Recent News
June 24, 2026 — FormFactor added to the Russell 1000® Index effective June 29, 2026, following the 2026 Russell reconstitution. July 28, 2026 — FormFactor expanded a strategic partnership with Keystone Microtech to broaden probe card manufacturing and regional support in Taiwan. August 12, 2026 — the company announced participation in upcoming investor conferences, including a Jefferies semiconductor-focused event in late August.
Technical Analysis
ADX reads 15.51, indicating no established directional trend and implying that short-term directional signals require confirmation from directional movement indicators.
DI+ at 24.22 shows a dip-and-reversal (bullish) while DI- at 30.88 shows a peak-and-reversal (bullish); both metric signals point to a transition toward bullish directional pressure despite ADX’s lack of trend strength, supporting a near-term bias for upward moves if momentum holds.
MACD stands at -2.48 with the signal line at -2.86; the MACD has dip-and-reversed and has crossed above its signal line, indicating a bullish momentum shift from recent selling pressure.
MRO at 21.65 sits positive; that level implies price remains above the model target and carries potential for a mean reversion downward unless upside momentum expands further.
RSI at 47.09 sits near neutral and shows a dip-and-reversal; the reading allows room for a directional move without being extended, aligning with the mixed-strength ADX reading and recent MACD improvement.
Price relationships favor short-term bullishness: the close at $112.12 trades above the 12-day EMA ($107.70) and the 26-day EMA ($110.14), and roughly matches the 50-day average ($112.09). The 200-day average sits at $102.98; price above that long-term average supports constructive bias for swing horizons. Bollinger one‑sigma upper band at $112.95 places current price just below the first upper band, indicating limited short-term upside bandwidth without higher volatility.
Fundamental Analysis
Profitability and margins: operating (EBIT) margin equals 24.26%; this margin trails the industry peer mean (38.04%) and industry peer median (38.52%) but sits comfortably above the industry peer low (-55.27%). Operating margin rose QoQ by 131.30% and rose YoY by 286.05%, indicating sizable sequential and annual expansion in operating profitability versus the comparable periods.
Earnings and liquidity: reported EPS of $0.82 beat the estimate of $0.61, producing an earnings surprise of 34.43% and an EPS beat of $0.21. Forward EPS stands at $0.86875 with forward PE near 146.35x. Cash plus short-term investments total $345,640,000 and the cash ratio equals 2.11, while the current ratio reads 4.08 and quick ratio 3.34 — collectively indicating strong near-term liquidity and an ample liquidity cushion against short-term liabilities ($164,165,000).
Growth and cash flow: revenue growth registers 14.19% on the provided growth measure while revenue growth YoY marginally declined by 0.49%; revenue QoQ accelerated 178.10%. Free cash flow equals $52,204,000 with a free cash flow yield of 0.56% and free cash growth of 75.36% year-over-year; free cash flow to net income at 92.88% shows close alignment of cash generation and reported earnings.
Capital structure and returns: total debt remains modest at $29,912,000, producing debt-to-assets of 2.23% and debt-to-equity of 2.69%. Return on equity equals 5.06% and return on assets 4.33%, both positive and improving: ROE QoQ rose 162.70% and YoY rose 450.87% (as provided). Asset turnover sits at 19.88% and cash conversion cycle measures 84.47 days.
