FORMNasdaqSemiconductors & Related DevicesFiscal year ends December 26
FORMFACTOR INC
Financials through Q2 FY2026, quarter ended Jun 27, 2026Last filing: 10-Q on Aug 4, 2026
$110.16+5.15 (+4.90%)
Close on Oct 19, 2026
- Market cap
- $8.77B
- P/E (TTM)
- 75.5
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
39.3%−2.2 pts over 5 years
Operating margin
7.3%−4.8 pts over 5 years
Net margin
6.9%−4.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.8% | +1.6% | +2.5% | +10.8% | |
| Gross profit | +0.3% | +1.4% | +1.4% | +13.7% | |
| Operating income | -11.9% | +1.3% | -7.4% | – | |
| Net income | -21.9% | +2.3% | -7.1% | – | |
| EPS, diluted | -22.5% | +2.0% | -7.0% | – | |
| Free cash flow | -85.2% | -43.9% | -36.5% | -8.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -1.9% | 11.3% | 5.5% | |
| Return on assets | -1.4% | 8.7% | 4.6% | |
| Current ratio | 3.08 | 3.15 | 4.50 | |
| Debt to equity | 0.34 | 0.05 | 0.01 | |
| Interest coverage | -20.0× | 97.0× | 109.5× | |
| Inventory turnover | 6.5× | 4.4× | 4.5× | |
| Capex to revenue | 3.0% | 8.1% | 13.2% | |
| Diluted shares | 65M | 79M | 78M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Formfactor generated $568.68M from operations and spent $535.58M on capital expenditure, dividends and share buybacks. 62% of that went back into the business.
Generated
$568.68M
Used
$535.58M
Capital expenditure$329.87M62%Dividends$00%Share buybacks$205.71M38%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.9%
×Asset turnover0.66×
×Equity multiplier1.20×
=Return on equity, FY20255.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.9% | 0.66× | 1.20× | 5.5% |
| FY2024 | 9.1% | 0.68× | 1.21× | 7.5% |
| FY2023 | 12.4% | 0.63× | 1.23× | 9.6% |
| FY2022 | 6.8% | 0.74× | 1.25× | 6.2% |
| FY2021 | 10.9% | 0.78× | 1.27× | 10.8% |
| FY2020 | 11.3% | 0.77× | 1.30× | 11.3% |
| FY2019 | 6.7% | 0.75× | 1.28× | 6.4% |
| FY2018 | 19.6% | 0.77× | 1.32× | 20.0% |
| FY2017 | 7.5% | 0.87× | 1.47× | 9.5% |
| FY2016 | -1.7% | 0.80× | 1.38× | -1.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$54.36M
- Cash generatingOperating cash flow above zero$115.40M
- Return on assets improvedROA up on the prior year6.3% → 4.7%
- Earnings backed by cashOperating cash flow above net income$115.40M vs $54.36M
- Less leverageLong-term debt to assets fell1.1% → 0.9%
- Better liquidityCurrent ratio rose4.61 → 4.50
- No dilutionShare count did not rise78M → 78M
- Gross margin improvedGross margin up on the prior year40.33% → 39.34%
- More efficientAsset turnover rose0.69 → 0.68