How profitable is FormFactor Inc. FormFactor Inc. (FORM)?

In FY 2025 (10-K), FORM converted $785.0M of revenue into a 39.3% gross margin, 7.3% operating margin, and $11.7M in free cash flow (1.5% FCF margin).

Stock Ratings / Technology / FORM / financials

SIMO (48) VIAV (48) SLAB (65) MXL (59) ⌘ Pro Terminal →

FormFactor Inc. FormFactor Inc. (FORM) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$87.30 -0.26% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $87.09

FormFactor Inc. FormFactor Inc. (FORM) carries a Roarable Rating of D (Sell) with 48/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.

📊 Historical Track Record Warning: Scores below 50 (48/100 · D) historically underperformed SPY in 71% of rolling 90-day windows →

ROARABLE D • SELL / AVOID Cap $6.84B

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

⚡ INSTANT AI QUANT PREVIEW • $0 FREE TIER Click Any Pre-Computed AI Quant Specialist Briefing on FORM Below — or Connect Your Own ChatGPT / Claude

🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is FORM stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

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As of 2026-11-03, FormFactor Inc. FormFactor Inc. (NASDAQ: FORM) is rated D (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 48/100 at a spot price of $87.30 (-0.26% 1D, market cap $6.84B). Pillar breakdown: Fundamental Cash Engine 7/20, Institutional 13F & Options Flow 6/20, Executive Insider Alignment 18/20, FRED Macro Regime Fit 9/20, and SEC Balance-Sheet Forensics 8/20. Across 714 tracked Technology issuers, FORM ranks #357 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does FORM compare to SIMO and VIAV in the Technology sector?

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Within the Technology sector (Semiconductors), FORM carries a Roarable D (48/100 RQD), trailing P/E of 140.1x, gross margin of 39.3%, and ROIC of 4.8%. By comparison, SIMO (Silicon Motion Technology Corporation) holds a D grade (48/100 RQD, P/E 63.0x, ROIC 9.3%, cap $7.07B) and VIAV (Viavi Solutions Inc.) posts a D grade (48/100 RQD, P/E N/A, ROIC 9.4%, cap $7.41B). Among the 5-stock peer group, SIMO leads on earnings multiple (63.0x) while VIAV leads on capital efficiency (9.4% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for FORM?

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Per FORM's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-27, CIK 0001039399), FormFactor Inc. FormFactor Inc. generated $785.0M in revenue (+2.8% YoY), $54.4M in net income, and $11.7M in free cash flow against $1.22B in total assets and $11.1M in total debt. Key quantitative strengths: Clean SEC annual filing review with no major hidden accounting time-bombs.. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately.. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $87.09 (-0.24%)🧬 Disciplined Float (+1.08% YoY Shares)⚙️ Cash Engine: 7/20 (D-) • 1.5% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record Warning: Scores below 50 (48/100 · D) historically underperformed SPY in 71% of rolling 90-day windows (-5.6% avg 90D alpha vs SPY • 29.0% hit rate).

Audit Bucket Track Record →

RQD QUANT TACHOMETERSELL / AVOID • D

2-of-3 JEV AI Jury Bearish Warning

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw D- · Rk C+

Each axis scored 0–20

12M PRICE TARGET CONE-4.5% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for FORM)Realized 20D OHLCV Swing Band: ±12.5%

Deterministic 5-Pillar Attribution (48/100 Composite)

🔍 WHY FORM SCORES 48/100 (D) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: SEC 10-K Forensic Risk+18/20 pts (38% of score)

Altman Z-Score 25.60 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 7/9

▲ #2 Bullish Driver: Macro Regime Fit+9/20 pts (19% of score)

FRED Regime × Technicals: 35% of 52W Range • RSI-14 at 36.2 (NEUTRAL RANGE)

▼ #1 Drag / Risk Factor: Whale & Options Positioning6/20 pts (-14 pt drag)

Put hedging (50% put share) caps near-term gamma upside (-14 pts vs max)

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade C$119.71-6.3% Next Q

Q2 (-2Q)

Grade C-$112.18-1.7% Next Q

Q3 (-1Q)

Grade C-$110.31-20.9% Next Q

Current

Grade D$87.30-5.6% Hist 90D α

Trajectory: C (56) → D (48)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)CONTRARIAN TURNAROUND & SHORT-SQUEEZE DOSSIER

⚔️ Adversarial Opposing Case: What Could Spark a FORM Turnaround Squeeze

Gideon Ashmere Forensic Desk →

While FORM currently carries a cautious 48/100 (D) rating due to Whale & Options Positioning (6/20), shorts face asymmetric squeeze risk if free cash flow inflects or management executes accretive buybacks.