Valuation context: price multiples appear elevated—PE ~146.79x, P/B ~8.46, and P/S ~36.41—but the WMDST valuation model determines the current valuation as under-valued. Enterprise value measures show an enterprise multiple of 126.87x; reconcilement between high market multiples and WMDST’s valuation outcome reflects model assumptions embedded in WMDST’s valuation process.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-29 |
| NEXT REPORT DATE: | 2026-10-28 |
| CASH FLOW | Begin Period Cash Flow | $ 126.4 M |
| Operating Cash Flow | $ 61.8 M | |
| Capital Expenditures | $ -9.60 M | |
| Change In Working Capital | — | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -13.30 M | |
| End Period Cash Flow | $ 113.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | $ 78.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 127.3 M | |
| Depreciation | $ 9.0 M | |
| Depreciation and Amortization | $ 9.0 M | |
| Research and Development | $ 31.1 M | |
| Total Operating Expenses | $ 195.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 130.9 M | |
| EBITDA | $ 71.6 M | |
| EBIT | $ 62.7 M | |
| Operating Income | $ 62.7 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | $ 2.7 M | |
| Income Before Tax | $ 60.7 M | |
| Tax Provision | $ 6.7 M | |
| Tax Rate | 11.1 % | |
| Net Income | — | |
| Net Income From Continuing Operations | — | |
| EARNINGS | ||
| EPS Estimate | $ 0.61 | |
| EPS Actual | $ 0.82 | |
| EPS Difference | $ 0.21 | |
| EPS Surprise | 34.426 % | |
| Forward EPS | $ 0.87 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.3 B | |
| Intangible Assets | $ 230.5 M | |
| Net Tangible Assets | $ 880.8 M | |
| Total Current Assets | $ 669.5 M | |
| Cash and Short-Term Investments | $ 345.6 M | |
| Cash | $ 109.8 M | |
| Net Receivables | $ 155.8 M | |
| Inventory | $ 121.4 M | |
| Long-Term Investments | $ 5.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 77.4 M | |
| Short-Term Debt | $ 1.2 M | |
| Total Current Liabilities | $ 164.2 M | |
| Net Debt | — | |
| Total Debt | $ 29.9 M | |
| Total Liabilities | $ 231.1 M | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ 251.9 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 14.23 | |
| Shares Outstanding | 78.121 M | |
| Revenue Per-Share | $ 3.31 | |
| VALUATION | Market Capitalization | $ 9.4 B |
| Enterprise Value | $ 9.1 B | |
| Enterprise Multiple | 126.871 | |
| Enterprise Multiple QoQ | -47.743 % | |
| Enterprise Multiple YoY | 26.378 % | |
| Enterprise Multiple IPRWA | high: 204.721 median: 161.974 mean: 148.679 FORM: 126.871 low: -293.876 |
|
| EV/R | 35.19 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.208 | |
| Asset To Liability | 5.809 | |
| Debt To Capital | 0.026 | |
| Debt To Assets | 0.022 | |
| Debt To Assets QoQ | -12.249 % | |
| Debt To Assets YoY | -26.711 % | |
| Debt To Assets IPRWA | high: 0.423 median: 0.159 mean: 0.15 FORM: 0.022 low: 0.002 |
|
| Debt To Equity | 0.027 | |
| Debt To Equity QoQ | -10.657 % | |
| Debt To Equity YoY | -25.827 % | |
| Debt To Equity IPRWA | high: 1.213 mean: 0.334 median: 0.299 FORM: 0.027 low: -0.075 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 8.461 | |
| Price To Book QoQ | 8.491 % | |
| Price To Book YoY | 247.792 % | |
| Price To Book IPRWA | high: 31.988 median: 29.291 mean: 24.527 FORM: 8.461 low: -9.2 |
|
| Price To Earnings (P/E) | 146.793 | |
| Price To Earnings QoQ | -22.396 % | |
| Price To Earnings YoY | 17.604 % | |
| Price To Earnings IPRWA | high: 234.604 median: 202.248 mean: 185.111 FORM: 146.793 low: -129.292 |
|
| PE/G Ratio | 3.162 | |
| Price To Sales (P/S) | 36.413 | |
| Price To Sales QoQ | -0.277 % | |
| Price To Sales YoY | 196.013 % | |
| Price To Sales IPRWA | high: 145.73 median: 68.545 mean: 59.33 FORM: 36.413 low: 5.453 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 146.348 | |
| Forward PE/G | 3.152 | |
| Forward P/S | 120.628 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 11.564 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.199 | |
| Asset Turnover Ratio QoQ | 9.004 % | |
| Asset Turnover Ratio YoY | 18.668 % | |
| Asset Turnover Ratio IPRWA | high: 0.342 mean: 0.221 median: 0.203 FORM: 0.199 low: 0.004 |
|
| Receivables Turnover | 1.794 | |
| Receivables Turnover Ratio QoQ | 2.153 % | |
| Receivables Turnover Ratio YoY | -2.064 % | |
