Stock pay outran buybacks. Stock-based pay expense $117M vs $99M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +1.6% from December 2022 to July 2026.
Over three fiscal years FormFactor recorded $117M of stock-based pay expense and spent $99M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years FormFactor recorded $117M of stock-based pay expense and spent $99M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Investment surge. Capital spending 13% of revenue, up from 8.7% in 2022.
FormFactor is spending 13% of revenue on facilities and equipment, up from 8.7% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Profit is backed by cash. Free cash flow is 118% of reported profit.
FormFactor's free cash flow is 118% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about FormFactor
Is FormFactor getting weaker?
Its latest SEC filing (Aug 4, 2026) got stronger: operating margin rose 4.5 points to 12.9%. Its overall score is unchanged at 69/100 since Oct 28, 2026.
How is FormFactor valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 34/100 against 1,711 technology peers.EBITDA yield 2.6% vs a peer median of 4.2% (weaker than 64% of peers).EBITDA yield 2.6% vs peers 4.2% (weaker than 64% of peers).
Is FormFactor growing?
Yes, faster than most of its peers. Growth scores 88/100 against 1,711 technology peers.Earnings per share growth 159.5% vs a peer median of 11.1% (stronger than 93% of peers).Earnings per share growth 159.5% vs peers 11.1% (stronger than 93% of peers).
How profitable is FormFactor?
More profitable than most of its peers. Profitability scores 70/100 against 1,711 technology peers.Return on assets 8.6% vs a peer median of 2.9% (stronger than 82% of peers).Return on assets 8.6% vs peers 2.9% (stronger than 82% of peers).
How risky is FormFactor?
Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings.Debt / equity 0.01× vs a peer median of 0.25× (stronger than 90% of peers).Debt / equity 0.01× vs peers 0.25× (stronger than 90% of peers).Beta 1.18 vs a peer median of 0.87 (weaker than 69% of peers).Beta 1.18 vs peers 0.87 (weaker than 69% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 27, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 28, 2026
Got stronger
Operating margin rose 4.5 points to 12.9%
Previous quarter
Latest quarter
Change
Revenue (12 months)
839.8M USD
902.2M USD
+7.4%
Net income (12 months)
68.3M USD
115.5M USD
+68.9%
Operating margin
8.4%
12.9%
+4.5 pts
Free cash flow (12 months)
36.6M USD
136.1M USD
+272.4%
Debt
11.9M USD
11.6M USD
−2.4%
Cash
123.5M USD
109.8M USD
−11.2%
Shares outstanding
78.0M
78.1M
+0.2%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Valuations in Semiconductor Equipment & Materials are near the top of their range since Feb 2021.
84% of months since Feb 2021 were valued lower than now.
81% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +95% vs the whole market, against a usual +84%.
Feb 2021Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Feb 2021; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
41.9%
39.6%
39.0%
40.3%
39.3%
▼ 1.0 pts
Operating margin
12.7%
7.3%
12.5%
8.5%
7.3%
▼ 1.2 pts
Net margin
10.9%
6.8%
12.4%
9.1%
6.9%
▼ 2.2 pts
Return on assets (ROA)
8.2%
5.0%
7.4%
6.1%
4.4%
▼ 1.6 pts
Return on equity (ROE)
10.3%
6.3%
9.1%
7.3%
5.3%
▼ 2.1 pts
Free cash flow margin
9.5%
8.9%
1.3%
10.4%
1.5%
▼ 8.9 pts
Current ratio
3.52×
3.17×
4.38×
4.61×
4.50×
▼ 2.4%
Quick ratio
2.77×
2.35×
3.52×
3.83×
3.60×
▼ 6.0%
Debt to equity
0.03×
0.02×
0.02×
0.01×
0.01×
▼ 16%
Interest coverage
162.85×
94.84×
196.57×
154.98×
109.54×
▼ 29%
FORM price history
Price history is added with the daily price update and will appear after the next one.