🚀 Contrarian Squeeze Trigger #1

Clean SEC annual filing review with no major hidden accounting time-bombs.

🚀 Contrarian Squeeze Trigger #2

Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($115.30) and Max Pain ($91.67) forces dealer call-delta covering toward $168.28.

🚀 Contrarian Squeeze Trigger #3

Forensic Repair Trigger: Halting share dilution (Disciplined Float (+1.08% YoY Shares)) or retiring high-cost debt immediately upgrades the SEC 10-K Forensic pillar.

🎲 LIVE PREDICTION MARKET ODDS TIED TO $FORM• $4.8M Crowd Pool • Kalshi / Polymarket Composite

Contract: “FORM Beats Next Quarterly Revenue & EPS Consensus + Hyperscaler AI CapEx Holds Record Pace”

YES 48%NO 52%Trade / Inspect Odds →

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How FORM Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$11.7M (1.5% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $663.1M

FY24

Rev $763.6M

FY25

Rev $785.0M

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$785.0M	39.3%	7.3%	$54.4M	$11.7M	4.8%
FY 2024	$763.6M	40.3%	8.5%	$69.6M	$79.1M	6.7%
FY 2023	$663.1M	39.3%	12.5%	$82.4M	$34.8M	2.6%

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring FORM)

✓Walkthrough of FORM's RQD Radar, SEC cash-conversion gap & downside invalidation levels
✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks

RQD INSIDER CLUB WAITLIST$49/YR PLANNED

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Join Founding VIP Waitlist (No Card Required) →$100K Arena

FORM // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -35.03%🛡️ HOLDING TREND SUPPORT

2026-11-03O $97.46H $97.46L $87.30C $87.30VOL 2.89M

RES: $159.1SUP: $83.97SMA50: $115.3SMA200: $114.3

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

FORM Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 FORM Butterfly Map → + Track FORM →

Share Count & Dilution Monitor (#25)

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle (#30)

48.0%/yr Implied 5Y Growth

vs. +2.8% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger (#33)

No active Ellis Vennor swing setup published on FORM today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for FORM. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for FORM today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (FORM)

Technology Rank #357 of 714 ⚔️ SIMO vs FORM Full Matrix →

1. Head-to-Head Technology Peer Comparison (FORM vs. SIMO, VIAV, SLAB, MXL)

Industry: Semiconductors (95 Tracked Issuers)

Across 714 tracked Technology securities in the Roarable RQD universe, FormFactor Inc. FormFactor Inc. (FORM) ranks #357 by composite RQD confidence (48/100, grade D) and #180 by equity capitalization ($6.84B). Within this direct 5-issuer industry benchmark cohort, SIMO leads on earnings valuation at 63.0x trailing P/E, while VIAV leads on capital efficiency and profitability with 9.4% ROIC and 57.7% gross margin. SLAB currently holds the highest overall quantitative score in the immediate peer group at 65/100 (C) compared with FORM at 48/100 (D).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
FORM ACTIVE FormFactor Inc. FormFactor Inc.	D	48/100	140.1x	39.3%	4.8%	-0.26%	$6.84B	Benchmark Subject
SIMO Silicon Motion Technology Corporation	D	48/100	63.0x	48.3%	9.3%	-9.94%	$7.07B	/simo-vs-form →
VIAV Viavi Solutions Inc.	D	48/100	—	57.7%	9.4%	-7.09%	$7.41B	/viav-vs-form →
SLAB Silicon Laboratories Inc.	C	65/100	—	58.2%	-6.9%	-0.16%	$7.42B	/slab-vs-form →
MXL MaxLinear Inc.	C-	59/100	—	56.8%	-19.2%	-9.10%	$6.14B	/mxl-vs-form →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-27 • CIK 0001039399

In its most recent audited fiscal period (FY2025, filed 2025-12-27), FormFactor Inc. FormFactor Inc. (FORM) reported GAAP revenue of $785.0M (+2.8% vs. FY2024 revenue of $763.6M , and +18.4% cumulative change since FY2023) , GAAP net income of $54.4M, operating cash flow of $115.4M, and free cash flow of $11.7M (-85.2% YoY). On the balance sheet, FORM closed FY2025 with $1.22B in total assets against $11.1M in total debt (Altman Z-Score: 25.60, Piotroski F-Score: 7/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-12-27	$785.0M	$54.4M	$115.4M	$11.7M	$1.22B	$11.1M
FY2024 (FY)	2024-12-28	$763.6M	$69.6M	$117.5M	$79.1M	$1.15B	$12.2M
FY2023 (FY)	2023-12-30	$663.1M	$82.4M	$64.6M	$34.8M	$4.19B	$979.9M

3. FORM Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is FORM stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does FORM compare to SIMO and VIAV in the Technology sector?

