FormFactor Inc (FORM) fair value: what the stock is really worth
As of Nov 10, 2026: fair value (intrinsic value) of FormFactor Inc stock $13.96, price $85.63, that is 83.7% below the price, quality 55 out of 100. Rating: strongly overvalued. Calculated from audited financials with 23 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.
How to read this chart
60‑month range $18.19 – $159.93 · fair‑value band $7.46 – $18.81 · the $85.63 price screens above the $13.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.
Follow FormFactor in your weekly email
Every Wednesday you see whether FormFactor is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, thermal systems, cryogenic systems, and related services in the United States, South Korea, Taiwan, China, Japan, Singapore, Europe, Malaysia, and internationally.
Show moreShow less
The company operates in two segments: Probe Cards and Systems segments.
The company provides probe cards to test various semiconductor device types, including systems- on-chip products, such as graphics, central, digital processing units, and other custom application-specific processing units; mobile application processors, microprocessors, and microcontrollers; network devices, which include switches and network processing units; dynamic random-access memory; radio-frequency amplifiers and filters; antenna-in-package devices; analog and mixed-signal integrated circuits; image sensors; co-packaged optical integrated circuits; NAND flash memory; NOR flash memory; and quantum computer processor devices.
It also offers analytical probes, which are used for device characterization, electrical simulation model development, failure analysis, and prototype design debugging; probe stations, a critical tool for the development of new generations of semiconductor and electro-optical processes and designs; and thermal subsystems, which include thermal chucks and other test systems used in probe stations and other applications for precise temperature management.
In addition, the company provides cryogenic systems, which includes the manufacture of precision cryogenic instruments and semiconductor test and measurement systems; and services and support, including installation services.
Further, it offers on-site probe card maintenance and service training, seminars, and telephone support services. It markets and sells its products through direct sales force, manufacturers' representatives, and distributors.
The company was incorporated in 1993 and is headquartered in Livermore, California.
Stock analysis
FormFactor Inc (FORM) currently trades at $85.63, while our model-based Fair Value estimate is $13.96, 84% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Multiples group reads highest at a median of $20.03 per share, and 0 of the 23 models we run sit above the $85.63 price.
Bear case: the Asset-Based group reads lowest at $4.72, and 23 of the 23 models stay below the price. Data coverage for this calculation is low.
Scenario range: $7.46 (bear) to $18.81 (bull), the price of $85.63 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
FormFactor Inc reported revenue of $785M in FY2025 versus $770M in FY2021, a compound +0.5%/yr. Reported net income was $54.4M in FY2025, compounding −10.3%/yr from FY2021.
Key figures
Market cap $8.6B Mid · P/E ratio 59.1 · P/S ratio 9.53 · EPS (TTM) $1.45 · Net margin 12.8% · Return on equity 11.0% · Return on assets (EBIT) 6.7% (5-year average) · Operating margin 24.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 46% below its 52-week high and 76% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −11% fair-value upside, at −84%, FORM screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($3.89 to $44.61). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear$7.46Fair Value $13.96Bull$18.81
Price $85.63 · Downside -83.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($1.26 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 7 officers or directors sold shares worth $12.1M and none bought.
