FormFactor, Inc. (FORM) Financial Ratios
24 years of historical data (2002–2025) · Technology · Semiconductors
EV/EBITDA
↑
104.06
↑+260% vs avg
5yr avg: 28.92
30Y Low11.0·High40.4
P/FCF
↑
990.17
↑+457% vs avg
5yr avg: 177.76
30Y Low16.9·High149.0
P/B Ratio
↓
11.28
↑+207% vs avg
5yr avg: 3.67
30Y Low0.7·High4.6
ROE
↓
5.5%
↑-31% vs avg
5yr avg: 7.9%
30Y Low-38%·High20%
Debt/EBITDA
↓
0.40
↓-8% vs avg
5yr avg: 0.44
30Y Low0.1·High1.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FORM Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
FormFactor, Inc. trades at 216.1x earnings, 327% above its 5-year average of 50.6x, sitting at the 100th percentile of its historical range. Compared to the Technology sector median P/E of 27.5x, the stock trades at a premium of 687%. On a free-cash-flow basis, the stock trades at 990.2x P/FCF, 457% above the 5-year average of 177.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.6B | $4.5B | $3.6B | $3.3B | $1.7B | $3.6B | $3.4B | $2.0B | $1.1B | $1.2B | $727M |
| Enterprise Value | $11.6B | $4.5B | $3.5B | $3.1B | $1.7B | $3.5B | $3.3B | $2.0B | $1.0B | $1.2B | $764M |
| P/E Ratio → | 216.12 | 84.14 | 51.60 | 39.72 | 34.20 | 43.13 | 43.45 | 50.92 | 10.21 | 28.45 | — |
| P/S Ratio | 14.81 | 5.79 | 4.72 | 4.92 | 2.32 | 4.70 | 4.90 | 3.40 | 2.00 | 2.12 | 1.89 |
| P/B Ratio | 11.28 | 4.39 | 3.80 | 3.59 | 2.15 | 4.43 | 4.57 | 3.13 | 1.83 | 2.53 | 1.81 |
| P/FCF | 990.17 | 387.30 | 45.54 | 380.18 | 26.13 | 49.65 | 29.97 | 20.03 | 21.69 | 16.94 | 123.24 |
| P/OCF | 100.73 | 39.40 | 30.64 | 50.46 | 13.19 | 25.96 | 20.08 | 16.58 | 15.42 | 13.46 | 41.75 |
P/E links to full P/E history page with 30-year chart
FORM EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
FormFactor, Inc.'s enterprise value stands at 104.1x EBITDA, 260% above its 5-year average of 28.9x. The Technology sector median is 17.4x, placing the stock at a 499% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.72 | 4.52 | 4.72 | 2.25 | 4.59 | 4.73 | 3.32 | 1.94 | 2.14 | 1.99 |
| EV / EBITDA | 104.06 | 40.38 | 35.32 | 26.04 | 18.07 | 24.76 | 24.76 | 20.70 | 12.85 | 12.95 | — |
| EV / EBIT | 180.10 | 69.89 | 43.22 | 34.90 | 28.74 | 35.62 | 38.13 | 36.93 | 27.54 | 25.19 | — |
| EV / FCF | — | 382.31 | 43.62 | 365.05 | 25.25 | 48.45 | 28.93 | 19.53 | 21.00 | 17.16 | 129.47 |
FORM Profitability
Margins and return-on-capital ratios measuring operating efficiency
FormFactor, Inc. earns an operating margin of 8.2%. Operating margins have compressed from 12.5% to 8.2% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 5.5% is modest. ROIC of 5.4% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.1% | 39.1% | 40.3% | 39.0% | 39.6% | 41.9% | 41.5% | 40.3% | 39.7% | 39.3% | 26.7% |
| Operating Margin | 8.2% | 8.2% | 8.5% | 12.5% | 7.3% | 12.7% | 12.1% | 8.4% | 6.8% | 8.4% | -12.5% |
| Net Profit Margin | 6.9% | 6.9% | 9.1% | 12.4% | 6.8% | 10.9% | 11.3% | 6.7% | 19.6% | 7.5% | -1.7% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.5% | 5.5% | 7.5% | 9.6% | 6.2% | 10.8% | 11.3% | 6.4% | 20.0% | 9.5% | -1.9% |
| ROA | 4.6% | 4.6% | 6.2% | 7.8% | 5.0% | 8.5% | 8.7% | 5.0% | 15.1% | 6.5% | -1.4% |
| ROIC | 5.4% | 5.4% | 6.2% | 8.1% | 5.6% | 10.9% | 10.3% | 6.6% | 5.3% | 7.6% | -12.3% |
| ROCE | 6.1% | 6.1% | 6.5% | 9.0% | 6.3% | 11.7% | 11.1% | 7.5% | 6.1% | 8.5% | -11.5% |
FORM Leverage & Debt
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 2.9x). The company holds a net cash position — cash of $103M exceeds total debt of $45M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 123.3x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 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 | 0.40 | 0.54 | 0.44 | 0.52 | 1.00 | 0.81 | 1.16 | — |
| Net Debt / Equity | — | -0.06 | -0.16 | -0.14 | -0.07 | -0.11 | -0.16 | -0.08 | -0.06 | 0.03 | 0.09 |
