Home 
Today's Top Picks 
Top Performers 
Watchlist 
My Robo Portfolios 
ETF Zone 
Help & Tutorial 
Cancel anytime
- Chart
- Upturn Summary
- Highlights
- Revenue
- Valuation
Upturn AI SWOT - 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
- YEAR
- MONTH
- WEEK
Upturn Advisory Summary
10/15/2025: 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
Moderately tracked stock, growing coverage, gaining market and investor attention.
1 Year Target Price $35.25
1 Year Target Price $35.25
| 3 | Strong Buy |
| 1 | Buy |
| 6 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -21.9% | Avg. Invested days 39 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 10/15/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 3.23B USD | Price to earnings Ratio 73.51 | 1Y Target Price 35.25 |
Price to earnings Ratio 73.51 | 1Y Target Price 35.25 | ||
Volume (30-day avg) 10 | Beta 1.28 | 52 Weeks Range 22.58 - 50.79 | Updated Date 10/17/2025 |
52 Weeks Range 22.58 - 50.79 | Updated Date 10/17/2025 | ||
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 - | When - | Estimate - | Actual - |
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 73.51 | Forward PE 31.06 | Enterprise Value 2826428315 | Price to Sales(TTM) 4.23 |
Enterprise Value 2826428315 | Price to Sales(TTM) 4.23 | ||
Enterprise Value to Revenue 3.7 | Enterprise Value to EBITDA 25.15 | Shares Outstanding 77114214 | Shares Floating 76379316 |
Shares Outstanding 77114214 | Shares Floating 76379316 | ||
Percent Insiders 0.97 | Percent Institutions 99.08 |
Upturn AI SWOT
FormFactor Inc
Company Overview
History and Background
FormFactor, Inc. was founded in 1993. It is a leading provider of advanced wafer probe cards and analytical probe systems, enabling semiconductor manufacturers to test integrated circuits.
Core Business Areas
- Probe Cards: Designs, manufactures, and sells probe cards used in the testing of semiconductor wafers.
- Analytical Probe Systems: Designs, manufactures, and sells analytical probe systems used for advanced semiconductor device characterization and failure analysis.
Leadership and Structure
The leadership team includes Andreas Kupke (CEO), Shai Shahar (CFO), and various VPs leading engineering, sales, and operations. The organizational structure is a typical corporate structure with functional departments reporting to executive leadership.
Top Products and Market Share
Key Offerings
- DRAM Probe Cards: Used for testing DRAM memory chips. FormFactor holds a significant market share in this segment. Competitors include Advantest and Technoprobe.
- SoC Probe Cards: Used for testing System-on-Chip devices. These are used in mobile and automotive applications, FormFactor and Technoprobe are both key players. Competitors include Advantest and Technoprobe.
- Flash Memory Probe Cards: Used for testing flash memory chips. Competitors include Advantest and Technoprobe.
Market Dynamics
Industry Overview
The semiconductor testing industry is driven by the increasing complexity of integrated circuits and the demand for higher performance and reliability. The industry is cyclical, influenced by capital spending cycles in the semiconductor manufacturing sector.
Positioning
FormFactor is a leader in advanced probe card technology, particularly for high-growth applications like DRAM and SoC. Their competitive advantage lies in their technological innovation and customer relationships.
Total Addressable Market (TAM)
The total addressable market for probe cards and related services is estimated to be several billion dollars annually. FormFactor is well-positioned to capture a significant portion of this TAM.
Upturn SWOT Analysis
Strengths
- Technological leadership in advanced probe cards
- Strong customer relationships with leading semiconductor manufacturers
- Diversified product portfolio
- Global presence
Weaknesses
- Dependence on the cyclical semiconductor industry
- High R&D expenses
- Customer concentration
Opportunities
- Growth in advanced semiconductor applications (e.g., AI, 5G, automotive)
- Expansion into new markets
- Acquisitions of complementary technologies
Threats
- Economic downturns
- Increased competition
- Technological obsolescence
- Geopolitical risks and trade tensions
Competitors and Market Share
Key Competitors
- ADCT
- TPC.MI
Competitive Landscape
FormFactor competes on technology, performance, and customer relationships. They compete well in advanced solutions, but other companies are more competitive on cost.
Major Acquisitions
FRT GmbH
- Year: 2020
- Acquisition Price (USD millions): 122
- Strategic Rationale: FRT expands FormFactor's metrology capabilities and strengthens its position in the semiconductor industry.
Cascade Microtech
- Year: 2016
- Acquisition Price (USD millions): 352
- Strategic Rationale: Enhanced FormFactor's probe card and analytical probe systems portfolio.
Growth Trajectory and Initiatives
Historical Growth: FormFactor has experienced growth driven by the increasing demand for advanced probe cards in the semiconductor industry.
Future Projections: Analysts project continued growth for FormFactor, driven by expansion in key markets and strategic initiatives.
Recent Initiatives: Recent initiatives include investments in R&D, expansion of production capacity, and strategic acquisitions.
Summary
FormFactor is a technologically advanced company that is well placed in the semiconductor industry. Its financial health is strong. Its dependence on the cyclical semiconductor industry can create volatility and should be monitored.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company SEC Filings
- Analyst Reports
- Industry Publications
Disclaimers:
This analysis is for informational purposes only and should not be considered investment advice.
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.