FormFactor FORM
United StatesTechnology · Semiconductor Equipment & MaterialsUSD
153.89 USD (+10.1%)
9 analysts
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FormFactor is a provider of test and measurement solutions for semiconductors, including probe cards and analog test systems, selling to chip manufacturers and foundries.
Key points
from its scores- ✓Good share-price trend9.8
- ✓Very solid balance sheet8.3
- ✓Strong growth7.5
- ✕Little or no dividend1.5
- ✕Demanding valuation3.0
AI analysis
bottom line, main risk, context and newsQuality and growth are real, but the current valuation discounts a near-perfect scenario with no margin of safety.
FormFactor shows explosive growth (revenue +31.9%, earnings +502%) and solid financial health with net cash, but its valuation is extremely demanding (P/E 101x, EV/EBITDA 56.8x), leaving little room for error if the semiconductor cycle decelerates.
The extreme valuation (P/E 101x) depends on the semiconductor capex cycle continuing; any sign of slowdown in chip demand or hyperscaler investment could trigger a severe correction.
Context and risks
No relevant recent news. The main risk is the extreme valuation (P/E 101x) and dependence on the semiconductor capex cycle, which is already reflected in the quantitative metrics.
Is FormFactor stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 201% above the Technology median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 101.3 | 31.3 | +224% |
| EV / EBITDA | 56.8 | 20.4 | +178% |
| Price / book | 9.8 | 6.3 | +56% |
| Price / sales | 12.1 | 5.3 | +129% |
Sector: median of the 283 Technology companies analysed. In bold, the multiples used for the comparison.
Valuation score: 3.0 out of 10 (median for Technology: 5.3).
Average analyst target: 153.89 USD, +10.1% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 6.8 (sector 6.4), Growth 7.5 (sector 7.5).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Technology medianValuation
- P/E
- 101.3
- Forward P/E
- 36.9
- EV / EBITDA
- 56.8
- Price / book
- 9.8
- Price / sales
- 12.1
- PEG
- 1.39
- Market cap
- 10.9B USD
- Enterprise value
- 10.6B USD
Profitability
- ROE
- 11.0%
- ROA
- 7.4%
- ROIC (approx.)
- 19.1%
- Gross margin
- 46.2%
- Operating margin
- 24.1%
- Net margin
- 12.8%
- Free cash flow
- 114.8M USD
- FCF yield
- 1.1%
- Cash conversion
- 61%
Solvency
- Total debt
- 29.9M USD
- Net debt
- −315.7M USD
- Cash
- 345.6M USD
- EBITDA
- 186.8M USD
- Net debt / EBITDA
- −1.69
- Debt / equity
- 2.69
- Current ratio
- 4.08
- Quick ratio
- 3.09
Growth
- Revenue growth
- +31.9%
- Earnings growth
- +502.5%
- EPS (TTM)
- 1.38 USD
- EPS (forward)
- 3.79 USD
Dividend
- Dividend yield
- 0.0%
- Payout
- 0.0%
Risk and market
- Beta
- 1.18
- Analyst consensus
- Buy (9)
- Target price
- 153.89 USD
- 52-week range
- 37.14 – 160.27
Recent news
All FORM news →Compare it with its sector
All 283 in Technology →Frequently asked questions about FormFactor
Is FormFactor stock cheap or expensive?
On P/E and EV / EBITDA, it trades 201% above the Technology median on average. Valuation score: 3.0 out of 10 (median for Technology: 5.3). Average analyst target: 153.89 USD, +10.1% versus the price. This is not investment advice.
What score does FormFactor get on MeridIAn Screener?
It scores 6.1 out of 10, rank 896 of 2,130 (better than 55% of the companies analysed). Its strongest category is Momentum (9.8) and its weakest, Dividend (1.5). Analysis of 08/10/2026.
What is FormFactor's P/E ratio?
Its P/E is 101.3: the share price equals 101.3 times earnings per share over the last 12 months. The Technology median is 31.3. Based on the earnings analysts expect, the forward P/E is 36.9.
How much is FormFactor worth on the stock market?
Its market capitalisation is 10.9B USD and its enterprise value, debt included, is 10.6B USD.
How much debt does FormFactor have?
It has more cash than debt: net cash of 315.7M USD.
Does FormFactor pay a dividend?
It pays no dividend, or almost none.
How has FormFactor stock performed over the last year?
It has risen 266.5% over the last year, excluding dividends. Over the last 52 weeks it has traded between 37.14 and 160.27 USD. Past performance does not guarantee future results.
What do analysts think of FormFactor?
9 analysts cover it; their average recommendation is “Buy” and their average target is 153.89 USD (+10.1% versus the price). It is an estimate, not market data.