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.
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 $87.53 (-10.19% 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.
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).
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.
Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer
Altman Z-Score 25.60 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 7/9
FRED Regime × Technicals: 36% of 52W Range • RSI-14 at 36.2 (NEUTRAL RANGE)
Put hedging (50% put share) caps near-term gamma upside (-14 pts vs max)
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.
Clean SEC annual filing review with no major hidden accounting time-bombs.
Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($115.30) and Max Pain ($91.91) forces dealer call-delta covering toward $168.28.
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.
FormFactor Inc. FormFactor Inc. (FORM) dropped -10.19% to $87.53, trading at 36% of its 52-week range ($47.33 – $160.27). Stretched risk/reward at 140x P/E (5% return on capital) under elevated 10-year interest-rate pressure.
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
HCGS, KMX, HAS, FORM and MXL stand out for superior financial efficiency, strong earnings surprises and effective resource management.
Freedom Capital Markets analyst David Silver upgrades FormFactor (NASDAQ:FORM) from Hold to Buy and maintains the price target from $140 to $140.
2026-10-31. The following slide deck was published by FormFactor, Inc.
For questions about this article or underlying research, email help@trefis.com.
FormFactor is a better buy compared with Cohu due to higher profitability, established AI revenues and cash generation ability.
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
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?
FormFactor's HBM4 testing and growing foundry business are benefiting from AI chip complexity.
Navitas Semiconductor's NVIDIA 800V ecosystem inclusion strengthens its AI power opportunity, but a business shift and premium valuation pose risks.
Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).
vs. +2.8% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).
No active Ellis Vennor swing setup published on FORM today. View full Setup Ledger →
No direct multi-tier Butterfly edges indexed yet for FORM. Explore sector supply chains on /butterfly.
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% | -10.19% | $6.84B | Benchmark Subject |
| SIMO Silicon Motion Technology Corporation | D | 48/100 | 63.0x | 48.3% | 9.3% | -8.39% | $7.07B | /simo-vs-form → |
| VIAV Viavi Solutions Inc. | D | 48/100 | — | 57.7% | 9.4% | -10.20% | $7.41B | /viav-vs-form → |
| SLAB Silicon Laboratories Inc. | C | 65/100 | — | 58.2% | -6.9% | +0.05% | $7.42B | /slab-vs-form → |
| MXL MaxLinear Inc. | C- | 59/100 | — | 56.8% | -19.2% | -5.78% | $6.14B | /mxl-vs-form → |
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 |
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 $87.53 (-10.19% 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.
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).
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.
FORM last traded at $87.53 (-10.19% on volume of 2,890,036 shares), positioning the stock -24.08% below its 50-day simple moving average ($115.30) and -23.43% below its 200-day simple moving average ($114.31). Across its 52-week range of $47.33 to $160.27, FORM sits at the 35.6% percentile with a 14-day RSI of 36.2 (NEUTRAL RANGE) and an implied next-earnings move of ±12.5% ($76.59 to $98.47).
Why FORM Stock dropped -10.19% Today — RQD Quant Desk Flash. Stretched risk/reward at 140x P/E (5% return on capital) under elevated 10-year interest-rate pressure.
Per the Roarable RQD rating, 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.
| Period | Revenue | Operating Income | Net Income | EPS | FCF | Cash | Debt |
|---|---|---|---|---|---|---|---|
| FY 2025 | $785.0M | $57.1M | $54.4M | N/A | $11.7M | $103.3M | $11.1M |
| FY 2024 | $763.6M | $64.8M | $69.6M | N/A | $79.1M | $190.7M | $12.2M |
| FY 2023 | $663.1M | $82.8M | $82.4M | N/A | $34.8M | N/A | $979.9M |
Per the SEC financials, 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, per the Roarable RQD rating, 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.
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
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
HCGS, KMX, HAS, FORM and MXL stand out for superior financial efficiency, strong earnings surprises and effective resource management.
Freedom Capital Markets analyst David Silver upgrades FormFactor (NASDAQ:FORM) from Hold to Buy and maintains the price target from $140 to $140.
2026-10-31. The following slide deck was published by FormFactor, Inc.
For questions about this article or underlying research, email help@trefis.com.
FormFactor is a better buy compared with Cohu due to higher profitability, established AI revenues and cash generation ability.
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
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?
Welcome to the FORM (FormFactor Inc. FormFactor Inc.) Roar Pit. Current RQD Composite is 49/100 (Roarable Sell — Underperform / Distribution Warning) in Semiconductors. Bulls point to operating leverage and sector positioning, while bears focus on valuation multiple compression (140.1x trailing P/E). Pick your side (🐂 Bull or 🐻 Bear) and drop your price target below.
Everyone in here is repeating the bull case on FORM, but look at what you are paying: 140.1x trailing P/E with 39.3% gross margins. Unless FormFactor Inc. FormFactor Inc. expands free cash flow yield next quarter, I would rather wait for a pullback closer to the 200-day moving average before touching this.
Looking at the 5-pillar RQD breakdown on FORM, the market is fixating on short-term headline noise in Semiconductors and ignoring the balance sheet and cash flow trajectory. At $97.46 (52-wk range $47.33 - $160.27), any beat on forward guidance forces shorts and underweight funds to chase.
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