| Receivables Turnover Ratio IPRWA | high: 1.831 FORM: 1.794 mean: 1.465 median: 1.419 low: 0.55 |
|
| Inventory Turnover | 1.087 | |
| Inventory Turnover Ratio QoQ | -12.738 % | |
| Inventory Turnover Ratio YoY | -2.355 % | |
| Inventory Turnover Ratio IPRWA | high: 1.395 FORM: 1.087 mean: 0.557 median: 0.399 low: 0.148 |
|
| Days Sales Outstanding (DSO) | 50.87 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 84.474 | |
| Cash Conversion Cycle Days QoQ | -12.686 % | |
| Cash Conversion Cycle Days YoY | -7.112 % | |
| Cash Conversion Cycle Days IPRWA | high: 567.451 median: 269.15 mean: 232.905 FORM: 84.474 low: 40.819 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.511 | |
| CapEx To Revenue | -0.037 | |
| CapEx To Depreciation | -1.07 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.1 B | |
| Net Invested Capital | $ 1.1 B | |
| Invested Capital | $ 1.1 B | |
| Net Tangible Assets | $ 880.8 M | |
| Net Working Capital | $ 505.3 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.105 | |
| Current Ratio | 4.078 | |
| Current Ratio QoQ | -10.323 % | |
| Current Ratio YoY | -3.749 % | |
| Current Ratio IPRWA | high: 10.33 FORM: 4.078 median: 2.508 mean: 2.26 low: 1.334 |
|
| Quick Ratio | 3.339 | |
| Quick Ratio QoQ | -9.602 % | |
| Quick Ratio YoY | -0.141 % | |
| Quick Ratio IPRWA | high: 8.33 FORM: 3.339 median: 1.804 mean: 1.587 low: 0.804 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.418 | |
| Cost Of Debt | 5.172 % | |
| Interest Coverage Ratio | 36.923 | |
| Interest Coverage Ratio QoQ | 164.134 % | |
| Interest Coverage Ratio YoY | 409.166 % | |
| Interest Coverage Ratio IPRWA | high: 150.669 mean: 53.404 median: 47.739 FORM: 36.923 low: -444.6 |
|
| Operating Cash Flow Ratio | 0.342 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 43.105 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 6.898 % | |
| Revenue Growth | 14.194 % | |
| Revenue Growth QoQ | 178.096 % | |
| Revenue Growth YoY | -0.491 % | |
| Revenue Growth IPRWA | high: 36.183 % FORM: 14.194 % mean: 9.833 % median: 7.1 % low: -6.721 % |
|
| Earnings Growth | 46.429 % | |
| Earnings Growth QoQ | 113.575 % | |
| Earnings Growth YoY | 166.971 % | |
| Earnings Growth IPRWA | high: 126.667 % FORM: 46.429 % mean: 15.258 % median: 11.702 % low: -43.75 % |
|
| MARGINS | ||
| Gross Margin | 50.697 % | |
| Gross Margin QoQ | 32.092 % | |
| Gross Margin YoY | 36.092 % | |
| Gross Margin IPRWA | high: 85.054 % median: 53.99 % mean: 53.522 % FORM: 50.697 % low: 13.903 % |
|
| EBIT Margin | 24.263 % | |
| EBIT Margin QoQ | 131.296 % | |
| EBIT Margin YoY | 286.046 % | |
| EBIT Margin IPRWA | high: 47.037 % median: 38.519 % mean: 38.037 % FORM: 24.263 % low: -55.266 % |
|
| Return On Sales (ROS) | 24.263 % | |
| Return On Sales QoQ | 131.296 % | |
| Return On Sales YoY | 286.046 % | |
| Return On Sales IPRWA | high: 42.486 % median: 37.057 % mean: 35.722 % FORM: 24.263 % low: -48.45 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 52.2 M | |
| Free Cash Flow Yield | 0.555 % | |
| Free Cash Flow Yield QoQ | 53.74 % | |
| Free Cash Flow Yield YoY | -128.23 % | |
| Free Cash Flow Yield IPRWA | high: 0.775 % FORM: 0.555 % median: 0.294 % mean: 0.229 % low: -1.49 % |
|
| Free Cash Growth | 75.364 % | |
| Free Cash Growth QoQ | -633.891 % | |
| Free Cash Growth YoY | -107.138 % | |
| Free Cash Growth IPRWA | high: 185.89 % FORM: 75.364 % median: 31.318 % mean: 14.925 % low: -249.381 % |
|
| Free Cash To Net Income | 0.929 | |
| Cash Flow Margin | 21.772 % | |
| Cash Flow To Earnings | 1.0 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.326 % | |
| Return On Assets QoQ | 163.139 % | |
| Return On Assets YoY | 456.757 % | |
| Return On Assets IPRWA | high: 10.276 % mean: 7.236 % median: 7.201 % FORM: 4.326 % low: -7.716 % |
|
| Return On Capital Employed (ROCE) | 5.318 % | |
| Return On Equity (ROE) | 0.051 | |
| Return On Equity QoQ | 162.701 % | |
| Return On Equity YoY | 450.871 % | |
| Return On Equity IPRWA | high: 0.279 mean: 0.148 median: 0.134 FORM: 0.051 low: -0.171 |
|
| DuPont ROE | 5.18 % | |
| Return On Invested Capital (ROIC) | 4.96 % | |
| Return On Invested Capital QoQ | 128.571 % | |
| Return On Invested Capital YoY | 380.62 % | |
| Return On Invested Capital IPRWA | high: 14.252 % median: 11.665 % mean: 11.156 % FORM: 4.96 % low: -11.245 % |
|