FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, thermal systems, cryogenic systems, and related services in the United States, South Korea, Taiwan, China, Japan, Singapore, Europe, Malaysia, and internationally. The company operates in two segments: Probe Cards and Systems segments. The company provides probe cards to test various semiconductor device types, including systems- on-chip products, such as graphics, central, digital processing units, and other custom application-specific processing units; mobile application processors, microprocessors, and microcontrollers; network devices, which include switches and network processing units; dynamic random-access memory; radio-frequency amplifiers and filters; antenna-in-package devices; analog and mixed-signal integrated circuits; image sensors; co-packaged optical integrated circuits; NAND flash memory; NOR flash memory; and quantum computer processor devices. It also offers analytical probes, which are used for device characterization, electrical simulation model development, failure analysis, and prototype design debugging; probe stations, a critical tool for the development of new generations of semiconductor and electro-optical processes and designs; and thermal subsystems, which include thermal chucks and other test systems used in probe stations and other applications for precise temperature management. In addition, the company provides cryogenic systems, which includes the manufacture of precision cryogenic instruments and semiconductor test and measurement systems; and services and support, including installation services. Further, it offers on-site probe card maintenance and service training, seminars, and telephone support services. It markets and sells its products through direct sales force, manufacturers' representatives, and distributors. The company was incorporated in 1993 and is headquartered in Livermore, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $785M | $108M | $54M | $12M | 5.3% | 2.8% | -21.9% |
| 2024 | $764M | $113M | $70M | $79M | 7.3% | 15.2% | -15.5% |
| 2023 | $663M | $127M | $82M | $9M | 9.1% | -11.3% | 62.4% |
| 2022 | $748M | $96M | $51M | $67M | 6.3% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 747.94 | 663.10 | 763.60 | 784.99 |
| Operating Revenue | - | 747.94 | 663.10 | 763.60 | 784.99 |
| Cost Of Revenue | - | 451.93 | 404.52 | 455.68 | 476.14 |
| Gross Profit | - | 296.01 | 258.58 | 307.92 | 308.85 |
| Operating Expense | - | 241.10 | 248.78 | 263.72 | 248.76 |
| Research And Development | - | 109.22 | 115.76 | 121.94 | 115.68 |
| Selling General And Administration | - | 131.88 | 133.01 | 141.79 | 133.07 |
| Total Expenses | - | 693.02 | 653.30 | 719.40 | 724.90 |
| Operating Income | - | 54.91 | 9.80 | 44.20 | 60.10 |
| Total Operating Income As Reported | - | 54.91 | 82.76 | 64.78 | 57.07 |
| EBITDA | - | 96.49 | 127.14 | 112.73 | 107.50 |
| Normalized EBITDA | - | 96.49 | 54.19 | 92.15 | 110.53 |
| EBIT | - | 58.45 | 89.69 | 79.83 | 69.91 |
| Interest Income | - | 2.22 | 7.22 | 14.11 | 10.64 |
| Interest Expense | - | 0.58 | 0.42 | 0.42 | 0.52 |
| Net Interest Income | - | 1.64 | 6.80 | 13.69 | 10.12 |
| Other Non Operating Income Expenses | - | 1.32 | -0.28 | 0.94 | 2.20 |
| Other Income Expense | - | 1.32 | 72.67 | 21.52 | -0.82 |
| Interest Income Non Operating | - | 2.22 | 7.22 | 14.11 | 10.64 |
| Interest Expense Non Operating | - | 0.58 | 0.42 | 0.42 | 0.52 |
| Net Non Operating Interest Income Expense | - | 1.64 | 6.80 | 13.69 | 10.12 |
| Pretax Income | - | 57.87 | 89.27 | 79.41 | 69.39 |
| Tax Provision | - | 7.13 | 6.88 | 9.80 | 13 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 5.62 | 2.53 | -0.57 |
| Net Income Continuous Operations | - | 50.74 | 82.39 | 69.61 | 54.36 |
| Net Income From Continuing And Discontinued Operation | - | 50.74 | 82.39 | 69.61 | 54.36 |
| Net Income From Continuing Operation Net Minority Interest | - | 50.74 | 82.39 | 69.61 | 54.36 |
| Net Income | - | 50.74 | 82.39 | 69.61 | 54.36 |
| Net Income Common Stockholders | - | 50.74 | 82.39 | 69.61 | 54.36 |
| Net Income Including Noncontrolling Interests | - | 50.74 | 82.39 | 69.61 | 54.36 |
| Normalized Income | - | 50.74 | 15.05 | 51.56 | 56.82 |
| Diluted NI Availto Com Stockholders | - | 50.74 | 82.39 | 69.61 | 54.36 |
| Basic Average Shares | - | 77.58 | 77.37 | 77.34 | 77.35 |
| Diluted Average Shares | - | 78.20 | 78.16 | 78.44 | 78.31 |
| Reconciled Depreciation | - | 38.04 | 37.45 | 32.90 | 37.59 |
| Reconciled Cost Of Revenue | - | 451.93 | 404.52 | 455.68 | 476.14 |
| Total Unusual Items | - | 0 | 72.95 | 20.58 | -3.02 |
| Total Unusual Items Excluding Goodwill | - | 0 | 72.95 | 20.58 | -3.02 |
| Earnings From Equity Interest Net Of Tax | - | - | 0 | 0 | -2.03 |
| Special Income Charges | - | 0 | 72.95 | 20.58 | -3.02 |
| Gain On Sale Of Business | - | 0 | 72.95 | 20.58 | 0 |
| Other Special Charges | - | - | - | - | 3.02 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| FormFactor, Inc.this co. | FORM | $9.9B | 181.56β premium | 9.53 | 5.3% | 89.55 |
| Leidos Holdings, Inc. | LDOS | $15.7B | 10.82 | 3.19 | 29.5% | 8.24 |
| Sanmina Corporation | SANM | $15.0B | 61.06 | 6.38 | 10.4% | 30.04 |
| Trimble Inc. | TRMB | $13.0B | 30.62 | 2.22 | 7.3% | 18.02 |
| Tyler Technologies, Inc. | TYL | $12.7B | 40.17 |
| - |
| - |
| - |
| - |
| 3.42 |
| 8.5% |
| 22.50 |
| Zebra Technologies Corporation | ZBRA | $11.7B | 27.91 | 3.26 | 11.7% | 16.72 |
| GoDaddy Inc. | GDDY | $11.2B | 12.84 | 52.23 | 406.8% | 10.88 |
| Gartner, Inc. | IT | $11.0B | 15.14 | 34.50 | 228.0% | 9.79 |
| Jack Henry & Associates, Inc. | JKHY | $9.3B | 20.38 | 4.36 | 21.4% | 11.65 |
| Peer Median | - | 24.14 | 3.89 | 16.5% | 14.19 | |