This page shows Formfactor Inc (FORM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Formfactor Inc has an operating margin of 7.3%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 38/100, indicating healthy but not exceptional operating efficiency. This is down from 8.5% the prior year.
Formfactor Inc's revenue grew a modest 2.8% year-over-year to $785.0M. This slow but positive growth earns a score of 38/100.
Formfactor Inc carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.50, Formfactor Inc holds $4.50 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 89/100.
While Formfactor Inc generated $115.4M in operating cash flow, capex of $103.7M consumed most of it, leaving $11.7M in free cash flow. This results in a low score of 29/100, reflecting heavy capital investment rather than weak cash generation.
Formfactor Inc generates a 5.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is down from 7.3% the prior year.
Formfactor Inc scores 26.94, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($8.0B) relative to total liabilities ($189.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Formfactor Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Formfactor Inc generates $2.12 in operating cash flow ($115.4M OCF vs $54.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Formfactor Inc earns $109.5 in operating income for every $1 of interest expense ($57.1M vs $521K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Formfactor Inc generated $785.0M in revenue in fiscal year 2025. This represents an increase of 2.8% from the prior year.
Formfactor Inc's EBITDA was $97.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.1% from the prior year.
Formfactor Inc reported $54.4M in net income in fiscal year 2025. This represents a decrease of 21.9% from the prior year.
Formfactor Inc earned $0.69 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 22.5% from the prior year.
Cash & Balance Sheet
Formfactor Inc generated $11.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 85.2% from the prior year.
Formfactor Inc held $103.3M in cash against $11.1M in long-term debt as of fiscal year 2025.
Formfactor Inc had 78M shares outstanding in fiscal year 2025. This represents an increase of 0.5% from the prior year.
Margins & Returns
Formfactor Inc's gross margin was 39.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.0 percentage points from the prior year.
Formfactor Inc's operating margin was 7.3% in fiscal year 2025, reflecting core business profitability. This is down 1.2 percentage points from the prior year.
Formfactor Inc's net profit margin was 6.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.2 percentage points from the prior year.
Formfactor Inc's ROE was 5.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.1 percentage points from the prior year.
Capital Allocation
Formfactor Inc invested $115.7M in research and development in fiscal year 2025. This represents a decrease of 5.1% from the prior year.
Formfactor Inc spent $26.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 50.8% from the prior year.
Formfactor Inc invested $103.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 169.7% from the prior year.
FORM Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $215.2M+6.2% | $202.7M+3.5% | $195.8M+14.3% | $171.4M-9.6% | $189.5M-8.9% | $207.9M+5.3% | $197.5M+17.0% | $168.7M |
| Cost of Revenue | $124.4M+1.9% | $122.0M-0.7% | $122.9M+15.0% | $106.8M-7.8% | $115.9M-5.9% | $123.2M+11.4% | $110.6M+4.3% | $106.0M |
| Gross Profit | $90.8M+12.6% | $80.6M+10.5% | $72.9M+13.0% | $64.5M-12.3% | $73.6M-13.1% | $84.7M-2.5% | $86.9M+38.5% | $62.7M |
