23 years of historical data (2002–2024) · Technology · Semiconductors
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
FormFactor, Inc. trades at 111.1x earnings, 162% above its 5-year average of 42.4x, sitting at the 100th percentile of its historical range. Compared to the Technology sector median P/E of 25.2x, the stock trades at a premium of 340%. On a free-cash-flow basis, the stock trades at 96.4x P/FCF, 9% below the 5-year average of 106.3x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.6B | $3.6B | $3.3B | $1.7B | $3.6B | $3.4B | $2.0B | $1.1B | $1.2B | $727M | $521M |
| Enterprise Value | $7.5B | $3.5B | $3.1B | $1.7B | $3.5B | $3.3B | $2.0B | $1.0B | $1.2B | $764M | $374M |
| P/E Ratio → | 111.10 | 51.60 | 39.72 | 34.20 | 43.13 | 43.45 | 50.92 | 10.21 | 28.45 | — | — |
| P/S Ratio | 9.99 | 4.72 | 4.92 | 2.32 | 4.70 | 4.90 | 3.40 | 2.00 | 2.12 | 1.89 | 1.84 |
| P/B Ratio | 8.18 | 3.80 | 3.59 | 2.15 | 4.43 | 4.57 | 3.13 | 1.83 | 2.53 | 1.81 | 1.77 |
| P/FCF | 96.40 | 45.54 | 380.18 | 26.13 | 49.65 | 29.97 | 20.03 | 21.69 | 16.94 | 123.24 | 18.95 |
| P/OCF | 64.88 | 30.64 | 50.46 | 13.19 | 25.96 | 20.08 | 16.58 | 15.42 | 13.46 | 41.75 | 14.41 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
FormFactor, Inc.'s enterprise value stands at 76.5x EBITDA, 197% above its 5-year average of 25.8x. The Technology sector median is 15.7x, placing the stock at a 386% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.52 | 4.72 | 2.25 | 4.59 | 4.73 | 3.32 | 1.94 | 2.14 | 1.99 | 1.33 |
| EV / EBITDA | 76.51 | 35.32 | 26.04 | 18.07 | 24.76 | 24.76 | 20.70 | 12.85 | 12.95 | — | 19.04 |
| EV / EBIT | 115.37 | 43.22 | 34.90 | 28.74 | 35.62 | 38.13 | 36.93 | 27.54 | 25.19 | — | — |
| EV / FCF | — | 43.62 | 365.05 | 25.25 | 48.45 | 28.93 | 19.53 | 21.00 | 17.16 | 129.47 | 13.62 |
Margins and return-on-capital ratios measuring operating efficiency
FormFactor, Inc. earns an operating margin of 8.5%. Operating margins have expanded from 7.3% to 8.5% over the past 3 years, signaling improving operational efficiency. ROE of 7.5% is modest. ROIC of 6.2% represents adequate returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.3% | 40.3% | 39.0% | 39.6% | 41.9% | 41.5% | 40.3% | 39.7% | 39.3% | 26.7% | 30.4% |
| Operating Margin | 8.5% | 8.5% | 12.5% | 7.3% | 12.7% | 12.1% | 8.4% | 6.8% | 8.4% | -12.5% | -1.5% |
| Net Profit Margin | 9.1% | 9.1% | 12.4% | 6.8% | 10.9% | 11.3% | 6.7% | 19.6% | 7.5% | -1.7% | -0.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.5% | 7.5% | 9.6% | 6.2% | 10.8% | 11.3% | 6.4% | 20.0% | 9.5% | -1.9% | -0.5% |
| ROA | 6.2% | 6.2% | 7.8% | 5.0% | 8.5% | 8.7% | 5.0% | 15.1% | 6.5% | -1.4% | -0.4% |
| ROIC | 6.2% | 6.2% | 8.1% | 5.6% | 10.9% | 10.3% | 6.6% | 5.3% | 7.6% | -12.3% | -1.9% |
| ROCE | 6.5% | 6.5% | 9.0% | 6.3% | 11.7% | 11.1% | 7.5% | 6.1% | 8.5% | -11.5% | -1.4% |
Solvency and debt-coverage ratios — lower is generally safer
FormFactor, Inc. carries a Debt/EBITDA ratio of 0.4x, which is very conservative (86% below the sector average of 3.0x). The company holds a net cash position — cash of $191M exceeds total debt of $39M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 155.0x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.05 | 0.06 | 0.08 | 0.09 | 0.15 | 0.11 | 0.23 | 0.34 | — |
| Debt / EBITDA | 0.40 | 0.40 | 0.40 | 0.54 | 0.44 | 0.52 | 1.00 | 0.81 | 1.16 | — | — |
| Net Debt / Equity | — | -0.16 | -0.14 | -0.07 | -0.11 | -0.16 | -0.08 | -0.06 | 0.03 | 0.09 | -0.50 |
