FormFactor, Inc. (FORM) financials

NASDAQ · Technology · Semiconductors · 2,153 employees · CEO Michael D. Slessor

Price: $87.53 -10.19%
Market cap: $6.84B
Enterprise value: $6.73B
Last report: Q3 '26 filed 2026-10-28
Next report: 2027-02-03 EPS est. $0.94

Revenue (TTM)$980M+29.1% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)21.9%+16.0 pp vs a year agoOperating income $215M

Net income (TTM)$174M+325.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$181M+3,302.0% vs a year agoCapex $75.8M

Diluted EPS (TTM)$2.18+317.5% vs a year agoSum of the last 4 quarters

Net cash$368M+57.9% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $6.84B
Revenue: $980M
Revenue growth: +34%
Profit margin: 17.7%
P/E: 39.4×
P/S: 7.0×
EV / EBITDA: 29.5×
Free cash flow: $181M
Net income: $174M
Revenue estimate: $1.05B
Earnings: 2027-02-03
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-28): revenue beat by 3.7%, EPS beat by 20.6%Revenue $281M vs $271M expected (+3.7%); EPS $1.04 vs $0.86 (+20.6%).
Revenue growth accelerating: 38.4% year on yearQ3 '26 revenue $281M, against an average of 18.7% over the four quarters before.
Operating margin 21.9% (TTM), +16.0 pp on a year agoOperating income grew 376.5% while revenue grew 29.1%.
11.2% of pre-tax profit is eaten by non-operating lossesPre-tax income $193M vs operating income $215M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 7.7% of revenue (a year ago 13.2%)$75.8M invested in the last 4 quarters (-24.3% on a year earlier). Free cash flow $181M = 104.4% of net income.
Returned $9.24M to shareholders = 5.1% of free cash flowBuybacks $9.24M (a year earlier $20.2M), dividends $0, stock-based pay $35.4M (TTM).
Diluted share count up 2.2% in a year79.4M diluted shares in Q3 '26, 77.7M a year earlier.
Net cash $368MCash + short-term investments $395M, debt incl. leases $27.8M; a year ago net cash $233M.

Last quarter: Q3 '26

Quarter ended 2026-09-26. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$281M	$203M	+38.4%
Gross margin	54.7%	39.7%	+15.0 pp
Operating income	$81.6M	$19M	+330.2%
Operating margin	29.1%	9.4%	+19.7 pp
Net income	$73.8M	$15.7M	+371.5%
Diluted EPS	$0.93	$0.20	+365.0%
Operating cash flow	$104M	$27M	+286.3%
Capex	$39.6M	$7.51M	+428.3%
Free cash flow	$64.6M	$19.5M	+231.6%
R&D	$29.5M	$28.7M	+2.9%
Stock-based compensation	$8.84M	$9.52M	-7.2%

Reported vs consensus

2026-10-28

	Actual	Consensus	vs consensus
Revenue	$281M	$271M	+3.7%
EPS (as estimated)	$1.04	$0.86	+20.6%

From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Foundry & Logic Product Group	$122M	+22.4%	47.2%	$418M	+11.3%
Systems Product Group	$48.5M	+44.1%	18.8%	$155M	+8.0%
DRAM Product Group	$85M	+49.0%	32.9%	$309M	+34.9%
Flash Product Group	$2.86M	-48.4%	1.1%	$19.7M	+21.7%

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
Europe	$9.47M	+30.6%	64.5%	–	–
Rest Of The World	$5.21M	+203.3%	35.5%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $257M
Capex: -$75.8M
Buybacks: -$9.24M
Dividends: $0
Acquisitions: -$20.2M
Net debt issued: -$1.13M
Stock-based compensation: $35.4M
Free cash flow: $181M
Returned to shareholders / FCF: 5.1%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	39.4×	50.0×	34.2× – 82.9×
EV / EBITDA	29.5×	26.9×	17.3× – 38.6×
EV / Sales	6.9×	4.3×	2.2× – 5.6×
Price / FCF	37.7×	175.7×	25.9× – 382.5×
Price / Book	5.8×	3.6×	2.1× – 4.4×
FCF yield	2.7%	1.7%	0.3% – 3.9%
Return on invested capital	15.1%	6.6%	4.7% – 9.4%
Return on equity	15.8%	7.6%	5.3% – 10.3%

