FormFactor Past Earnings Performance
Past criteria checks 3/6
FormFactor's earnings have been declining at an average annual rate of -5.4%, while the Semiconductor industry saw earnings growing at 1.8% annually. Revenues have been growing at an average rate of 0.5% per year. FormFactor's return on equity is 6.5%, and it has net margins of 8.1%.
Key information
-5.35%
Earnings growth rate
-5.27%
EPS growth rate
| Semiconductor Industry Growth | 27.66% |
| Revenue growth rate | 0.55% |
| Return on equity | 6.45% |
| Net Margin | 8.14% |
| Last Earnings Update | 28 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 19
FORM: Record Q2 Guidance And Mixed Messaging Will Likely Trigger Downside Repricing
FormFactor's analyst fair value estimate has been updated from $64.00 to $77.62. Analysts point to higher modeled revenue growth, slightly stronger profit margins, a modestly lower future P/E multiple, and a higher discount rate following a series of recent price target revisions, both upward and downward, across the Street.Seeking Alpha • May 19
FormFactor: Compelling Entry After Investor Day Selloff
Summary FormFactor (FORM) dropped 12.8% after unveiling an ambitious 2030 plan targeting $1.6B revenue, 55% gross margin, and $5.00 non-GAAP EPS. FORM’s forward thesis centers on HBM4 share gains, GPU and co-packaged optics catalysts, and a Texas plant expansion unlocking probe-card capacity. Valuation remains stretched at 12.06x forward sales, with execution risk tied to Texas plant readiness and potential earnings misses impacting 2027 guidance. I initiate a Buy rating with a $165 fair value, viewing the post-Investor Day selloff as a compelling entry ahead of multiple near-term catalysts. Read the full article on Seeking AlphaAnalysis Article • May 13
FormFactor's (NASDAQ:FORM) Performance Is Even Better Than Its Earnings Suggest
The subdued stock price reaction suggests that FormFactor, Inc.'s ( NASDAQ:FORM ) strong earnings didn't offer any...
Narrative Update • Apr 29
FORM: Future Returns Will Depend On Rich Multiples Despite Rising Execution Concerns
FormFactor's analyst fair value estimate has been revised from $86.89 to $101.56. This change reflects updated assumptions on growth and profitability as analysts respond to a wave of recent price target changes across the Street.Narrative Update • Apr 13
FORM: Future Returns Will Depend On Sustaining High Multiples Despite Execution Risks
Analysts have raised the implied fair value estimate for FormFactor by about $3 to $86.89. This reflects a slightly lower discount rate and a higher future P/E assumption, even as opinions on the stock's rating and price targets have recently been mixed across firms.
Narrative Update • Mar 30
FORM: High Bandwidth Memory And New Partnerships Will Support Margins Into 2026
FormFactor's fair value estimate has increased from $88.00 to $100.00 as analysts raise price targets following broader Street research updates on the stock. Analyst Commentary Recent Street research on FormFactor has been largely supportive, with a series of bullish analysts lifting price targets across multiple firms.Narrative Update • Mar 16
FORM: Future Returns Will Depend On Executing Quantum Roadmap And Margin Assumptions
Analysts have lifted their average price targets on FormFactor by double digit dollar amounts, citing refreshed models that incorporate the recent series of target increases from firms including B. Riley, Northland, Craig-Hallum, Evercore ISI, Stifel, TD Cowen and Citi.Narrative Update • Mar 02
FORM: Future Returns Will Rely On Delivering Margin Assumptions Despite Hype
Analysts have lifted their price targets on FormFactor, supporting an increase in our fair value estimate from $67.88 to $84.11. They attribute this change to updated assumptions around revenue growth, profit margins and future P/E expectations.Narrative Update • Feb 16
FORM: Elevated Earnings Expectations Will Likely Expose Downside Risk
Analysts have lifted their consensus view on FormFactor, raising the implied fair value estimate from $23.00 to $64.00. This change is supported by updated assumptions around revenue growth, profit margins and future P/E that are broadly consistent with the series of higher price targets published across major firms in recent research.Analysis Article • Feb 07
Results: FormFactor, Inc. Exceeded Expectations And The Consensus Has Updated Its Estimates
Shareholders will be ecstatic, with their stake up 28% over the past week following FormFactor, Inc. 's ( NASDAQ:FORM...Narrative Update • Feb 02
