
FormFactor, Inc. (FORM)
ValueMarkers Composite Index
837% above intrinsic value ($11)
FormFactor, Inc. (FORM) — VMCI valuation read
FormFactor, Inc. (FORM) carries a VMCI composite of 45/100, 5 points below the Technology sector median of 50. Among mid-cap names, that gap places FORM in the bottom third on the five-pillar weighting (Value 35%, Quality 30%, Integrity 15%, Growth 12%, Risk 8%).
The FORM insider tape has been silent for the past 30 days on Form 4. Where executives neither buy nor sell, the bull and bear cases lean harder on filings cadence and the next earnings line.
**Investor frame.** Value reads FORM trades at 20.0x earnings, 11% above the Technology median of 18.0x, which compresses or extends through the 11.0x EV/EBITDA versus a Technology 12.0x. Quality: ROIC of 10.0% sits 0.0pp above the Technology median (10.0%). Risk: net debt to EBITDA of -0.1x leaves covenant headroom, the line to track on FormFactor, Inc.'s next 10-Q.
FORM held flat 0.0% over the trailing 7 days, with a -23.3% read on a 30-day basis.
FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems to semiconductor companies and scientific institutions. It operates in two segments, Probe Cards and Systems. The company offers probe cards to test various semiconductor device types, including systems on a chip products, mobile application processors, microprocessors, microcontrollers, and graphic processors, as well as radio frequency, analog, mixed signal, image sensor, electro-optical, dynamic random access memory, NAND flash memory, and NOR flash memory devices; and analytical probes, which are used for a range of applications, including device characterization, electrical simulation model development, failure analysis, and prototype design debugging for universities, research institutions, semiconductor integrated device manufacturers, semiconductor foundries, and fabless semiconductor companies. It also provides probing systems for semiconductor design engineers to capture and analyze accurate data; surface metrology systems for the development, production, and quality control of semiconductor products; thermal subsystems, such as thermal chucks and other test systems used in probe stations and other applications; and precision cryogenic instruments, semiconductor tests, and measurement systems. In addition, the company offers on-site probe card maintenance and service training, seminars, and telephone support services. The company markets and sells its products through direct sales force, manufacturers' representatives, and distributors in the United States, Taiwan, South Korea, China, Japan, Europe, rest of Asia-Pacific, and internationally. FormFactor, Inc. was incorporated in 1993 and is headquartered in Livermore, California.
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