FORM
FormFactor, Inc.
FORM's outlook is improving, though it still trails on the overall score.
MU
Micron Technology, Inc.
MU has the edge over FORM overall, supported by stronger valuation and stronger fundamentals.
FORM Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
FORM's revenue, profitability, cash flow and balance sheet are all currently strong.
MU Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
MU'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.
MU PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 4.6x | $798 | — |
| Cheap | 10x | $777 | -2.7% |
| Current | 11x | $798 | — |
| Fair | 22x | $1,646 | +106% |
| Expensive | 32x | $2,404 | +201% |
Historical ranges are pointers, not guarantees.
MU has the edge over FORM in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
MU Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Broad | |
| Moderate |
Analysts expect strong earnings and revenue growth for MU, with profitability improving.
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.
MU Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $174.95 | +135% |
| Q3 2026 | $74.33 | +879% |
| Q2 2026 | $44.17 | +693% |
| Q1 2026 | $21.18 | +405% |
| Q4 2025 | $10.52 | +201% |
| Q3 2025 | $7.59 | +984% |
| Q2 2025 | $5.57 | +$6.99 |
| Q1 2025 | $4.19 | +$7.64 |
| Q4 2024 | $3.49 | +$9.77 |
MU has the edge over FORM on earnings, with more consistent year-over-year improvement.
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.
MU Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $54.2B | +379% |
| Q2 2026 | $41.5B | +346% |
| Q1 2026 | $23.9B | +196% |
| Q4 2025 | $13.6B | +57% |
| Q3 2025 | $11.3B | +46% |
| Q2 2025 | $9.3B | +37% |
| Q1 2025 | $8.1B | +38% |
| Q4 2024 | $8.7B | +84% |
MU has the edge over FORM on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 81% | +48 points |
| Q2 2026 | 80% | +57 points |
| Q1 2026 | 68% | +46 points |
| Q4 2025 | 45% | +20 points |
| Q3 2025 | 32% | +13 points |
| Q2 2025 | 23% | +13 points |
| Q1 2025 | 22% | +19 points |
| Q4 2024 | 25% | +49 points |
MU has the edge over FORM on profitability, with a higher operating margin.
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.
MU Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $32.9B | +45543% |
| Q2 2026 | $17.6B | +951% |
| Q1 2026 | $5.5B | +$5.6B |
| Q4 2025 | $3B | +7853% |
| Q3 2025 | $72M | -75% |
| Q2 2025 | $1.7B | +322% |
| Q1 2025 | -$113M | +$52M |
| Q4 2024 | $38M | +$433M |
MU has the edge over FORM on cash flow, with more consistent year-over-year improvement.
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.
MU Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -2M shares |
| 1 year | +1.6% | +18M shares |
| 3 years | +4.6% | +50M shares |
| 5 years | +0.2% | +2M shares |
| Available history | +1.2% | +14M shares |
MU has the edge over FORM on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $350M |
| Q4 2025 | $300M |
| Q3 2024 | $300M |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
MU has spent almost nothing on buybacks 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 the edge over MU on leverage, with a lower net debt burden relative to earnings.
MU Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.1x | Net Cash |
| Q4 2025 | 0.1x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2025 | 0.3x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
MU 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).
MU Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.1 | Neutral |
| Stochastic | 26.9 | Neutral |
MU's weekly RSI is 47 (neutral) and its Stochastic is 27 (neutral).
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.
MU PE vs Technology Sector
| Metric | MU | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 28x | 61% below |
| PE % | 18 | 35 | 17 pts below |
MU has the edge over FORM on valuation relative to its sector.
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.
MU Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $914.5 | 13% below |
| 20 week MA | $931.0 | 14% below |
| 50 week MA | $685.9 | 16% above |
| 100 week MA | $405.4 | 97% above |
| 200 week MA | $246.0 | 225% above |
MU has the edge over FORM on trend strength, trading above more of its moving averages.
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.
MU Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $54.0 | $70.6 | +31% |
| 2021 | $70.6 | $94.4 | +34% |
| 2022 | $94.4 | $50.2 | -47% |
| 2023 | $50.2 | $85.3 | +70% |
| 2024 | $85.3 | $88.6 | +3.9% |
| 2025 | $88.6 | $284.8 | +221% |
| 2026 YTD | $284.8 | $798.4 | +180% |
MU has the edge over FORM on returns for 2026, with the stronger performance.