| Net Debt / EBITDA | -0.53 | -0.53 | -1.55 | -1.08 | -0.63 | -0.62 | -0.89 | -0.53 | -0.42 | 0.16 | — |
| Debt / FCF | — | -4.98 | -1.92 | -15.12 | -0.88 | -1.20 | -1.04 | -0.50 | -0.69 | 0.21 | 6.23 |
| Interest Coverage | 123.26 | 123.26 | 190.98 | 213.04 | 100.95 | 164.62 | 99.58 | 27.66 | 11.24 | 10.40 | -19.99 |
Net cash position: cash ($103M) exceeds total debt ($45M)
FORM Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
FormFactor, Inc.'s current ratio of 4.50x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 3.60x 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 4.38x to 4.50x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.50 | 4.50 | 4.61 | 4.38 | 3.17 | 3.52 | 3.15 | 3.07 | 3.30 | 3.32 | 3.04 |
| Quick Ratio | 3.60 | 3.60 | 3.83 | 3.52 | 2.35 | 2.77 | 2.51 | 2.46 | 2.54 | 2.58 | 2.33 |
| Cash Ratio | 2.22 | 2.22 | 2.74 | 2.50 | 1.59 | 1.86 | 1.65 | 1.62 | 1.45 | 1.52 | 1.30 |
| Asset Turnover | — | 0.64 | 0.67 | 0.60 | 0.74 | 0.75 | 0.72 | 0.70 | 0.73 | 0.85 | 0.62 |
| Inventory Turnover | 4.31 | 4.31 | 4.48 | 3.62 | 3.67 | 4.01 | 4.09 | 4.23 | 4.11 | 4.91 | 4.70 |
| Days Sales Outstanding | — | 58.31 | 49.85 | 58.76 | 43.01 | 54.79 | 56.62 | 60.60 | 65.69 | 55.74 | 68.09 |
FORM Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
FormFactor, Inc. returns 0.2% to shareholders annually primarily through share buybacks. The earnings yield of 0.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.5% | 1.2% | 1.9% | 2.5% | 2.9% | 2.3% | 2.3% | 2.0% | 9.8% | 3.5% | — |
| FCF Yield | 0.1% | 0.3% | 2.2% | 0.3% | 3.8% | 2.0% | 3.3% | 5.0% | 4.6% | 5.9% | 0.8% |
| Buyback Yield | 0.2% | 0.6% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% |
| Total Shareholder Yield | 0.2% | 0.6% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% |
| Shares Outstanding | — | $78M | $78M | $78M | $78M | $79M | $79M | $77M | $75M | $74M | $65M |
Peer Comparison
Compare FORM with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FORMYou | $12B | 216.1 | 104.1 | 990.2 | 39.1% | 8.2% | 5.5% | 5.4% | 0.4 |
 COHU | $2B | -31.2 | — | 217.2 | 34.5% | -13.3% | -9.0% | -5.7% | — |
 ONTO | $15B | 105.8 | 73.9 | 48.8 | 49.7% | 13.2% | 6.8% | 5.7% | 0.1 |
 ACLS | $6B | 45.0 | 39.7 | 51.8 | 44.9% | 14.2% | 11.7% | 9.6% | 0.3 |
 ICHR | $3B | -47.1 | — | — | 9.3% | -4.1% | -7.7% | -3.9% | — |
 CAMT | $7B | 83.7 | — | — | 48.9% | 25.2% | 23.1% | 13.7% | 1.7 |
 AEHR | $3B | -744.1 | — | — | 40.6% | -7.3% | -3.2% | -3.0% | — |
 NOVT | $5B | 94.5 | 27.5 | 102.3 | 44.4% | 11.9% | 5.2% | 7.4% | 1.9 |
 MKSI | $20B | 67.2 | 26.2 | 39.8 | 40.4% | 14.4% | 11.7% | 6.5% | 5.2 |
 UCTT | $4B | -20.9 | 35.9 | 258.3 | 15.7% | 2.1% | -21.1% | 2.6% | 6.8 |
 AMAT | $340B | 49.5 | 40.4 | 59.7 | 48.7% | 29.2% | 35.5% | 33.3% | 0.8 |
| Technology Median | — | 27.5 | 17.4 | 19.8 | 48.6% | -0.5% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonFORM — Frequently Asked Questions
Quick answers to the most common questions about buying FORM stock.
What is FormFactor, Inc.'s P/E ratio?
FormFactor, Inc.'s current P/E ratio is 216.1x. The historical average is 44.3x. This places it at the 100th percentile of its historical range.
What is FormFactor, Inc.'s EV/EBITDA?
FormFactor, Inc.'s current EV/EBITDA is 104.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.1x.
What is FormFactor, Inc.'s ROE?
FormFactor, Inc.'s return on equity (ROE) is 5.5%. The historical average is 0.5%.
Is FORM stock overvalued?
Based on historical data, FormFactor, Inc. is trading at a P/E of 216.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are FormFactor, Inc.'s profit margins?
FormFactor, Inc. has 39.1% gross margin and 8.2% operating margin.
How much debt does FormFactor, Inc. have?
FormFactor, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.