FormFactor

FORM

Semiconductors · Technology

Price

$105.57

-1.54 (-1.44%)

Market Cap

$8.23B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−1.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 79.1M (2021) → 78.3M (2025)

FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems to semiconductor companies and scientific institutions. It operates in two segments, Probe Cards and Systems. The company offers probe cards to test various semiconductor device types, including systems on a chip products, mobile application processors, microprocessors, microcontrollers, and graphic processors, as well as radio frequency, ana

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+32.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+214.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$116M/ year

→ Flat (-5% vs prior year)

14.8% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$124M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

FormFactor grew revenue 32% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

47.9%

Healthy — 47.9% gross margin

Operating Margin

20.8%

Excellent — 20.8% operating margin

ROCE

4.4%

Weak — 4.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+9.6%

Steady sales growth (9.6% YoY)

EPS YoY

+25.2%

Earnings growing fast (25.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

200%

Turns 200% of profit into real cash

FCF Margin

4.4%

Thin free cash flow (4.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

252.69x

Comfortably covers interest (252.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

120.0x

Expensive — P/E 120.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+72.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (120.0 → 47.9)

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Dividends

Not applicable for this business.

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