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FORM logo FORM
Upturn stock ratingUpturn stock rating
FORM logo

FormFactor Inc (FORM)

Upturn stock ratingUpturn stock rating
$30.25
Last Close (24-hour delay)
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PASS
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  • SELL Advisory (Profit)​
  • SELL Advisory (Loss)​
  • Profit
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Upturn Stock infoUpturn Stock info Stock price based on last close
*as per simulation
(see disclosures)
Time period over
  • ALL
  • YEAR
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Upturn Advisory Summary

08/14/2025: FORM (1-star) is currently NOT-A-BUY. Pass it for now.

Upturn Star Rating

rating

Not Recommended Performance

These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.

Number of Analysts

rating

10 Analysts rated it

Moderately tracked stock, growing coverage, gaining market and investor attention.

1 Year Target Price $33.75

1 Year Target Price $33.75

Analysts Price Target For last 52 week
$33.75 Target price
52w Low $22.58
Current$30.25
52w High $51.68

Analysis of Past Performance

Type Stock
Historic Profit -35.56%
Avg. Invested days 42
Today’s Advisory PASS
Upturn Star Rating Upturn stock ratingUpturn stock rating
Upturn Advisory Performance Upturn Advisory Performance 2.0
Stock Returns Performance Upturn Returns Performance 1.0
Upturn Profits based on simulationUpturn Profits based on simulation Profits based on simulation
Upturn Profits based on simulationUpturn Profits based on simulation Last Close 08/14/2025

Key Highlights

Company Size Mid-Cap Stock
Market Capitalization 2.33B USD
Price to earnings Ratio 53.07
1Y Target Price 33.75
Price to earnings Ratio 53.07
1Y Target Price 33.75
Volume (30-day avg) 10
Beta 1.16
52 Weeks Range 22.58 - 51.68
Updated Date 08/15/2025
52 Weeks Range 22.58 - 51.68
Updated Date 08/15/2025
Dividends yield (FY) -
Basic EPS (TTM) 0.57

Analyzing Revenue: Products, Geography and Growth

Revenue by Products

Product revenue - Year on Year

Revenue by Geography

Earnings Date

Report Date 2025-07-29
When Before Market
Estimate 0.3004
Actual 0.27

Profitability

Profit Margin 5.75%
Operating Margin (TTM) 6.29%

Management Effectiveness

Return on Assets (TTM) 2.21%
Return on Equity (TTM) 4.53%

Valuation

Trailing PE 53.07
Forward PE 19.65
Enterprise Value 2119290973
Price to Sales(TTM) 3.05
Enterprise Value 2119290973
Price to Sales(TTM) 3.05
Enterprise Value to Revenue 2.77
Enterprise Value to EBITDA 18.86
Shares Outstanding 77114200
Shares Floating 76393196
Shares Outstanding 77114200
Shares Floating 76393196
Percent Insiders 0.97
Percent Institutions 98.17

ai summary icon Upturn AI SWOT

FormFactor Inc

stock logo

Company Overview

overview logo History and Background

FormFactor, Inc. was founded in 1993 and is headquartered in Livermore, California. It designs, develops, manufactures, and sells probe cards used by semiconductor companies to test integrated circuits (ICs). Over time, FormFactor has grown through acquisitions and organic expansion, becoming a leader in the advanced probe card market.

business area logo Core Business Areas

  • Probe Cards: Designs, manufactures, and sells probe cards used for wafer testing during semiconductor manufacturing. This is FormFactor's primary revenue driver, catering to various markets like Foundry & Logic, DRAM, and Flash memory.

leadership logo Leadership and Structure

FormFactor is led by its CEO, Andrea Lati. The company has a typical corporate structure with departments covering engineering, manufacturing, sales, marketing, finance, and human resources.

Top Products and Market Share

overview logo Key Offerings

  • Advanced Probe Cards for Foundry & Logic: High-performance probe cards used for testing advanced processors and ASICs. FormFactor is a leader in this segment. Competitors: Japan Electronic Materials (JEM), Technoprobe, SV Probe.
  • Probe Cards for DRAM: Probe cards used for testing DRAM memory chips. Competitors: Micronics Japan Co., Ltd. (MJC), SV Probe, JEM.
  • Probe Cards for Flash Memory: Probe cards used for testing NAND flash memory chips. Competitors: MJC, SV Probe, JEM.

Market Dynamics

industry overview logo Industry Overview

The semiconductor testing market is driven by the increasing complexity of ICs, the demand for higher performance, and the need to reduce testing costs. Key trends include the adoption of advanced probing techniques and the growing importance of parallel testing.

Positioning

FormFactor is a leading provider of advanced probe cards, particularly in the Foundry & Logic segment. Its competitive advantages include its technology leadership, strong customer relationships, and global manufacturing footprint.

Total Addressable Market (TAM)

The total addressable market for probe cards is estimated to be several billion USD annually. FormFactor is positioned to capture a significant portion of this market due to its leading technology and established customer base.

Upturn SWOT Analysis

Strengths

  • Technology leadership in advanced probe cards
  • Strong customer relationships with leading semiconductor manufacturers
  • Global manufacturing footprint
  • Diversified product portfolio across different semiconductor markets

Weaknesses

  • Dependence on the semiconductor industry cycle
  • High R&D expenses
  • Exposure to currency fluctuations
  • Concentration of revenue with a few key customers

Opportunities

  • Growth in advanced packaging technologies
  • Increasing demand for high-performance computing
  • Expansion into new semiconductor markets
  • Strategic acquisitions to expand product portfolio

Threats

  • Intense competition from established probe card manufacturers
  • Technological disruptions
  • Economic downturns
  • Geopolitical risks and trade restrictions

Competitors and Market Share

competitor logo Key Competitors

  • TECH
  • MJ
  • SV Probe

Competitive Landscape

FormFactor's advantages include its technology leadership and strong customer relationships. Disadvantages include reliance on the semiconductor cycle and high R&D costs.

Major Acquisitions

Cascade Microtech

  • Year: 2016
  • Acquisition Price (USD millions): 352
  • Strategic Rationale: Expanded FormFactor's product portfolio and market presence in advanced probing solutions.

Growth Trajectory and Initiatives

Historical Growth: FormFactor has experienced growth driven by the increasing demand for advanced probe cards and strategic acquisitions.

Future Projections: Analyst projections for FormFactor's future growth are available through financial news sources.

Recent Initiatives: Recent initiatives include investments in R&D, expansion of manufacturing capacity, and strategic partnerships.

Summary

FormFactor is a strong player in the advanced probe card market, driven by its technological leadership and customer relationships. The company's growth is tied to the cyclical semiconductor industry, requiring strategic investments and diversification. Competition and economic downturns present challenges, but opportunities in advanced packaging and new markets exist. FormFactor doesn't currently pay dividends which can affect total stock performance.

Peer Comparison

Sources and Disclaimers

Data Sources:

  • Company Filings
  • Analyst Reports
  • Industry Publications

Disclaimers:

This analysis is for informational purposes only and does not constitute financial advice. Market data and financial information are subject to change. Investment decisions should be based on individual research and consultation with a financial advisor.

Upturn AI SummarizationUpturn AI Summarization AI Summarization is directionally correct and might not be accurate.

Upturn AI SummarizationUpturn AI Summarization Summarized information shown could be a few years old and not current.

Upturn AI SummarizationUpturn AI Summarization Fundamental Rating based on AI could be based on old data.

Upturn AI SummarizationUpturn AI Summarization 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
Full time employees 2238

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.