Revenue growth accelerated to 32.0% in 2026Q1, while gross margins expanded to 47.9% as the product mix shifted toward higher-value MEMS-based solutions.
| 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 |
|---|
| Sales/Revenue | 839.78M | 784.99M | 763.6M | 663.1M | 747.94M | 769.67M | 693.62M | 589.46M | 529.67M | 548.44M | 383.88M | 282.36M | 268.53M | 231.53M | 178.53M | 169.32M | 188.56M | 135.34M | 210.19M | 462.19M | 369.21M | 237.5M | 177.76M | 98.3M | 78.68M |
| Revenue Growth % | 9.6% | 2.8% | 15.16% | -11.34% | -2.82% | 10.97% | 17.67% | 11.29% | -3.42% | 42.87% | 35.96% | 5.15% | 15.98% | 29.68% | 5.44% | -10.2% | 39.33% | -35.61% | -54.52% | 25.18% | 55.46% | 33.6% | 80.83% | 24.93% | - |
| Cost of Goods Sold | 486.19M | 477.78M | 455.68M | 404.52M | 451.93M | 446.91M | 405.7M | 351.97M | 319.34M | 332.84M | 281.2M | 196.62M | 191.09M | 189.25M | 153.2M | 148.37M | 190.84M | 134.52M | 173.93M | 215.48M | 184.09M | 130.1M | 90.16M | 49.93M | 39.46M |
| COGS % of Revenue | - | 60.86% | 59.67% | 61% | 60.42% | 58.06% | 58.49% | 59.71% | 60.29% | 60.69% | 73.25% | 69.64% | 71.16% | 81.74% | 85.81% | 87.62% | 101.2% | 99.39% | 82.75% | 46.62% | 49.86% | 54.78% | 50.72% | 50.79% | 50.14% |
| Gross Profit | 353.6M | 307.21M | 307.92M | 258.58M | 296.01M | 322.77M | 287.92M | 237.5M | 210.34M | 215.6M | 102.68M | 85.74M | 77.44M | 42.28M | 25.33M | 20.96M | -2.27M | 819K | 36.26M | 246.71M | 185.13M | 107.39M | 87.6M | 48.37M | 39.23M |
| Gross Margin % | 42.11% | 39.14% | 40.33% | 39% | 39.58% | 41.94% | 41.51% | 40.29% | 39.71% | 39.31% | 26.75% | 30.36% | 28.84% | 18.26% | 14.19% | 12.38% | -1.2% | 0.61% | 17.25% | 53.38% | 50.14% | 45.22% | 49.28% | 49.21% | 49.86% |
| Gross Profit Growth % | - | -0.23% | 19.08% | -12.64% | -8.29% | 12.1% | 21.23% | 12.91% | -2.44% | 109.97% | 19.76% | 10.72% | 83.14% | 66.93% | 20.87% | 1022.45% | -377.41% | -97.74% | -85.3% | 33.26% | 72.38% | 22.59% | 81.1% | 23.31% | - |
| Operating Expenses | 246.96M | 242.99M | 243.14M | 175.82M | 241.1M | 224.73M | 204.13M | 187.83M | 174.23M | 169.3M | 150.59M | 89.84M | 98M | 101.08M | 89.45M | 91.32M | 194.91M | 146M | 174.27M | 153.5M | 118.15M | 72.09M | 51.49M | 36.1M | 32.64M |
| OpEx % of Revenue | - | 30.95% | 31.84% | 26.52% | 32.23% | 29.2% | 29.43% | 31.87% | 32.89% | 30.87% | 39.23% | 31.82% | 36.49% | 43.65% | 50.1% | 53.93% | 103.36% | 107.88% | 82.91% | 33.21% | 32% | 30.36% | 28.97% | 36.72% | 41.48% |
| Selling, General & Admin | 128.3M | 127.07M | 141.79M | 133.01M | 131.88M | 123.79M | 115.1M | 106.33M | 99.25M | 95.49M | 73.44M | 45.09M | 51.38M | 53.22M | 49.23M | 46.7M | 67.21M | 78.43M | 95.21M | 92.55M | 71.54M | 43.74M | 31.68M | 20.53M | 18.04M |
| SG&A % of Revenue | - | 16.19% | 18.57% | 20.06% | 17.63% | 16.08% | 16.59% | 18.04% | 18.74% | 17.41% | 19.13% | 15.97% | 19.14% | 22.98% | 27.57% | 27.58% | 35.64% | 57.95% | 45.3% | 20.02% | 19.38% | 18.42% | 17.82% | 20.88% | 22.93% |
| Research & Development | 118.66M | 115.92M | 121.94M | 115.77M | 109.22M | 100.94M | 89.03M | 81.5M | 74.98M | 73.81M | 57.45M | 44.18M | 42.73M | 42.14M | 40.13M | 43.54M | 55.39M | 57.51M | 65.51M | 60.95M | 46.61M | 28.35M | 19.81M | 15.57M | 14.59M |
| R&D % of Revenue | - | 14.77% | 15.97% | 17.46% | 14.6% | 13.11% | 12.84% | 13.83% | 14.16% | 13.46% | 14.97% | 15.65% | 15.91% | 18.2% | 22.48% | 25.72% | 29.37% | 42.49% | 31.17% | 13.19% | 12.62% | 11.94% | 11.15% | 15.84% | 18.55% |
