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FORMFACTOR INC USD

Makes semiconductor test probe cards and metrology/analytical systems.

At a glance: strengths & risks
✓Revenue growing (+38% y/y, Q3 2026)✓Profit growing (×4.7 y/y, Q3 2026)✓Margins improving (15%→32%, Q3 2026)✓Net cash balance sheet

Sector: United States — large cap (SEC filings)

US_FORM

Price chart

85.24 USDDay -11.93%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
85.24 USD · -11.93%
Market cap
6.7 bn USD

Growth

Δ revenue y/y
38.4%
Δ EBITDA y/y
205.5%

Multiples

P/E (LTM)
38.5x
3y avg: 56.6x
P/B (FY)
6.5x
P/E (ann.)
22.6x
EV/EBITDA (LTM)
29.0x
3y avg: 34.0x
EV/EBITDA (ann.)
17.3x

Cash return

Dividend yield
—
FCF yield (LTM)
2.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
+44.9%
↓ details

Liquidity

Daily turnover (US listing)
196.7 mln USD

Shares: sec_cover/1039399:10-Q@2026-10-28

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-09-26Q3 2026 (3M)OK280.5
y/y 38.4%
81.6
y/y 353.2%
9.3
y/y -20.9%
90.9
y/y 205.5%
73.8
y/y 371.5%
104.3-39.61431.7
y/y 19.0%
1181.3
y/y 17.0%
25.8%-384.1Link
2026-06-27Q2 2026 (3M)OK258.2
y/y 31.9%
57.8
y/y 369.7%
9.0
y/y 1.3%
66.8
y/y 215.2%
56.2
y/y 518.6%
61.8-9.61342.5
y/y 13.6%
1111.4
y/y 12.3%
20.7%-552.2SEC EDGAR
2026-03-28Q1 2026 (3M)OK226.1
y/y 32.0%
16.6
y/y 409.3%
9.8
y/y 3.3%
26.5
y/y 107.2%
20.4
y/y 218.5%
45.0-15.21255.8
y/y 8.6%
1058.8
y/y 9.6%
7.8%-271.4Link
2025-12-27Q4 2025 (3M)OK215.2
y/y 13.6%
23.5
y/y 199.2%
9.9
y/y 5.0%
33.4
y/y 93.1%
23.2
y/y 139.2%
46.0-31.91224.4
y/y 6.8%
1035.4
y/y 9.2%
5.3%-71.0Link
2025-09-27Q3 2025 (3M)OK202.7
y/y -2.5%
18.0
y/y 0.8%
11.7
y/y 15.2%
29.7
y/y 6.1%
15.7
y/y -16.4%
27.0-7.51203.0
y/y 4.3%
1009.6
y/y 5.7%
6.3%-232.8Link
2025-06-28Q2 2025 (3M)OK195.8
y/y -0.8%
12.3
y/y -30.8%
8.9
y/y 10.9%
21.2
y/y -17.8%
9.1
y/y -53.1%
18.9-66.31181.6
y/y 2.2%
990.0
y/y 4.4%
3.7%-213.4Link
2025-03-29Q1 2025 (3M)OK171.4
y/y 1.6%
3.3
y/y -84.7%
9.5
y/y 21.3%
12.8
y/y -56.2%
6.4
y/y -70.6%
23.5-18.61156.2
y/y 3.2%
965.9
y/y 4.6%
2.7%-261.5Link
2024-12-28Q4 2024 (3M)OK189.5
y/y 12.7%
7.8
y/y -90.3%
9.4
y/y -38.6%
17.3
y/y -82.1%
9.7
y/y -87.2%
35.9-7.71146.2
y/y 3.6%
947.8
y/y 4.3%
7.3%-151.5Link
2024-09-28Q3 2024 (3M)OK207.9
y/y 21.2%
17.9
y/y 559.6%
10.2
y/y 12.8%
28.0
y/y 138.9%
18.7
y/y 328.6%
26.7-8.91153.8
y/y 11.7%
955.0
y/y 13.6%
7.9%-312.6Link
2024-06-29Q2 2024 (3M)OK197.5
y/y 26.7%
17.8
y/y —
8.0
y/y -19.4%
25.8
y/y 199.1%
19.4
y/y 2242.0%
21.9-8.41156.3
y/y 12.8%
947.9
y/y 13.6%
8.3%-314.1Link
2024-03-30Q1 2024 (3M)OK168.7
y/y 0.8%
21.3
y/y —
7.8
y/y -21.3%
29.1
y/y 190.1%
21.8
y/y 1523.0%
33.0-13.41119.8
y/y 9.8%
923.8
y/y 12.1%
9.5%-303.4Link
2023-12-30Q4 2023 (3M)OK168.2
y/y —
81.3
y/y —
15.4
y/y —
96.7
y/y —
75.8
y/y —
9.3-9.91106.8
y/y —
908.8
y/y —
9.4%-129.7Link
2023-09-30Q3 2023 (3M)OK171.6
y/y —
2.7
y/y —
9.0
y/y —
11.7
y/y —
4.4
y/y —
20.6-5.91033.0
y/y —
840.7
y/y —
2.1%-196.7Link
2023-07-01Q3 2023 (3M)OK155.9
y/y —
-1.3
y/y —
9.9
y/y —
8.6
y/y —
0.8
y/y —
22.5-20.51025.1
y/y —
834.3
y/y —
0.4%-187.7Link
2023-04-01Q2 2023 (3M)OK167.4
y/y —
0.1
y/y —
10.0
y/y —
10.0
y/y —
1.3
y/y —
12.3-19.71019.8
y/y —
824.4
y/y —
—-187.2Link

