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FormFactor Valuation Multiples

Discover revenue and EBITDA valuation multiples for FormFactor and similar public comparables like 4DS Memory, Besi, and ASML.

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

United States of America
Employees

2.2K+

Website

formfactor.com

Financials

LTM Revenue $764M

LTM EBITDA $128M

EV

$2.5B

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FormFactor Financials

FormFactor has a last 12-month revenue (LTM) of $764M and a last 12-month EBITDA of $128M.

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

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $764M XXX $764M XXX XXX XXX
Gross Profit $314M XXX $308M XXX XXX XXX
Gross Margin 41% XXX 40% XXX XXX XXX
EBITDA $128M XXX $113M XXX XXX XXX
EBITDA Margin 17% XXX 15% XXX XXX XXX
EBIT $95.7M XXX $44.2M XXX XXX XXX
EBIT Margin 13% XXX 6% XXX XXX XXX
Net Profit $59.9M XXX $69.6M XXX XXX XXX
Net Margin 8% XXX 9% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

FormFactor Stock Performance

As of July 18, 2025, FormFactor's stock price is $35.

FormFactor has current market cap of $2.7B, and EV of $2.5B.

See FormFactor trading valuation data

FormFactor Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$2.5B $2.7B XXX XXX XXX XXX $1.20

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FormFactor Valuation Multiples

As of July 18, 2025, FormFactor has market cap of $2.7B and EV of $2.5B.

FormFactor's trades at 3.2x EV/Revenue multiple, and 21.8x EV/EBITDA.

Equity research analysts estimate FormFactor's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

FormFactor has a P/E ratio of 45.4x.

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FormFactor Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $2.7B XXX $2.7B XXX XXX XXX
EV (current) $2.5B XXX $2.5B XXX XXX XXX
EV/Revenue 3.2x XXX 3.2x XXX XXX XXX
EV/EBITDA 19.2x XXX 21.8x XXX XXX XXX
EV/EBIT 25.7x XXX 55.6x XXX XXX XXX
EV/Gross Profit 7.8x XXX n/a XXX XXX XXX
P/E 45.4x XXX 39.1x XXX XXX XXX
EV/FCF n/a XXX 31.1x XXX XXX XXX

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

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FormFactor Margins & Growth Rates

FormFactor's last 12 month revenue growth is 4%

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

FormFactor's rule of 40 is 23% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

FormFactor's rule of X is 27% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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FormFactor Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 4% XXX 4% XXX XXX XXX
EBITDA Margin 17% XXX 15% XXX XXX XXX
EBITDA Growth 10% XXX 0% XXX XXX XXX
Rule of 40 23% XXX 19% XXX XXX XXX
Bessemer Rule of X XXX XXX 27% XXX XXX XXX
Revenue per Employee XXX XXX $0.3M XXX XXX XXX
Opex per Employee XXX XXX $0.1M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX 16% XXX XXX XXX
Opex to Revenue XXX XXX 35% XXX XXX XXX

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FormFactor Public Comps

See public comps and valuation multiples for Semiconductors and Electronic Equipment comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
XXX XXX XXX XXX XXX XXX
ASM International XXX XXX XXX XXX XXX XXX
ASML XXX XXX XXX XXX XXX XXX
Besi XXX XXX XXX XXX XXX XXX
4DS Memory XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

FormFactor M&A and Investment Activity

FormFactor acquired  XXX companies to date.

Last acquisition by FormFactor was  XXXXXXXX, XXXXX XXXXX XXXXXX . FormFactor acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by FormFactor

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About FormFactor

When was FormFactor founded? FormFactor was founded in 1993.
Where is FormFactor headquartered? FormFactor is headquartered in United States of America.
How many employees does FormFactor have? As of today, FormFactor has 2.2K+ employees.
Who is the CEO of FormFactor? FormFactor's CEO is Mr. Michael D. Slessor.
Is FormFactor publicy listed? Yes, FormFactor is a public company listed on NAS.
What is the stock symbol of FormFactor? FormFactor trades under FORM ticker.
When did FormFactor go public? FormFactor went public in 2003.
Who are competitors of FormFactor? Similar companies to FormFactor include e.g. , ASM International, ASML, Besi.
What is the current market cap of FormFactor? FormFactor's current market cap is $2.7B
What is the current revenue of FormFactor? FormFactor's last 12 months revenue is $764M.
What is the current revenue growth of FormFactor? FormFactor revenue growth (NTM/LTM) is 4%.
What is the current EV/Revenue multiple of FormFactor? Current revenue multiple of FormFactor is 3.2x.
Is FormFactor profitable? Yes, FormFactor is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of FormFactor? FormFactor's last 12 months EBITDA is $128M.
What is FormFactor's EBITDA margin? FormFactor's last 12 months EBITDA margin is 17%.
What is the current EV/EBITDA multiple of FormFactor? Current EBITDA multiple of FormFactor is 19.2x.

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