FORM · FormFactor
Semiconductor Equipment & Test (probe cards + engineering/test systems)
FORM·Semiconductor Equipment & Test (probe cards + engineering/test systems)
FormFactor

FormFactor

ConvictionModerate

Designs and manufactures probe cards — a custom consumable that must be re-designed for each new chip product/node — sold to memory IDMs and foundry/logic makers for wafer test; a smaller Systems segment sells probe stations and thermal/cryogenic test/measurement instruments. Razor-and-blade-like: probe cards wear out and re-spin with every new product generation, so revenue scales with customers' new-product cadence and wafer-test volume rather than being one-time capex.

Revenue
$226.1M Q1 FY26qtr ended 28 Mar 2026); ~$840M annualized run-rate (fact qtr / estimate annualized
Rev growth
+32.0% YoY+5.1% QoQ (Q1 FY26 vs Q1 FY25 $171.4M; fact
Gross margin
49.0% non-GAAP / 38.4% GAAPQ1 FY26; fact
Op margin
~21.5% non-GAAP / ~7.4% GAAPQ1 FY26; fact
Capex intensity
~6.7% of revenue$15.2M capex / $226.1M, Q1 FY26; fact
Market cap
~$11.0Bstock $141.83, 24 Jun 2026; fact

Price · 1-year trend

real · weekly
$149+326% 1yUSD
52-week range
$29 – $155
52w lowas of 2026-06-25 · Yahoo Finance52w high
Across the boards

The thesis on this name

opportunityModerate

Memory super-cycle monitor

Full context
position · longModerate

Memory super-cycle monitor

Full context
book · long

Memory super-cycle monitor

Full context
The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for FormFactor

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

  • Income statement & margin structure
  • SWOT, moats & dependency map
  • Supplier–customer ecosystem graph
  • Signals, trends & valuation range
See plans
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence
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