QualityDipStocks / Technology · Semiconductors
FormFactor FormFactor FORM
Outside our quality screen, so we don’t track its dips. It’s 45% below its 52-week high.
Outside our quality screen, trading well above our fair value estimate.
- Fair value est.
- $27.10−69%
- Market Value
- forming
- Off 52-wk high
- −45%
- Risk vs market
- Highbeta 3.10
3 bullish · 5 bearish See why
Key levels
Every level vs today’s $87.53
- Fair value est.base case$27.10−69.0%
- 52-wk lowlowest close, 1 year$48.68−44.4%
- PriceFri Oct 30 close$87.53you are here
- 52-wk highhighest close, 1 year$159.93+82.7%
Fair value estimate
How the range is computed
Ten-year free-cash-flow DCF. Same 10-year free-cash-flow model as the base: discount rate 9.5% ±1 point and growth 3.0% ±2 points. Bear = 10.5% and 1.0%; bull = 8.5% and 5.0% (both fade to 3%). A model estimate from public filings, not a forecast of where the price will go.
Price is above even the bull case.
What the price implies To be worth today’s price, FORM’s free cash flow would need to grow about 25% a year for five years; our estimate uses 3%.
Risk vs market
How risk vs market is measured
One year of daily returns (Oct 30 to Oct 30, 252 sessions). Beta = how much FORM moved for each 1% move in the S&P 500 (SPY); 1.0 moves with the market. Volatility is the yearly standard deviation of daily returns. Past behavior, not a forecast.
Swings much more than the market, and its own price swings are 6.9× the S&P 500’s.
- Beta vs S&P 500
- 3.10
- Volatility
- 88% vs 13% SPY
- Correlation SPY
- 0.45
- Correlation QQQ
- 0.61
Bull vs bear
Rule-based from the data on this page, strongest first. Not advice.
Top bullish points 3 of 5
GrowthSales grew 18% to $902M over the last 12 months vs the 12 months before (SEC filings).
Balance sheetNet cash of $334M: cash and short-term investments exceed debt (Jun 27, 2026).
Balance sheetDebt / equity of 0.0×, below the 0.4× median for the 88 Technology companies we cover.
Top bearish points 5 of 5
ValuationOur DCF fair value estimate is $27.10, 69% below the price.
ProfitabilityOperating margin narrowed to 7.3% in FY2025 from 12.5% in FY2023 (SEC filings).
GrowthDiluted EPS fell 22% to $0.69 in FY2025.
ValuationP/E of 60.3× vs a 33.9× median for the 138 Technology companies we cover.
RiskSwings hard: beta 3.10 vs the S&P 500 and 88% yearly volatility (SPY 13%).
Who’s talking about it
Notable investors, executives, analysts and public figures on FormFactor FormFactor in the last 48 hours. Headlines as published, each linked. Their words, not ours.
No notable mentions in the last 48 hours. Checked Nov 1, 9:09 PM ET.
Compare with peers
Closest in size in Semiconductors
All fundamentals
P/E 60.3 · FCF yield 2.0% · ROE 11%
Valuation
- P/E
- 60.3×Technology median 33.9×
- Price / FCF
- 51.2×
- FCF yield
- 2.0%
- EV / EBITDA
- 42.5×
- Price / sales
- 7.72×
- Price / book
- 6.27×
- Market cap
- $7.0Bprice × diluted shares
- Enterprise value
- $6.6B
Growth
- Revenue, 12 months
- $902M
- Sales growth, 12 months
- +18.0%vs the 12 months before
- Sales growth, 3 yrs
- +1.6%/yrfrom FY2022
- Diluted EPS, 12 months
- $1.45
- EPS growth, last FY
- −22.5%
- Net income, 12 months
- $115M
- Net income growth
- +163%12 months vs before
Profitability
- Gross margin
- 43.1%
- Operating margin
- 12.9%
- Net margin
- 12.8%
- FCF margin
- 15.1%
- Return on equity
- 11%
- Return on invested capital
- 13%
Balance sheet
- Cash & short-term inv.
- $346M
- Total debt
- $12M
- Net cash
- $334M
- Debt / equity
- 0.01×
- Interest coverage
- n/ainterest expense not tagged in SEC data
Cash flow & returns
- Free cash flow, 12 months
- $136M
- FCF growth, 12 months
- n/an/m: free cash flow a year ago near zero
- Dividend yield
- 0%
- Payout ratio
- n/anot reported in its SEC filings
- Buybacks, 12 months
- $2M0.0% of market cap
- Share count, 1 year
- +2.7%diluted shares vs a year ago
- Stock-based comp
- $36M
Trailing 12 months to Jun 27, 2026; balance sheet at Jun 27, 2026. From FormFactor FormFactor’s SEC filings. Sparklines show up to six fiscal years. n/a means we don’t hold that number, with the reason. How each is computed.
Valuation details
DCF $27.10 · FCF value $46.07
Assumes 3.0% growth for 5 years (revenue grew 1.6% a year FY22–FY25; floored at 3%), fading to 3%; 9.5% discount rate, 3% terminal growth. FCF base $1.71 a share (trailing 12 months to Jun 27, 2026), from the 10-Q filed Aug 4, 2026. Net cash $334M, not added.
Setup & signals
No setup armed
No setup armed, so there’s no trigger or stop to track yet. Reversal signal rules only run on companies that pass our quality screen.
Momentum & 52-week range
RSI 33 · 5 days −11.1%
The business
FCF $0.2B · Sales +38%
- Free cash flow, 12 months$0.2B
- Free-cash-flow yield2.1%
- Free-cash-flow margin16%
- Gross margin50%
- Operating margin30%
- Return on invested capital29%
- Return on equity16%
- Sales growth (latest quarter vs year-ago quarter)+38%
- Net debt / EBITDA−1.5×
Information only, not investment advice. Fair value estimates and talking points are rule-based model output from public data and can be wrong; stop levels are reference points, not orders. How every number is computed.
FORM is outside our quality screen
One text when a published rule fires on one of the 333 quality companies we track: the ticker, the price, the stop and a link to the numbers. Nothing else.