Home 
Today's Top Picks 
Top Performers 
Watchlist 
My Robo Portfolios 
ETF Zone 
Help & Tutorial - Chart
- Upturn Summary
- Highlights
- Revenue
- Valuation
- About
FORM 
FormFactor Inc (FORM)
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- Pass (Skip investing)
Stock price based on last close (see disclosures)
- ALL
- 1Y
- 1M
- 1W
Upturn Advisory Summary
12/11/2025: FORM (2-star) has a low Upturn Star Rating. Not recommended to BUY.
Upturn Star Rating
Below Average Performance
These Stocks/ETFs, based on Upturn Advisory, often underperform the market, warranting careful consideration before investing.
Number of Analysts
10 Analysts rated it
Moderately tracked stock, growing coverage, gaining market and investor attention.
1 Year Target Price $56.88
1 Year Target Price $56.88
| 3 | Strong Buy |
| 1 | Buy |
| 6 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 2.94% | Avg. Invested days 39 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 12/11/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 4.59B USD | Price to earnings Ratio 111.75 | 1Y Target Price 56.88 |
Price to earnings Ratio 111.75 | 1Y Target Price 56.88 | ||
Volume (30-day avg) 10 | Beta 1.12 | 52 Weeks Range 22.58 - 61.10 | Updated Date 12/11/2025 |
52 Weeks Range 22.58 - 61.10 | Updated Date 12/11/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 0.53 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 5.38% | Operating Margin (TTM) 8.88% |
Management Effectiveness
Return on Assets (TTM) 2.2% | Return on Equity (TTM) 4.16% |
Valuation
Trailing PE 111.75 | Forward PE 40.82 | Enterprise Value 4359288826 | Price to Sales(TTM) 6.05 |
Enterprise Value 4359288826 | Price to Sales(TTM) 6.05 | ||
Enterprise Value to Revenue 5.74 | Enterprise Value to EBITDA 37.8 | Shares Outstanding 77517097 | Shares Floating 76775258 |
Shares Outstanding 77517097 | Shares Floating 76775258 | ||
Percent Insiders 0.95 | Percent Institutions 99.32 |
Upturn AI SWOT
FormFactor Inc
Company Overview
History and Background
FormFactor Inc. was founded in 1993 and went public in 2001. The company has evolved significantly, initially focusing on wafer sort probe cards for the semiconductor industry. Over time, it has expanded its offerings through organic growth and strategic acquisitions to provide a broader range of test and measurement solutions for semiconductor devices.
Core Business Areas
- Semiconductor Test: Provides advanced semiconductor test and measurement solutions, including probe cards, thermal subsystems, and test equipment for integrated circuits (ICs) used in various markets such as data centers, automotive, mobile, and consumer electronics.
- Advanced Packaging: Offers specialized test solutions for advanced semiconductor packaging technologies, addressing the increasing complexity and density of modern IC packaging.
Leadership and Structure
FormFactor Inc. is led by a management team responsible for strategic direction and operational execution. The company is structured to align with its core business areas, focusing on innovation, customer engagement, and operational efficiency within the semiconductor test ecosystem.
Top Products and Market Share
Key Offerings
- Probe Cards: FormFactor is a leading provider of advanced probe card solutions, including Kelvin probes, micro-electrical mechanical systems (MEMS) probes, and specialty probes. These are critical for electrical testing of semiconductor wafers. Competitors include Micro Craft, Technoprobe, and Micromanipulator. Market share data for specific product lines is proprietary but FormFactor is a dominant player.
- Thermal Subsystems: Offers sophisticated thermal management solutions for semiconductor testing, ensuring stable temperatures during testing, which is crucial for accurate measurements, especially for high-power and high-performance chips. Competitors include companies like ERS electronic, Temptronic, and Temptest.
- Test Systems for Advanced Packaging: Provides specialized test solutions tailored for testing of advanced semiconductor packages, such as system-in-package (SiP) and chiplets. This segment is growing rapidly. Competitors include various test equipment manufacturers, often with niche solutions.
Market Dynamics
Industry Overview
The semiconductor industry is characterized by rapid innovation, cyclicality, and significant capital investment. The test and measurement segment is crucial for ensuring the quality and performance of semiconductors. Key trends include increasing complexity of chips, advanced packaging, and the growing demand for semiconductors in AI, 5G, automotive, and IoT applications.
Positioning
FormFactor is a leading provider of critical test solutions for the semiconductor industry, particularly in advanced probe cards and thermal management. Its competitive advantages lie in its technological expertise, long-standing customer relationships with major chip manufacturers, and a comprehensive product portfolio that addresses evolving testing needs.
Total Addressable Market (TAM)
The TAM for semiconductor test equipment is substantial, estimated to be tens of billions of dollars globally, driven by increasing chip complexity and production volumes. FormFactor is well-positioned to capture a significant portion of this market, especially in its specialized areas of probe cards and advanced packaging test.
Upturn SWOT Analysis
Strengths
- Strong market leadership in probe cards.
- Deep technological expertise and R&D capabilities.
- Long-standing relationships with major semiconductor manufacturers.
- Broad product portfolio addressing diverse testing needs.
- Strategic acquisitions to expand capabilities.
Weaknesses
- Dependence on the cyclical semiconductor industry.