| R&D Expenses | $30.4M+6.0% | $28.7M-0.4% | $28.8M+3.6% | $27.8M-8.9% | $30.5M-2.4% | $31.2M-1.0% | $31.6M+10.3% | $28.6M |
| SG&A Expenses | $34.8M+5.6% | $33.0M+3.6% | $31.8M-4.8% | $33.5M-5.0% | $35.2M-1.1% | $35.6M-6.0% | $37.9M+14.5% | $33.1M |
| Operating Income | $23.5M+30.5% | $18.0M+46.3% | $12.3M+276.4% | $3.3M-58.4% | $7.8M-56.0% | $17.9M+0.5% | $17.8M-16.6% | $21.3M |
| Interest Expense | -$4.2M-312.3% | $2.0M-25.2% | $2.6M+2568.7% | $99K+101.5% | -$6.7M-284.9% | $3.6M+6.9% | $3.4M+3248.0% | $102K |
| Income Tax | $3.6M-39.0% | $5.9M+150.3% | $2.4M+120.7% | $1.1M-51.9% | $2.2M+1.0% | $2.2M+2.6% | $2.2M-32.6% | $3.2M |
| Net Income | $23.2M+48.3% | $15.7M+72.3% | $9.1M+41.9% | $6.4M-34.0% | $9.7M-48.2% | $18.7M-3.4% | $19.4M-11.0% | $21.8M |
| EPS (Diluted) | N/A | $0.20+66.7% | $0.12+50.0% | $0.08 | N/A | $0.24-4.0% | $0.25-10.7% | $0.28 |
FORM Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B+1.8% | $1.2B+1.8% | $1.2B+2.2% | $1.2B+0.9% | $1.1B-0.7% | $1.2B-0.2% | $1.2B+3.3% | $1.1B |
| Current Assets | $557.1M-0.4% | $559.3M+6.5% | $525.3M-4.7% | $551.2M-8.9% | $605.1M-1.6% | $614.8M-0.9% | $620.6M+5.5% | $588.5M |
| Cash & Equivalents | $103.3M+5.8% | $97.7M+45.0% | $67.4M-48.1% | $129.9M-31.9% | $190.7M+3.4% | $184.5M-5.8% | $195.9M+5.2% | $186.3M |
| Inventory | $110.9M+1.9% | $108.8M-1.8% | $110.8M+0.7% | $110.0M+8.2% | $101.7M-3.5% | $105.4M-8.2% | $114.8M+5.6% | $108.8M |
| Accounts Receivable | $125.4M-5.9% | $133.3M+15.7% | $115.2M+16.8% | $98.6M-5.5% | $104.3M-10.8% | $116.9M+3.2% | $113.3M+17.5% | $96.4M |
| Goodwill | $216.0M+7.6% | $200.8M0.0% | $200.9M+0.6% | $199.7M+0.3% | $199.2M-0.5% | $200.1M+0.3% | $199.5M-0.1% | $199.7M |
| Total Liabilities | $189.0M-2.3% | $193.4M+0.9% | $191.6M+0.7% | $190.3M-4.1% | $198.4M-0.2% | $198.8M-4.6% | $208.3M+6.3% | $196.0M |
| Current Liabilities | $123.9M-4.8% | $130.1M+5.0% | $124.0M0.0% | $124.0M-5.6% | $131.3M+1.7% | $129.2M-7.1% | $139.0M+6.5% | $130.6M |
| Long-Term Debt | $11.1M-2.5% | $11.4M-2.4% | $11.6M-2.4% | $11.9M-2.3% | $12.2M-2.2% | $12.5M-2.2% | $12.8M-2.1% | $13.0M |
| Total Equity | $1.0B+2.6% | $1.0B+2.0% | $990.0M+2.5% | $965.9M+1.9% | $947.8M-0.8% | $955.0M+0.7% | $947.9M+2.6% | $923.8M |
| Retained Earnings | $175.3M+15.3% | $152.1M+11.5% | $136.4M+7.1% | $127.3M+5.3% | $120.9M+8.7% | $111.2M+20.3% | $92.5M+26.5% | $73.1M |
FORM Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $46.0M+70.3% | $27.0M+42.9% | $18.9M-19.7% | $23.5M-34.5% | $35.9M+34.3% | $26.7M+22.2% | $21.9M-33.7% | $33.0M |
| Capital Expenditures | $11.3M+50.7% | $7.5M-88.7% | $66.3M+256.5% | $18.6M+142.5% | $7.7M-14.3% | $8.9M+6.4% | $8.4M-37.5% | $13.4M |
| Free Cash Flow | $34.7M+77.9% | $19.5M+141.1% | -$47.4M-1055.9% | $5.0M-82.5% | $28.3M+58.8% | $17.8M+32.0% | $13.5M-31.1% | $19.6M |
| Investing Cash Flow | -$35.0M-620.6% | $6.7M+108.6% | -$78.6M+7.2% | -$84.7M-1055.3% | -$7.3M+54.7% | -$16.2M-163.7% | -$6.1M-60.7% | -$3.8M |
| Financing Cash Flow | -$4.1M-71.0% | -$2.4M+43.5% | -$4.2M-42.2% | -$3.0M+83.9% | -$18.4M+31.6% | -$26.8M-443.8% | -$4.9M+66.0% | -$14.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $1.7M-32.4% | $2.5M-88.9% | $22.1M+37.6% | $16.1M-5.0% | $16.9M+476.8% | $2.9M-83.1% | $17.3M |
FORM Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.2%+2.4pp | 39.8%+2.5pp | 37.3%-0.4pp | 37.6%-1.2pp | 38.8%-1.9pp | 40.7%-3.3pp | 44.0%+6.8pp | 37.2% |
| Operating Margin | 10.9%+2.0pp | 8.9%+2.6pp | 6.3%+4.4pp | 1.9%-2.2pp | 4.1%-4.5pp | 8.6%-0.4pp | 9.0%-3.6pp | 12.6% |
| Net Margin | 10.8%+3.1pp | 7.7%+3.1pp | 4.6%+0.9pp | 3.7%-1.4pp | 5.1%-3.9pp | 9.0%-0.8pp | 9.8%-3.1pp | 12.9% |
| Return on Equity | 2.2%+0.7pp | 1.6%+0.6pp | 0.9%+0.3pp | 0.7%-0.4pp | 1.0%-0.9pp | 2.0%-0.1pp | 2.1%-0.3pp | 2.4% |
| Return on Assets | 1.9%+0.6pp | 1.3%+0.5pp | 0.8%+0.2pp | 0.5%-0.3pp | 0.9%-0.8pp | 1.6%-0.1pp | 1.7%-0.3pp | 1.9% |
| Current Ratio | 4.50+0.2 | 4.30+0.1 | 4.24-0.2 | 4.45-0.2 | 4.61-0.2 | 4.76+0.3 | 4.46-0.0 | 4.51 |
| Debt-to-Equity | 0.010.0 | 0.010.0 | 0.010.0 | 0.010.0 | 0.010.0 | 0.010.0 | 0.010.0 | 0.01 |
| FCF Margin | 16.1%+6.5pp | 9.6%+33.8pp | -24.2%-27.1pp | 2.9%-12.0pp | 14.9%+6.4pp | 8.6%+1.7pp | 6.8%-4.8pp | 11.6% |
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Frequently Asked Questions
What is Formfactor Inc's annual revenue?
Formfactor Inc (FORM) reported $785.0M in total revenue for fiscal year 2025. This represents a 2.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Formfactor Inc's revenue growing?
Formfactor Inc (FORM) revenue grew by 2.8% year-over-year, from $763.6M to $785.0M in fiscal year 2025.
Is Formfactor Inc profitable?
Yes, Formfactor Inc (FORM) reported a net income of $54.4M in fiscal year 2025, with a net profit margin of 6.9%.
What is Formfactor Inc's EBITDA?
Formfactor Inc (FORM) had EBITDA of $97.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Formfactor Inc have?
As of fiscal year 2025, Formfactor Inc (FORM) had $103.3M in cash and equivalents against $11.1M in long-term debt.
What is Formfactor Inc's gross margin?
Formfactor Inc (FORM) had a gross margin of 39.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Formfactor Inc's operating margin?
Formfactor Inc (FORM) had an operating margin of 7.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Formfactor Inc's net profit margin?
Formfactor Inc (FORM) had a net profit margin of 6.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Formfactor Inc's return on equity (ROE)?
Formfactor Inc (FORM) has a return on equity of 5.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Formfactor Inc's free cash flow?
Formfactor Inc (FORM) generated $11.7M in free cash flow during fiscal year 2025. This represents a -85.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Formfactor Inc's operating cash flow?
Formfactor Inc (FORM) generated $115.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Formfactor Inc's total assets?
Formfactor Inc (FORM) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Formfactor Inc's capital expenditures?
Formfactor Inc (FORM) invested $103.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Formfactor Inc spend on research and development?
Formfactor Inc (FORM) invested $115.7M in research and development during fiscal year 2025.
What is Formfactor Inc's current ratio?
Formfactor Inc (FORM) had a current ratio of 4.50 as of fiscal year 2025, which is generally considered healthy.
What is Formfactor Inc's debt-to-equity ratio?
Formfactor Inc (FORM) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Formfactor Inc's return on assets (ROA)?
Formfactor Inc (FORM) had a return on assets of 4.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Formfactor Inc's Altman Z-Score?
Formfactor Inc (FORM) has an Altman Z-Score of 26.94, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Formfactor Inc's Piotroski F-Score?
Formfactor Inc (FORM) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Formfactor Inc's earnings high quality?
Formfactor Inc (FORM) has an earnings quality ratio of 2.12x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Formfactor Inc cover its interest payments?
Formfactor Inc (FORM) has an interest coverage ratio of 109.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Formfactor Inc?
Formfactor Inc (FORM) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.