FORM
TechnologyFormFactor, Inc. · Semiconductors · $10B
What is FormFactor, Inc.?
FormFactor, Inc. is a semiconductor test and measurement company headquartered in Livermore, California. It serves chipmakers and scientific institutions worldwide with probe cards, analytical probes, and advanced measurement systems.
FormFactor operates through two segments — Probe Cards and Systems. The Probe Cards segment supplies testing hardware used across a wide range of chip types, from memory and mobile processors to image sensors and RF devices. The Systems segment provides probe stations, surface metrology tools, thermal subsystems, and cryogenic instruments used in semiconductor development, failure analysis, and research. Revenue comes from equipment sales and ongoing service contracts, including on-site maintenance and technical training.
FormFactor was incorporated in 2003 and is headquartered in Livermore, California.
- Probe cards for memory, logic, and RF semiconductor testing
- Analytical probes for device characterization and failure analysis
- Probe stations and surface metrology systems
- Thermal chucks and subsystems for wafer-level testing
- Precision cryogenic instruments for semiconductor measurement
Is FORM a Good Stock to Buy?
UQS Score rates FORM as Below Average overall, reflecting meaningful challenges across several fundamental dimensions.
The clearest bright spot in FormFactor's profile is its Risk pillar, which scores Strong — suggesting the balance sheet and financial structure carry relatively low near-term stress compared to many semiconductor equipment peers.
Quality, Moat, and Growth all register as Weak, pointing to limited competitive differentiation, constrained earnings power, and a subdued growth trajectory. Valuation is rated Elevated, meaning the market price does not appear to offer a margin of safety given these fundamentals.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does FORM pay dividends?
No — FormFactor, Inc. does not currently pay a dividend.
FormFactor does not currently pay a dividend. For a capital-intensive semiconductor equipment company, retaining cash to fund product development and manufacturing capacity is a common strategic choice. Income-focused investors should note that FORM does not provide a yield at this time, and any return of capital would depend on future business performance and management decisions.
When does FORM report earnings?
FormFactor reports earnings on a quarterly cadence, consistent with standard practice for US-listed equities.
The company's recent results reflect the cyclical pressures common across semiconductor equipment markets, with demand patterns tied closely to chipmaker capital spending cycles. Growth and quality metrics have remained under pressure, consistent with the Weak ratings across those pillars.
For the most recent quarter's results and guidance, visit FormFactor's investor relations page directly.
FORM Price History
+303.0% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in FormFactor, Inc.?
Based on FormFactor, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
FORM Long-term Outlook
FormFactor's fundamental outlook is tempered by Weak Growth and Weak Quality pillar ratings, suggesting the near-term trajectory remains challenged. The Strong Risk rating provides some stability, indicating the company is unlikely to face acute financial distress. However, the Elevated Valuation pillar means investors are paying a premium relative to what the current fundamental profile supports, which limits the upside case without a meaningful improvement in earnings quality or growth.
Growth drivers
- Expanding demand for advanced chip testing as semiconductor complexity increases
- Cryogenic and quantum computing research creating niche system opportunities
- Ongoing service and maintenance contracts providing recurring revenue
Key risks
- Cyclical semiconductor capex downturns reducing probe card demand
- Weak moat leaving FormFactor exposed to pricing pressure from competitors
- Elevated valuation creating downside risk if growth expectations disappoint
FORM vs Peers
FormFactor operates in a competitive semiconductor technology landscape alongside companies that address adjacent markets in connectivity, optics, and wireless.
Semtech focuses on analog and mixed-signal semiconductors, particularly for IoT and data center connectivity, rather than test and measurement equipment.
Applied Optoelectronics specializes in fiber-optic networking components, serving data center and broadband markets with a distinct product focus from FormFactor's probe-based tools.
Skyworks designs RF semiconductors primarily for mobile devices, competing in the broader semiconductor ecosystem but not directly in test and measurement equipment.
Frequently Asked Questions
What does FormFactor do?
FormFactor designs and manufactures probe cards, analytical probes, probe stations, metrology systems, and cryogenic instruments. These products are used by semiconductor companies and research institutions to test, characterize, and analyze chips at various stages of development and production.
Does FORM pay dividends?
No, FormFactor does not currently pay a dividend. The company retains capital to support its operations and product development in the semiconductor equipment market. Investors seeking income should factor this into their assessment of FORM.
When does FORM report earnings?