- High R&D costs associated with innovation.
- Competition from established and emerging players.
- Potential integration challenges from acquisitions.
Opportunities
- Growth in AI, 5G, automotive, and IoT markets driving demand for advanced semiconductors.
- Increasing adoption of advanced packaging technologies.
- Expansion into emerging semiconductor markets.
- Leveraging acquisitions for market expansion and diversification.
Threats
- Global economic downturns impacting semiconductor demand.
- Intensifying competition and pricing pressure.
- Geopolitical risks affecting global supply chains.
- Rapid technological obsolescence requiring continuous innovation.
Competitors and Market Share
Key Competitors
- Advantest Corporation (JP: 6857)
- Teradyne, Inc. (TER)
- Cohu, Inc. (COHU)
Competitive Landscape
FormFactor holds a strong position in specialized segments like probe cards and thermal management, often competing on technological superiority and customized solutions. Teradyne and Advantest are larger, more diversified players in the broader semiconductor test equipment market. Cohu is also a significant competitor, particularly in certain handler and test solutions. FormFactor's advantage lies in its deep focus and innovation within its core areas.
Major Acquisitions
FRT Advanced Technologies AG
- Year: 2019
- Acquisition Price (USD millions): 134
- Strategic Rationale: Acquired to expand FormFactor's metrology and inspection capabilities, particularly for advanced semiconductor wafer testing.
Cascade Microtech
- Year: 2016
- Acquisition Price (USD millions): 332
- Strategic Rationale: This was a pivotal acquisition that significantly strengthened FormFactor's position in advanced probe card technology and expanded its product portfolio to include on-wafer test solutions.
Growth Trajectory and Initiatives
Historical Growth: FormFactor has demonstrated a growth trajectory historically, driven by its strong position in the semiconductor test market and strategic expansion into new areas. Revenue and profitability have generally followed the cycles of the semiconductor industry.
Future Projections: Analyst estimates for FormFactor's future growth are often positive, driven by secular trends in semiconductors such as AI, automotive electronics, and advanced packaging. Projections would typically include revenue growth rates and EPS estimates.
Recent Initiatives: Recent initiatives likely include continued investment in R&D for next-generation probe technology, expansion of offerings for advanced packaging, and potential strategic partnerships or acquisitions to strengthen its market position and diversify its revenue streams.
Summary
FormFactor Inc. is a strong player in the niche but critical semiconductor test market, particularly renowned for its probe card technology. Its strategic acquisitions and focus on innovation position it well for growth in advanced packaging and emerging semiconductor applications. The company's performance is tied to the cyclical nature of the semiconductor industry, and it faces competition from larger, diversified players. Continued investment in R&D and market expansion are key for sustained success.
Similar Stocks
Sources and Disclaimers
Data Sources:
- FormFactor Inc. Investor Relations
- SEC Filings (10-K, 10-Q)
- Industry Analyst Reports
- Financial News Outlets
Disclaimers:
This JSON output is generated based on publicly available information and is intended for informational purposes only. It does not constitute investment advice. Market share data and financial metrics are estimates and may not be precise. Investors should conduct their own due diligence before making any investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About FormFactor Inc
Exchange NASDAQ | Headquaters Livermore, CA, United States | ||
IPO Launch date 2003-06-12 | CEO, President & Director Dr. Michael D. Slessor Ph.D. | ||
Sector Technology | Industry Semiconductor Equipment & Materials | Full time employees 2238 | Website https://www.formfactor.com |
Full time employees 2238 | Website https://www.formfactor.com | ||
FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, thermal systems, cryogenic systems, and related services in the United States and internationally. The company offers probe cards to test various semiconductor device types, including systems on a chip products, mobile application processors, microprocessors, microcontrollers, and graphic processors, network and digital signal processing integrated circuits, radio frequency amplifiers, filters and antenna in package devices, analog, mixed signal, image sensors, electro-optical, DRAM memory, NAND flash memory, NOR flash memory, and quantum computer processor devices; and analytical probes, which are used for device characterization, electrical simulation model development, failure analysis, and prototype design debugging. It also offers probe stations for semiconductor design engineers to capture and analyze accurate data; thermal subsystems, which include thermal chucks and other test systems used in probe stations and other applications for precise temperature management; cryogenic systems, which includes the manufacture of precision cryogenic instruments and semiconductor test and measurement systems; and services and support, including installation services. In addition, the company provides on-site probe card maintenance and service training, seminars, and telephone support services. It markets and sells its products through direct sales force, manufacturers' representatives, and distributors. The company was incorporated in 1993 and is headquartered in Livermore, California.
Note: This website is maintained by Upturn Corporation, which is an investment adviser registered with the U.S. Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. Investing in securities has risks. Past performance is no guarantee of future returns. No assurance is provided as to any particular investment return, and you may lose money using our services. You are strongly advised to consult appropriate counsel before making any investments in companies you learn about through our services. You should obtain appropriate legal, tax, investment, accounting, and other advice that takes into account your investment portfolio and overall financial situation. You are solely responsible for conducting due diligence on a potential investment. We do not affect trades for you. You will select your own broker through which to transact. Investments are not FDIC insured, they are not guaranteed, and they may lose value. Please see the Privacy Policy, Terms of Use, and Disclosure for more information.