Latest Ratios: P/E Ratio 37.1x · EV/EBITDA 25.1x · ROE 5.5%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.3B | $4.5B | $3.6B | $3.3B | $1.7B | $3.6B | $3.4B | $2.0B | $1.1B | $1.2B | $727M |
| Enterprise Value | $6.3B | $4.5B | $3.5B | $3.1B | $1.7B | $3.5B | $3.3B | $2.0B | $1.0B | $1.2B | $764M |
| P/E Ratio → | 37.12 | 84.14 | 51.60 | 39.72 | 34.20 | 43.13 | 43.45 | 50.92 | 10.21 | 28.45 | — |
| P/S Ratio | 6.45 | 5.79 | 4.72 | 4.92 | 2.32 | 4.70 | 4.90 | 3.40 | 2.00 | 2.12 | 1.89 |
| P/B Ratio | 6.14 | 4.39 | 3.80 | 3.59 | 2.15 | 4.43 | 4.57 | 3.13 | 1.83 | 2.53 | 1.81 |
| P/FCF | 34.89 | 387.30 | 45.54 | 380.18 | 26.13 | 49.65 | 29.97 | 20.03 | 21.69 | 16.94 | 123.24 |
| P/OCF | 54.80 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 25.14 | 40.38 | 35.32 | 26.04 | 18.07 | 24.76 | 24.76 | 20.70 | 12.85 | 12.95 | — |
| EV / EBIT | 97.56 | 66.12 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 130.30 | 130.30 | 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)
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 1.2% | 1.9% | 2.5% | 2.9% | 2.3% | 2.3% | 2.0% | 9.8% | 3.5% | — |
| FCF Yield | 2.9% | 0.3% | 2.2% | 0.3% | 3.8% | 2.0% | 3.3% | 5.0% | 4.6% | 5.9% | 0.8% |
| Buyback Yield | 0.4% | 0.6% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% |
| Total Shareholder Yield | 0.4% | 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 |
Includes 30+ ratios · 24 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying FORM stock.
FormFactor, Inc.'s current P/E ratio is 37.1x. The historical average is 44.3x. This places it at the 43th percentile of its historical range.
FormFactor, Inc.'s current EV/EBITDA is 25.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.1x.
FormFactor, Inc.'s return on equity (ROE) is 5.5%. The historical average is 0.5%.
Based on historical data, FormFactor, Inc. is trading at a P/E of 37.1x. This is at the 43th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FormFactor, Inc. has 39.1% gross margin and 8.2% operating margin.
FormFactor, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Cyclical semiconductor demand reversal
Metrics are mathematically derived from official filings.
Earnings Multiple Prices Recovery Ahead
FORM trades at a trailing P/E of 104.00 but a forward P/E of 21.44 against peers ONTO at 56.11 and CAMT at 88.38, based on reported figures that reflect depressed trailing earnings rather than a permanently expensive stock.
The gap between trailing and forward P/E suggests the market is capitalizing a sharp earnings recovery rather than current profitability, which is consistent with the 2025 trough visible in the quarterly ratio data. Compared with its own history, the trailing multiple is distorted by near-zero 2025 net margins, so the forward figure is the more informative anchor. Investors should monitor whether forward estimates hold through the cyclical peak, since a multiple near 21x on forward earnings assumes sustained volume leverage.
Gross Margin Expansion Outruns Net Conversion
Based on reported quarterly figures, gross margin rose from 37.2% in 2025Q2 to 54.7% in 2026Q3, while net margin reached only 26.3%, leaving a visible gap between operating leverage and bottom-line conversion.
The operating margin of 29.1% in 2026Q3 sits well below the gross margin, indicating that opex is absorbing a meaningful share of the incremental gross profit. The 2026Q1 net margin of 9.0% against a 20.8% operating margin points to below-the-line drag that varies quarter to quarter. Gross margin at 54.7% exceeds every peer shown, which may reflect cyclical volume absorption rather than a durable structural advantage.
Returns Recovering From Near-Zero Base
ROIC climbed from 0.5% in 2025Q1 to 5.8% in 2026Q3, according to reported figures, but remains below CAMT's 12.1% and only modestly above ONTO's 5.7%, implying returns are rebuilding from a depressed level.
The trajectory indicates the company is recovering returns after a period of decay, with margin expansion as the primary driver given that asset turnover has been comparatively stable near 0.20. ROE of 6.4% in the latest quarter is still low for a business carrying a large equity base, which suggests the equity build from retained earnings is diluting near-term returns. Whether returns compound beyond mid-single digits depends on sustaining the current margin structure through the cycle.
Negligible Debt Limits Financial Risk
FORM's debt-to-equity ratio of 0.02 in 2026Q3 is well below CAMT's 0.84 and ICHR's 0.24, based on reported balance sheet figures, indicating minimal reliance on borrowed capital.
Interest coverage improved from 76.5x in 2025Q1 to roughly 150x in 2025Q4, a pattern that appears to reflect rising operating income against a small debt base rather than any meaningful refinancing dependence. Debt-to-EBITDA of 0.31 implies extremely low leverage relative to earnings. The primary analytical question is not solvency but whether the company's low leverage reflects deliberate conservatism or simply a lack of capital needs, which warrants further investigation.
Working Capital Metrics Mask Cycle Exposure
Based on reported figures, the cash conversion cycle narrowed from 88 days in 2025Q1 to 85 days in 2026Q3, but the cycle's swings and the 2026Q1 spike to 99 days suggest working capital volatility that headline ratios may understate.
A current ratio of 3.68 and quick ratio of 3.02 look exceptionally strong, but these figures are inflated by cash and receivables built during an upcycle that may not persist. Inventory days ranging from 84 to 92 indicate inventory is held through demand swings, which could become a drag if orders soften. Investors should treat the CCC as a cyclical indicator rather than a stable efficiency benchmark.