SaleMike SlessorCEO, Director13× since Nov 19, 2025: 169,624 shares, avg. $95.39$16.2MOct 14, 202610b5-1 plan
SaleKelley Steven-WaissDirector4× since Dec 2, 2025: 12,400 shares, avg. $99.78$1.2MSep 3, 2026
SaleThomas St DennisDirector4× since Nov 17, 2025: 13,231 shares, avg. $101.05$1.3MJun 15, 2026
SaleSheri RhodesDirector2× since Feb 10, 2026: 13,962 shares, avg. $107.47$1.5MJun 2, 2026
SaleRebeca Obregon-JimenezDirector2× since Feb 9, 2026: 6,598 shares, avg. $113.61$749,587May 21, 2026
SaleBrian C WhiteDirector3× since Feb 9, 2026: 11,050 shares, avg. $103.14$1.1MMay 20, 2026
SaleJorge TitingerDirector2× since Feb 9, 2026: 6,009 shares, avg. $115.49$693,999May 13, 2026
SaleAric Brendan McKinnisCFO, SVP Global Finance3,462 shares at $90.42$313,034Mar 5, 202610b5-1 plan
SaleKevin J BrewerDirector3,000 shares at $96.20$288,600Feb 11, 2026
Plus 13 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.48/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.5%
Start year 2020 (pandemic). Over 10 years: +10.8% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.1%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
−5.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.4%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 8%
Growth Forecast
A lot of optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
more than +80 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+18.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +16.0% a year for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: FormFactor benefits from its probe cards and test systems across the full semiconductor lifecycle plus S&P MidCap alignment with AI peers, yet low returns on equity and thin margins signal limited durable advantage.
Main risk: FormFactor relies on a small number of customers like SK hynix, which accounted for 23 percent of revenues in fiscal 2025, so shifts in their capital spending or qualification decisions could reduce orders and pressure margins on bespoke probe cards.
Bull case: FormFactor could deepen collaborations with leading ATE suppliers like Teradyne and Advantest while qualifying its new Texas facility to capture more complex AI-driven test demand across a broader set of foundry and memory customers.
Bear case: If key customers delay programs or switch suppliers and rivals gain share with lower-priced alternatives, FormFactor’s revenue could become more volatile and its margins on customized probe cards could compress over several years.
FormFactor supplies probe cards and test systems that chipmakers use across the full semiconductor lifecycle, from development through high-volume production. Its recent move into the S&P MidCap 400 aligns it with peers focused on AI and advanced packaging test, yet demand stays closely linked to a handful of large customers and their capacity plans. Will the higher index profile bring steadier visibility or simply amplify swings when those plans shift?
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Semiconductor Equipment & Materials · 244 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "FormFactor Inc Fair Value". https://www.fairvalue-calculator.com/stock/FORM
Frequently asked questions
Is FormFactor Inc (FORM) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of $13.96 versus a price of $85.63, about 84% lower (overvalued).
What is the fair value of FORM?
Our model-based fair value for FormFactor Inc is $13.96 (as of Nov 10, 2026), built from audited fundamentals. The current price: $85.63.
What is the quality score of FORM?
FormFactor Inc has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for FormFactor Inc (FORM)?
Our model-based price target is the fair value of $13.96 (as of Nov 10, 2026) from 23 valuation models. Cautious scenario $7.46, optimistic scenario $18.81. It is a calculation from audited fundamentals, not an analyst target.
What is the FormFactor Inc stock forecast for 2026?
Our models put fair value at $13.96, about 84% lower versus a price of $85.63 (overvalued). Cautious scenario $7.46, optimistic scenario $18.81. The calculation is refreshed regularly with new filings.
What is the revenue of FormFactor Inc (FORM)?
FormFactor Inc reported trailing-twelve-month revenue of about $902M (latest available figure, as of Nov 10, 2026).
What growth is priced into FormFactor Inc (FORM)?
For today's price to be fair in a discounted-cash-flow model, FormFactor Inc would have to grow free cash flow by more than 80 % per year for five years (discount rate 10.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.5 % per year. As of Nov 10, 2026.
What discount rate (WACC) does the fair value of FORM use?
Our models discount FormFactor Inc at 10.2 %: a base by market capitalisation (mid), damped by beta 1.18, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For FormFactor Inc that is more than 80 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.2 %) and the same formula as our fair value.
How much growth has FormFactor Inc (FORM) delivered so far?
Over the past 5 years revenue at FormFactor Inc grew +2.5 % a year. The price currently implies free-cash-flow growth of more than 80 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of FormFactor Inc (FORM) growing?
