FormFactor, Inc.

NasdaqGS:FORM Stock Report

Market Cap: US$2.9b

FormFactor Valuation

Is FORM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FORM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FORM ($39.66) is trading above our estimate of fair value ($2.21)

Significantly Below Fair Value: FORM is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FORM?

Key metric: As FORM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FORM. This is calculated by dividing FORM's market cap by their current earnings.
What is FORM's PE Ratio?
PE Ratio22.6x
EarningsUS$135.76m
Market CapUS$2.93b

Price to Earnings Ratio vs Peers

How does FORM's PE Ratio compare to its peers?

The above table shows the PE ratio for FORM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.3x
CAMT Camtek
32.1x23.8%US$3.4b
ACLS Axcelis Technologies
10.4x-13.8%US$2.3b
AMKR Amkor Technology
17.1x30.7%US$6.3b
NVMI Nova
29.5x15.3%US$5.1b
FORM FormFactor
22.6x4.4%US$2.9b

Price-To-Earnings vs Peers: FORM is expensive based on its Price-To-Earnings Ratio (22.6x) compared to the peer average (22.3x).

Price to Earnings Ratio vs Industry

How does FORM's PE Ratio compare vs other companies in the US Semiconductor Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TOYO TOYO
4.5xn/aUS$148.87m
SQNS Sequans Communications
1.6x-156.5%US$67.23m
No more companies available in this PE range
FORM 22.6xIndustry Avg. 30.3xNo. of Companies9PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FORM is good value based on its Price-To-Earnings Ratio (22.6x) compared to the US Semiconductor industry average (30.1x).

Price to Earnings Ratio vs Fair Ratio

What is FORM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FORM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.6x
Fair PE Ratio19.2x

Price-To-Earnings vs Fair Ratio: FORM is expensive based on its Price-To-Earnings Ratio (22.6x) compared to the estimated Fair Price-To-Earnings Ratio (19.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst FORM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$39.66
US$54.11
+36.4%
15.7%US$70.00US$44.00n/a9
Nov ’25US$38.75
US$54.44
+40.5%
14.9%US$70.00US$44.00n/a9
Oct ’25US$44.17
US$60.33
+36.6%
12.6%US$74.00US$47.00n/a9
Sep ’25US$48.77
US$60.33
+23.7%
12.6%US$74.00US$47.00n/a9
Aug ’25US$47.25
US$62.56
+32.4%
10.7%US$74.00US$55.00n/a9
Jul ’25US$60.92
US$55.67
-8.6%
15.5%US$74.00US$46.00n/a9
Jun ’25US$54.72
US$54.67
-0.1%
12.3%US$65.00US$46.00n/a9
May ’25US$43.99
US$44.79
+1.8%
11.5%US$52.00US$37.00n/a10
Apr ’25US$46.27
US$42.69
-7.7%
14.0%US$52.00US$35.00n/a10
Mar ’25US$43.60
US$42.00
-3.7%
14.1%US$52.00US$35.00n/a9
Feb ’25US$39.22
US$41.00
+4.5%
15.7%US$50.00US$33.00n/a9
Jan ’25US$41.71
US$40.56
-2.8%
15.3%US$50.00US$33.00n/a9
Dec ’24US$37.52
US$40.00
+6.6%
13.8%US$50.00US$33.00n/a9
Nov ’24US$33.44
US$39.30
+17.5%
13.5%US$50.00US$33.00US$38.7510
Oct ’24US$34.94
US$39.30
+12.5%
13.5%US$50.00US$33.00US$44.1710
Sep ’24US$35.13
US$39.30
+11.9%
13.5%US$50.00US$33.00US$48.7710
Aug ’24US$37.16
US$35.50
-4.5%
15.6%US$45.00US$30.00US$47.2510
Jul ’24US$34.22
US$34.00
-0.6%
11.1%US$40.00US$30.00US$60.9210
Jun ’24US$31.64
US$34.00
+7.5%
11.1%US$40.00US$30.00US$54.7210
May ’24US$27.34
US$35.11
+28.4%
9.3%US$40.00US$30.00US$43.999
Apr ’24US$31.85
US$34.22
+7.4%
13.3%US$40.00US$25.00US$46.279
Mar ’24US$30.30
US$34.40
+13.5%
12.7%US$40.00US$25.00US$43.6010
Feb ’24US$29.18
US$30.30
+3.8%
13.8%US$40.00US$25.00US$39.2210
Jan ’24US$22.23
US$30.56
+37.5%
14.1%US$40.00US$25.00US$41.719
Dec ’23US$23.58
US$30.25
+28.3%
14.9%US$40.00US$25.00US$37.528
Nov ’23US$20.01
US$32.38
+61.8%
16.8%US$42.00US$25.00US$33.448

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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