Kelley Steven-Waiss, Director of FormFactor (FORM +2.54%), reported a sale of 2,100 shares of common stock on Sept. 3, 2026, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$201,810Shares sold (directly held)2,100Post-transaction shares (directly held)24,426Post-transaction value$2.3 millionTransaction value based on SEC Form 4 weighted average sale price ($96.10); post-transaction value based on Sept. 3, 2026, market close ($96.76).
Key questionsWhat was the scale of this disposition relative to the insider's total equity?
The sale involved 2,100 shares, which equaled 8% of the 26,526 shares held directly by the Director before the filing.How was the transaction priced relative to current market levels?
Shares were sold at $96.10 per share on Sept. 3, 2026, while the stock was priced at $103.90 as of the Sept. 4, 2026, market close.Does the insider maintain significant remaining exposure to the company?
The insider continues to hold 24,426 shares directly, representing a total post-transaction value of $2.3 million based on the market close on the date of the sale.Company OverviewMetricValueShare Price (as of market close 2026-09-04)$103.90Market Capitalization$8.8 billionRevenue (TTM)$902.2 millionNet Income (TTM)$115.5 millionCompany SnapshotFormFactor designs, manufactures, and globally distributes advanced test and measurement solutions for the semiconductor industry, with primary revenue streams from its Probe Cards and Systems divisions, which serve semiconductor manufacturers and research institutions.The company generates revenue through the sale of specialized probe card components used to verify integrated circuit functionality and through complementary test and measurement systems that support semiconductor manufacturing and validation processes.FormFactor's primary customers are leading semiconductor manufacturers and research institutions that require advanced testing solutions to ensure product quality and performance across diverse integrated-circuit applications.FormFactor is an established semiconductor test solutions provider headquartered in Livermore, California, with a workforce of 2,153 employees and a market capitalization of $8.8 billion. The company maintains a competitive position through specialized expertise in probe card technology and test systems, serving as a critical infrastructure provider within the semiconductor manufacturing ecosystem. With TTM revenue of $902.2 million and net income of $115.5 million, FormFactor demonstrates strong operational performance and profitability within its specialized market segment.
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What this transaction means for investorsOn Sept. 3, Steven-Waiss sold 2,100 shares in a transaction that was valued at approximately $202,000. Looking at the details of the transaction, however, this largely appears to be a routine sale. Over the last 12 months, shares of FormFactor have skyrocketed 284.3%. In comparison, the S&P 500 is up 17.4% over the same period. With how high the stock price has climbed, it isn't out of the ordinary that an insider may consider taking some gains off the table.
In addition, while 2,100 shares were sold, Steven-Waiss still holds more than 24,000 shares. Retaining that number of shares indicates continued alignment with FormFactor's future success, again suggesting this is most likely just a routine sale and not something shareholders should be overly worried about.
For what could be ahead for FormFactor, analysts appear bullish. Of the 10 who cover the stock, the median one-year price target is $165, according to CNN. From the price as of this writing, $111.88, that would represent a potential gain of 47.4%. The group's highest price target, $175, is slightly more bullish, implying a 56.4% gain. The group's lowest price target, $100, would represent a 10.6% loss.
As the quantum computing industry matures, companies have begun to diverge in terms of stock performance. Firms that have recently been struggling are down sharply—D-Wave Quantum Inc. NASDAQ: QBTS, for example, has seen its shares plunge by 33% year to date (YTD), partly due to an earnings report that many investors found concerning.
But even some companies with apparent strong sales momentum, such as IonQ Inc. NYSE: IONQ, have had a tough time—IONQ's shares are down about 11% YTD despite its successes.
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In this environment, investors might seek out alternatives in lesser-known or newly public quantum rivals.
For instance, the French firm Pasqal NASDAQ: PSQL, which became available on the Nasdaq in late August 2026, may appeal as one of the newest entrants in the space. This and other smaller firms can offer unique advantages in terms of technological diversification, sales potential, and more.
Of course, smaller names have the possibility of being even more speculative than better-established firms that are struggling. With that trade-off in mind, here are three under-the-radar quantum stocks that could reward investors willing to stomach the volatility.
Pasqal Enters an Increasingly Crowded FieldPasqal is a quantum hardware company focused on neutral-atom processors. With an eye toward applications involving optimization, simulation, and machine learning, the firm is entering a highly competitive space that features a growing number of rivals. Key to Pasqal's success, therefore, will be whether it can differentiate itself.