The median revenue growth in the sector is +11.4 % a year. That is the yardstick for the growth priced into FormFactor Inc (more than 80 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of FormFactor Inc (FORM)?
The free-cash-flow yield on the price is 0.17 %: that much free cash flow FormFactor Inc produces per unit of market value. When it exceeds the discount rate of our models (10.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of FormFactor Inc (FORM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For FormFactor Inc it is $13.96 per share (as of Nov 10, 2026), against a price of $85.63. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is FormFactor Inc stock overvalued or undervalued in 2026?
As of Nov 10, 2026, FORM trades above its calculated fair value: price $85.63, fair value $13.96, a gap of about −84% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FORM?
No. The price is what the market pays today ($85.63); the fair value is what the company's own numbers justify ($13.96). For FormFactor Inc the two are $71.67 per share apart. That gap is exactly why we show both numbers side by side.
How much is FormFactor Inc worth?
The market values FormFactor Inc at about $8.6B (market capitalisation, as of Nov 10, 2026). Per share that is $85.63; our models calculate a fair value of $13.96 per share.
What do the bullish and bearish scenarios say about FORM?
Our models span a range for FormFactor Inc: cautious scenario $7.46, base $13.96, optimistic $18.81 per share (as of Nov 10, 2026, price $85.63). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FORM?
FormFactor Inc trades at a price-to-earnings ratio of 59.1 (as of Nov 10, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $13.96 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 114.2 (reported for FY2025: 124.1). Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings, 5 of the years ex one-offs: 43.3. Other multiples: PEG 1.4, P/B 8.3, P/S 9.5, EV/EBITDA 45.6.
What is the PEG ratio of FORM?
The PEG ratio of FormFactor Inc is 1.39 (P/E divided by earnings growth, as of Nov 10, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of FormFactor Inc (FORM)?
Balance-sheet figures for FormFactor Inc (as of Nov 10, 2026): return on equity 11.0%, debt of 0.01 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is FORM from its 52-week high?
FormFactor Inc trades at $85.63, about 46% below its 52-week high of $159.93 and 76% above the low of $48.68 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $13.96 is for.
Which stocks are comparable to FormFactor Inc?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is FormFactor Inc stock attractive at the current price?
The data as of Nov 10, 2026: price $85.63, calculated fair value $13.96 (−84%), Quality Score 55/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FORM calculated?
We run FormFactor Inc through 23 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $13.96 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.7% above its aggregate fair value. FormFactor Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of FormFactor Inc (FORM)?
The closing price on Nov 10, 2026 was $85.63. Our model-based fair value is $13.96, about 84% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with FormFactor Inc right now?
The price sits above even our optimistic bull case ($18.81). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($7.46 to $18.81) leaves room in how you read the outcome.
Key figures of FormFactor Inc
How large is the market capitalisation of FormFactor Inc (FORM)?
The market capitalisation of FormFactor Inc is $8.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of FormFactor Inc (FORM)?
The price-to-sales ratio of FormFactor Inc is 9.53 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of FormFactor Inc (FORM)?
Earnings per share at FormFactor Inc are $1.45 (price ÷ EPS = P/E 59.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of FormFactor Inc (FORM)?
The net margin of FormFactor Inc is 12.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of FormFactor Inc (FORM)?
The return on equity (ROE) of FormFactor Inc is 11.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of FormFactor Inc (FORM)?
On an EBIT basis the return on assets of FormFactor Inc is 6.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of FormFactor Inc (FORM)?
The operating margin of FormFactor Inc is 24.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at FormFactor Inc (FORM)?
Revenue at FormFactor Inc is growing +31.9% versus a year earlier (3y avg +1.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at FormFactor Inc (FORM)?
Earnings per share at FormFactor Inc are growing +503% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does FormFactor Inc (FORM) hold?
FormFactor Inc holds more cash than debt, $58.5M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch FormFactor Inc in the live analysis
One click puts FormFactor Inc on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Thin data
Nov 10, 2026