FormFactor, Inc (FORM) Fair Value & Analysis
Technology · US · Market cap $9.2B
FormFactor, Inc
FORM · US
Fair value as of: Aug 13, 2026
From 23 valuation models · updated today
Fair value updated Aug 13, 2026, revised from $11.23 to $13.83 (+23.2%) since Jul 15, 2026. Share price +13.2% over the past month.
A solid business, but screening 90% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case ($22.81). The favourable scenario is already priced in.
- Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($9.78 to $22.81) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range $18.19 – $159.93 · fair‑value band $9.78 – $22.81 · the $131.67 price screens above the $13.83 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
FormFactor, Inc (FORM) currently trades at $131.67, while our model-based Fair Value estimate is $13.83, implying the stock looks roughly 89.5% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, FormFactor, Inc generated revenue of $840M at a net margin of 8.1%. Revenue grew 32.0% year over year. It earns a return on equity of 6.8%. The balance sheet holds a net cash position of $58.5M. Fundamentals as of Aug 13, 2026
Our scenario range runs from $9.78 (bear case) to $22.81 (bull case); at $131.67, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 17% below its 52-week high, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -72% fair-value upside, at -90%, FORM screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 23 models by family
Widest divergence: DCF Models ($14.69) versus Growth DCF ($4.07). Highest evidence: Growth DCF (80).
Notify me when FORM reaches fair value
Free. You confirm by email (double opt-in) and can unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 65
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, thermal systems, cryogenic systems, and related services in the United States, South Korea, Taiwan, China, Japan, Singapore, Europe, Malaysia, and internationally. The company operates in two segments: Probe Cards and Systems segments.
Full company description
FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, thermal systems, cryogenic systems, and related services in the United States, South Korea, Taiwan, China, Japan, Singapore, Europe, Malaysia, and internationally. The company operates in two segments: Probe Cards and Systems segments. The company provides probe cards to test various semiconductor device types, including systems- on-chip products, such as graphics, central, digital processing units, and other custom application-specific processing units; mobile application processors, microprocessors, and microcontrollers; network devices, which include switches and network processing units; dynamic random-access memory; radio-frequency amplifiers and filters; antenna-in-package devices; analog and mixed-signal integrated circuits; image sensors; co-packaged optical integrated circuits; NAND flash memory; NOR flash memory; and quantum computer processor devices. It also offers analytical probes, which are used for device characterization, electrical simulation model development, failure analysis, and prototype design debugging; probe stations, a critical tool for the development of new generations of semiconductor and electro-optical processes and designs; and thermal subsystems, which include thermal chucks and other test systems used in probe stations and other applications for precise temperature management. In addition, the company provides cryogenic systems, which includes the manufacture of precision cryogenic instruments and semiconductor test and measurement systems; and services and support, including installation services. Further, it offers on-site probe card maintenance and service training, seminars, and telephone support services. It markets and sells its products through direct sales force, manufacturers' representatives, and distributors. The company was incorporated in 1993 and is headquartered in Livermore, California.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
FormFactor, Inc reported revenue of $785M in FY2025 versus $770M in FY2021, a compound +0.5%/yr. Reported net income was $54.4M in FY2025, compounding −10.3%/yr from FY2021.
FORM screens 90% overvalued. Compare with ASML Holding →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Earnings Estimates Rising for FormFactor (FORM): Will It Gain?
- All You Need to Know About FormFactor (FORM) Rating Upgrade to Strong Buy
- FormFactor (FORM) Stock Sees Modest Fair Value Cut As Analysts Reset AI Expectations
Peer Group
Semiconductor Equipment & Materials · 210 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Semiconductor Equipment & Materials median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ASML Holding ASML | C$46.39 | C$21.15 | -54% |
| Applied Materials, Inc AMAT | $548.15 | $183.10 | -67% |
| Lam Research Corporation LRCX | $326.11 | $91.80 | -72% |
| KLA Corporation KLAC | $200.47 | $74.58 | -63% |
| NAURA Technology Group 002371 | ¥760.00 | ¥205.30 | -73% |
| Advanced Micro-Fabrication Equipment Inc 688012 | ¥380.95 | ¥55.05 | -86% |
| Hon. Precision, Inc 7769 | 6,480 TWD | 1,804 TWD | -72% |
| MPI Corporation 6223 | 6,495 TWD | 738.64 TWD | -89% |
| HANMI Semiconductor Co 042700 | 217,500 KRW | 47,976 KRW | -78% |
| Wonik IPS Co 240810 | 120,000 KRW | 36,380 KRW | -70% |
Compare FormFactor, Inc with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Technology stocks →
Frequently asked questions
Is FormFactor, Inc (FORM) overvalued or undervalued?
What is the fair value of FORM?
What is the quality score of FORM?
What is the revenue of FormFactor, Inc (FORM)?
What is the net profit margin of FORM?
How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
Track FormFactor, Inc and try Pro for 14 days
One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.
Zero risk: nothing is ever charged. After 14 days you decide whether to stay.