What are the biggest fundamental strengths and SEC risk factors for FORM?

Where is FORM trading relative to its 50-day, 200-day, and 52-week technical levels?

FORM last traded at $87.30 (-0.26% on volume of 2,023,499 shares), positioning the stock -24.28% below its 50-day simple moving average ($115.30) and -23.63% below its 200-day simple moving average ($114.31). Across its 52-week range of $47.33 to $160.27, FORM sits at the 35.4% percentile with a 14-day RSI of 36.2 (NEUTRAL RANGE) and an implied next-earnings move of ±12.5% ($76.39 to $98.21).

Direct Sub-Reports: FORM RQD Cockpit FORM 12M Forecast FORM Earnings & Move FORM Dividends & DRIP FORM Insiders & 13F FORM Whale Options FORM Profit Sankey FORM News & Why

ROARABLE RATING BRIEF • RQD 48/100 (D) ✓ STAGE-C NUMBER FIREWALL VERIFIED

FORM — FormFactor Inc. FormFactor Inc.: What the Facts Mean to a Prospective Investor

Engine: anthropic/claude-haiku-5.5

As of: 2026-11-02T15:18:05Z

1. Roarable Rating Brief: What This Means to a Prospective Investor

FORM scores 49 out of 100, grade D, with the verdict "Roarable Sell — Underperform / Distribution Warning." The five pillars are: Fundamental Cash Engine at 7/20 (ROIC 4.8%; FCF yield 0.15%), Whale 13F Flow at 7/20 (institutional accumulation and options positioning), Insider Conviction at 8/20 (SEC Form 4 and Congressional PTR cluster flow), Macro Regime Fit at 9/20 (Beta 1.16; sector sensitivity), and Forensic Balance Sheet at 18/20 (Altman Z 25.6; Piotroski F 7/9; Debt/Equity 0.01). The weakest pillars are cash generation and smart-money flow, while the balance sheet is the strongest. For a prospective investor, the implication is that the company's financial safety appears high, but the return engine and ownership signals are weak, and the rating frames the stock as a distribution-risk name rather than an accumulation candidate. Upside drivers would have to come from a re-acceleration in cash returns or a shift in the flow pillars, neither of which the source data demonstrates. The valuation tradeoff is stark: per the market data, the stock trades at a P/E (TTM) of 140.1 and EV/EBITDA of 51.8 while the ROIC is 4.8% and the FCF yield is 0.15%, so the price embeds expectations the reported cash economics do not currently support.

2. Business Model, Unit Margins & SEC Financial Trajectory

FormFactor Inc. Is a NASDAQ-listed issuer in the Technology sector and Semiconductors industry. The profile identifies it as FormFactor Inc. (FORM) with a market capitalization of $7.6B. Customer identity, product lines, and revenue model are not described in the source data. —

Revenue rose from $663.1M in FY 2023 to $785.0M in FY 2025, while net income declined from $82.4M to $54.4M over the same span. Per the market data, gross margin is 39.3%, operating margin 7.3%, and net margin 6.9%, with ROIC at 4.8%. The Altman Z-Score is 25.6 and the Piotroski F-Score is 7/9, and Debt/Equity is 0.01. Debt fell from $979.9M in FY 2023 to $11.1M in FY 2025, while FCF fell from $79.1M in FY 2024 to $11.7M in FY 2025.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

🐂 Primary Bull Case: The balance sheet is highly forensic-safe, with an Altman Z-Score of 25.6, Piotroski F-Score of 7/9, and Debt/Equity of 0.01. With Fundamental Cash Engine at 7/20 (ROIC 4.8%, FCF yield 0.15%) and Institutional Whale Flow at 6/20, sustained execution supports upside toward the top of the $47.33 – $160.27 52-week range.
🐻 Primary Bear Case: The stock trades at a TTM P/E of 140.1 while ROIC is 4.8% and FCF yield is 0.15%, leaving valuation far ahead of cash returns. Investors must weigh 140.1x trailing P/E and 51.8x EV/EBITDA against 7.3% operating margins and a 1.16 macro beta if sector demand softens.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

Operating in Semiconductors (Technology), FORM carries a macro regime beta of 1.16 and gross margin of 39.3%.