Pasqal Today$8.01 -0.03 (-0.42%)
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With its neutral-atom approach, Pasqal does set itself apart from most of the field, although its peer Infleqtion Inc. NYSE: INFQ is perhaps closest in terms of technological approach.
Neutral-atom tech has exciting potential when it comes to scalability, but what really helps Pasqal make a name for itself is its combination of both analog and digital execution.
The firm has also focused on optimization and simulation, rather than trying to make its hardware into a universal solution for all imaginable quantum problems—this may help it cater to a growing commercial base over time.
Still, the fact that the company is so new to the Nasdaq means that it is largely unproven in the market. With little to go on in terms of past performance metrics, investors should view PSQL as a high-risk, high-reward play and a very speculative bet for now.
FormFactor Rides Quantum's Growth From the SidelinesInvestors seeking alternative exposure to quantum tech might look beyond pure-play quantum firms to companies like FormFactor Inc. NASDAQ: FORM, which provides critical testing and measurement services that help quantum computing firms meet their production goals. FormFactor is thus not a quantum company, per se, but is nonetheless closely tied to the industry while also offering exposure outside it.
FormFactor Today
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This has paid off in terms of performance: FORM shares are up 98% YTD, and the company posted impressive top- and bottom-line beats in the latest quarter, including a 32% year over year (YOY) improvement to revenue.
This is the sort of profitability and sales growth that most firms in the pure-play quantum category are still searching for.
FormFactor is likely to benefit from continued growth in the quantum space, making it a solid, if indirect, choice for quantum investors.
Keysight Has the Opportunity to Be a Major Picks-and-Shovels PlayKeysight Technologies NYSE: KEYS is another non-traditional way to access the quantum space. The company provides design, test, measurement, and optimization solutions for electronics and communications firms, and its electronic design automation and control tools are becoming increasingly important for quantum companies.
Keysight Technologies Today
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Like FormFactor, Keysight's unique niche has led to stellar results in recent periods. The last quarter saw record performance ahead of guidance, including a 56% YOY improvement to orders, 36% YOY growth in revenue, and a 79% YOY earnings per share (EPS) increase. Margins are expanding, management is raising its outlook, and the company is seeing benefits across business lines ranging from aerospace and defense to AI.
Among these firms, Keysight perhaps provides the least direct exposure to the quantum computing industry. Investors seeking more targeted exposure may want to look elsewhere. However, Wall Street's rosy assessment of KEYS shares—12 Buy ratings against just two Holds, plus a healthy bit of predicted upside—on top of 63% YTD share price improvement, helps to make the company an attractive prospect overall.
To the extent that Keysight can continue to set itself up as a picks-and-shovels play for quantum computing, alongside its vital role in AI and multiple other high-growth industries, the company may be able to continue this trajectory as the quantum world becomes more solidified among a dedicated customer base.
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Key Takeaways FormFactor gained 239.5% in the past year but fell 10.7% over the past week, with a Momentum Score of B.Onto surged 147.9% over the past year but declined 12.8% in the past week, with a Momentum Score of B.Viavi climbed 200% in the past year but dropped 11% over the past week, with a Momentum Score of B. The broader U.S. equity markets witnessed intense volatility over the past few days. It rose sharply yesterday after sliding for three consecutive trading days as oil prices climbed and sovereign bond yields surged to multi-decade highs. The downtrend was largely triggered by renewed military action between the United States and Iran, leading to heightened uncertainty in the region. With President Trump further threatening to retaliate hard against Iran’s attacks on U.S. military bases in the region, the markets appeared destined for highly volatile trading sessions in the near future.
Spiraling oil prices also raised fears of a likely interest rate hike by the Federal Reserve to tame inflationary pressures. Investors now await the August nonfarm payrolls report due this Friday to look for cues as the Fed’s policy meeting is scheduled later this month. Amid the vagaries of the market, investors often seek to employ time-tested winning strategies to fetch sustained profits. One of the most successful game plans to beat the blues is to bet on momentum stocks, like FormFactor, Inc. (FORM - Free Report) , Onto Innovation Inc. (ONTO - Free Report) and Viavi Solutions Inc. (VIAV - Free Report) , when value or growth investing fails to generate the desired profits.
