# FormFactor, Inc. (FORM)

> Source: Nexqual · https://nexqual.com/FORM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, FormFactor, Inc. (FORM), nexqual.com/FORM" · informational, not investment advice.

**Price:** USD 95.03 (-15.29% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 95.03 · day 94.6–105.14 · 52w 40.6–160.27 · market cap null · NMS

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $902M, net income $115M (12.8% margin), free cash flow $136M (SEC filings).
- 3 of 80 tracked superinvestors hold FORM (13F, Q2 2026): 2 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 15 Form 4 filings, $13.6M; 8 not under a Rule 10b5-1 plan ($3.6M); 8 by opportunistic insiders (1 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.40 on a 1–5 scale) (10 analysts), mean target USD 152.22 (range 100–200).
- Total return with dividends: 1Y +121.8% vs S&P 500 +14.9%; 5Y +155.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.86, revenue estimate $271M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $770M | $748M | $663M | $764M | $785M | $902M |
| Gross profit | $323M | $296M | $259M | $308M | $309M | — |
| Operating income | $98.0M | $54.9M | $82.8M | $64.8M | $57.1M | $116M |
| Net income | $83.9M | $50.7M | $82.4M | $69.6M | $54.4M | $115M |
| EPS (diluted) | $1.06 | $0.65 | $1.05 | $0.89 | $0.69 | — |
| Free cash flow | $72.9M | $66.5M | $8.6M | $79.1M | $11.7M | $136M |
| Gross margin | 41.9% | 39.6% | 39.0% | 40.3% | 39.3% | — |
| Operating margin | 12.7% | 7.3% | 12.5% | 8.5% | 7.3% | 12.9% |
| Net margin | 10.9% | 6.8% | 12.4% | 9.1% | 6.9% | 12.8% |
| Revenue growth | +11.0% | -2.8% | -11.3% | +15.2% | +2.8% | — |
| Cash + short-term investments | $276M | $238M | $328M | $360M | $275M | — |
| Total debt | $24.4M | $15.4M | $14.4M | $13.3M | $12.2M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)

P/E at fiscal year-ends: Dec 2025 80.4x, Dec 2024 49.6x, Dec 2023 39.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold FORM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.03% | $17.0M | Reduced -41.0% |
| Lee Ainslie | Maverick Capital | 0.01% | $728K | New position |
| Polen Capital | Polen Capital Management | <0.01% | $574K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 15 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-14 | Slessor Mike | CEO | 11,098 | $1.4M | 2.4% | Yes (adopted August 19, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-16 | Slessor Mike | CEO | 17,510 | $1.8M | 3.6% | Yes (adopted August 19, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-03 | Steven-Waiss Kelley | Director | 2,100 | $202K | 7.9% | No | Too little history (no open-market trades in 2023) |
| 2026-08-14 | Slessor Mike | CEO | 16,002 | $2.1M | 3.2% | Yes (adopted August 19, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-15 | Slessor Mike | CEO | 4,735 | $560K | 1.1% | Yes (adopted August 19, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-15 | St Dennis Thomas | Director | 2,800 | $424K | 9% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-10 | Slessor Mike | CEO | 11,890 | $1.4M | 2.7% | Yes (adopted August 19, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-02 | Rhodes Sheri | Director | 6,328 | $794K | 54.1% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-21 | Obregon-Jimenez Rebeca | Director | 3,828 | $484K | 32.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-20 | White Brian C | Director | 3,250 | $410K | 27.3% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-19 | St Dennis Thomas | Director | 1,000 | $116K | 3% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-15 | Steven-Waiss Kelley | Director | 5,400 | $678K | 17.7% | No | Too little history (no open-market trades in 2023) |
| 2026-05-13 | Titinger Jorge | Director | 4,009 | $516K | 22.9% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-13 | Slessor Mike | CEO | 9,438 | $1.2M | 2.1% | Yes (adopted August 19, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-15 | Slessor Mike | CEO | 11,294 | $1.4M | 2.5% | Yes (adopted August 19, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.40 on a 1–5 scale), 10 analysts; mean target USD 152.22 (low 100, high 200).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Freedom Capital Markets | Maintained | Hold | $140 |
| 2026-10-05 | Freedom Capital Markets | Target raised | Hold | $64 → $140 |
| 2026-09-30 | Deutsche Bank | Initiated | Buy | $200 |
| 2026-07-30 | TD Cowen | Target lowered | Hold | $150 → $100 |
| 2026-07-30 | Evercore ISI Group | Target lowered | Outperform | $155 → $150 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +121.8% | +155.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +122.4% | +20.6% |
| Volatility (annualized) | 86.7% | 55.7% |
| Max drawdown | -47.8% (Jun 2026→Jul 2026) | -61.0% (Jul 2024→Mar 2025) |

## Peers (Semiconductor Equipment & Materials)
AMKR (Amkor Technology, Inc.) USD 39.05 -10.70% · ONTO (Onto Innovation Inc.) USD 198.67 -10.57% · NVMI (Nova Ltd.) USD 310.13 -6.37% · CAMT (Camtek Ltd.) USD 119.48 -10.23% · KLIC (Kulicke and Soffa Industries, I) USD 73.4 -9.86% · ACMR (ACM Research, Inc.) USD 49.12 -10.18%

## More
Full page: https://nexqual.com/FORM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FORM's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/1039399/000103939926000009/form-20251227.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Related party | FICT | "We engage in transactions with FICT, a related party and a supplier, in the normal course of business and at arm's length." |
| Competitor | Tokyo Electron | "Our primary competitors in the probe station market are MPI Corporation, Shenzhen Senmeixieer Technology Co., Ltd ("Semishare"), STAr Technologies, Inc., Tokyo Electron Limited ("TEL"), and Wentworth Laboratories, Inc. W…" |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Probe Cards | $209.7M | 81.2% | +29.4% |
| Systems | $48.5M | 18.8% | +44.1% |
| Total revenue | $258.2M | 100% | — |

## Revenue by product line (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Foundry & Logic | $121.8M | 47.2% | +22.4% |
| DRAM | $85.0M | 32.9% | +49.0% |
| Flash | $2.9M | 1.1% | -48.4% |
| Total revenue | $258.2M | 100% | — |
The lines above cover 81.2% of total revenue.

## Revenue by region (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Taiwan | $94.4M | 36.6% | +78.6% |
| South Korea | $73.4M | 28.4% | +28.5% |
| United States | $38.2M | 14.8% | -6.6% |
| China | $16.9M | 6.5% | +79.7% |
| Europe | $9.5M | 3.7% | +30.6% |
| Malaysia | $9.1M | 3.5% | +76.0% |
| Singapore | $6.7M | 2.6% | +0.9% |
| Rest of World | $5.2M | 2.0% | +203.3% |
| Japan | $4.8M | 1.9% | -67.2% |
| Total revenue | $258.2M | 100% | — |

## Customer concentration

Period ended 2026-06-27: 24.3%, 11% of revenue from unnamed direct customers (10-Q, filed 2026-08-04).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.86 | $0.62 | +38.2% | $270.5M | 7 |
| Next quarter (ends 2026-12-31) | $0.81 | $0.64 | +26.4% | $278.3M | 7 |
| Current fiscal year (ends 2026-12-31) | $3.06 | $2.44 | +25.5% | $1.03B | 8 |
| Next fiscal year (ends 2027-12-31) | $3.87 | $2.79 | +38.7% | $1.22B | 8 |