FORM: Future Returns Will Depend On Facility Ramp And Margin Execution
Narrative Update on FormFactor Our analyst price target for FormFactor has moved from US$56.88 to US$67.88. This reflects updated assumptions around revenue growth, profit margins and future P/E expectations that are broadly consistent with recent analyst research on the name.Narrative Update • Jan 19
FORM: High Bandwidth Memory Upside Will Support Stronger Margins Into 2026
Analysts have lifted their price targets on FormFactor, supporting a fair value move from $78.00 to $88.00. They point to faster margin improvement and potential upside tied to high bandwidth memory and graphics processing unit related demand.Analysis Article • Jan 13
There's Reason For Concern Over FormFactor, Inc.'s (NASDAQ:FORM) Massive 32% Price Jump
Despite an already strong run, FormFactor, Inc. ( NASDAQ:FORM ) shares have been powering on, with a gain of 32% in the...Narrative Update • Jan 05
FORM: High Bandwidth Memory Upside Will Drive Stronger Margins Into 2026
Analysts have raised their price target on FormFactor significantly, highlighting the company's recent beat-and-raise quarter, faster-than-expected margin improvement, and growing exposure to high bandwidth memory and graphics processing units demand into 2026. Analyst Commentary Bullish analysts are increasingly confident that FormFactor's recent operating momentum can be sustained, pointing to a favorable setup into 2026 driven by secular demand for advanced semiconductor testing solutions.Narrative Update • Dec 21
FORM: High Bandwidth Memory Demand Will Drive Stronger Margins Ahead
Analysts have significantly raised their price target on FormFactor from approximately $45 to $78. They cite stronger than expected margin improvement, high bandwidth memory demand, and long term upside from graphics processing units exposure as key drivers.Narrative Update • Dec 07
FORM: Future Returns Will Depend On Memory Demand And Margin Expansion
Analysts have raised their price target on FormFactor to $62 from $31, citing a "beat and raise" Q3, faster than expected margin improvement, and growing exposure to high bandwidth memory and graphics processing units demand into 2026. Analyst Commentary Analyst commentary remains largely constructive, with the latest upgrade framed around a stronger earnings trajectory and improving end-market visibility into 2026.Narrative Update • Nov 23
FORM: Future Returns Will Depend On Sustained Margin Expansion Momentum
FormFactor’s analyst price target has been raised from $54.29 to $56.88. Analysts cite stronger margin improvements and optimism in high bandwidth memory and graphics processing units as key factors behind the upgrade.Narrative Update • Nov 08
FORM: Future Performance Will Depend On Margin Gains And End Market Recovery
FormFactor's analyst price target jumped significantly from $35.25 to $54.29. Analysts point to stronger margins and high bandwidth memory prospects as factors driving renewed optimism for future growth.Analysis Article • Nov 03
Revenues Not Telling The Story For FormFactor, Inc. (NASDAQ:FORM) After Shares Rise 38%
FormFactor, Inc. ( NASDAQ:FORM ) shares have continued their recent momentum with a 38% gain in the last month alone...Narrative Update • Oct 25
Artificial Intelligence Demand Will Outweigh Smartphone And PC Market Weakness
Narrative Update on FormFactor Analysts have raised FormFactor's price target modestly from $34.75 to $35.25, citing continued benefits from advanced packaging demand. However, headwinds in smartphone and PC markets are tempering overall growth outlooks.Narrative Update • Oct 10
Generative AI And Texas Capacity Will Transform Semiconductor Testing
Analysts have modestly raised their price target for FormFactor from $33.13 to $34.75, citing ongoing demand in advanced packaging, while noting softness in broader smartphone and PC markets. Analyst Commentary The latest Street research highlights a mix of confidence in FormFactor's positioning within advanced packaging, along with concerns about market headwinds that could weigh on near-term performance.Analysis Article • Sep 19
FormFactor, Inc. (NASDAQ:FORM) Stock Rockets 26% As Investors Are Less Pessimistic Than Expected
FormFactor, Inc. ( NASDAQ:FORM ) shareholders would be excited to see that the share price has had a great month...Analysis Article • Jul 22
When Should You Buy FormFactor, Inc. (NASDAQ:FORM)?