Analysts

Consensus target $160.00 (+82.8%)
range $115.00 – $200.00 · rating Buy

Strong buy0

Buy10

Hold9

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$1.05B	+33.5%	$3.35	+385.2%	26.1×	7
FY2027	$1.3B	+24.2%	$4.34	+29.7%	20.2×	7
FY2028	$1.65B	+27.1%	$6.03	+39.0%	14.5×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 266 figures FormFactor, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$77.4M	$59.9M	+29.2%	$47.4M	$62.3M	-23.8%
Accounts Receivable, after Allowance for Credit Loss, Current	$156M	$115M	+35.2%	$125M	$104M	+20.3%
Accounts Receivable, Allowance for Credit Loss, Current	$6K	$36K	-83.3%	$29K	$4K	+625.0%
Accounts Receivable, Allowance for Credit Loss, Writeoff	–	–	–	$13K	$517K	-97.5%
Accounts Receivable, Credit Loss Expense (Reversal)	–	–	–	$38K	$20K	+90.0%
Accretion (Amortization) of Discounts and Premiums, Investments	–	–	–	$1.98M	$3.24M	-39.0%
Accrued Employee Benefits, Current	$5.6M	$5.3M	+5.8%	–	–	–
Accrued Liabilities, Current	$53.3M	$38.5M	+38.3%	$47.5M	$43.7M	+8.7%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$401M	$398M	+0.6%	$390M	$380M	+2.7%
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	-$5.06M2025-12-27	-$11.4M	+55.7%	-$5.06M	-$11.4M	+55.7%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$10.6M	$3.45M	-408.5%	-$3.53M	-$10.8M	+67.5%
Additional Paid in Capital, Common Stock	$870M	$850M	+2.3%	$864M	$838M	+3.1%
Amortization of Intangible Assets	$941K	$665K	+41.5%	$2.46M	$2.58M	-4.6%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,000	620K	-99.5%	02018-12-29	1,000	-100.0%
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax	$1.42M2025-12-27	$884K	+60.9%	$1.42M	$884K	+60.9%
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax	$110K2025-12-27	-$295K	+137.3%	$110K	-$295K	+137.3%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$8.58M	$9.47M	-9.3%	$38.4M	$39.8M	-3.4%
Assets	$1.34B	$1.18B	+13.6%	$1.22B	$1.15B	+6.8%
Assets, Current	$670M	$525M	+27.5%	$557M	$605M	-7.9%
Assets, Fair Value Disclosure	$306M	$206M	+49.0%	$237M	$304M	-22.0%
Cash and Cash Equivalents, at Carrying Value	$110M	$67.4M	+62.9%	$103M	$191M	-45.8%
Cash and Cash Equivalents, Fair Value Disclosure	$67.6M	$19M	+256.6%	$62.5M	–	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$113M	$70.9M	+59.6%	$107M	$197M	-45.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$13.3M	-$62.4M	+78.7%	-$90.2M	$15.9M	-665.9%
Common Stock, Par or Stated Value Per Share	$1.00	$1.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	250M	250M	0.0%	250M	250M	0.0%
Common Stock, Shares, Issued	78.1M	77.1M	+1.3%	77.6M	77.1M	+0.7%
Common Stock, Shares, Outstanding	78.1M	77.1M	+1.3%	77.6M	77.1M	+0.7%
Common Stock, Value, Issued	$78K	$77K	+1.3%	$78K	$77K	+1.3%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$53.2M	$18.6M	+186.6%	$61.7M	$62.8M	-1.8%
Contract with Customer, Asset, after Allowance for Credit Loss	$5.2M	$8.6M	-39.5%	$2.3M	$6.9M	-66.7%
Contract with Customer, Liability	$24.8M	$18M	+37.8%	$21.4M	$16.9M	+26.6%
Contract with Customer, Liability, Revenue Recognized	$5.5M	$4.6M	+19.6%	$14.6M	$14.1M	+3.5%
Cost of Goods and Services Sold	$127M	$123M	+3.6%	$476M	$456M	+4.5%
Cost, Amortization	–	–	–	$2.58M2024-12-28	$6.85M	-62.3%
Current Federal Tax Expense (Benefit)	–	–	–	$4.59M	$15.7M	-70.8%
Current Foreign Tax Expense (Benefit)	–	–	–	$5.85M	$5.76M	+1.4%
Current Income Tax Expense (Benefit)	–	–	–	$11.1M	$23.2M	-52.2%
Current State and Local Tax Expense (Benefit)	–	–	–	$647K	$1.7M	-62.0%
Debt Issuance Costs, Current, Net	$5K2025-12-27	$5K	0.0%	$5K	$5K	0.0%
Debt Issuance Costs, Net	$50K2025-12-27	$54K	-7.4%	$50K	$54K	-7.4%
Debt Issuance Costs, Noncurrent, Net	$44K2025-12-27	$49K	-10.2%	$44K	$49K	-10.2%
Debt Securities, Available-for-sale	$172M2025-12-27	$169M	+1.5%	$172M	$169M	+1.5%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$550K2025-12-27	$365K	+50.7%	$550K	$365K	+50.7%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$18K2025-12-27	$228K	-92.1%	$18K	$228K	-92.1%
Debt Securities, Available-for-sale, Amortized Cost	$171M2025-12-27	$169M	+1.3%	$171M	$169M	+1.3%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$66M2025-12-27	$86.7M	-23.9%	$66M	$86.7M	-23.9%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One	$105M2025-12-27	$82.5M	+27.7%	$105M	$82.5M	+27.7%
Debt Securities, Available-for-sale, Current	$172M2025-12-27	$169M	+1.5%	$172M	$169M	+1.5%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$66.2M2025-12-27	$86.7M	-23.7%	$66.2M	$86.7M	-23.7%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	$106M2025-12-27	$82.6M	+27.9%	$106M	$82.6M	+27.9%
Deferred Credits and Other Liabilities, Current	$20.1M2025-12-27	$15.8M	+26.8%	$20.1M	$15.8M	+26.8%
Deferred Credits and Other Liabilities, Noncurrent	$26.1M	$22.7M	+14.9%	$21.9M	$19.3M	+13.4%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$2.7M	-$11.4M	+123.6%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$115K	-$103K	-11.7%
Deferred Income Tax Assets, Net	$90.9M	$94.8M	-4.1%	$89.5M	$92M	-2.7%
Deferred Income Tax Expense (Benefit)	-$504K	-$1.95M	+74.1%	$1.93M	-$13.4M	+114.4%
Deferred Income Tax Liabilities, Net	$2.38M	–	–	$1.6M	$0	–
Deferred Revenue, Current	$24M	$16.5M	+45.8%	$4.98M2017-12-30	$5.31M	-6.2%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$657K	-$1.81M	+63.6%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-27, 10-Q 2026-03-28, 10-K 2025-12-27, 10-Q 2025-09-27, 10-Q 2025-06-28, 10-Q 2025-03-29, 10-K 2024-12-28, 10-Q 2024-09-28, 10-Q 2024-06-29

Data as of 2026-11-02