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FORM

FormFactor, Inc.

FORM

FormFactor, Inc. • NASDAQ
$55.02 ▲ 2.19% (+1.18)
Market Cap $4.25 B
52w High $61.10
52w Low $22.58
Dividend Yield 0%
P/E 103.81
Volume 223.59K
Outstanding Shares 77.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $202.676M ▲ $62.621M ▲ $14.488M ▲ 7.148% ▲ $0.18 ▲ $30.196M ▲
Q2-2025 $195.798M ▲ $60.632M ▼ $9.086M ▲ 4.64% ▲ $0.12 ▲ $21.866M ▲
Q1-2025 $171.356M ▼ $61.254M ▼ $6.401M ▼ 3.735% ▼ $0.08 ▼ $12.099M ▼
Q4-2024 $189.483M ▼ $65.73M ▼ $9.705M ▼ 5.122% ▼ $0.13 ▼ $52.267M ▲
Q3-2024 $207.917M $66.85M $18.736M 9.011% $0.24 $26.129M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $266.029M ▲ $1.203B ▲ $193.377M ▲ $1.01B ▲
Q2-2025 $249.329M ▼ $1.182B ▲ $191.585M ▲ $990.023M ▲
Q1-2025 $298.988M ▼ $1.156B ▲ $190.293M ▼ $965.874M ▲
Q4-2024 $360.023M ▲ $1.146B ▼ $198.447M ▼ $947.768M ▼
Q3-2024 $354.467M $1.154B $198.773M $955.01M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $15.656M ▲ $26.991M ▲ $6.718M ▲ $-2.382M ▲ $30.206M ▲ $19.486M ▲
Q2-2025 $9.086M ▲ $18.893M ▼ $-78.553M ▲ $-4.214M ▼ $-62.396M ▲ $-47.363M ▼
Q1-2025 $6.401M ▼ $23.539M ▼ $-84.66M ▼ $-2.964M ▲ $-63.905M ▼ $4.955M ▼
Q4-2024 $9.705M ▼ $35.913M ▲ $-7.328M ▲ $-18.356M ▲ $6.717M ▲ $28.25M ▲
Q3-2024 $18.736M $26.731M $-16.192M $-26.83M $-13.462M $17.792M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
DRAM Product Group
DRAM Product Group
 $60.00M ▲$50.00M ▼$60.00M ▲$70.00M ▲
Flash Product Group
Flash Product Group
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Foundry Logic Product Group
Foundry Logic Product Group
 $80.00M ▲$90.00M ▲$100.00M ▲$90.00M ▼
Systems Product Group
Systems Product Group
 $40.00M ▲$30.00M ▼$30.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement FormFactor’s revenue has been fairly steady over the past five years, with a recent return to growth after a softer period. Profit margins have held up reasonably well through the cycle, showing that the company can stay profitable even when the semiconductor market wobbles. Earnings have moved around somewhat from year to year but remain solidly positive, which suggests a resilient, well‑positioned business rather than a boom‑and‑bust story. Overall, the income statement reflects a mature company with consistent profitability in a cyclical industry, not one chasing risky, breakneck growth.

Balance Sheet

Balance Sheet The balance sheet is a clear strength. Assets and shareholders’ equity have grown over time, while debt remains low and has even edged down. The company holds a healthy cash position relative to its size, giving it flexibility to invest, weather downturns, or pursue strategic moves without stretching the balance sheet. In simple terms, FormFactor appears conservatively financed, with a solid capital base and no obvious signs of financial strain.

Cash Flow

Cash Flow FormFactor consistently generates cash from its operations, which is a key sign of underlying business health. Free cash flow has been positive in every year, even though it dipped during one weaker period when the company kept investing. Capital spending has been steady and purposeful rather than excessive, indicating disciplined investment in capacity and technology. The pattern suggests a company that can fund its own growth and R&D from internal cash, rather than relying heavily on borrowing or equity raises.

Competitive Edge

Competitive Edge FormFactor occupies a specialized, mission‑critical niche in semiconductor testing, particularly in advanced probe cards. Its products are deeply embedded in customers’ manufacturing flows and are highly customized, which makes switching suppliers time‑consuming and risky for chipmakers. Long‑standing relationships, recognized market leadership, and a sizable patent portfolio strengthen its position. This all adds up to a defensible competitive moat in a technically demanding, less commoditized corner of the semiconductor ecosystem.

Innovation and R&D

Innovation and R&D Innovation is at the heart of FormFactor’s strategy. The company leans heavily on its proprietary MEMS probe technology and offers a broad range of solutions that span from early lab work to high‑volume factory testing. It has pushed into advanced packaging, high‑performance computing, and automotive applications, and is an early mover in cryogenic and quantum testing—areas that could become much more important over time. Strategic partnerships and targeted acquisitions have expanded its capabilities, suggesting a deliberate and forward‑looking R&D approach rather than opportunistic experimentation.

Summary

FormFactor presents as a financially steady, innovation‑driven semiconductor test company with a strong niche. Its income statement shows consistent profitability through industry cycles; its balance sheet is conservative and solid; and its cash generation comfortably supports ongoing investment. Competitively, the firm benefits from technical complexity, high switching costs, and strong customer ties, which together create a meaningful moat. The main opportunity lies in leveraging its technology into growth areas like advanced packaging, AI‑related chips, automotive electronics, and quantum computing, while the main risk is the inherent cyclicality and rapid technological change in the semiconductor industry. Overall, it looks like a stable, well‑positioned specialist rather than a speculative, unproven player.

NEWS

November 24, 2025 · 4:01 PM UTC

FormFactor Announces Participation at Upcoming Conference

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November 12, 2025 · 6:30 PM UTC

FormFactor, Inc. Selects Farmers Branch, Texas as Site for New Advanced Manufacturing Facility

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October 30, 2025 · 4:01 PM UTC

FormFactor Announces Participation at Upcoming Conference

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October 29, 2025 · 4:01 PM UTC

FormFactor, Inc. Reports 2025 Third Quarter Results

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October 15, 2025 · 4:01 PM UTC

FormFactor to Announce Third Quarter 2025 Financial Results on October 29th

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