This approach primarily tends to follow the adage, “the trend is your friend.” At its core, momentum investing is “buying high and selling higher.” It is based on the idea that once a stock establishes a trend, it is more likely to continue in that direction because of the momentum that is already behind it. Momentum investing is a way to profit from the general human tendency to extrapolate current trends into the future. It is based on that gap in time before the mean reversion occurs, i.e., before prices become rational again.
Momentum strategies have been known to be alpha-generative over a long period and across market stages. Therefore, this strategy is quite tricky to implement, as detecting these trends is not easy. Here, we have created a strategy to help investors get in on these fast movers and rake in handsome gains. Our screen will help you benefit from long-term price momentum and a short-term pullback in price.
Screening Parameters for Momentum Anomaly StocksPercentage Change in Price (52 Weeks) = Top #50: This selects the top 50 stocks with the best percentage price change over the last 52 weeks. This parameter ensures we get the best stocks that have appreciated steadily over the past year.
Percentage Change in Price (1 Week) = Bottom #10: From the above 50 stocks, we then choose those that are also among the 10 worst performers over a short one-week period. This parameter picks the ones that have witnessed a short-term pullback in price.
Zacks Rank #1: Stocks sporting a Zacks Rank #1 (Strong Buy) have a proven history of outperformance irrespective of the market conditions. You can see the complete list of today’s Zacks #1 Rank stocks here.
Momentum Style Score of B or Better: A top Momentum Style Score knocks out a lot of the screening process, as it takes into account several factors that include volume change and performance relative to its peers. It indicates when the timing is best to grab a stock and take advantage of its momentum with the highest probability of success. Stocks with a Momentum Score of A or B, when combined with a Zacks Rank #1 or 2 (Buy), handily outperform other stocks.
Current Price Greater Than $5: The stocks must all be trading at a minimum of $5.
Market Capitalization = Top #3000: We have chosen stocks that are among the top 3000 in terms of market value to ensure the stability of price.
Average 20-Day Volume Greater Than 100,000: A substantial trading volume ensures that these stocks are easily tradable.
Here are three of the eight stocks that made it through this screen:
Livermore, CA-based FormFactor offers electrical and optical test and measurement technologies across the semiconductor product lifecycle, from characterization and design debug to qualification and production test. The company’s portfolio includes high-performance probe cards, analytical probes, probe stations, thermal sub-systems and cryogenic systems.
The stock has gained a stellar 239.5% over the past year but lost 10.7% over the past week. FormFactor has a Momentum Score of B.
Headquartered in Wilmington, MA, Onto is a worldwide leader in the design, development, manufacture and support of metrology and inspection tools, lithography systems and process control analytical software, primarily for semiconductor device fabricators, silicon wafer manufacturers and advanced packaging service providers in the semiconductor space.
The stock has surged 147.9% over the past year but declined 12.8% over the past week. Onto has a Momentum Score of B.
Headquartered in Scottsdale, AZ, Viavi is a leading provider of network test, monitoring and service enablement solutions to diverse sectors across the globe. Its products offer end-to-end network visibility and analytics that help build, test, certify, maintain and optimize complex physical and virtual networks. Viavi also provides high-performance thin-film optical coatings for light-management solutions used in anti-counterfeiting, 3D sensing, electronics, automotive, defense and instrumentation markets.
The stock has surged 200% in the past year but declined 11% in the past week. Viavi has a Momentum Score of B.
FormFactor (FORM - Free Report) closed the last trading session at $107.9, gaining 9.2% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $139.11 indicates a 28.9% upside potential.
The mean estimate comprises nine short-term price targets with a standard deviation of $38.41. While the lowest estimate of $64.00 indicates a 40.7% decline from the current price level, the most optimistic analyst expects the stock to surge 62.2% to reach $175.00. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.
However, an impressive consensus price target is not the only factor that indicates a potential upside in FORM. This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. Though a positive trend in earnings estimate revisions doesn't give any idea as to how much the stock could surge, it has proven effective in predicting an upside.
Price, Consensus and EPS Surprise
Here's What You May Not Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Here's Why There Could be Plenty of Upside Left in FORMThere has been increasing optimism among analysts lately about the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher. And that could be a legitimate reason to expect an upside in the stock. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For the current year, six estimates have moved higher over the last 30 days compared to no negative revision. As a result, the Zacks Consensus Estimate has increased 33.1%.
