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Upturn AI SWOT - About
FORM 
FormFactor Inc (FORM)
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Upturn Advisory Summary
06/30/2025: FORM (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
10 Analysts rated it
Well-followed company, solid analyst reports, reliable data for confident investing.
1 Year Target Price $37.38
1 Year Target Price $37.38
| 3 | Strong Buy |
| 1 | Buy |
| 6 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -21.96% | 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 06/30/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 2.69B USD | Price to earnings Ratio 50.59 | 1Y Target Price 37.38 |
Price to earnings Ratio 50.59 | 1Y Target Price 37.38 | ||
Volume (30-day avg) 10 | Beta 1.11 | 52 Weeks Range 22.58 - 63.62 | Updated Date 06/30/2025 |
52 Weeks Range 22.58 - 63.62 | Updated Date 06/30/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 0.69 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 7.08% | Operating Margin (TTM) 1.91% |
Management Effectiveness
Return on Assets (TTM) 2.55% | Return on Equity (TTM) 5.74% |
Valuation
Trailing PE 50.59 | Forward PE 21.83 | Enterprise Value 2428313652 | Price to Sales(TTM) 3.51 |
Enterprise Value 2428313652 | Price to Sales(TTM) 3.51 | ||
Enterprise Value to Revenue 3.17 | Enterprise Value to EBITDA 20.94 | Shares Outstanding 77076600 | Shares Floating 76384494 |
Shares Outstanding 77076600 | Shares Floating 76384494 | ||
Percent Insiders 0.91 | Percent Institutions 100.34 |
Analyst Ratings
Rating 4 | Target Price 37.38 | Buy 1 | Strong Buy 3 |
Buy 1 | Strong Buy 3 | ||
Hold 6 | Sell - | Strong Sell - | |
Strong Sell - |
Upturn AI SWOT
FormFactor Inc
Company Overview
History and Background
FormFactor, Inc. was founded in 1993. It initially focused on developing advanced micro-electromechanical systems (MEMS) technology and has evolved into a leading provider of advanced wafer probe cards and related products for the semiconductor industry.
Core Business Areas
- Probe Cards: Design, manufacture, and sale of advanced probe cards used to test integrated circuits during the manufacturing process, ensuring quality and performance. This is their core business and largest revenue driver.
- Advanced Probing Solutions: Offers solutions for advanced probing applications, including high-frequency and high-power testing.
Leadership and Structure
The CEO is Andrea Lati. The company has a standard corporate structure with departments for engineering, manufacturing, sales, marketing, and finance.
Top Products and Market Share
Key Offerings
- DRAM Probe Cards: Probe cards used for testing DRAM memory chips. FormFactor holds a significant market share in this segment. Competitors include Japan Electronic Materials (JEM) and Micronics Japan Co. (MJC). Market share varies but is estimated to be a substantial portion of the DRAM probe card market.
- Flash Memory Probe Cards: Probe cards used for testing flash memory chips. FormFactor competes with JEM and MJC. Market share is significant and revenue fluctuates with memory market cycles.
- SoC Probe Cards: Probe cards for testing System-on-Chip (SoC) devices. Market is highly competitive, and competitors include Advantest and Teradyne (though Teradyne is increasingly focused on test equipment, not probe cards themselves).
Market Dynamics
Industry Overview
The semiconductor probe card market is driven by the increasing complexity and miniaturization of integrated circuits. Growth is also impacted by the overall health of the semiconductor market and fab utilization rates.
Positioning
FormFactor is positioned as a technology leader in the probe card market, with a focus on high-performance and advanced applications. Their competitive advantage comes from their advanced technology and strong customer relationships.
Total Addressable Market (TAM)
The total addressable market for probe cards is estimated to be in the billions of dollars annually. FormFactor is well-positioned to capture a significant portion of this TAM through its focus on advanced technologies and key customers.
Upturn SWOT Analysis
Strengths
- Technology leadership
- Strong customer relationships
- High-performance products
- Global presence
Weaknesses
- Reliance on semiconductor industry cycles
- High R&D expenses
- Exposure to material price fluctuations
Opportunities
- Growth in advanced packaging
- Increasing complexity of ICs
- Expansion into new markets (e.g., automotive)
- Growing demand for high-bandwidth memory testing
Threats
- Intense competition
- Technological disruptions
- Economic downturns
- Geopolitical risks
Competitors and Market Share
Key Competitors
- ADTN
- JAPAW
- TER
Competitive Landscape
FormFactor has a strong technological advantage in certain segments, but faces stiff competition from larger and more diversified companies. Competitors are aggressive and the pricing is usually competitive.
Major Acquisitions
Cascade Microtech
- Year: 2016
- Acquisition Price (USD millions): 352
- Strategic Rationale: Expanded product portfolio and market reach.
Growth Trajectory and Initiatives
Historical Growth: FormFactor has experienced significant growth over the past decade, driven by acquisitions and organic growth in its core markets.
Future Projections: Analysts project continued growth for FormFactor, driven by the increasing complexity of ICs and the demand for advanced probing solutions. The specific growth rate depends on overall semiconductor market conditions.
Recent Initiatives: Recent initiatives include investments in R&D to develop new probe card technologies and expansion into new markets.
Summary
FormFactor is a strong player in the probe card market, benefitting from advanced technologies and solid customer relationships. Its dependence on the cyclical semiconductor industry poses risks, but innovation drives continued growth. Competitors are fierce. Overall, FormFactor's financial health is strong, but monitoring industry shifts is essential for sustained success.
Peer Comparison
Sources and Disclaimers
Data Sources:
- FormFactor Investor Relations
- Third Party Market Research Reports
- SEC Filings
Disclaimers:
The information provided is for informational purposes only and should not be considered financial advice. Market data is subject to change. Market share data is an approximation.
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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