| Net Debt / EBITDA | -1.55 | -1.55 | -1.08 | -0.63 | -0.62 | -0.89 | -0.53 | -0.42 | 0.16 | — | -7.44 |
| Debt / FCF | — | -1.92 | -15.12 | -0.88 | -1.20 | -1.04 | -0.50 | -0.69 | 0.21 | 6.23 | -5.32 |
| Interest Coverage | 154.98 | 154.98 | 196.57 | 94.84 | 162.85 | 96.98 | 25.93 | 10.90 | 10.31 | -20.04 | — |
Net cash position: cash ($191M) exceeds total debt ($39M)
Short-term solvency ratios and asset-utilisation metrics
FormFactor, Inc.'s current ratio of 4.61x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 3.83x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 3.17x to 4.61x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.61 | 4.61 | 4.38 | 3.17 | 3.52 | 3.15 | 3.07 | 3.30 | 3.32 | 3.04 | 5.92 |
| Quick Ratio | 3.83 | 3.83 | 3.52 | 2.35 | 2.77 | 2.51 | 2.46 | 2.54 | 2.58 | 2.33 | 5.30 |
| Cash Ratio | 2.74 | 2.74 | 2.50 | 1.59 | 1.86 | 1.65 | 1.62 | 1.45 | 1.52 | 1.30 | 4.30 |
| Asset Turnover | — | 0.67 | 0.60 | 0.74 | 0.75 | 0.72 | 0.70 | 0.73 | 0.85 | 0.62 | 0.82 |
| Inventory Turnover | 4.48 | 4.48 | 3.62 | 3.67 | 4.01 | 4.09 | 4.23 | 4.11 | 4.91 | 4.70 | 7.22 |
| Days Sales Outstanding | — | 49.85 | 58.76 | 43.01 | 54.79 | 56.62 | 60.60 | 65.69 | 55.74 | 68.09 | 47.47 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
FormFactor, Inc. returns 0.7% to shareholders annually primarily through share buybacks. The earnings yield of 0.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.9% | 1.9% | 2.5% | 2.9% | 2.3% | 2.3% | 2.0% | 9.8% | 3.5% | — | — |
| FCF Yield | 1.0% | 2.2% | 0.3% | 3.8% | 2.0% | 3.3% | 5.0% | 4.6% | 5.9% | 0.8% | 5.3% |
| Buyback Yield | 0.7% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% | 1.6% |
| Total Shareholder Yield | 0.7% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% | 1.6% |
| Shares Outstanding | — | $78M | $78M | $78M | $79M | $79M | $77M | $75M | $74M | $65M | $58M |
Compare FORM with 8 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| FORMYou | $8B | 111.1 | 76.5 | 96.4 | 40.3% | 8.5% | 7.5% | 6.2% | 0.4 |
| KLAC | $201B | 50.2 | 36.4 | 53.8 | 62.3% | 43.1% | 100.8% | 46.5% | 1.1 |
| TER | $50B | 92.0 | 61.2 | 111.3 | 58.6% | 21.7% | 19.7% | 19.8% | 0.4 |
| NVMI | $13B | 76.3 | 63.1 | 58.9 | 57.6% | 27.9% | 21.9% | 14.9% | 1.2 |
| ONTO | $11B | 53.2 | 41.8 | 49.7 | 52.2% | 19.0% | 11.0% | 8.6% | 0.1 |
| CAMT | $7B | 69.2 | — | — | 48.9% | 25.2% | 23.1% | 13.7% | 1.7 |
| COHU | $1B | -19.0 | — | — | 34.1% | -12.9% | -9.0% | -6.6% | — |
| AEHR | $1B | -287.9 | — | — | 40.6% | -7.3% | -3.2% | -3.0% | — |
| INTT | $144M | 48.5 | 17.0 | 57.8 | 42.4% | 2.6% | 2.9% | 2.9% | 2.9 |
| Technology Median | — | 25.2 | 15.7 | 17.3 | 49.8% | -0.9% | 1.1% | 2.9% | 3.0 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 23 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorSee our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationSee how FORM stacks up against sector leader KLA Corporation.
Start ComparisonFormFactor, Inc.'s current P/E ratio is 111.1x. The historical average is 41.2x. This places it at the 100th percentile of its historical range.
FormFactor, Inc.'s current EV/EBITDA is 76.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.9x.
FormFactor, Inc.'s return on equity (ROE) is 7.5%. The historical average is 0.3%.
Based on historical data, FormFactor, Inc. is trading at a P/E of 111.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FormFactor, Inc. has 40.3% gross margin and 8.5% operating margin.
FormFactor, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.