Is FORM a good stock to buy right now?

Based on our 6-factor quantitative model, FORMFACTOR INC (FORM) receives a "Hold" rating with a composite score of 49.9/100. It is ranked #335 out of 4,446 stocks. Key factor scores: Quality 50/100, Value 41/100, Momentum 77/100. The timing signal is "Bullish". This is quantitative analysis only — not investment advice.

What is the stock rating for FORM?

FORMFACTOR INC (FORM) has a "Hold" rating and 3-star score. The composite score of 49.9 ranks it #335 among 4,446 U.S. stocks. Ratings are updated weekly using academically-proven factor models.

What sector is FORM in?

FORMFACTOR INC operates in the Technology sector (Electronic Equipment industry) with a market cap of $7.86 billion. It is classified as a mid-cap stock.

Does FORM pay a dividend?

FORM does not currently pay a regular dividend. The company may be reinvesting profits for growth.

What is FORM's P/E ratio?

FORM has a trailing P/E ratio of 164.29x. The Technology sector average is 45.3x. This above-average P/E reflects growth expectations or premium valuation.

How profitable is FORM?

FORM's quality factor score is 50/100. Gross margin: 38.9%. ROE: 4.8% vs sector average -1.4%. Margins are moderate to low, reflecting competitive market dynamics.

How is FORM valued compared to peers?

FORM's value factor score is 41/100 (higher = cheaper). Key multiples: P/E 164.3x, EV/EBITDA 159.6x. Valuation is roughly in line with peers.

What is FORM's debt level?

FORM's debt-to-equity ratio is 1%. Sector average: 43%. Low leverage suggests conservative financial management.

FORM has a beta of 2.08, meaning it amplifies market moves. Stability score: 34/100.

Does FORM have high short interest?

FORM's short interest factor score is 29/100 (higher = less short selling). Elevated short interest may indicate bearish sentiment or short squeeze potential.

FORM Stock Analysis: Top Mid-Cap Hold (Score 49.9/100) | Blank Capital Research

Pro Equity Research

FORM: The Critical Testing Link in the AI Chip Boom

Blank Capital Research Team

•March 26, 2026

Executive Summary

FormFactor, Inc. (FORM) is a leading provider of essential test and measurement technologies along the full semiconductor lifecycle - from characterization and modeling to production test.

Investment Thesis

FormFactor is a direct, high-margin play on the increasing complexity of semiconductor manufacturing. Their specialized probe cards are essential for testing advanced logic and memory chips, including the high-performance AI chips produced by NVIDIA and AMD. As chips become smaller and move toward 'chiplet' architectures and high-bandwidth memory (HBM), the difficulty—and price—of testing increases. FormFactor's market-leading technology ensures that their customers can maximize yield, making FORM an indispensable partner for every major chipmaker. The company is currently harvesting the benefits of the massive AI infrastructure buildout.

Key Growth Drivers

Semiconductor Complexity Multiplier

The transition to advanced packaging and AI-specific architectures requires more intensive testing, driving higher demand and pricing power for FormFactor's advanced probe cards.

HBM and Foundry Leadership

FORM is a primary supplier to the world's leading foundries and memory makers, positioning it perfectly to capture the growth in high-bandwidth memory (HBM) required for AI training.

Strong Balance Sheet

The company maintains a pristine, net-cash balance sheet, allowing for aggressive R&D investment and opportunistic share repurchases across the semiconductor cycle.

Valuation & Financial Modeling

FORM trades at a premium multiple, reflecting its critical role in the AI supply chain. However, given the structural shift toward more complex chip architectures, we believe its long-term earnings power is still being underestimated by the market.

Risk Factors & Bear Case

The semiconductor industry is notoriously cyclical. A sudden freeze in AI CapEx or a significant technological shift that reduces the need for physical probe testing would severely impact FORM's revenue. Additionally, competition from Asian manufacturers remains an ongoing threat.

Conclusion

FormFactor is an elite 'picks and shovels' play on the semiconductor and AI super-cycle. It is an essential holding for growth-oriented tech investors. Rated 'Strong Buy'.

Data Series	1D	5D	1M	YTD	1Y	3Y	5Y	10Y
FORM	+2.25%	+20.01%	+36.00%	+121.94%	+371.98%	-	-	-
Industry Proxy XLK	+0.39%	+4.88%	+2.05%	-0.94%	-26.62%	-	-	-
U.S. Market SPY	-0.07%	+3.60%	+0.34%	-0.36%	+29.52%	-	-	-
Alpha vs Market	+2.32%	+16.40%	+35.66%	+122.30%	+342.45%	-	-	-
Alpha vs Sector	+1.87%	+15.13%	+33.95%	+122.88%	+398.60%	-	-	-

Metric	FORM	Benchmark
P/E Ratio	164.3x	+263%
EV/EBITDA	159.6x	+1148%
Price / Book	7.9x

Stock Entity	Score▼	Quality	Value	Momentum	P/E Ratio	ROE	Gross Margin	Net Margin	Rev Growth	D/E Ratio	Market Cap	Compare
VRSN VERISIGN INC/CA	56	79	59	40	30.7x	-41.1%	88.0%	50.6%	8.3%	-87.0x	$23.0B	VS
IHS IHS Holding Ltd	55	42	63	63	-	-616.0%	48.0%	-96.1%	-	365.0x	$2.8B	VS
LHX L3HARRIS TECHNOLOGIES, INC. /DE/	55	50	52	66	37.5x	9.0%	25.5%	8.1%	10.3%	110.0x	$66.1B	VS
ESP ESPEY MFG & ELECTRONICS CORP	53	48	44	71	25.8x	12.8%	29.0%	17.1%	-11.7%	66.0x	$169M	VS
NYAX Nayax Ltd.	52	38	46	78	-	-13.6%	44.6%	-1.8%	-	30.0x	$2.2B	VS
ESE ESCO TECHNOLOGIES INC	52	49	40	69	65.6x	7.4%	40.8%	10.4%	16.3%	9.0x	$7.6B	VS
INTT INTEST CORP	52	50	32	72	-	-3.2%	43.1%	-3.1%	-22.8%	46.0x	$179M	VS
FORM FORMFACTOR INC	50	50	41	77	164.3x	4.8%	38.9%	6.3%	2.6%	1.0x	$7.9B
KARO Karooooo Ltd.	49	50	72	53	-	117.1%	69.5%	20.3%	-	10.0x	$1.6B	VS
MTC MMTec, Inc.	47	32	40	96	-	-1,370.8%	81.6%	-4,879.7%	-	120.0x	$136M	VS
CCLD CareCloud, Inc.	47	38	71	60	12.4x	18.5%	48.0%	9.6%	10.6%	47.0x	$154M	VS

Key Ratio	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Gross Margin %	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.3%
Operating Margin %	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	-0.1%
EBITDA Margin %	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.2%	0.2%	0.2%	0.2%	0.0%
Net Margin %	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.2%	0.1%	-0.0%
FCF Margin %	-8.4%	-	10.4%	-	-	-	16.3%	17.0%	9.2%	12.5%	1.5%
ROE %	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.2%	0.1%	-0.0%
ROA %	0.0%	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%	0.0%	0.1%	0.1%	-0.0%
ROIC %	0.0%	4.3%	6.6%	7.1%	5.3%	9.2%	11.2%	7.1%	5.2%	7.7%	-8.6%

Key Ratio

TTM

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

Gross Margin %

0.4%

0.3%

Operating Margin %

0.1%

-0.1%

EBITDA Margin %

0.1%

0.2%

0.0%

Net Margin %

0.1%

0.2%

0.1%

-0.0%

FCF Margin %

-8.4%

10.4%

16.3%

17.0%

9.2%

12.5%

1.5%

ROE %

0.0%

0.1%

0.2%

0.1%

-0.0%

ROA %

0.0%

0.1%

0.0%

0.1%

-0.0%

ROIC %

0.0%

4.3%

6.6%

7.1%

5.3%

9.2%

11.2%

7.1%

5.2%

7.7%

-8.6%

Line Item	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
	$778M	$785M	$764M	$663M	$748M	$770M	$694M	$589M	$530M	$548M	$384M	$282M
	—	$476M	—	$405M	$452M	$447M	—	—	—	—	—	—
	$303M	$309M	$308M	$259M	$296M	$323M	$288M	$237M	$210M	$216M	$103M	$86M
Gross Margin	38.9%	39.3%	40.3%	39.0%	39.6%	41.9%	41.5%	40.3%	39.7%	39.3%	26.8%	30.4%
	—	$133M	—	$133M	$132M	$124M	—	—	—	—	—	—
Research & Development	—	$116M	$122M	$116M	$109M	$101M	$89M	$81M	$75M	$74M	$57M	$44M
Depreciation	—	—	$30M	—	—	—	$50M	$45M	$44M	$46M	$57M	$24M
Total Operating Expenses	—	$252M	—	$249M	$241M	$225M	—	—	—	—	—	—
	$51M	$57M	$65M	$83M	$55M	$98M	$84M	$50M	$36M	$46M	-$48M	-$4M
EBIT	$51M	$57M	$65M	$83M	$55M	$98M	$84M	$50M	$36M	$46M	-$48M	-$4M
EBITDA	$51M	$57M	$95M	$83M	$55M	$98M	$134M	$95M	$80M	$92M	$9M	$22M
Operating Margin	6.4%	7.3%	8.5%	12.5%	7.3%	12.7%	12.1%	8.4%	6.8%	8.4%	-12.5%	-1.5%
EBITDA Margin	6.6%	7.3%	12.5%	12.5%	7.3%	12.7%	19.3%	16.2%	15.1%	16.8%	2.3%	7.9%
	—	$521K	$418K	$421K	$579K	$602K	$864K	$2M	$3M	$4M	$2M	$0
	—	$69M	—	$89M	$58M	$99M	—	—	—	—	—	—
Income Tax Expense	—	$13M	$10M	$7M	$7M	$15M	$7M	$12M	-$70M	$1M	-$44M	$252K
	$50M	$54M	$70M	$82M	$51M	$84M	$79M	$39M	$104M	$41M	-$7M	-$2M
Net Margin	6.3%	6.9%	9.1%	12.4%	6.8%	10.9%	11.3%	6.7%	19.6%	7.5%	-1.7%	-0.5%
	$0.70	$0.70	$0.90	$1.06	$0.65	$1.08	$1.02	$0.52	$1.42	$0.57	$-0.10	$-0.03
Diluted EPS	$0.70	$0.69	$0.90	$1.05	$0.65	$1.06	$1.02	$0.52	$1.42	$0.57	$-0.10	$-0.03
Weighted Avg Basic	—	77M	—	77M	78M	78M	—	—	—	—	—	—
Weighted Avg Diluted	—	78M	—	78M	78M	79M	—	—	—	—	—	—

