Free cash flow remains highly erratic, evidenced by a negative $11.9M outflow in 2026Q1, which is frequently obscured by $8.1M in quarterly stock-based compensation expenses.
| 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 |
|---|
| Cash from Operations | 136.82M | 115.4M | 117.53M | 64.6M | 131.79M | 139.36M | 169.26M | 121.05M | 68.7M | 86.32M | 17.42M | 36.12M | 17.66M | -5.8M | -26.23M | -29.34M | -73.1M | -52.67M | -24.37M | 84.8M | 105.37M | 37.75M | 35.67M | 12.97M | 12.85M |
| Operating CF Margin % | - | 14.7% | 15.39% | 9.74% | 17.62% | 18.11% | 24.4% | 20.54% | 12.97% | 15.74% | 4.54% | 12.79% | 6.58% | -2.51% | -14.69% | -17.33% | -38.76% | -38.92% | -11.59% | 18.35% | 28.54% | 15.89% | 20.07% | 13.2% | 16.34% |
| Operating CF Growth % | 106.35% | -1.82% | 81.94% | -50.98% | -5.44% | -17.66% | 39.83% | 76.2% | -20.42% | 395.45% | -51.77% | 104.55% | 404.36% | 77.88% | 10.62% | 59.86% | -38.79% | -116.11% | -128.74% | -19.52% | 179.14% | 5.81% | 175.02% | 0.93% | - |
| Net Income | 68.34M | 54.36M | 69.61M | 82.39M | 50.74M | 83.92M | 78.52M | 39.35M | 104.04M | 40.91M | -6.56M | -1.52M | -19.18M | -57.68M | -35.55M | -65.98M | -188.29M | -155.65M | -80.62M | 72.89M | 60.79M | 30.18M | 25.18M | 8.56M | 10.36M |
| Depreciation & Amortization | 20.2M | 46.93M | 32.9M | 37.45M | 38.04M | 44.52M | 48.69M | 44.86M | 43.69M | 44.57M | 46.8M | 23.77M | 30.49M | 28.91M | 16.9M | 10.84M | 28.16M | 32.91M | 32.18M | 26.8M | 22.09M | 16.51M | 6.99M | 5.15M | 5.39M |
| Stock-Based Compensation | 36.84M | 38.58M | 39.76M | 38.62M | 31.34M | 29.38M | 23.83M | 23.18M | 17.83M | 16.34M | 10.72M | 11.57M | 13.28M | 12.12M | 13.05M | 13.85M | 17.61M | 20.78M | 22.87M | 0 | 21.24M | 3.58M | 0 | 3.16M | 0 |
| Deferred Taxes | 4.54M | 1.93M | -13.36M | -12.1M | -6.34M | 3.87M | -562K | 4.95M | -74.91M | -590K | -45.02M | -14K | 230K | 445K | -24.46M | -1.99M | -2.1M | 39.13M | 4.72M | -9.17M | -3.61M | -7.7M | -4.13M | 666K | -3.64M |
| Other Non-Cash Items | 55.24M | 16.57M | -2.74M | -49.52M | 36.19M | 27.42M | 16.92M | 5.47M | 11.31M | 9.17M | 30.54M | 5.72M | 11.63M | 15.69M | 6.32M | 7.39M | 72.82M | 12.7M | 6.11M | 5.09M | 301K | 17.06M | 15.62M | 1.65M | -138K |
| Working Capital Changes | -48.35M | -42.97M | -8.65M | -32.23M | -18.17M | -49.76M | 1.86M | 3.25M | -33.25M | -24.07M | -19.06M | -3.41M | -18.79M | -5.29M | -2.49M | 6.55M | -1.29M | -2.53M | -9.63M | -36.73M | 4.56M | -21.89M | -7.98M | -6.21M | 879K |
| Change in Receivables | -26.45M | -20.16M | -1.92M | -23.3M | 26.03M | -9.09M | -3.54M | 481K | -13.83M | -10.65M | -6.85M | 8.26M | -15.95M | -2.1M | 5.16M | 16.8M | 3.23M | 610K | 31.21M | -14.91M | -10.6M | 33K | 0 | -7.55M | 0 |
| Change in Inventory | -10.47M | -20.66M | -8.26M | -9.49M | -28.78M | -31.66M | -22.19M | -14.29M | -21.3M | -15.63M | -11.73M | -8.17M | -11.97M | -7.98M | -926K | -1.15M | -11.55M | -13.72M | -6.05M | -22.9M | -18.02M | -18.03M | -7.67M | -5.75M | -683K |
| Change in Payables | -16.22M | -5.68M | -8.23M | 1.32M | 3.9M | -6.59M | 16.79M | -27K | 3.05M | 741K | 3.43M | -2.04M | 4.16M | -2.32M | -5.9M | -5.07M | -13.01M | -322K | -1.6M | 5.01M | 7.65M | 2.32M | 0 | 3.84M | 0 |
| Cash from Investing | -130.22M | -191.47M | -33.48M | 29.05M | -75.7M | -124.74M | -98.92M | -66.35M | -21.3M | -59.67M | -206.32M | 1.13M | 37.34M | -7.75M | -40.7M | 60.71M | 69.84M | -174.41M | 40.74M | -95.08M | -67.33M | -53.96M | -28.19M | -64.07M | -7.5M |
| Capital Expenditures | -100.27M | -103.66M | -38.44M | -56.03M | -65.25M | -66.5M | -55.87M | -20.85M | -19.87M | -17.76M | -11.52M | -8.64M | -5.67M | -8.53M | -7.95M | -7.7M | -30.91M | -18.97M | -30.25M | -48.66M | -38.14M | -28.32M | 0 | -9.08M | -4.18M |
