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 $767M

LTM EBITDA $128M

EV

$3.0B

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FormFactor Financials

As of September 2025, FormFactor reported last 12-month revenue of $767M and EBITDA of $128M.

In the same period, FormFactor generated $309M in LTM gross profit and $46.1M in net income.

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FormFactor P&L

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

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

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$767M	XXX	$764M	XXX	XXX	XXX
Gross Profit	$309M	XXX	$308M	XXX	XXX	XXX
Gross Margin	40%	XXX	40%	XXX	XXX	XXX
EBITDA	$128M	XXX	$113M	XXX	XXX	XXX
EBITDA Margin	17%	XXX	15%	XXX	XXX	XXX
EBIT	$89.7M	XXX	$44.2M	XXX	XXX	XXX
EBIT Margin	12%	XXX	6%	XXX	XXX	XXX
Net Profit	$46.1M	XXX	$69.6M	XXX	XXX	XXX
Net Margin	6%	XXX	9%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for FormFactor including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $767M. EBITDA for the last twelve months was $128M. In the most recent fiscal year, FormFactor achieved $764M in revenue and $113M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$767M	Analyst estimates available to subscribers	$764M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$309M	Analyst estimates available to subscribers	$308M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	40.3% gross margin	Analyst estimates available to subscribers	40.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$128M	Analyst estimates available to subscribers	$113M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	16.7% EBITDA margin	Analyst estimates available to subscribers	14.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$89.7M	Analyst estimates available to subscribers	$44.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	11.7% EBIT margin	Analyst estimates available to subscribers	5.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$46.1M	Analyst estimates available to subscribers	$69.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	6.0% net profit margin	Analyst estimates available to subscribers	9.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for FormFactor

This financial data table provides comprehensive performance metrics for FormFactor, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

FormFactor generated $767M in revenue over the last twelve months.
The company achieved $128M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $309M.
Net income over the last twelve months reached $46.1M.

Fiscal Year Performance

In the most recent fiscal year, FormFactor reported $764M in total revenue.
Fiscal year EBITDA was $113M.
The company maintained a gross profit margin of 40.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 14.8%.
Net profit margin reached 9.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for FormFactor. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

FormFactor Stock Performance

FormFactor has current market cap of $3.2B, and EV of $3.0B.

Market Cap Evolution

FormFactor Stock Data

As of October 17, 2025, FormFactor's stock price is $42.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$3.0B	$3.2B	XXX	XXX	XXX	XXX	$1.06

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FormFactor Valuation Multiples

FormFactor's trades at 4.0x EV/Revenue multiple, and 26.9x EV/EBITDA.

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FormFactor Financial Valuation Multiples

As of October 17, 2025, FormFactor has market cap of $3.2B and EV of $3.0B.

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 70.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$3.2B	XXX	$3.2B	XXX	XXX	XXX
EV (current)	$3.0B	XXX	$3.0B	XXX	XXX	XXX
EV/Revenue	3.9x	XXX	4.0x	XXX	XXX	XXX
EV/EBITDA	23.6x	XXX	26.9x	XXX	XXX	XXX
EV/EBIT	33.8x	XXX	68.5x	XXX	XXX	XXX
EV/Gross Profit	9.8x	XXX	n/a	XXX	XXX	XXX
P/E	70.4x	XXX	46.6x	XXX	XXX	XXX
EV/FCF	n/a	XXX	38.3x	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 6%

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 25% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

FormFactor's rule of X is 32% (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	6%	XXX	4%	XXX	XXX	XXX
EBITDA Margin	17%	XXX	15%	XXX	XXX	XXX
EBITDA Growth	13%	XXX	0%	XXX	XXX	XXX
Rule of 40	25%	XXX	21%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	32%	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

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

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