FormFactor
Builds custom probe cards and systems for semiconductor test and measurement.
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Profile
Designs custom wafer probe cards and sells analytical probes, probe stations, thermal subsystems, and cryogenic systems for semiconductor development and production testing. Most revenue comes from Probe Cards, while Systems extends electrical and optical measurements from labs into manufacturing.
Designs and manufactures electrical and optical test equipment used from semiconductor research through high-volume wafer production. The Probe Cards segment supplies custom wafer probe cards and analytical probes for foundry and logic chips, DRAM including high-bandwidth memory, flash, radio-frequency devices, and optical and quantum applications.
The Systems segment sells configurable probe stations, thermal subsystems, and cryogenic systems for engineering, reliability, and specialized measurements. Integrated probes, instrumentation, software, and temperature control support device characterization; the Keystone Photonics acquisition added optical probing for silicon photonics and co-packaged optics.
Serves semiconductor manufacturers, fabless chip designers, universities, and research institutions worldwide across North America, Europe, and Asia. Most revenue comes from Probe Cards, while results depend on semiconductor production cycles, major customers, specialized suppliers, and trade and export controls.
Company facts
Key statistics
Year to date +71.9% · Average volume (30d) 1.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 30, 2026 | Evercore ISI | Target | $155 | $150 | ||
| Jun 12, 2026 | B. Riley Securities | Upgrade | Neutral | Buy | ||
| Jun 5, 2026 | Evercore ISI Group | Upgrade | In Line | Outperform | ||
| May 12, 2026 | Craig-Hallum | Upgrade | Hold | Buy | $90 | $175 |
| Apr 30, 2026 | Northland Securities | Target | $70 | $118 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.61 | $0.82 | +34.6% | $240.0M | $258.2M | +7.6% | +26.28% |
| Apr 29, 2026Q1 FY26 | $0.45 | $0.56 | +24.4% | $225.5M | $226.1M | +0.3% | +0.30% |
| Feb 4, 2026Q4 FY25 | $0.35 | $0.46 | +31.4% | $210.6M | $215.2M | +2.2% | +17.19% |
| Oct 29, 2025Q3 FY25 | $0.25 | $0.33 | +32.0% | $210.3M | $202.7M | −3.6% | +24.16% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $171.4M | $195.8M | $202.7M | $215.2M | $226.1M | $258.2M | |
| Gross profit | $66.0M | $72.7M | $80.4M | $92.1M | $108.3M | $130.9M | |
| Operating income | $5.9M | $12.3M | $19.0M | $28.2M | $47.1M | $57.8M | |
| Net income | $6.4M | $9.1M | $15.7M | $23.2M | $20.4M | $56.2M | |
| Diluted EPS | $0.08 | $0.12 | $0.20 | $0.29 | $0.26 | $0.70 | |
| Gross margin | 38.5% | 37.2% | 39.7% | 42.8% | 47.9% | 50.7% | |
| Operating margin | 3.5% | 6.3% | 9.4% | 13.1% | 20.8% | 22.4% |
Fiscal years (4-quarter sums)FY21 $769.7M · FY22 $747.9M · FY23 $663.1M · FY24 $763.6M · FY25 $785.0M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 27, 2026Cash & short-term investments $345.6M · Total debt $29.9M · Total assets $1.34B · Shareholders' equity $1.11B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 77.95M · Float 77.38M · 99.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 10.48M | 13.45% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 5.24M | 6.72% | 13F | Aug 13, 2026 |
| Earnest Partners LLC | 3.76M | 4.83% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 3.52M | 4.51% | 13F | Aug 13, 2026 |
| State Street Corp | 2.58M | 3.31% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | Mike Slessor | director, officer: CEO | −16,002 | $130.95 |
| Jul 15, 2026 | Mike Slessor | director, officer: CEO | −4,735 | $118.31 |
| Jun 15, 2026 | Thomas st Dennis | director | −2,800 | $151.49 |
| Jun 10, 2026 | Mike Slessor | director, officer: CEO | −11,890 | $121.35 |
| Jun 2, 2026 | Sheri Rhodes | director | −6,328 | $125.40 |
Peers
- Cohu
Leading test handler and thermal subsystem supplier; competes in Systems-segment thermal testing solutions.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| FormFactor | $101.76 | −0.01% | $7.93B | 70.1 | 29.4 | 8.8 | +31.9% |
| Cohu | $49.21 | +2.54% | $2.26B | — | 32.8 | 4.3 | +38.4% |
| Median | — | 32.8 | 4.3 | +38.4% |