Key Question #1: What drove the decline in net income from $82.4M (FY 2023) to $54.4M (FY 2025) despite revenue growth, and is the trend continuing?
Key Question #2: What explains the drop in FCF from $79.1M (FY 2024) to $11.7M (FY 2025), and what capital expenditure or working-capital changes were involved?
Key Question #3: What caused the 11.65% single-day price decline, and is there any reported news or catalyst behind it?

FORM Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for FormFactor Inc. FormFactor Inc. (FORM) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to FORM Debate Forum (3) ↓

🔴 RISK WATCH Yahoo • 22h ago

Buy, Sell, or Hold? Today’s Top Upgrades and Downgrades: Amazon.com, Coinbase Global, CrowdStrike, FormFactor, GameStop, L3Harris Technologies, Oracle, Reddit, Rivian Automotive, and More

Pre-Market Stock Futures: Futures are trading higher after a rough week in which sellers moved hard against the big tech companies, which reported mostly solid results. Still, massive spending on AI, free cash flow that

Read Full Source ↗

🟢 CATALYST Yahoo • 1d ago

Zacks.com featured highlights include Healthcare Services, CarMax, Hasbro, FormFactor and MaxLinear

HCGS, KMX, HAS, FORM and MXL stand out for superior financial efficiency, strong earnings surprises and effective resource management.

Read Full Source ↗

🟢 CATALYST Benzinga • 1d ago

Freedom Capital Markets Upgrades FormFactor to Buy, Maintains Price Target to $140

Freedom Capital Markets analyst David Silver upgrades FormFactor (NASDAQ:FORM) from Hold to Buy and maintains the price target from $140 to $140.

Read Full Source ↗

🟡 MARKET WIRE SeekingAlpha • 2d ago

FormFactor, Inc. 2026 Q3 - Results - Earnings Call Presentation

2026-10-31. The following slide deck was published by FormFactor, Inc.

Read Full Source ↗

🟡 MARKET WIRE Yahoo • 3d ago

What Would It Take For Onto Stock To Do It Again?

For questions about this article or underlying research, email help@trefis.com.

Read Full Source ↗

🟢 CATALYST Yahoo • 3d ago

FORM vs. COHU: Which Semiconductor Testing Stock is a Better Buy?

FormFactor is a better buy compared with Cohu due to higher profitability, established AI revenues and cash generation ability.

Read Full Source ↗

🟡 MARKET WIRE Yahoo • 3d ago

2 semiconductor stocks to keep an eye on and 1 we question

Semiconductors are the core infrastructure powering the Information Age. Still, they’re subject to swings in the broader economy because customers often stockpile chips ahead of demand, and investors seem to believe that

Read Full Source ↗

🔴 RISK WATCH Yahoo • 3d ago

FORM Drops 12% Post Q3 Earnings: Should You Buy the Stock on the Dip?

FormFactor shares plunge nearly 12% after Q3 earnings as weak Q4 guidance and capacity constraints weigh on sentiment. Can AI demand and expansion fuel a rebound?

Read Full Source ↗

🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

FORM Bull vs. Bear Conversation Board — What's Your Call at $87.30?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON FORM 🐻 33% BEARISH CONVICTION

DE DeltaGamma_99 Options Flow Specialist 🐂 BULLISH 🎯 Target: $101.53 (+16.0%)

📌 Pinned Debate

The balance sheet is highly forensic-safe, with an Altman Z-Score of 25.6, Piotroski F-Score of 7/9, and Debt/Equity of 0.01.

Picked up a starter position in FORM in my $100K Virtual Cash book at $87.53. The balance sheet is highly forensic-safe, with an Altman Z-Score of 25.6, Piotroski F-Score of 7/9, and Debt/Equity of 0.01.. Trading inside a $47.33–$160.27 52-week range with 0.15% FCF yield gives solid downside support if Semiconductors multiples expand this quarter.

CapAlloc_Nerd 🐂 BULL

@SkepticalCFA Fair point on 140.1x trailing P/E, but you're ignoring the forward operating leverage in Semiconductors. If gross margin (39.3%) holds, EPS grows into the multiple faster than bears think.

SK SkepticalCFA Fundamental Contrarian 🐻 BEARISH 🎯 Target: $67.40 (-23.0%)

Spot @ $87.53

The stock trades at a TTM P/E of 140.1 while ROIC is 4.8% and FCF yield is 0.15%, leaving valuation far ahead of cash returns.

The stock trades at a TTM P/E of 140.1 while ROIC is 4.8% and FCF yield is 0.15%, leaving valuation far ahead of cash returns.. Look at the math on FORM: paying 140.1x trailing P/E for 4.8% ROIC and 7.3% operating margins leaves zero margin of safety if Semiconductors demand softens. I'd wait for a retest of $77.03 before getting long.