FormFactor (FORM)
Builds custom probe cards and systems for semiconductor test and measurement.
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Designs custom wafer probe cards and sells analytical probes, probe stations, thermal subsystems, and cryogenic systems for semiconductor development and production testing. Most revenue comes from Probe Cards, while Systems extends electrical and optical measurements from labs into manufacturing.
Designs and manufactures electrical and optical test equipment used from semiconductor research through high-volume wafer production. The Probe Cards segment supplies custom wafer probe cards and analytical probes for foundry and logic chips, DRAM including high-bandwidth memory, flash, radio-frequency devices, and optical and quantum applications.
The Systems segment sells configurable probe stations, thermal subsystems, and cryogenic systems for engineering, reliability, and specialized measurements. Integrated probes, instrumentation, software, and temperature control support device characterization; the Keystone Photonics acquisition added optical probing for silicon photonics and co-packaged optics.
Serves semiconductor manufacturers, fabless chip designers, universities, and research institutions worldwide across North America, Europe, and Asia. Most revenue comes from Probe Cards, while results depend on semiconductor production cycles, major customers, specialized suppliers, and trade and export controls.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 30, 2026 | Evercore ISI | Target | Target: $155 | Target: $150 |
| Jun 12, 2026 | B. Riley Securities | Upgrade | ||
| Jun 5, 2026 | Evercore ISI Group | Upgrade | ||
| May 12, 2026 | Craig-Hallum | Upgrade | Target: $90 | Target: $175 |
| Apr 30, 2026 | Northland Securities | Target | Target: $70 | Target: $118 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 27, 2026Cash & short-term investments $345.6M · Total debt $29.9M · Total assets $1.34B · Shareholders' equity $1.11B
- Revenue
- $258.2M
- Operating income
- $57.8M
- Net income
- $56.2M
No dividends on record.
| Institutions | ≈ 89.67% | 70.05M shares | |
|---|---|---|---|
| 528 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.82% | 639.7K shares | |
| 10 holders · as of Sep 17, 2026 | |||
| Other | ≈ 9.51% | 7.43M shares | |
| remainder | |||
78.12M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 13.42% | 10.48M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 6.71% | 5.24M | as of Jun 30, 2026 |
Earnest Partners LLCInstitution | 4.82% | 3.76M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.50% | 3.52M | as of Jun 30, 2026 |
State Street CorpInstitution | 3.30% | 2.58M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 16, 2026 | Mike Slessor | director, officer: CEO | −17,510 | $104.73 |
| Sep 3, 2026 | Kelley Steven-Waiss | director | −2,100 | $96.10 |
| Aug 14, 2026 | Mike Slessor | director, officer: CEO | −16,002 | $130.95 |
| Jul 15, 2026 | Mike Slessor | director, officer: CEO | −4,735 | $118.31 |
| Jun 15, 2026 | Thomas st Dennis | director | −2,800 | $151.49 |
