Formfactor (FMF) Stock Price & Analysis
FMF Stock Chart & Stats
- Day’s Range
- EUR 77.82 - EUR 81.90
- 52-Week Range
- EUR 41.60 - EUR 143.00
- Previous Close
- EUR 90.48
- Volume
- 40
- Average Volume (3M)
- 57
- Market Cap
- EUR 6.10B
- Enterprise Value
- EUR 9.94B
- Total Cash (Recent Filing)
- EUR 395.41M
- Total Debt (Recent Filing)
- EUR 27.76M
- Price to Earnings (P/E)
- 39.4
- Beta
- 0.90
- Next Earnings
- Feb 10, 2027 (Est.)
- EPS Estimate
- 0.84
- Next Dividend Ex-Date
- N/A
- Dividend Yield
- N/A
Bulls Say, Bears Say
Bulls Say
Revenue And Margin Expansion
Recent operating performance shows stronger revenue, gross profit, and net income, indicating improved earnings power. If sustained through semiconductor production ramps, the higher margin base can support reinvestment, strengthen competitiveness, and provide a more durable foundation for growth.
Conservative Balance Sheet And Cash Generation
Very low leverage and robust TTM cash generation give FormFactor financial flexibility to fund capacity expansion and product development internally. This reduces dependence on external financing and improves resilience when semiconductor demand or working-capital conditions become less favorable.
Strategic Test Ecosystem Positioning
The Teradyne collaboration and investment deepen FormFactor’s alignment with a major automated-test platform provider. Joint development and interoperability across high-performance computing, HBM, advanced packaging, and photonics could broaden customer access and reinforce its strategic role.
Bears Say
Semiconductor Cyclicality
FormFactor’s profitability and revenue history remains sensitive to semiconductor industry cycles, despite the current recovery. A downturn in wafer starts, customer spending, or technology transitions could reduce utilization and compress margins, making today’s stronger earnings run-rate less durable.
Manufacturing Capacity Constraints
Demand currently exceeds the company’s ability to convert all opportunities into shipments, especially for custom ASIC programs. Until Farmers Branch ramps, constrained capacity may defer revenue, limit customer wins, and reduce operating leverage even while end-market demand remains strong.
Nonrecurring Margin Benefits And Ramp Costs
Reported Q3 margins were helped by tariff refunds and favorable component costs that management does not expect to continue. At the same time, the Farmers Branch expansion requires substantial preproduction spending, creating a risk that near-term profitability overstates the sustainable margin baseline.
Formfactor News
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Formfactor Stock Smart Score
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.
- Sector
- Technology
- Industry
- Semiconductors
- CEO
- Michael D. Slessor
- Employees
- 2,153
- Website
- www.formfactor.com
- Address
- 7005 Southfront Road, Livermore, CA, 94551, US
Formfactor (FMF) Earnings & Revenues
FMF Company Deck
FMF Earnings Call
Earnings Call SentimentPositive
The call was strongly positive. FormFactor reported record revenue for the fourth consecutive quarter, close to 40% year-over-year revenue growth, improved baseline gross margins, strong cash flow, expanding Foundry and Logic demand, accelerating TRITON and photonics growth, and meaningful progress at the Farmers Branch facility. The principal challenges were that existing capacity is becoming constrained, Q3 HBM revenue declined due to mix shifts, and a portion of the exceptional gross-margin performance came from benefits that are not expected to recur. The highlights significantly outweigh the lowlights.
View all DE:FMF earnings summariesFMF Stock 12 Month Forecast
Average Price Target
Technical Analysis
Overall Consensus
| Indicator | Bullish | Neutral | Bearish |
|---|---|---|---|
| Overall Consensus | 4 | 4 | 14 |
| Technical Analysis | 4 | 4 | 2 |
| Moving Averages | 0 | 0 | 12 |