FormFactor Inc. (FORM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$0.44	$0.56	+27.3%	—	$226.1M	—
Q4 25	$0.35	$0.46	+31.4%	—	$215.2M	—
Q3 25	$0.25	$0.33	+32.0%	—	$202.7M	—
Q2 25	$0.3	$0.27	-10.0%	—	$195.8M	—
Q1 25	$0.19	$0.23	+21.1%	—	$171.4M	—
Q4 24	$0.29	$0.27	-6.9%	—	$189.5M	—
Q3 24	$0.31	$0.35	+12.9%	—	$207.9M	—
Q2 24	$0.31	$0.35	+12.9%	—	$197.5M	—
Q1 24	$0.19	$0.18	-5.3%	—	$168.7M	—
Q4 23	$0.2	$0.2	0.0%	—	$168.2M	—
Q3 23	$0.17	$0.22	+29.4%	—	$171.6M	—
Q2 23	$0.14	$0.14	0.0%	—	$155.9M	—
Q1 23	$0.13	$0.16	+23.1%	—	$167.4M	—
Q4 22	$0.03	$0.05	+66.7%	—	$166M	—
Q3 22	$0.21	$0.24	+14.3%	—	$180.9M	—
Q2 22	$0.43	$0.46	+7.0%	—	$203.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.7	—	—	$785M	—
FY24	—	$0.9	—	—	$763.6M	—
FY23	—	$1.06	—	—	$663.1M	—
FY22	—	$0.65	—	—	$747.9M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$383.9M	$548.4M	$529.7M	$589.5M	$693.6M	$769.7M	$747.9M	$663.1M	$763.6M	$785M
YoY change	+36%	+42.9%	-3.42%	+11.3%	+17.7%	+11%	-2.82%	-11.3%	+15.2%	+2.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	383.9M	548.4M	529.7M	589.5M	693.6M	769.7M	747.9M	663.1M	763.6M	785M
Cost of revenue	281.2M	332.8M	319.3M	352M	405.7M	446.9M	451.9M	404.5M	455.7M	476.1M
Gross profit	102.7M	215.6M	210.3M	237.5M	287.9M	322.8M	296M	258.6M	307.9M	308.9M
Gross margin	26.7%	39.3%	39.7%	40.3%	41.5%	41.9%	39.6%	39%	40.3%	39.3%
Research & development	57.5M	73.8M	75M	81.5M	89M	100.9M	109.2M	115.8M	121.9M	115.7M
Selling, general & administrative	73.4M	95.5M	99.3M	106.3M	115.1M	123.8M	131.9M	133M	141.8M	133.1M
Operating expenses	130.9M	169.3M	174.2M	187.8M	204.1M	224.7M	241.1M	248.8M	263.7M	248.8M
Operating income	-28.2M	46.3M	36.1M	49.7M	83.8M	98M	54.9M	9.8M	44.2M	60.1M
Operating margin	-7.35%	8.44%	6.82%	8.42%	12.1%	12.7%	7.34%	1.48%	5.79%	7.66%
Non-operating income, net	-19.9M	-152K	-224K	602K	750K	495K	1.3M	72.7M	21.5M	-823K
Pretax income	-50.2M	42.2M	33.9M	51.1M	85.2M	98.5M	57.9M	89.3M	79.4M	69.4M
Income tax	-43.6M	1.3M	-70.1M	11.7M	6.7M	14.6M	7.1M	6.9M	9.8M	13M
Net income	-6.6M	40.9M	104M	39.3M	78.5M	83.9M	50.7M	82.4M	69.6M	54.4M
Net margin	-1.71%	7.46%	19.6%	6.67%	11.3%	10.9%	6.78%	12.4%	9.12%	6.93%
EBITDA	18.7M	91.3M	80.9M	97.8M	134.7M	143.6M	96.5M	54.2M	92.2M	110.5M
EPS	-0.1	0.57	1.42	0.52	1.02	1.08	0.65	1.06	0.9	0.7
Diluted EPS	-0.1	0.55	1.38	0.51	0.99	1.06	0.65	1.05	0.89	0.69

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	171.6M	168.2M	168.7M	197.5M	207.9M	189.5M	171.4M	195.8M	202.7M	215.2M	226.1M	258.2M
Cost of revenue	102.3M	100.2M	106M	110.6M	123.2M	115.9M	106.8M	122.9M	122M	124.4M	139.3M	127.3M
Gross profit	69.3M	67.9M	62.7M	86.9M	84.7M	73.6M	64.5M	72.9M	80.6M	90.8M	86.8M	130.9M
Gross margin	40.4%	40.4%	37.2%	44%	40.7%	38.8%	37.7%	37.3%	39.8%	42.2%	38.4%	50.7%
Research & development	31M	28.2M	28.6M	31.6M	31.2M	30.5M	27.8M	28.8M	28.7M	30.4M	30.8M	31.1M
