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FormFactor Inc (FORM)



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Upturn Advisory Summary
08/14/2025: FORM (1-star) is currently NOT-A-BUY. Pass it for now.
1 Year Target Price $33.75
1 Year Target Price $33.75
3 | Strong Buy |
1 | Buy |
6 | Hold |
0 | Sell |
0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -35.56% | Avg. Invested days 42 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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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 |
Upturn AI SWOT
FormFactor Inc

Company Overview
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.
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 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
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
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
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.
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.

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