| Other Operating Expenses | 1 | 0 | -20.58M | -72.95M | 0 | 0 | 0 | 0 | 0 | 0 | 19.69M | 567K | 3.89M | 5.72M | 88K | 1.07M | 72.31M | 10.07M | 13.56M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 106.63M | 64.22M | 64.78M | 82.76M | 54.91M | 98.04M | 83.79M | 49.66M | 36.11M | 46.3M | -47.91M | -4.1M | -20.56M | -58.79M | -64.12M | -70.36M | -197.18M | -145.19M | -138.01M | 93.2M | 66.98M | 35.3M | 36.11M | 12.28M | 6.59M |
| Operating Margin % | 12.7% | 8.18% | 8.48% | 12.48% | 7.34% | 12.74% | 12.08% | 8.42% | 6.82% | 8.44% | -12.48% | -1.45% | -7.66% | -25.39% | -35.91% | -41.55% | -104.57% | -107.28% | -65.66% | 20.17% | 18.14% | 14.86% | 20.32% | 12.49% | 8.38% |
| Operating Income Growth % | - | -0.86% | -21.72% | 50.71% | -43.99% | 17.01% | 68.72% | 37.53% | -22.01% | 196.65% | -1067.61% | 80.04% | 65.03% | 8.31% | 8.87% | 64.32% | -35.81% | -5.2% | -248.07% | 39.16% | 89.73% | -2.25% | 194.18% | 86.23% | - |
| EBITDA | 151.66M | 111.15M | 97.68M | 120.21M | 92.95M | 142.56M | 132.47M | 94.52M | 79.8M | 90.87M | -1.11M | 19.67M | 9.93M | -29.88M | -47.22M | -59.52M | -169.02M | -112.48M | -105.83M | 120.01M | 89.07M | 51.81M | 43.1M | 17.42M | 11.98M |
| EBITDA Margin % | 18.06% | 14.16% | 12.79% | 18.13% | 12.43% | 18.52% | 19.1% | 16.03% | 15.07% | 16.57% | -0.29% | 6.97% | 3.7% | -12.91% | -26.45% | -35.15% | -89.64% | -83.11% | -50.35% | 25.96% | 24.12% | 21.82% | 24.25% | 17.72% | 15.23% |
| EBITDA Growth % | 78.17% | 13.79% | -18.74% | 29.33% | -34.8% | 7.61% | 40.15% | 18.45% | -12.18% | 8293.6% | -105.64% | 98.01% | 133.24% | 36.71% | 20.68% | 64.78% | -50.27% | -6.28% | -188.19% | 34.73% | 71.91% | 20.22% | 147.37% | 45.39% | - |
| D&A (Non-Cash Add-back) | 45.03M | 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 | 32.71M | 32.18M | 26.8M | 22.09M | 16.51M | 6.99M | 5.15M | 5.39M |
| EBIT | 106.63M | 64.22M | 79.83M | 89.69M | 58.45M | 99.1M | 86.04M | 52.98M | 37.24M | 46.7M | -47.8M | -3.54M | -16.67M | -53.07M | -64.03M | -69.29M | -124.87M | -135.12M | -124.45M | 93.2M | 66.98M | 35.3M | 36.74M | 12.28M | 6.59M |
| Net Interest Income | 8.98M | 10.12M | 13.69M | 6.8M | 1.64M | -33K | 637K | 799K | -1.96M | -3.94M | -2.06M | 283K | 302K | 386K | 691K | 1.4M | 2.55M | 3.28M | 12.45M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.4M | 10.64M | 14.11M | 7.22M | 2.22M | 569K | 1.5M | 2.71M | 1.36M | 548K | 327K | 283K | 302K | 386K | 691K | 1.4M | 2.55M | 3.28M | 12.45M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 422K | 521K | 418K | 421K | 579K | 602K | 864K | 1.92M | 3.31M | 4.49M | 2.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -25.96M | 3.15M | 14.63M | 6.51M | 2.96M | 462K | 1.39M | 1.4M | -2.18M | -4.09M | -2.29M | 2.83M | 463K | 1.01M | 2.15M | 2.48M | 6.97M | 2.75M | 13.1M | 23.04M | 15.39M | 3.19M | 2.95M | 1.57M | 642K |
| Pretax Income | 80.67M | 67.37M | 79.41M | 89.27M | 57.87M | 98.5M | 85.17M | 51.06M | 33.93M | 42.21M | -50.2M | -1.27M | -20.09M | -57.78M | -61.97M | -67.88M | -190.21M | -142.44M | -124.91M | 116.24M | 82.36M | 38.49M | 39.06M | 13.84M | 7.23M |
| Pretax Margin % | 9.61% | 8.58% | 10.4% | 13.46% | 7.74% | 12.8% | 12.28% | 8.66% | 6.41% | 7.7% | -13.08% | -0.45% | -7.48% | -24.96% | -34.71% | -40.09% | -100.87% | -105.25% | -59.43% | 25.15% | 22.31% | 16.21% | 21.97% | 14.08% | 9.19% |