Selling, general & administrative	35.6M	36.2M	33.1M	37.9M	35.6M	35.2M	33.5M	31.8M	33M	35.2M	32.3M	37.2M
Operating expenses	66.6M	64.3M	61.7M	69.4M	66.8M	65.7M	61.3M	60.6M	61.7M	65.6M	63.1M	68.3M
Operating income	2.7M	7.1M	1M	17.5M	17.9M	7.8M	3.3M	12.3M	19M	25.2M	23.7M	62.7M
Operating margin	1.58%	4.24%	0.61%	8.84%	8.59%	4.14%	1.91%	6.29%	9.36%	11.7%	10.5%	24.3%
Non-operating income, net	788K	72.6M	20.8M	670K	-558K	617K	890K	-6K	-520K	-830K	-6.6M	-4.6M
Pretax income	5.2M	82.1M	25M	21.5M	20.9M	11.9M	7.5M	14.9M	20.4M	26.5M	19.3M	60.7M
Income tax	786K	6.3M	3.2M	2.2M	2.2M	2.2M	1.1M	2.4M	5.9M	3.6M	396K	6.7M
Net income	4.4M	75.8M	21.8M	19.4M	18.7M	9.7M	6.4M	9.1M	15.7M	23.2M	20.4M	56.2M
Net margin	2.55%	45.1%	12.9%	9.82%	9.01%	5.12%	3.74%	4.64%	7.72%	10.8%	9.01%	21.8%
EBITDA	11.7M	15.8M	-10M	25.2M	26.1M	52.3M	12.1M	21.9M	29.7M	46.1M	40M	76.5M
EPS	0.06	0.98	0.28	0.25	0.24	0.13	0.08	0.12	0.2	0.3	0.26	0.72
Diluted EPS	0.06	0.97	0.28	0.25	0.24	0.12	0.08	0.12	0.2	0.29	0.26	0.71

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	1B	1.9B	3.3B	3.6B	1.7B	3.2B	3.4B	4.3B	10.2B
Enterprise value	—	—	951.2M	1.8B	3.1B	3.3B	1.5B	2.9B	3.1B	4.1B	9.8B
Shares outstanding	64.9M	72.3M	73.5M	75M	76.7M	77.8M	77.6M	77.4M	77.3M	77.3M	77.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	9.95	49.5	42	42.4	34	39.2	48.9	79.4	88.4
P/S	—	—	1.95	3.3	4.76	4.62	2.31	4.87	4.46	5.5	11.1
P/B	—	—	1.78	3.04	4.43	4.36	2.13	3.55	3.59	4.17	9.01
EV/EBITDA	—	—	11.8	18.6	23.1	23.3	15.9	54.4	33.4	36.8	52.6
EV/Sales	—	—	1.8	3.09	4.49	4.34	2.05	4.44	4.04	5.19	10.9
Earnings yield	—	—	10%	2.02%	2.38%	2.36%	2.94%	2.55%	2.05%	1.26%	1.13%
FCF yield	—	—	4.72%	5.14%	3.44%	2.05%	3.86%	0.27%	2.32%	0.27%	1.12%
PEG	—	—	—	—	—	—	—	—	—	—	0.18

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	26.7%	39.3%	39.7%	40.3%	41.5%	41.9%	39.6%	39%	40.3%	39.3%	50.7%
Operating margin	-7.35%	8.44%	6.82%	8.42%	12.1%	12.7%	7.34%	1.48%	5.79%	7.66%	24.1%
Net margin	-1.71%	7.46%	19.6%	6.67%	11.3%	10.9%	6.78%	12.4%	9.12%	6.93%	12.8%
ROE	-1.63%	8.92%	17.9%	6.14%	10.6%	10.3%	6.28%	9.07%	7.35%	5.25%	11%
ROA	-1.06%	6.33%	14.3%	4.68%	8.15%	8.22%	5.03%	7.44%	6.07%	4.44%	7.4%
ROIC	-6.56%	10.6%	7.28%	7.44%	13.8%	13.9%	7.76%	1.44%	6.18%	6.16%	14.3%
Return on tangible assets	63.9%	57%	48.5%	12.1%	18.7%	16%	9.54%	12.1%	9.57%	7.16%	13.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.08	3.32	3.3	3.07	3.15	3.52	3.17	4.38	4.61	4.5	4.08
Quick ratio	2.36	2.58	2.54	2.46	2.51	2.77	2.35	3.52	3.83	3.6	3.34
Debt / equity	0.34	0.23	0.11	0.15	0.09	0.08	0.06	0.05	0.04	0.03	0.03
Debt / assets	0.22	0.16	0.09	0.11	0.07	0.06	0.05	0.04	0.03	0.03	0.02
Net debt / EBITDA	1.57	-0.38	-1.04	-1.3	-1.38	-1.48	-1.95	-5.17	-3.48	-2.2	-1.64
Interest coverage	-20	10.4	11.2	27.7	99.6	164.6	100.9	213	191	134.2	134.2
