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Formfactor (CH:FMF)
:FMF

Formfactor (FMF) Price & Analysis

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FMF Stock Chart & Stats

Currently, no data available
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Bulls Say, Bears Say

Bulls Say
Conservative Balance Sheet & Low LeverageVery low net debt and a large equity cushion materially reduce solvency and refinancing risk across semiconductor cycles. This durable financial strength enables multi-quarter capital deployment (capex, buybacks) and shields operations during demand troughs, preserving long-term optionality.
Sustained Margin Expansion And ProfitabilityMaterial, repeatable gross-margin gains reflect operational fixes, product-mix shifts toward higher-value probe cards (HBM, networking), and structural improvements (yield, cycle time). Durable margin expansion supports reinvestment, higher ROE and more stable operating cash flow over ensuing quarters.
Strong Cash Generation And Liquidity To Fund GrowthSubstantially improved operating and free cash flow provides a durable funding base for the Farmers Branch capacity build, R&D and targeted buybacks without adding leverage. Strong liquidity also increases resilience to cyclical downturns and supports strategic investments over months.
Bears Say
Cyclicality And Revenue VolatilityThe business is tightly coupled to wafer-start cycles and customer mix shifts (HBM vs DDR), producing lumpy revenue and margin swings. That structural demand variability complicates multi-quarter planning, prolongs working-capital swings and increases forecast and investment risk.
Near-term Manufacturing Capacity ConstraintsHigh utilization limits the company's ability to convert unexpected demand into near-term revenue, risking lost share or delayed wins. The planned ramp at Farmers Branch is structural but will take months to relieve the constraint and requires significant capex and execution risk.
Tariff/regulatory Uncertainty Affecting MarginsOngoing tariff exposure creates a durable margin risk and planning uncertainty. If refunds are delayed or denied, tariff costs will persistently depress gross margins and cash flow; regulatory outcomes are outside management control and can materially alter multi-quarter profitability.

Formfactor News

FMF FAQ

What was Formfactor’s price range in the past 12 months?
Currently, no data Available
What is Formfactor’s market cap?
Formfactor’s market cap is CHF6.70B.
    When is Formfactor’s upcoming earnings report date?
    Formfactor’s upcoming earnings report date is Nov 04, 2026 which is in 89 days.
      How were Formfactor’s earnings last quarter?
      Formfactor released its earnings results on Jul 29, 2026. The company reported $0.664 earnings per share for the quarter, beating the consensus estimate of $0.493 by $0.171.
        Is Formfactor overvalued?
        According to Wall Street analysts Formfactor’s price is currently Undervalued. Get more investment ideas with TipRanks Premium
          Does Formfactor pay dividends?
          Formfactor does not currently pay dividends.
          What is Formfactor’s EPS estimate?
          Formfactor’s EPS estimate is 0.7.
            How many shares outstanding does Formfactor have?
            Currently, no data Available
            What happened to Formfactor’s price movement after its last earnings report?
            Formfactor reported an EPS of $0.664 in its last earnings report, beating expectations of $0.493. Following the earnings report the stock price went same N/A.
              Which hedge fund is a major shareholder of Formfactor?
              Currently, no hedge funds are holding shares in CH:FMF
              What is the TipRanks Smart Score and how is it calculated?
              Smart Score combines eight research factors - such as analyst recommendations, hedge fund trends, and technical indicators - to measure a stock’s outlook. These signals are unified into a single score that reflects bullish or bearish momentum. See detailed methodology

                Company Description

                Formfactor

                FormFactor, Inc., established in Livermore, California in 1993, specializes in the design, manufacturing, and global distribution of advanced test and measurement solutions for the semiconductor industry. The company primarily caters to semiconductor manufacturers and research institutions, operating through two main divisions: Probe Cards and Systems. Within the Probe Cards segment, FormFactor supplies crucial components designed to verify the functionality of a wide array of integrated circuits. These include complex system-on-chip (SoC) products, processors for mobile applications, microcontrollers, graphics processors, and various memory devices such as dynamic random-access memory (DRAM) and NAND/NOR flash. Additionally, their probe cards support the testing of radio frequency (RF), analog, mixed-signal, image sensor, and electro-optical devices. The Systems division encompasses several specialized product lines. For instance, analytical probes are instrumental in applications such as device characterization, developing electrical simulation models, conducting failure analysis, and debugging prototype designs. These probes serve a diverse clientele including universities, research facilities, integrated device manufacturers (IDMs), semiconductor foundries, and fabless semiconductor companies. Furthermore, FormFactor provides probing systems that enable semiconductor design engineers to accurately capture and analyze critical data. They also offer surface metrology systems vital for product development, manufacturing, and quality assurance in semiconductor production. The company's thermal subsystems, such as thermal chucks, are incorporated into probe stations and other testing environments. Completing their portfolio are precision cryogenic instruments and associated test and measurement systems for semiconductors. Beyond hardware, FormFactor delivers comprehensive support services, including on-site maintenance for probe cards, specialized training programs, educational seminars, and telephone assistance. The company leverages a multi-channel sales strategy, utilizing a direct sales force, manufacturers' representatives, and independent distributors to market its offerings across major global markets. Its operational footprint spans the United States, Taiwan, South Korea, China, Japan, Europe, the broader Asia-Pacific region, and various other international territories.

                Formfactor (FMF) Earnings & Revenues

                FMF Company Deck

                FMF Earnings Call

                Q2 2026
                0:00 / 0:00
                Earnings Call Sentiment|Positive
                The call highlights strong operational execution: record sequential revenue, significant non-GAAP gross margin expansion (510 bps QoQ) and improving non-GAAP profitability, driven by probe card demand (notably HBM and networking), product wins (GPU, ASICs), accelerating CPO ramp and disciplined cost/operational improvements. Offsetting risks include GAAP impact from restructuring charges, systems segment seasonality and margin pressure, tariff uncertainty, and near-term capacity constraints until the Farmers Branch site ramps late in 2026. Liquidity is healthy and management provided constructive guidance for Q2 and a credible plan for durable margin improvement. Overall, the positive operational and financial momentum and clear roadmap outweigh the transitory and structural challenges noted.View all CH:FMF earnings summaries

                FMF Stock 12 Month Forecast

                Average Price Target

                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