 11.64M | 23.56M | 12.21M | 13.31M | 14.39M | 15.43M | 24.98M | 15.64M | 34.97M | 87.23M | 125.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 625K |
| Capital Lease Obligations | 41.04M | 12.49M | 17.55M | 25.33M | 27.59M | 31.01M | 28M | 29.09M | 0 | 0 | 0 | 0 | 0 | 0 | 340K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 3.17M | 1.6M | 0 | 0 | 2.73M | 3.62M | 5.35M | 6.99M | 2.35M | 3.38M | 3.7M | 0 | 2.21M | 0 | 19.43M | 0 | 0 | 6.42M | 7.73M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 51.73M | 9.45M | 19.34M | 10.25M | 5.57M | 5.92M | 6.24M | 10.61M | 0 | 0 | 6.04M | 4.46M | 4.74M | 8.85M | 3.03M | 7.82M | 9.33M | 5.63M | 13.44M | 18.13M | 5.13M | 3.14M | 2.19M | 0 | 65.87M |
| Total Liabilities | 197.05M | 189.04M | 198.45M | 197.99M | 199.94M | 204.74M | 219.13M | 198.88M | 148.06M | 187.94M | 218.94M | 48.04M | 54.81M | 46.62M | 56.42M | 36.42M | 54.85M | 76.05M | 79.65M | 98.37M | 80.72M | 63.57M | 37.39M | 22.16M | 82.56M |
| Total Debt | 21.11M | 44.85M | 39.23M | 48.15M | 50.37M | 63.27M | 69.19M | 94.12M | 64.81M | 105.67M | 138.18M | 0 | 0 | 270K | 913K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.5M |
| Net Debt | -102.43M | -58.48M | -151.5M | -129.67M | -58.76M | -87.73M | -118.03M | -50.42M | -33.66M | 14.49M | 36.77M | -146.26M | -113.94M | -58.93M | -71.33M | -139.05M | -121.21M | -122.04M | -337.93M | -315.23M | -284.13M | -31.22M | -34.84M | -116.31M | -25.29M |
| Debt / Equity | 0.02x | 0.04x | 0.04x | 0.05x | 0.06x | 0.08x | 0.09x | 0.15x | 0.11x | 0.23x | 0.34x | - | - | 0.00x | 0.00x | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.14x | 0.40x | 0.40x | 0.40x | 0.54x | 0.44x | 0.52x | 1.00x | 0.81x | 1.16x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.13x |
| Net Debt / EBITDA | -0.68x | -0.53x | -1.55x | -1.08x | -0.63x | -0.62x | -0.89x | -0.53x | -0.42x | 0.16x | - | -7.44x | -11.47x | - | - | - | - | - | - | -2.63x | -3.19x | -0.60x | -0.81x | -6.68x | -2.11x |
| Interest Coverage | 252.69x | 123.26x | 190.98x | 213.04x | 100.95x | 164.62x | 99.58x | 27.66x | 11.24x | 10.40x | -19.99x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 1.06B | 1.04B | 947.77M | 908.8M | 808.28M | 815.78M | 744.08M | 641M | 580.16M | 458.64M | 401.06M | 294.68M | 289.44M | 294.09M | 339.26M | 346.65M | 411.2M | 577.78M | 706.06M | 756.95M | 617.61M | 317.79M | 265.18M | 213.95M | -5.04M |
| Equity Growth % | 29.02% | 9.25% | 4.29% | 12.44% | -0.92% | 9.64% | 16.08% | 10.49% | 26.5% | 14.36% | 36.1% | 1.81% | -1.58% | -13.32% | -2.13% | -15.7% | -28.83% | -18.17% | -6.72% | 22.56% | 94.35% | 19.84% | 23.94% | 4347.51% | - |
| Book Value per Share | 13.33 | 13.22 | 12.08 | 11.63 | 10.34 | 10.31 | 9.42 | 8.29 | 7.72 | 6.18 | 6.18 | 5.09 | 5.18 | 5.43 | 6.71 | 6.86 | 8.18 | 11.68 | 14.44 | 15.27 | 13.09 | 7.64 | 6.62 | 7.31 | -0.85 |
| Total Shareholders' Equity | 1.06B | 1.04B | 947.77M | 908.8M | 808.28M | 815.78M | 744.08M | 641M | 580.16M | 458.64M | 401.06M | 294.68M | 289.44M | 294.09M | 339.26M | 346.65M | 411.2M | 577.78M | 706.06M | 756.95M | 617.61M | 317.79M | 265.18M | 213.95M | -5.04M |
| Common Stock | 78K | 78K | 77K | 77K | 77K | 78K | 78K | 76K | 75K | 73K | 833.41M | 718.96M | 711.73M | 695.69M | 681.21M | 652.07M | 52K | 50K | 50K | 49K | 47K | 40K | 39K | 37K | 5K |
| Retained Earnings | 195.69M | 175.31M | 120.94M | 51.33M | -31.06M | -81.79M | -165.72M | -244.24M | -283.59M | -387.57M | -428.62M | -422.06M | -420.54M | -401.35M | -343.67M | -308.12M | -242.14M | -53.85M | 101.8M | 182.42M | 113.1M | 52.31M | 22.13M | -806K | -9.37M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -7.66M | -3.53M | -10.84M | -4.05M | -5.58M | -1.45M | 5.89M | -659K | 780K | 3.02M | -3.74M | -2.22M | -1.76M | -249K | 1.72M | 2.7M | 2.03M | 1.25M | 1.92M | 929K | -244K | -2.85M | -6.14M | -11.91M | -15.74M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical design cycle volatility
According to recent balance sheet data, FormFactor has successfully expanded its total equity base to $1.1 billion as of 2026Q1, reflecting a consistent upward trajectory in retained earnings that suggests the company is effectively converting its cyclical revenue gains into a more robust long-term financial foundation.
The steady accumulation of retained earnings, which grew from $51.3 million in 2023Q4 to $195.7 million in 2026Q1, indicates that the business is retaining value despite the inherent volatility of the semiconductor test market. This trend suggests that management is successfully navigating the transition toward higher-complexity MEMS-based products while maintaining a disciplined approach to capital preservation.
As reported in financial statements, FormFactor maintains a negligible debt-to-equity ratio of 0.02 as of 2026Q1, a figure that underscores the company's conservative capital structure and provides a significant buffer against the cyclical downturns that frequently impact the broader semiconductor manufacturing equipment sector.
The company's decision to keep debt levels minimal, with total debt falling to $21.1 million in the most recent quarter, suggests a strategic preference for financial independence over aggressive leverage. This conservative stance appears to be a deliberate choice to ensure operational continuity during periods of reduced foundry utilization or delayed customer design starts.
Based on the provided quarterly figures, FormFactor maintains a strong current ratio of 4.55 as of 2026Q1, which indicates that the company possesses sufficient short-term assets to comfortably cover its immediate obligations even during periods of significant working capital fluctuations or lumpy revenue recognition cycles.
The company's liquidity position remains a core strength, providing the necessary runway to fund ongoing R&D initiatives without relying on external financing. Investors should monitor whether this liquidity remains stable as the company scales its production capacity to meet the increasing demand for advanced HBM and chiplet-related testing solutions.
While the balance sheet appears fortress-like, the $264.8 million in net PPE and associated inventory levels warrant further investigation, as the custom-engineered nature of probe cards creates a non-obvious risk of rapid obsolescence if customer design roadmaps shift unexpectedly, potentially leading to significant future write-downs.
Because FormFactor's products are bespoke to specific chip floorplans, the value of its inventory and specialized manufacturing equipment is highly sensitive to the success of its customers' design cycles. This reliance on customer-specific demand suggests that headline asset values may be more vulnerable to sudden impairment than the current balance sheet strength implies.
Quick answers to the most common questions about buying FORM stock.
As of 2025, FormFactor, Inc. (FORM) had total assets of $1.22B including $557.1M in current assets.
FormFactor, Inc. (FORM) carries total debt of $44.8M, offset by $276.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FormFactor, Inc. (FORM) has total shareholders' equity (book value) of $1.04B ($13.22 book value per share). Book value represents the net worth of the company belonging to common stock holders.
FormFactor, Inc. (FORM) reported a current ratio of 4.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.