Net debt structure (leases included, IFRS 16) 2026-09-26

Short-term debt (incl. ST leases)1
Long-term debt (incl. LT leases)10
− Cash & equivalents138
Net debt-127

Net debt / LTM EBITDA: -0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-100%0%100%200%300%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-75-50-25025502024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

-600-400-20002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.69x of reported net profit; after capex, 0.87x.
year20212022202320242025
cash flow / profit1.66x2.60x0.78x1.69x2.12x
accruals, % of assets-5.4%-8.0%1.6%-4.2%-5.0%
Last twelve months (to 2026-09-26): 1.48x of profit came back as operating cash flow.
net debt / EBITDA -0.7x · EBIT covers interest 114.1x · capex 1.6x of depreciation · dividends 0% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +44.9%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-26 vs 2025-09-27)
= (91 − 30) × 2.39
146
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (6 683 + -384) ÷ 217
29.0x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (29.0 + 12) ÷ 2
20.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 151 + 0 + 0 − 6
151
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 2.2% × 6 683
−145
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (146 × 20.5 + 151 − 145) ÷ 6 683
+44.9%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • equity issuance measured by share-count dilution at market, not the cash line
  • share-count dilution 2.2%/yr (valued at market: -145)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +3% vs +15% the year before — a -12.4 pp move. 3-year CAGR +2%.
revenue growth by year: 2023 -11% · 2024 +15% · 2025 +3%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 33.1x · 3-year 75th pct 50.2x

EV/EBITDA3-year 75th pct

Peer comparison

Group: materials (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Ultra Clean Holdings, Inc.US2.116.9x
AXCELIS TECHNOLOGIES INCUS2.819.5x
ICHOR HOLDINGS, LTD.US1.323.8x
LAM RESEARCH CORPUS276.627.0x
APPLIED MATERIALS INC /DEUS293.030.0x
KLA CORPUS195.130.2x
ASMLUS578.931.3x
NOVA LTD.US9.433.8x
ONTO INNOVATION INC.US9.144.8x
Group median30.0x
Group average28.6x
This companyUS6.729.0x

Group median 30.0x; this company 29.0x — a 4% discount.

Group average 28.6x; against the average this company is at a 1% premium.

At the adjusted group median the market cap would be +4% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 19.2x, Russia 3.8x, South Africa 5.4x, Kazakhstan 6.3x, India 18.6x, Indonesia 4.7x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-05; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of FORMFACTOR INC — from primary filings.

Frequently asked questions

What is FORMFACTOR INC's P/E ratio?
FORMFACTOR INC trades at a P/E of 38.5x (price to trailing 12-month earnings).
What is FORMFACTOR INC's EV/EBITDA?
FORMFACTOR INC trades at 29.0x EV/EBITDA.
What is FORMFACTOR INC's P/B ratio?
FORMFACTOR INC trades at a P/B of 6.5x.
What is FORMFACTOR INC's return on equity (ROE)?
FORMFACTOR INC's ROE is 25.8%.
What is FORMFACTOR INC's market capitalization?
FORMFACTOR INC's market cap is 6.7 bn USD.

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