| CapEx % of Revenue | 11.94% | 13.21% | 5.03% | 8.45% | 8.72% | 8.64% | 8.05% | 3.54% | 3.75% | 3.24% | 3% | 3.06% | 2.11% | 3.68% | 4.45% | 4.55% | 16.39% | 14.02% | 14.39% | 10.53% | 10.33% | 11.92% | - | 9.24% | 5.31% |
| Acquisitions | -20.4M | -20.48M | 21.59M | 101.78M | -3.35M | 0 | -51.8M | -20.52M | 94K | 68K | -227.98M | 53K | 115K | -210K | -96.65M | 33K | 0 | 0 | 0 | 66.05M | 41.96M | 0 | -37.73M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -1.5M | 0 | -1M | 0 | 0 | -51.08M | 23K | -248K | -726K | 1.2M | 1.11M | -57K | -32.75M | 363K | 293K | -12.03M | 1.57M | -66.05M | -41.96M | -400K | 260K | 368K | -2.77M |
| Cash from Financing | -11.87M | -13.63M | -64.61M | -22.71M | -95.93M | -47.2M | -30.93M | -6.58M | -39.33M | -39.47M | 143.61M | -4.79M | 2.54M | 2M | 2.14M | -12.9M | 3.1M | 11.45M | 5.95M | 41.48M | 214.91M | 12.39M | 14.49M | 140.58M | 863K |
| Debt Issued (Net) | -1.11M | -1.11M | -1.07M | -1.04M | -8.4M | -9.34M | -25.42M | -6.65M | -41.25M | -33.13M | 139.38M | 0 | -271K | -603K | -112K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.29M | -227K |
| Equity Issued (Net) | 6.27M | -125K | -43.55M | 8.82M | 10.5M | 10.65M | 10.01M | 8.09M | 7.71M | 540K | 5.75M | -4.79M | 2.81M | 2.6M | 2.25M | -12.9M | 3.1M | 7.13M | 5.68M | 33.56M | 202.4M | 12.39M | 13.83M | 139.29M | 1.06M |
| Dividends Paid | 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 |
| Share Repurchases | -4.11M | -26.24M | -53.3M | 0 | 0 | 0 | 0 | 0 | 0 | -18.97M | 0 | -8.21M | 0 | 0 | 0 | -16.41M | -626K | 0 | 0 | 0 | 0 | 0 | 0 | -200K | -6K |
| Other Financing | -17.02M | -12.4M | -19.98M | -30.49M | -98.03M | -48.52M | -15.53M | -8.03M | -5.79M | -6.88M | -1.51M | 0 | 0 | 0 | 0 | 0 | 0 | 4.32M | 271K | 7.92M | 12.52M | 0 | 661K | 0 | 26K |
| Net Change in Cash | -6.49M | -90.16M | 15.93M | 68.29M | -42.36M | -35.76M | 43.16M | 47.39M | 7.82M | -10.22M | -44.86M | 32.32M | 54.74M | -13.05M | -66.81M | 17.84M | -836K | -215.88M | 22.69M | 31.1M | 252.91M | -3.62M | 21.98M | 89.52M | 6.22M |
| Free Cash Flow | -5.15M | 11.74M | 79.1M | 8.57M | 66.53M | 72.87M | 113.39M | 100.2M | 48.83M | 68.57M | 5.9M | 27.48M | 11.99M | -14.33M | -34.18M | -37.04M | -104.01M | -71.64M | -54.62M | 36.15M | 67.24M | 9.43M | 35.67M | 3.89M | 8.68M |
| FCF Margin % | -0.61% | 1.5% | 10.36% | 1.29% | 8.9% | 9.47% | 16.35% | 17% | 9.22% | 12.5% | 1.54% | 9.73% | 4.46% | -6.19% | -19.14% | -21.88% | -55.16% | -52.93% | -25.98% | 7.82% | 18.21% | 3.97% | 20.07% | 3.96% | 11.03% |
| FCF Growth % | -107.99% | -85.16% | 822.43% | -87.11% | -8.7% | -35.74% | 13.16% | 105.2% | -28.78% | 1061.76% | -78.52% | 129.23% | 183.65% | 58.07% | 7.73% | 64.39% | -45.19% | -31.17% | -251.1% | -46.24% | 612.94% | -73.56% | 816.62% | -55.14% | - |
| FCF per Share | -0.06 | 0.15 | 1.01 | 0.11 | 0.85 | 0.92 | 1.44 | 1.30 | 0.65 | 0.92 | 0.09 | 0.48 | 0.21 | -0.26 | -0.68 | -0.73 | -2.07 | -1.45 | -1.12 | 0.73 | 1.42 | 0.23 | 0.89 | 0.13 | 1.47 |
| FCF Conversion (FCF/Net Income) | -0.08x | 2.12x | 1.69x | 0.78x | 2.60x | 1.66x | 2.16x | 3.08x | 0.66x | 2.11x | -2.66x | -23.72x | -0.92x | 0.10x | 0.74x | 0.44x | 0.39x | 0.34x | 0.30x | 1.16x | 1.73x | 1.25x | 1.42x | 1.52x | 1.24x |
| Interest Paid | 184K | 0 | 391K | 422K | 535K | 643K | 867K | 1.41M | 3.11M | 3.84M | 2.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 5.79M | 0 | 15.58M | 17.39M | 10.92M | 7.96M | 9.15M | 4.32M | 4.58M | 3.17M | 2.57M | 27K | 950K | 0 | 40K | 1.41M | 24.88M | 0 | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical design cycle volatility
