FormFactor - Public Comps and Valuation Multiples

FormFactor Overview

About FormFactor

FormFactor Inc is a 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.. The company operates in two reportable segments namely Probe Cards Segment and the Systems Segment. Sales of probe cards and analytical probes are included in the Probe Cards Segment, while sales of probe stations and thermal sub-systems are included in the Systems Segment. Probe cards generate the maximum revenue from its operations. It offers multiple product lines which include analytical probes, probe stations, thermal sub-systems, and related services.

Founded

1993

HQ

Employees

2.2K+

Website

formfactor.com

Sectors

Semiconductors
Electronic Equipment
DeepTech

Financials

LTM Revenue $769M

LTM EBITDA $130M

EV

$1.8B

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FormFactor Financials

FormFactor has a last 12-month revenue of $769M and a last 12-month EBITDA of $130M.

In the most recent fiscal year, FormFactor achieved revenue of $764M and an EBITDA of $113M.

FormFactor expects next 12-month revenue of XXX and NTM EBITDA of XXX

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FormFactor P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$663M	$764M	XXX	XXX	XXX
Gross Profit	$296M	$259M	XXX	XXX	XXX
Gross Margin	45%	34%	XXX	XXX	XXX
EBITDA	$127M	$113M	XXX	XXX	XXX
EBITDA Margin	19%	15%	XXX	XXX	XXX
Net Profit	$50.7M	$82.4M	XXX	XXX	XXX
Net Margin	8%	11%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

FormFactor Stock Performance

As of April 15, 2025, FormFactor's stock price is $27.

FormFactor has current market cap of $2.1B, and EV of $1.8B.

See FormFactor trading valuation data

FormFactor Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.8B	$2.1B	XXX	XXX	XXX	XXX	$1.20

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FormFactor Valuation Multiples

As of April 15, 2025, FormFactor has market cap of $2.1B and EV of $1.8B.

FormFactor's trades at 2.3x LTM EV/Revenue multiple, and 13.6x LTM EBITDA.

Analysts estimate FormFactor's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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FormFactor Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$1.8B	XXX	XXX	XXX
EV/Revenue	2.3x	XXX	XXX	XXX
EV/EBITDA	15.7x	XXX	XXX	XXX
P/E	30.0x	XXX	XXX	XXX
P/E/Growth	1.8x	XXX	XXX	XXX
EV/FCF	22.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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FormFactor Valuation Multiples

FormFactor's NTM/LTM revenue growth is 4%

FormFactor's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, FormFactor's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate FormFactor's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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FormFactor Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	15%	XXX	XXX	XXX	XXX
EBITDA Margin	15%	XXX	XXX	XXX	XXX
EBITDA Growth	-11%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	18%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.3M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	16%	XXX	XXX	XXX	XXX
Opex to Revenue	35%	XXX	XXX	XXX	XXX

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