Effective tax rate	0%	3.06%	0%	22.9%	7.81%	14.8%	12.3%	7.71%	12.3%	18.7%	13.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.91	7.59	7.21	7.86	9.05	9.89	9.64	8.57	9.87	10.1	11.6
EPS (basic)	-0.1	0.57	1.42	0.52	1.02	1.08	0.65	1.06	0.9	0.7	0.7
EPS (diluted)	-0.1	0.55	1.38	0.51	0.99	1.06	0.65	1.05	0.89	0.69	1.45
Book value per share	6.18	6.34	7.9	8.55	9.7	10.5	10.4	11.7	12.3	13.4	14.2
FCF per share	0.09	0.95	0.66	1.34	1.48	0.94	0.86	0.11	1.02	0.15	1.71
Cash per share	1.68	1.94	2.03	2.95	3.33	3.55	3.07	4.24	4.66	3.56	4.42
Capex per share	0.18	0.25	0.27	0.28	0.73	0.85	0.84	0.72	0.5	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.99%	3.24%	3.75%	3.54%	8.05%	8.64%	8.72%	8.45%	5.03%	—	—
Capex / operating cash flow	645.4%	23.1%	31.6%	20.5%	37.6%	59.8%	59.9%	46.6%	33%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$171.6M	$168.2M	$168.7M	$197.5M	$207.9M	$189.5M	$171.4M	$195.8M	$202.7M	$215.2M	$226.1M	$258.2M
YoY change	-5.14%	+1.31%	+0.76%	+26.7%	+21.2%	+12.7%	+1.56%	-0.85%	-2.52%	+13.6%	+32%	+31.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	108.9M	140.2M	149M	220.9M	255M	276.1M	238.1M	328.3M	360M	275.2M
Receivables	70.2M	81.5M	95.3M	97.9M	107.6M	115.5M	88.1M	103M	104.3M	125.4M
Inventory	59.8M	67.8M	77.7M	83.3M	99.2M	111.5M	123.2M	111.7M	101.7M	110.9M
Total current assets	254.7M	305.9M	337.8M	419M	487.1M	524M	474.6M	573.8M	605.1M	557.1M
Property, plant & equipment	42.7M	46.8M	54.1M	90.2M	134.9M	140M	176.3M	188.4M	186.2M	229.8M
Goodwill & intangibles	629.2M	574.8M	513.7M	513.6M	543.8M	497.3M	476.4M	428.1M	419.1M	464.7M
Total assets	619M	646.6M	728.2M	839.9M	963.2M	1B	1B	1.1B	1.1B	1.2B
Accounts payable	34.1M	35M	40M	40.9M	62M	57.9M	69.3M	63.9M	62.3M	47.4M
Short-term debt	12.7M	18.4M	29.8M	49.4M	16.2M	16.8M	8.4M	9.5M	9.5M	8.8M
Total current liabilities	82.7M	92.2M	102.5M	136.6M	154.6M	148.8M	149.7M	131.1M	131.3M	123.9M
Long-term debt	125.5M	87.2M	35M	44.7M	53M	46.4M	42M	38.6M	29.8M	23.6M
Total liabilities	217.9M	187.9M	148.1M	198.9M	219.1M	204.7M	199.9M	198M	198.4M	189M
Shareholders' equity	401.1M	458.6M	580.2M	641M	744.1M	815.8M	808.3M	908.8M	947.8M	1B
Total debt	138.2M	105.7M	64.8M	94.1M	69.2M	63.3M	50.4M	48.1M	39.2M	32.4M
Net debt	36.8M	14.5M	-33.7M	-50.4M	-118M	-87.7M	-58.8M	-129.7M	-151.5M	-71M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	244.4M	328.3M	349.2M	357.6M	354.5M	360M	299M	249.3M	266M	275.2M	303.3M	345.6M
Receivables	89M	103M	96.4M	113.3M	116.9M	104.3M	98.6M	115.2M	133.3M	125.4M	132.2M	155.8M
Inventory	111.6M	111.7M	108.8M	114.8M	105.4M	101.7M	110M	110.8M	108.8M	110.9M	112.9M	121.4M
Total current assets	506.6M	573.8M	588.5M	620.6M	614.8M	605.1M	551.2M	525.3M	559.3M	557.1M	600.8M	669.5M
Property, plant & equipment	188.9M	188.4M	187.9M	184.4M	182.8M	186.2M	181.9M	232.3M	228.9M	229.8M	218.3M	234M
Goodwill & intangibles	428.1M	428.1M	423.9M	422.4M	422.3M	419.1M	418.8M	419.8M	418.5M	464.7M	461.8M	461M