Based on reported financial data, FormFactor exhibits a persistent divergence between net income and operating cash flow, with OCF/NI ratios frequently exceeding 1.5x, suggesting that reported earnings may not fully capture the underlying cash-generative dynamics of the company's complex, custom-engineered manufacturing business model.
The consistent gap between net income and operating cash flow indicates that non-cash charges and working capital adjustments play a significant role in the company's reported profitability. Investors should monitor whether this trend reflects aggressive revenue recognition or simply the timing of cash collections relative to the long-cycle nature of probe card production.
As reported in recent SEC filings, FormFactor's free cash flow trajectory remains highly erratic, swinging from a negative $11.9M in 2026Q1 to a positive $34.7M in 2025Q4, which highlights the company's sensitivity to semiconductor design-start cycles and lumpy capital expenditure requirements.
The lack of a stable free cash flow trend suggests that the business is not yet generating consistent, predictable cash returns despite its technological moat. This volatility warrants further investigation into whether the current cash flow profile is a structural feature of the MEMS manufacturing process or a temporary byproduct of recent industry-wide inventory adjustments.
According to historical cash flow statements, FormFactor's capital intensity has been inconsistent, with CapEx/Revenue ratios spiking as high as 33.8% in 2025Q2, indicating that the company must continuously reinvest in specialized manufacturing equipment to maintain its competitive edge in high-density MEMS probe card fabrication.
The high level of capital expenditure relative to revenue suggests that the company's moat is expensive to maintain and requires constant technological upgrades. Analysts should interpret these spending patterns as a necessary cost of staying relevant in the rapidly evolving HBM and advanced packaging markets.
Based on the provided quarterly data, FormFactor has experienced consistent working capital outflows, including an $11.9M drain in 2026Q1, which appears to be a recurring headwind that frequently offsets the cash benefits of the company's reported net income.
These persistent working capital outflows may indicate inefficiencies in inventory management or extended collection cycles common in custom hardware businesses. Investors should monitor whether these trends are improving as the company scales its production of high-complexity probe cards for AI-related applications.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $8.1M in 2026Q1, consistently acts as a significant non-cash add-back that inflates operating cash flow figures, potentially masking the true economic cost of talent retention in the competitive semiconductor industry.
By relying on SBC to preserve cash, the company effectively dilutes shareholders to fund operations, which may lead to an overestimation of the business's organic cash-generating capacity. This practice warrants further investigation into the long-term impact of share dilution on per-share cash flow metrics.
Quick answers to the most common questions about buying FORM stock.
FormFactor, Inc. (FORM) generated $115.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FormFactor, Inc. (FORM) generated $11.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
FormFactor, Inc. (FORM) spent $103.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, FormFactor, Inc. (FORM) spent $26.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.