Line Item

TTM

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

$778M

$785M

$764M

$663M

$748M

$770M

$694M

$589M

$530M

$548M

$384M

$282M

—

$476M

—

$405M

$452M

$447M

—

$303M

$309M

$308M

$259M

$296M

$323M

$288M

$237M

$210M

$216M

$103M

$86M

Gross Margin

38.9%

39.3%

40.3%

39.0%

39.6%

41.9%

41.5%

40.3%

39.7%

39.3%

26.8%

30.4%

—

$133M

—

$133M

$132M

$124M

—

Research & Development

—

$116M

$122M

$116M

$109M

$101M

$89M

$81M

$75M

$74M

$57M

$44M

Depreciation

—

$30M

—

$50M

$45M

$44M

$46M

$57M

$24M

Total Operating Expenses

—

$252M

—

$249M

$241M

$225M

—

$51M

$57M

$65M

$83M

$55M

$98M

$84M

$50M

$36M

$46M

-$48M

-$4M

EBIT

$51M

$57M

$65M

$83M

$55M

$98M

$84M

$50M

$36M

$46M

-$48M

-$4M

EBITDA

$51M

$57M

$95M

$83M

$55M

$98M

$134M

$95M

$80M

$92M

$9M

$22M

Operating Margin

6.4%

7.3%

8.5%

12.5%

7.3%

12.7%

12.1%

8.4%

6.8%

8.4%

-12.5%

-1.5%

EBITDA Margin

6.6%

7.3%

12.5%

7.3%

12.7%

19.3%

16.2%

15.1%

16.8%

2.3%

7.9%

—

$521K

$418K

$421K

$579K

$602K

$864K

$2M

$3M

$4M

$2M

—

$69M

—

$89M

$58M

$99M

—

Income Tax Expense

—

$13M

$10M

$7M

$15M

$7M

$12M

-$70M

$1M

-$44M

$252K

$50M

$54M

$70M

$82M

$51M

$84M

$79M

$39M

$104M

$41M

-$7M

-$2M

Net Margin

6.3%

6.9%

9.1%

12.4%

6.8%

10.9%

11.3%

6.7%

19.6%

7.5%

-1.7%

-0.5%

$0.70

$0.90

$1.06

$0.65

$1.08

$1.02

$0.52

$1.42

$0.57

$-0.10

$-0.03

Diluted EPS

$0.70

$0.69

$0.90

$1.05

$0.65

$1.06

$1.02

$0.52

$1.42

$0.57

$-0.10

$-0.03

Weighted Avg Basic

—

77M

—

77M

78M

—

Weighted Avg Diluted

—

78M

—

78M

79M

—

FORMFACTOR INC (FORM) Stock Analysis — April 2026 Rating, Price, and Forecast

Last updated: April 2026

Company Overview — What Does FORMFACTOR INC Do?

FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems to semiconductor companies and scientific institutions. It operates in two segments, Probe Cards and Systems. The company offers probe cards to test various semiconductor device types, including systems on a chip products, mobile application processors, microprocessors, microcontrollers, and graphic processors, as well as radio frequency, analog, mixed signal, image sensor, electro-optical, dynamic random access memory, NAND flash memory, and NOR flash memory devices; and analytical probes, which are used for a range of applications, including device characterization, electrical simulation model development, failure analysis, and prototype design debugging for universities, research institutions, semiconductor integrated device manufacturers, semiconductor foundries, and fabless semiconductor companies. It also provides probing systems for semiconductor design engineers to capture and analyze accurate data; surface metrology systems for the development, production, and quality control of semiconductor products; thermal subsystems, such as thermal chucks and other test systems used in probe stations and other applications; and precision cryogenic instruments, semiconductor tests, and measurement systems. In addition, the company offers on-site probe card maintenance and service training, seminars, and telephone support services. The company markets and sells its products through direct sales force, manufacturers' representatives, and distributors in the United States, Taiwan, South Korea, China, Japan, Europe, rest of Asia-Pacific, and internationally. FormFactor, Inc. was incorporated in 1993 and is headquartered in Livermore, California. FORMFACTOR INC (FORM) is classified as a mid-cap stock in the Technology sector, specifically within the Electronic Equipment industry. The company is led by CEO Michael D. Slessor and employs approximately 2,100 people, headquartered in Dover, California. With a market capitalization of $7.9B, FORM is one of the notable companies in the Technology sector.

FORMFACTOR INC (FORM) Stock Rating — Hold (April 2026)

As of April 2026, FORMFACTOR INC receives a Hold rating with a composite score of 49.9/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.FORM ranks #335 out of 4,446 stocks in our coverage universe. Within the Technology sector, FORMFACTOR INC ranks #17 of 584 stocks, placing it in the top 10% of its Technology peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

FORM Stock Price and 52-Week Range

FORMFACTOR INC (FORM) currently trades at $121.46. The stock gained $0.39 (0.3%) in the most recent trading session. The 52-week high for FORM is $107.04, which means the stock is currently trading 13.5% from its annual peak. The 52-week low is $22.58, putting the stock 437.9% above its annual trough. Recent trading volume was 1.7M shares, reflecting moderate market activity.

Is FORM Overvalued or Undervalued? — Valuation Analysis

FORMFACTOR INC (FORM) carries a value factor score of 41/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 164.29x, compared to the Technology sector average of 45.27x — a premium of 263%. The price-to-book ratio stands at 7.91x, versus the sector average of 3.16x. The price-to-sales ratio is 10.54x, compared to 1.06x for the average Technology stock. On an enterprise value basis, FORM trades at 159.56x EV/EBITDA, versus 12.79x for the sector.

Overall, FORM's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.

FORMFACTOR INC Profitability — ROE, Margins, and Quality Score

FORMFACTOR INC (FORM) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 4.8%, compared to the Technology sector average of -1.4%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 4.1% versus the sector average of -1.0%.

On a margin basis, FORMFACTOR INC reports gross margins of 38.9%, compared to 50.9% for the sector. The operating margin is 6.4% (sector: -0.5%). Net profit margin stands at 6.3%, versus -1.5% for the average Technology stock. Revenue growth is running at 2.6% on a trailing basis, compared to 14.2% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.

FORM Debt, Balance Sheet, and Financial Health

FORMFACTOR INC has a debt-to-equity ratio of 1.0%, compared to the Technology sector average of 43.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 4.50x, indicating strong short-term liquidity. Total debt on the balance sheet is $12M. Cash and equivalents stand at $98M.