FormFactor, Inc. ( NASDAQ:FORM ), is not the largest company out there, but it saw a significant share price rise of...Analysis Article • Jun 21
Does FormFactor (NASDAQ:FORM) Have A Healthy Balance Sheet?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...Seeking Alpha • Mar 03
FormFactor Q4: Murky Short-Term Outlook Continues To Weigh On The Company
Summary FormFactor, Inc.'s Q4 earnings showed mixed results with a 12.68% y/y sales growth but missed analyst estimates, leading to a hold rating due to short-term volatility. The company’s financial health is strong with $190.7m in cash and $169m in marketable securities, but Q1 '25 guidance fell short, causing a 20% share drop. PC and mobile handset markets are slower than expected, with potential growth in 2026 due to AI advancements and Windows 10 support ending. Uncertainty around tariffs and market recovery makes it risky to start a position now; monitoring developments and management commentary is crucial. Read the full article on Seeking AlphaRevenue & Expenses Breakdown
Revenue & Expenses Breakdown
How FormFactor makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 28 Mar 26 | 840 | 68 | 138 | 117 |
| 27 Dec 25 | 785 | 54 | 132 | 115 |
| 27 Sep 25 | 759 | 41 | 134 | 116 |
| 28 Jun 25 | 765 | 44 | 136 | 118 |
| 29 Mar 25 | 766 | 54 | 142 | 121 |
| 28 Dec 24 | 764 | 70 | 142 | 122 |
| 28 Sep 24 | 742 | 136 | 138 | 120 |
| 29 Jun 24 | 706 | 121 | 138 | 119 |
| 30 Mar 24 | 664 | 103 | 133 | 116 |
| 30 Dec 23 | 663 | 82 | 132 | 115 |
| 30 Sep 23 | 661 | -7 | 133 | 114 |
| 01 Jul 23 | 670 | -7 | 129 | 109 |
| 01 Apr 23 | 718 | 22 | 130 | 109 |
| 31 Dec 22 | 748 | 51 | 132 | 109 |
| 24 Sep 22 | 787 | 90 | 130 | 107 |
| 25 Jun 22 | 796 | 107 | 129 | 106 |
| 26 Mar 22 | 780 | 94 | 127 | 103 |
| 25 Dec 21 | 770 | 84 | 124 | 100 |
| 25 Sep 21 | 762 | 77 | 123 | 99 |
| 26 Jun 21 | 750 | 80 | 124 | 96 |
| 27 Mar 21 | 719 | 82 | 120 | 92 |
| 26 Dec 20 | 694 | 79 | 115 | 89 |
| 26 Sep 20 | 675 | 78 | 115 | 87 |
| 27 Jun 20 | 638 | 63 | 109 | 84 |
| 28 Mar 20 | 618 | 50 | 109 | 83 |
| 28 Dec 19 | 589 | 39 | 106 | 81 |
| 28 Sep 19 | 552 | 106 | 103 | 78 |
| 29 Jun 19 | 546 | 105 | 102 | 77 |
| 30 Mar 19 | 544 | 107 | 101 | 77 |
| 29 Dec 18 | 530 | 104 | 99 | 75 |
| 29 Sep 18 | 521 | 25 | 98 | 75 |
| 30 Jun 18 | 529 | 29 | 97 | 76 |
| 31 Mar 18 | 538 | 38 | 95 | 74 |
| 30 Dec 17 | 548 | 41 | 95 | 74 |
| 30 Sep 17 | 540 | 20 | 88 | 74 |
| 01 Jul 17 | 520 | -7 | 87 | 71 |
| 01 Apr 17 | 459 | 12 | 77 | 64 |
| 31 Dec 16 | 384 | -7 | 67 | 57 |
| 24 Sep 16 | 332 | 8 | 60 | 50 |
| 25 Jun 16 | 274 | 20 | 48 | 44 |
| 26 Mar 16 | 265 | -16 | 46 | 44 |
| 26 Dec 15 | 282 | -2 | 45 | 44 |
| 26 Sep 15 | 282 | -3 | 47 | 44 |
| 27 Jun 15 | 290 | -1 | 49 | 44 |
Quality Earnings: FORM has a large one-off loss of $29.0M impacting its last 12 months of financial results to 28th March, 2026.
Growing Profit Margin: FORM's current net profit margins (8.1%) are higher than last year (7.1%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: FORM's earnings have declined by 5.4% per year over the past 5 years.
Accelerating Growth: FORM's earnings growth over the past year (25.6%) exceeds its 5-year average (-5.4% per year).
Earnings vs Industry: FORM earnings growth over the past year (25.6%) exceeded the Semiconductor industry 22.6%.
Return on Equity
High ROE: FORM's Return on Equity (6.5%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/31 21:17 |
| End of Day Share Price | 2026/05/29 00:00 |
| Earnings | 2026/03/28 |
| Annual Earnings | 2025/12/27 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
FormFactor, Inc. is covered by 18 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Christopher Muse | Barclays |
| Craig Ellis | B. Riley Securities, Inc. |
| Christopher Muse | Cantor Fitzgerald & Co. |