FormFactor Inc. FormFactor Inc. Common Stock (FORM)

FairStock Score: 31/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Buffett/Graham investor, I ask whether the price paid today leaves room for error. FormFactor sells the picks and shovels of semiconductor testing—probe cards, probes, stations, thermal and cryogenic systems—to a cyclical industry. The latest filed quarter, fiscal Q2 2026 ended 2026-06-27, showed revenue of $258.2M, net income of $56.2M, and diluted EPS of $0.71. That is a dramatic turn from fiscal Q2 2025 ended 2025-06-28, when revenue was $195.8M, net income $9.1M, and diluted EPS $0.12. However, over the longer filed record, revenue rose from $663.1M in FY2023 to $785.0M in FY2025, while net income fell from $82.4M to $54.4M and diluted EPS fell from $1.05 to $0.69. That tells me the business can grow sales without consistent profit, typical of a cyclical equipment supplier.

In plain English: FormFactor makes specialized equipment and services used to test semiconductor chips, including probe cards and probe stations. The business has shown a sharp recent jump in sales and profits, but its longer record is uneven and the stock price is very high compared with the company's earnings and assets. Based on the numbers provided, the price looks expensive rather than cheap.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-27) · fiscal Q1 2026 10-Q (period ended 2026-03-28) · fiscal Q3 2025 10-Q (period ended 2025-09-27) · fiscal Q2 2025 10-Q (period ended 2025-06-28) · FY2025 10-K (period ended 2025-12-27) · FY2024 10-K (period ended 2024-12-28) · FY2023 10-K (period ended 2023-12-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer