FormFactor, Inc. (FORM) Stock

FormFactor, Inc. (FORM) is a Technology stock trading at $115.69 (as of 2026-08-20), with a market capitalization of $9.04B and a trailing P/E of 78.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

FormFactor designs, manufactures, and sells probe cards and related analytical probes, along with probing and metrology systems, thermal subsystems, and cryogenic systems. Its Probe Cards and Systems segments serve semiconductor companies and scientific institutions for testing, device characterization, and semiconductor design, production, and quality activities.

Understand FormFactor, Inc.: how it makes money

FormFactor designs, manufactures, and sells probe cards and related testing and metrology systems to semiconductor companies and scientific institutions, earning revenue primarily from its Probe Cards and smaller Systems product businesses.

Because FormFactor’s Probe Cards business is the larger revenue contributor (about 0.16B versus Systems about 0.03B), the profit outcome is structurally tied to ongoing semiconductor and scientific demand for probe cards, with systems playing a smaller role.

Revenue by segment (latest quarter)
Probe Cards	$0.2B
Systems	$0.0B

Business quality (Mixed): Good clarity on the reportable segments (Probe Cards and Systems) and segment revenue KPIs, but limited insight here into segment-level profitability or order flow, so investors must infer profit drivers mostly from overall margins and segment revenue mix.

Valuation: At 172× earnings, FORM trades 235% above the Semiconductors average (51×). Note: one-time items can distort reported P/E.

Bull case

Probe Cards lead the revenue mix: In the provided breakdown, Probe Cards revenue is about 0.16B compared with Systems at about 0.03B, so the company’s scale is tied to its core probe card offerings.
Broad product set within testing and metrology: FormFactor sells probe cards plus probe stations, metrology systems, thermal systems, and cryogenic systems, which can support multiple end-use needs for semiconductor test and scientific workflows.

Bear case

Profitability can be pressured by operating costs: The company’s overall operating margin is 7.4% on a 38.4% gross margin, indicating that operating expenses materially reduce gross profit.
Revenue is concentrated in a single dominant segment: With Probe Cards making up the majority of segment revenue in the provided figures, any slowdown in demand for probe cards could weigh more than changes in the smaller Systems segment.

Valuation — source: SEC EDGAR (first-party)
Price	$115.69
Market Cap	$9.04B
P/E Ratio	78.3
EV / EBITDA	57.8
Price / Book	8.13
Price / Sales	10.02
FCF Yield	1.5%
DCF Value (model)	$2.01
DCF Upside vs Price	-98.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$784.99M
Net Margin	6.9%
Revenue Growth (YoY)	31.9%
EPS Growth (YoY)	500.0%
FCF Growth (YoY)	-210.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	30.04 (safe)
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	78.3
Sector P/E (Technology)	33.9
Industry P/E (Electronic Equipment)	39.4
vs Sector	130.7%
vs Industry	98.7%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($1.19B)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Electronic Equipment
CEO	Michael D. Slessor
Employees	2,238
Country	US
IPO Date	2003-06-12

Related Companies (Business model: Fabless Semiconductors; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.