FORMFACTOR INC FORM
FormFactor, Inc. is a leading provider of electrical and optical test and measurement technologies along the full semiconductor product lifecycle - from characterization, modeling, reliability, and design de-bug, to qualification and production test. We provide a broad range of high-performance probe cards, analytical probes, probe stations, thermal systems, and cryogenic systems to both semiconductor companies and scientific institutions. Our products provide electrical and optical information from a variety of semiconductor and electro-optical devices and integrated circuits from early research, through development, to high-volume production. Customers use our products and services to accelerate profitability by optimizing device performance, reducing scrap, and improving yields.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $785.0M | $763.6M | $663.1M | $747.9M | $769.7M | $693.6M | $589.5M | $529.7M | $548.4M | $383.9M |
| Cost of revenue | $476.1M | $455.7M | $404.5M | $451.9M | $446.9M | $405.7M | $352.0M | $319.3M | $332.8M | $281.2M |
| Gross profit | $308.9M | $307.9M | $258.6M | $296.0M | $322.8M | $287.9M | $237.5M | $210.3M | $215.6M | $102.7M |
| R&D | $115.7M | $121.9M | $115.8M | $109.2M | $100.9M | $89.0M | $81.5M | $75.0M | $73.8M | $57.5M |
| SG&A | $133.1M | $141.8M | $133.0M | $131.9M | $123.8M | $115.1M | $106.3M | $99.3M | $95.5M | $73.4M |
| Total operating expenses | $251.8M | $263.7M | $248.8M | $241.1M | $224.7M | $204.1M | $187.8M | $174.2M | $169.3M | $150.6M |
| Operating income | $57.1M | $64.8M | $82.8M | $54.9M | $98.0M | $83.8M | $49.7M | $36.1M | $46.3M | -$47.9M |
| Interest expense | $521.0K | $418.0K | $421.0K | $579.0K | $602.0K | $864.0K | $1.9M | $3.3M | $4.5M | $2.4M |
| Pre-tax income | $69.4M | $79.4M | $89.3M | $57.9M | $98.5M | $85.2M | $51.1M | $33.9M | $42.2M | -$50.2M |
| Income tax | $13.0M | $9.8M | $6.9M | $7.1M | $14.6M | $6.7M | $11.7M | $70.1M | $1.3M | $43.6M |
| Net income | $54.4M | $69.6M | $82.4M | $50.7M | $83.9M | $78.5M | $39.3M | $104.0M | $40.9M | -$6.6M |
| EPS, basic | 0.70 | 0.90 | 1.06 | 0.65 | 1.08 | 1.02 | 0.52 | 1.42 | 0.57 | -0.10 |
| EPS, diluted | 0.69 | 0.89 | 1.05 | 0.65 | 1.06 | 0.99 | 0.51 | 1.38 | 0.55 | -0.10 |
| Shares, diluted (wtd. avg.) | $78.3M | $78.4M | $78.2M | $78.2M | $79.1M | $79.0M | $77.3M | $75.2M | $74.2M | $64.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $103.3M | $190.7M | $177.8M | $113.0M | $155.3M | $191.1M | $147.9M | $100.5M | $92.7M | $102.6M |
| Short-term investments | $171.8M | $169.3M | $150.5M | $129.0M | $125.1M | $67.8M | $76.3M | $50.5M | $49.0M | — |
| Receivables | $125.4M | $104.3M | $103.0M | $88.1M | $115.5M | $107.6M | $97.9M | $95.3M | $81.5M | $70.2M |
| Inventory | $110.9M | $101.7M | $111.7M | $123.2M | $111.5M | $99.2M | $83.3M | $77.7M | $67.8M | $59.8M |
| Total current assets | $557.1M | $605.1M | $573.8M | $474.6M | $524.0M | $487.1M | $419.0M | $337.8M | $305.9M | $254.7M |
| Property, plant and equipment | $259.1M | $210.2M | $204.4M | $189.8M | $146.6M | $104.1M | $58.7M | $54.1M | $46.8M | $42.7M |
| Goodwill | $216.0M | $199.2M | $201.1M | $211.4M | $212.3M | $212.8M | $199.2M | $189.2M | $189.9M | $188.0M |
| Other intangibles | $16.3M | $10.4M | $12.9M | $26.8M | $36.3M | $59.1M | $57.6M | $67.6M | $97.5M | $126.6M |
| Total assets | $1.22B | $1.15B | $1.11B | $1.01B | $1.02B | $963.2M | $839.9M | $728.2M | $646.6M | $619.0M |
| Accounts payable | $47.4M | $62.3M | $63.9M | $69.3M | $57.9M | $62.0M | $40.9M | $40.0M | $35.0M | $34.1M |
| Short-term debt | $1.1M | $1.1M | $1.1M | $1.0M | $8.9M | $9.5M | $42.8M | $29.8M | $18.4M | $12.7M |
| Total current liabilities | $123.9M | $131.3M | $131.1M | $149.7M | $148.8M | $154.6M | $136.6M | $102.5M | $92.2M | $82.7M |
| Long-term debt | $11.1M | $12.2M | $13.3M | $14.4M | $15.4M | $25.0M | $15.6M | $35.0M | $87.2M | $125.5M |
| Total liabilities | $189.0M | $198.4M | $198.0M | $199.9M | $204.7M | $219.1M | $198.9M | $148.1M | $187.9M | $217.9M |
| Retained earnings | $175.3M | $120.9M | $51.3M | -$31.1M | -$81.8M | -$165.7M | -$244.2M | -$283.6M | -$387.6M | -$428.6M |
| Total equity | $1.04B | $947.8M | $908.8M | $808.3M | $815.8M | $744.1M | $641.0M | $580.2M | $458.6M | $401.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $115.4M | $117.5M | $64.6M | $131.8M | $139.4M | $169.3M | $121.0M | $68.7M | $86.3M | $17.4M |
| Depreciation and amortisation | $37.6M | $32.9M | $37.5M | $28.6M | $25.8M | $20.7M | $17.2M | $14.3M | $13.6M | $11.4M |
| Stock-based compensation | $38.6M | $39.8M | $38.6M | $31.3M | $29.4M | $23.8M | $23.2M | $17.8M | $16.3M | $11.7M |
| Capital expenditure | $103.7M | $38.4M | $56.0M | $65.3M | $66.5M | $55.9M | $20.8M | $19.9M | $17.8M | $11.5M |
| Investing cash flow | -$191.5M | -$33.5M | $29.0M | -$75.7M | -$124.7M | -$98.9M | -$66.4M | -$21.3M | -$59.4M | -$205.5M |
| Financing cash flow | -$13.6M | -$64.6M | -$22.7M | -$95.9M | -$47.2M | -$30.9M | -$6.6M | -$39.3M | -$39.5M | $143.6M |
| Buybacks | $26.2M | $53.3M | $19.8M | $82.3M | $24.0M | $0 | $0 | $0 | $19.0M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001039399-26-000009.
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