| Income Tax | 12.32M | 13M | 9.8M | 6.88M | 7.13M | 14.58M | 6.65M | 11.72M | -70.11M | 1.29M | -43.64M | 252K | -910K | -99K | -26.42M | -1.9M | -1.92M | 13.21M | -44.29M | 43.35M | 25.15M | 8.31M | 13.88M | 5.28M | -3.13M |
| Effective Tax Rate % | 15.28% | 19.3% | 12.34% | 7.71% | 12.32% | 14.8% | 7.81% | 22.95% | -206.65% | 3.06% | 86.94% | -19.83% | 4.53% | 0.17% | 42.64% | 2.8% | 1.01% | -9.28% | 35.46% | 37.29% | 30.53% | 21.59% | 35.55% | 38.17% | -43.2% |
| 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 | -35.54M | -65.98M | -188.29M | -155.65M | -80.62M | 72.89M | 60.79M | 30.18M | 25.18M | 8.56M | 10.36M |
| Net Margin % | 8.14% | 6.93% | 9.12% | 12.42% | 6.78% | 10.9% | 11.32% | 6.67% | 19.64% | 7.46% | -1.71% | -0.54% | -7.14% | -24.91% | -19.91% | -38.97% | -99.85% | -115.01% | -38.36% | 15.77% | 16.46% | 12.71% | 14.16% | 8.71% | 13.17% |
| Net Income Growth % | 26.02% | -21.91% | -15.5% | 62.38% | -39.54% | 6.88% | 99.57% | -62.18% | 154.29% | 723.96% | -330.53% | 92.06% | 66.74% | -62.29% | 46.13% | 64.96% | -20.97% | -93.07% | -210.61% | 19.91% | 101.4% | 19.87% | 194.17% | -17.38% | - |
| Net Income (Continuing) | 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 | 57.22M | 30.18M | 25.18M | 8.56M | 10.36M |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | 0.86 | 0.69 | 0.89 | 1.05 | 0.65 | 1.06 | 0.99 | 0.51 | 1.38 | 0.55 | -0.10 | -0.03 | -0.34 | -1.06 | -0.70 | -1.31 | -3.75 | -3.15 | -1.65 | 1.47 | 1.21 | 0.73 | 0.63 | 0.19 | 0.10 |
| EPS Growth % | 25.69% | -22.47% | -15.24% | 61.54% | -38.68% | 7.07% | 94.12% | -63.04% | 150.91% | 650% | -280.23% | 92.26% | 67.92% | -51.43% | 46.56% | 65.07% | -19.05% | -90.91% | -212.24% | 21.49% | 65.75% | 15.87% | 231.58% | 90% | - |
| EPS (Basic) | - | 0.70 | 0.90 | 1.06 | 0.65 | 1.08 | 1.02 | 0.52 | 1.42 | 0.57 | -0.10 | -0.03 | -0.34 | -1.06 | -0.70 | -1.31 | -3.75 | -3.15 | -1.65 | 1.52 | 1.27 | 0.76 | 0.67 | 0.25 | 0.14 |
| Diluted Shares Outstanding | 79.42M | 78.31M | 78.44M | 78.16M | 78.2M | 79.13M | 79M | 77.29M | 75.18M | 74.24M | 64.94M | 57.85M | 55.91M | 54.2M | 50.55M | 50.52M | 50.25M | 49.48M | 48.91M | 49.56M | 47.19M | 41.59M | 40.05M | 29.28M | 5.91M |
| Basic Shares Outstanding | 77.83M | 77.35M | 77.34M | 77.37M | 77.58M | 77.79M | 76.68M | 74.99M | 73.48M | 72.29M | 64.94M | 57.85M | 55.91M | 54.2M | 50.55M | 50.52M | 50.25M | 49.48M | 48.91M | 48.04M | 45.17M | 39.55M | 37.65M | 21.01M | 4.41M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Customer design cycle volatility
According to the most recent quarterly filings, FormFactor achieved a 32.0% year-over-year revenue growth rate in 2026Q1, signaling a sharp departure from the stagnant performance observed throughout 2025 as the company benefits from the rapid adoption of high-bandwidth memory and advanced semiconductor packaging architectures.
The recent revenue surge suggests that the company is successfully capturing demand from AI-related ASIC designs, which require significantly higher probe card complexity. Investors should monitor whether this growth trajectory remains durable or if it is merely a temporary spike driven by the current HBM3e inventory build-out cycle.
As reported in financial statements, FormFactor's gross margin expanded to 47.9% in 2026Q1, a notable improvement from the 37.2% to 40% range that characterized the previous two years, suggesting a favorable shift toward higher-value MEMS-based probe card products within the company's current sales mix.
This margin expansion appears to validate the company's strategy of focusing on high-density probing solutions where their proprietary MEMS technology provides a distinct competitive advantage. However, the historical sensitivity of these margins to product mix warrants caution, as any future pivot toward commoditized NAND flash cards could quickly reverse these gains.
Based on the provided income statement data, operating income reached $47.1M in 2026Q1, representing a 20.8% operating margin that demonstrates significant operating leverage as the company scales its top-line revenue while maintaining relatively disciplined control over its core research and development and administrative expense structures.
The ability to scale operating income faster than revenue suggests that the company's manufacturing overhead is becoming more efficient as production volumes increase. Analysts should investigate whether this operating leverage is sustainable or if it relies on temporary cost-containment measures that may need to be reversed to support future innovation.
Analysis of the income statement reveals that stock-based compensation remains a persistent expense, totaling $8.1M in 2026Q1, which continues to represent a meaningful portion of operating income and suggests that reported net income may overstate the cash-generative capacity of the business for common shareholders.
While the company maintains a strong balance sheet, the consistent reliance on equity-based incentives warrants further investigation into the dilution impact on long-term EPS growth. Investors should monitor the relationship between SBC levels and actual operational performance to ensure that management's compensation remains aligned with tangible value creation.
Despite recent growth, the company's historical performance, including the sharp revenue contraction seen in 2025Q3, suggests that FormFactor remains highly susceptible to semiconductor industry design-start delays, which could undermine the current optimistic narrative surrounding its role in the AI-driven semiconductor supply chain.
Short-term performance improvements may be masking the underlying reality that the company's revenue is tied to the volatile capital expenditure cycles of a few dominant foundry customers. Any disruption in the roadmap of these key customers could lead to sudden inventory write-downs and margin compression, challenging the current valuation premium.
Quick answers to the most common questions about buying FORM stock.
For fiscal year 2025, FormFactor, Inc. (FORM) reported total revenue of $785.0M. This represents a 897.7% increase compared to $78.7M in 2002.
FormFactor, Inc. (FORM) is profitable, generating $54.4M in net income for the fiscal year ending 2025 with a net profit margin of 6.9%.
FormFactor, Inc. (FORM) reported an operating income of $64.2M, resulting in an operating profit margin of 8.2%. This margin reflects the operational efficiency of the business before interest and taxes.
FormFactor, Inc. (FORM) generated $307.2M in gross profit for the year, representing a gross profit margin of 39.1%. This demonstrates the company's core pricing power and production efficiency.