FormFactor reports financial results on a quarterly basis, in line with standard US-listed company practice. For exact dates and the most recent earnings release, check FormFactor's official investor relations page.
Is FORM a good stock to buy?
UQS Score rates FORM as Below Average, with Weak readings across Quality, Moat, and Growth pillars and an Elevated Valuation. The Strong Risk pillar offers some reassurance on financial stability, but the overall profile presents meaningful concerns for investors evaluating the stock on fundamentals.
Is FORM overvalued?
The UQS Valuation pillar for FORM is rated Elevated, suggesting the current market price is high relative to the company's underlying fundamental quality and growth profile. Investors should weigh this carefully alongside the Weak Quality and Growth ratings.
How does FORM compare to its competitors?
FormFactor occupies a specialized niche in semiconductor test and measurement, which differs from peers like Skyworks Solutions in RF chips or Semtech in analog connectivity. Its UQS profile — particularly the Weak Moat rating — suggests limited pricing power relative to more differentiated players in the broader semiconductor sector.
What is FORM's market cap bracket?
FormFactor is classified as a large-cap company. This places it among established players in the semiconductor equipment space, though its UQS profile reflects fundamental challenges that large-cap status alone does not resolve.
Who founded FormFactor?
FormFactor's founding history and leadership background are publicly available through the company's official website and SEC filings. The company was incorporated in 2003 and is headquartered in Livermore, California.
Is FORM a long-term quality investment?
As a long-term quality indicator, the UQS Score rates FORM as Below Average. Weak readings on Quality, Moat, and Growth suggest the business has not demonstrated the durable competitive advantages or earnings consistency typically associated with high-quality long-term holdings. The Strong Risk pillar is a relative positive.
What is the main competitive advantage of FormFactor?
FormFactor's Moat pillar is rated Weak, indicating limited durable competitive advantages at this time. The company does serve a specialized market in semiconductor testing, but pricing power and differentiation appear constrained relative to stronger-moat peers in the technology sector.
What sector does FORM belong to?
FormFactor belongs to the Technology sector, specifically within semiconductor equipment and test systems. It serves chipmakers and research institutions that require precision measurement and testing tools throughout the chip design and production process.
Is FORM a growth stock or value stock?
Based on UQS pillar labels, FORM does not fit cleanly into either category. Its Growth pillar is rated Weak, suggesting limited near-term expansion momentum, while its Valuation pillar is Elevated — meaning it does not offer the discount typically associated with a value stock either.
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Pro Analysis
FORM — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 21, 2026 | 43.6 | 24.3 | 37.0 | 42.1 | 100.0 | 32.2 | +7.0 |
| May 8, 2026 | 36.6 | 6.1 | 37.0 | 41.6 | 60.0 | 56.8 | -2.4 |
| May 7, 2026 | 39.0 | 19.1 | 37.0 | 40.3 | 82.4 | 30.7 | -0.1 |
| May 3, 2026 | 39.1 | 19.1 | 37.0 | 40.3 | 82.4 | 31.2 | +0.1 |
| May 2, 2026 | 39.0 | 19.1 | 37.0 | 40.3 | 82.4 | 30.5 | +1.3 |
| Apr 26, 2026 | 37.7 | 19.1 | 37.0 | 34.7 | 82.4 | 29.5 | -0.1 |
| Apr 19, 2026 | 37.8 | 19.1 | 37.0 | 34.7 | 82.4 | 30.1 | +0.1 |
| Apr 18, 2026 | 37.7 | 19.1 | 37.0 | 33.8 | 82.4 | 30.2 | -1.1 |
| Apr 14, 2026 | 38.8 | 19.1 | 37.0 | 33.8 | 82.4 | 37.7 | -0.1 |
| Apr 12, 2026 | 38.9 | 19.1 | 37.0 | 33.8 | 82.4 | 38.1 | -0.2 |
FORM — Pillar Breakdown
Quality
— 24.3/100 (25%)FormFactor, Inc. currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 42.1/100 (20%)FormFactor, Inc. shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 100.0/100 (15%)FormFactor, Inc. carries minimal financial risk with conservative leverage and strong solvency.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 32.1/100 (15%)FormFactor, Inc. appears expensively valued relative to its fundamentals and growth prospects.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 37/100 (25%)FormFactor, Inc. possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for FORM.
Score Composition
Financial Data
More Stock Analysis
How is the FORM UQS Score Calculated?
The UQS (Unified Quality Score) for FormFactor, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses FormFactor, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether FormFactor, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.