FORM
FormFactor, Inc.
FORM's fundamentals are strong: revenue grew 29% and its operating margin rose 13 points to 18%. At 42x earnings, it's trading right at its usual valuation. Analysts expect that strong growth to continue, though they disagree widely on how much.
FORM Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
FORM's revenue, profitability, cash flow and balance sheet are all currently strong.
FORM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 22x | $92.32 | — |
| Cheap | 28x | $60.70 | -34% |
| Fair | 41x | $90.72 | -1.7% |
| Current | 42x | $92.32 | — |
| Expensive | 80x | $176 | +90% |
Historical ranges are pointers, not guarantees.
FORM's PE is in its fair range at 42x. If earnings grow as analysts expect, today's price would be 22x next year's earnings, in its cheap range.
FORM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for FORM, with profitability improving. However, they disagree widely on these estimates.
FORM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.11 | +88% |
| Q3 2026 | $2.19 | +321% |
| Q2 2026 | $1.46 | +161% |
| Q1 2026 | $0.87 | +26% |
| Q4 2025 | $0.69 | -22% |
| Q3 2025 | $0.52 | -70% |
| Q2 2025 | $0.56 | -64% |
| Q1 2025 | $0.69 | -47% |
| Q4 2024 | $0.89 | -15% |
FORM's earnings per share have jumped to their highest in seven years: $2.19 over the past year, up from $0.52 the year before.
FORM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $280.5M | +38% |
| Q2 2026 | $258.2M | +32% |
| Q1 2026 | $226.1M | +32% |
| Q4 2025 | $215.2M | +14% |
| Q3 2025 | $202.7M | -2.5% |
| Q2 2025 | $195.8M | -0.8% |
| Q1 2025 | $171.4M | +1.6% |
| Q4 2024 | $189.5M | +13% |
FORM's revenue has grown year over year for four quarters in a row: $281M last quarter, up 38% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 29% | +20 points |
| Q2 2026 | 22% | +16 points |
| Q1 2026 | 7.4% | +5.5 points |
| Q4 2025 | 11% | +6.8 points |
| Q3 2025 | 8.9% | +0.3 points |
| Q2 2025 | 6.3% | -2.7 points |
| Q1 2025 | 1.9% | -11 points |
| Q4 2024 | 4.1% | -44 points |
FORM's operating margin was 29% last quarter, up 20 points from the same quarter a year ago, near the top of its range since 2019.
FORM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $64.6M | +232% |
| Q2 2026 | $52.2M | +$99.6M |
| Q1 2026 | $29.8M | +501% |
| Q4 2025 | $34.7M | +23% |
| Q3 2025 | $19.5M | +9.5% |
| Q2 2025 | -$47.4M | -451% |
| Q1 2025 | $5M | -75% |
| Q4 2024 | $28.3M | +$28.9M |
FORM generated $181M in free cash flow over the past year, more than ten times what it generated the year before.
FORM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -160K shares |
| 1 year | +2.2% | +1.7M shares |
| 3 years | +1.3% | +1M shares |
| 5 years | +0.5% | +418K shares |
| Available history | +1.8% | +1.4M shares |
FORM has 79M diluted shares, up 2.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $1.7M |
| Q2 2025 | $2.5M |
| Q1 2025 | $22.1M |
| Q4 2024 | $16.1M |
FORM hasn't bought back shares in the past year.
FORM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.6x | Net Cash |
| Q2 2026 | -0.6x | Net Cash |
| Q1 2026 | -1.0x | Net Cash |
| Q4 2025 | -0.9x | Net Cash |
| Q3 2025 | -1.1x | Net Cash |
| Q2 2025 | -0.7x | Net Cash |
| Q1 2025 | -1.5x | Net Cash |
| Q4 2024 | -1.8x | Net Cash |
FORM has more cash than debt.
FORM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.0 | Neutral |
| Stochastic | 16.3 | Oversold |
FORM's weekly RSI is 44 (neutral) and its Stochastic is 16 (oversold).
FORM PE vs Technology Sector
| Metric | FORM | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 28x | 51% above |
| PE % | 52 | 35 | 17 pts above |
FORM is trading at 42x earnings, a 51% premium to the Technology sector's median of 28x.
FORM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $110.4 | 16% below |
| 20 week MA | $112.1 | 18% below |
| 50 week MA | $105.7 | 13% below |
| 100 week MA | $70.9 | 30% above |
| 200 week MA | $55.3 | 67% above |
FORM has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 67% above its 200-week average.
FORM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $26.0 | $42.6 | +64% |
| 2021 | $42.6 | $44.5 | +4.5% |
| 2022 | $44.5 | $21.5 | -52% |
| 2023 | $21.5 | $41.7 | +94% |
| 2024 | $41.7 | $45.9 | +10% |
| 2025 | $45.9 | $58.1 | +26% |
| 2026 YTD | $58.1 | $92.3 | +59% |
FORM has finished higher in five of the last six years, two of them by more than 50%. It's up 59% so far in 2026.