Total assets	1B	1.1B	1.1B	1.2B	1.2B	1.1B	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B
Accounts payable	61.6M	63.9M	66M	62.2M	52.1M	62.3M	64.5M	59.9M	58.4M	47.4M	54.2M	77.4M
Short-term debt	9.1M	9.5M	9.3M	9.3M	9.6M	9.5M	9.6M	9M	8.5M	8.8M	9.5M	9.5M
Total current liabilities	129.5M	131.1M	130.6M	139M	129.2M	131.3M	124M	124M	130.1M	123.9M	132.1M	164.2M
Long-term debt	38.7M	38.6M	36.5M	34.2M	32.2M	29.8M	27.9M	26.9M	24.7M	23.6M	22.4M	20.4M
Total liabilities	192.3M	198M	196M	208.3M	198.8M	198.4M	190.3M	191.6M	193.4M	189M	197.1M	231.1M
Shareholders' equity	840.7M	908.8M	923.8M	947.9M	955M	947.8M	965.9M	990M	1B	1B	1.1B	1.1B
Total debt	47.8M	48.1M	45.8M	43.5M	41.8M	39.2M	37.5M	35.9M	33.2M	32.4M	31.9M	29.9M
Net debt	-61M	-129.7M	-140.5M	-152.4M	-142.7M	-151.5M	-92.4M	-31.5M	-64.5M	-71M	-91.6M	-79.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-6.6M	40.9M	104M	39.3M	78.5M	83.9M	50.7M	82.4M	69.6M	54.4M
Depreciation & amortization	46.8M	44.6M	43.7M	44.9M	48.7M	44.5M	38M	37.5M	32.9M	37.6M
Stock-based compensation	11.7M	16.3M	17.8M	23.2M	23.8M	29.4M	31.3M	38.6M	39.8M	38.6M
Change in working capital	-15.4M	-25.4M	-28.2M	-16M	-5.8M	-52.8M	-5.6M	-26.8M	-12.9M	-48.3M
Operating cash flow	1.8M	77M	62.8M	101.9M	148.6M	111.1M	108.9M	120.1M	116.5M	115.4M
Capital expenditure	-11.5M	-17.8M	-19.8M	-20.8M	-55.9M	-66.5M	-65.3M	-56M	-38.4M	—
Investing cash flow	-206.3M	-59.7M	-21.3M	-66.4M	-98.9M	-124.7M	-75.7M	29M	-33.5M	-87.8M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-19M	0	0	0	-24M	-82.3M	-19.8M	—	—
Financing cash flow	143.6M	-39.5M	-39.3M	-6.6M	-30.9M	-47.2M	-95.9M	-22.7M	-11.3M	12.6M
Net change in cash	-60.9M	-22.2M	2.2M	28.9M	18.7M	-60.8M	-62.8M	126.4M	71.7M	40.2M
Free cash flow	5.9M	68.6M	48.8M	100.2M	113.4M	72.9M	66.5M	8.6M	79.1M	11.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	4.4M	75.8M	21.8M	19.4M	18.7M	9.7M	6.4M	9.1M	15.7M	23.2M	20.4M	56.2M
Depreciation & amortization	9M	3M	9.2M	8M	8.3M	8.8M	8.8M	9.6M	9.8M	9.4M	9.2M	9M
Stock-based compensation	10.8M	9.3M	10.4M	10.2M	8.9M	10.2M	9.8M	9.4M	9.5M	9.9M	8.1M	8.7M
Change in working capital	-10.9M	-11.1M	10.6M	-24.7M	-3.3M	4.6M	5.2M	-17.4M	-23.4M	-12.7M	-1.4M	-30.2M
Operating cash flow	6.4M	70.3M	50.9M	7.4M	23.1M	36.6M	30.6M	18.9M	27M	46M	45M	61.8M
Capital expenditure	-5.9M	-9.9M	-13.4M	-8.4M	-8.9M	-7.7M	-18.6M	—	—	—	—	—
Investing cash flow	-1.5M	79M	-3.8M	-6.1M	-14.7M	-7.3M	-84.7M	-12.3M	14.2M	-23.7M	-8.2M	-55.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-19.8M	-17.3M	-2.9M	-16.9M	—	—	—	-1.7M	—	—	—
Financing cash flow	-5.4M	-21.4M	-14.5M	-4.9M	-26.8M	-2.3M	19.2M	-1.8M	-2.4M	-4.1M	-1.2M	-9.5M
Net change in cash	-486K	127.9M	32.6M	-3.7M	-18.5M	27M	-34.9M	4.8M	38.8M	18.2M	35.5M	-3.4M
Free cash flow	14.7M	-683K	19.6M	13.5M	17.8M	28.3M	5M	-47.4M	19.5M	34.7M	29.8M	52.2M

FormFactor Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement