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Formfactor Inc Financials

FORM
Source SEC Filings (10-K/10-Q) Updated Dec 27, 2025 Currency USD FYE December

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

Profitability Growth Leverage Liquidity Cash Flow Returns 53 / 100
Financial Profile 53/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
38

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.

Growth
38

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.

Leverage
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.

Liquidity
89

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.

Cash Flow
29

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.

Returns
23

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.

Altman Z-Score Safe
26.94

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.

Piotroski F-Score Neutral
4/9

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.

Earnings Quality Cash-Backed
2.12x

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.

Interest Coverage Safe
109.5x

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

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Earnings & Revenue

Revenue
$785.0M
YoY+2.8%
5Y CAGR+2.5%
10Y CAGR+10.8%

Formfactor Inc generated $785.0M in revenue in fiscal year 2025. This represents an increase of 2.8% from the prior year.

EBITDA
$97.1M
YoY-3.1%
5Y CAGR-6.0%
10Y CAGR+17.3%

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.

Net Income
$54.4M
YoY-21.9%
5Y CAGR-7.1%

Formfactor Inc reported $54.4M in net income in fiscal year 2025. This represents a decrease of 21.9% from the prior year.

EPS (Diluted)
$0.69
YoY-22.5%
5Y CAGR-7.0%

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

Free Cash Flow
$11.7M
YoY-85.2%
5Y CAGR-36.5%
10Y CAGR-8.2%

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.

Cash & Debt
$103.3M
YoY-45.8%
5Y CAGR-11.2%
10Y CAGR-3.4%

Formfactor Inc held $103.3M in cash against $11.1M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
78M
YoY+0.5%
5Y CAGR+0.1%
10Y CAGR+3.0%

Formfactor Inc had 78M shares outstanding in fiscal year 2025. This represents an increase of 0.5% from the prior year.

Margins & Returns

Gross Margin
39.3%
YoY-1.0pp
5Y CAGR-2.2pp
10Y CAGR+9.0pp

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.

Operating Margin
7.3%
YoY-1.2pp
5Y CAGR-4.8pp
10Y CAGR+8.7pp

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.

Net Margin
6.9%
YoY-2.2pp
5Y CAGR-4.4pp
10Y CAGR+7.5pp

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.

Return on Equity
5.3%
YoY-2.1pp
5Y CAGR-5.3pp
10Y CAGR+5.8pp

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

R&D Spending
$115.7M
YoY-5.1%
5Y CAGR+5.4%
10Y CAGR+10.1%

Formfactor Inc invested $115.7M in research and development in fiscal year 2025. This represents a decrease of 5.1% from the prior year.

Share Buybacks
$26.2M
YoY-50.8%
10Y CAGR+12.3%

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.

Capital Expenditures
$103.7M
YoY+169.7%
5Y CAGR+13.2%
10Y CAGR+28.2%

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

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.

Formfactor Inc (FORM) revenue grew by 2.8% year-over-year, from $763.6M to $785.0M in fiscal year 2025.

Yes, Formfactor Inc (FORM) reported a net income of $54.4M in fiscal year 2025, with a net profit margin of 6.9%.

Formfactor Inc (FORM) reported diluted earnings per share of $0.69 for fiscal year 2025. This represents a -22.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Formfactor Inc (FORM) had EBITDA of $97.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Formfactor Inc (FORM) had $103.3M in cash and equivalents against $11.1M in long-term debt.

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.

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.

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.

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.

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.

Formfactor Inc (FORM) generated $115.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Formfactor Inc (FORM) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.

Formfactor Inc (FORM) invested $103.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Formfactor Inc (FORM) invested $115.7M in research and development during fiscal year 2025.

Yes, Formfactor Inc (FORM) spent $26.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Formfactor Inc (FORM) had 78M shares outstanding as of fiscal year 2025.

Formfactor Inc (FORM) had a current ratio of 4.50 as of fiscal year 2025, which is generally considered healthy.

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.

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.

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.

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.

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.

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.

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.

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