FORM has a beta of 2.08, meaning it is more volatile than the broader market — a $10,000 investment in FORM would be expected to move 107.5% more than the S&P 500 on any given day. The stability factor score for FORMFACTOR INC is 34/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

FORMFACTOR INC Revenue and Earnings History — Quarterly Trend

In TTM 2026, FORMFACTOR INC reported revenue of $778M and earnings per share (EPS) of $0.70. Net income for the quarter was $50M. Gross margin was 38.9%. Operating income came in at $51M.

In FY 2025, FORMFACTOR INC reported revenue of $785M and earnings per share (EPS) of $0.70. Net income for the quarter was $54M. Gross margin was 39.3%. Revenue grew 2.8% year-over-year compared to FY 2024. Operating income came in at $57M.

In Q3 2025, FORMFACTOR INC reported revenue of $203M and earnings per share (EPS) of $0.20. Net income for the quarter was $16M. Gross margin was 39.8%. Revenue grew -2.5% year-over-year compared to Q3 2024. Operating income came in at $18M.

In Q2 2025, FORMFACTOR INC reported revenue of $196M and earnings per share (EPS) of $0.12. Net income for the quarter was $9M. Gross margin was 37.3%. Revenue grew -0.8% year-over-year compared to Q2 2024. Operating income came in at $12M.

Over the past 8 quarters, FORMFACTOR INC has demonstrated a growth trajectory, with revenue expanding from $197M to $778M. Investors analyzing FORM stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

FORM Dividend Yield and Income Analysis

FORMFACTOR INC (FORM) does not currently pay a dividend. This is common among smaller companies in the Electronic Equipment industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Technology dividend stocks may want to explore other Technology stocks or use the stock screener to filter by dividend yield.

FORM Momentum and Technical Analysis Profile

FORMFACTOR INC (FORM) has a momentum factor score of 77/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 32/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 29/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

FORM vs Competitors — Technology Sector Ranking and Peer Comparison

Within the Technology sector, FORMFACTOR INC (FORM) ranks #17 out of 584 stocks based on the Blank Capital composite score. This places FORM in the top decile of all Technology stocks in our coverage universe. Key competitors and sector peers include IHS Holding Ltd (IHS) with a score of 55.0/100, VERISIGN INC/CA (VRSN) with a score of 56.0/100, ESCO TECHNOLOGIES INC (ESE) with a score of 51.7/100, CareCloud, Inc. (CCLD) with a score of 46.9/100, and MMTec, Inc. (MTC) with a score of 47.4/100.

Comparing FORM against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full FORM vs S&P 500 (SPY) comparison to assess how FORMFACTOR INC stacks up against the broader market across all factor dimensions.

FORM Next Earnings Date

No upcoming earnings date has been announced for FORMFACTOR INC (FORM) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy FORM? — Investment Thesis Summary

FORMFACTOR INC presents a balanced picture with arguments on both sides. Price momentum is positive at 77/100, suggesting the trend favors buyers. High volatility (stability score 34/100) increases portfolio risk.

In summary, FORMFACTOR INC (FORM) earns a Hold rating with a composite score of 49.9/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on FORM stock.

Related Resources for FORM Investors

Explore more research and tools: FORM vs S&P 500 comparison, top Technology stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare FORM head-to-head with peers: FORM vs IHS, FORM vs VRSN, FORM vs ESE.

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FORMFACTOR INC (FORM) Stock Analysis — April 2026 Rating, Price, and Forecast

Company Overview — What Does FORMFACTOR INC Do?

FORMFACTOR INC (FORM) Stock Rating — Hold (April 2026)

FORM Stock Price and 52-Week Range

Is FORM Overvalued or Undervalued? — Valuation Analysis

FORMFACTOR INC Profitability — ROE, Margins, and Quality Score

FORM Debt, Balance Sheet, and Financial Health

FORMFACTOR INC Revenue and Earnings History — Quarterly Trend

FORM Dividend Yield and Income Analysis

FORM Momentum and Technical Analysis Profile

FORM vs Competitors — Technology Sector Ranking and Peer Comparison

FORM Next Earnings Date

Should You Buy FORM? — Investment Thesis Summary

Related Resources for FORM Investors

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