Moreover, FORM currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Therefore, while the consensus price target may not be a reliable indicator of how much FORM could gain, the direction of price movement it implies does appear to be a good guide.
IonQ (IONQ -7.68%) had a busy August. The company signed a memorandum of understanding with CMC Microsystems on Aug. 18 to become a listed cloud access provider for Canada's FABrIC Quantum Computing Sandbox. That was the third such deal in three weeks. In the second-quarter report, IonQ's revenue hit $80.1 million, up 287% year over year.
That's exciting. But while IonQ collects the headlines, the companies that test everyone else's quantum chips barely get mentioned.
FormFactor (FORM -7.74%) sells probe cards and cryogenic test equipment to the semiconductor industry. The company gets plenty of press coverage, but not about its quantum computing projects. Those quantum products are a small part of FormFactor's much larger business, with record Q2 revenue of $258.2 million and a 20% free cash flow margin, which is exactly why the stock rarely appears on quantum screens.
It should, though.
Image source: Getty Images.
The cryogenic test bottleneck Superconducting and silicon-spin qubits, the two chip-based architectures, operate at temperatures near absolute zero, which makes testing slow and expensive. Historically, validating a qubit chip required a full cooldown cycle for a single sample, followed by a system teardown to swap it out. That's a lot of work.
FormFactor sells the equipment that compresses that loop. Its cryogenic product line spans dilution refrigerators (DRs) from sub-10 millikelvin through 77 Kelvin. There are also the IQ3000 high-throughput cryogenic prober, qubit-prescreening cryostats, and a cryogenic test service lab in Boulder, Colorado, for customers who don't want the capital expense of owning their testing systems. The company acquired its dilution refrigerator line from JanisULT in 2022 and described itself as the largest commercial DR supplier in the United States at the time.
The newest addition is Flatiron, a benchtop dilution refrigerator introduced in March 2026. It reaches roughly 30 millikelvin in a horizontal architecture that provides direct access to the sample stage, so researchers can swap samples and reconfigure experiments without stripping vacuum cans and radiation shields.
The cable problem Then there's the part of scaling that sounds trivial until you try to do it: wiring.
Every qubit you add needs signal lines going from room temperature down to the millikelvin stage. Add enough qubits, and conventional coax simply runs out of room while dumping more heat into a sensitive refrigerator than the cooling unit can remove. Qubit counts hit a wall made of copper cables.
FormFactor's answer came from a March 2025 partnership with Delft Circuits, integrating Delft's specialized Cri/oFlex cabling into its cryogenic systems. Before: 300 signal channels across 12 ports. After: 160 channels per port, up to 1,920 in total. That's the difference between a lab demo and an early-stage production process.
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No need to pick a winning quantum technology FormFactor doesn't need a specific qubit type to win. Superconducting and silicon-spin systems need cryogenic testing, and the industry's shift from one-off lab experiments toward repeatable manufacturing will eventually require automated testing tools.
FormFactor is not alone. It competes with Bluefors and with Quantum Design, which now owns Oxford Instruments NanoScience. It's a strong position, not a monopoly.
There's one real catch for FormFactor investors: The stock currently trades on AI memory demand, not on quantum milestones. As of Aug. 24, FormFactor's stock is up 270% over the past 52 weeks. Anyone buying FormFactor as a quantum play is buying into a semiconductor test company that also holds a strong position in cryogenics.
IonQ is a bet on trapped-ion hardware. FormFactor sells the testing tools that companies on the silicon path need to prove that their chips work.
Algert Global LLC trimmed its holdings in FormFactor, Inc. (NASDAQ:FORM – Free Report) by 18.9% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 53,560 shares of the semiconductor company’s stock after selling 12,500 shares during the period. Algert Global LLC owned 0.07% of FormFactor worth $8,566,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the business. Keating Financial Advisory Services Inc. acquired a new stake in FormFactor during the 2nd quarter worth approximately $25,000. Los Angeles Capital Management LLC purchased a new stake in shares of FormFactor during the fourth quarter worth approximately $25,000. UMB Bank n.a. raised its stake in shares of FormFactor by 128.9% during the fourth quarter. UMB Bank n.a. now owns 499 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 281 shares during the last quarter. Torren Management LLC acquired a new stake in shares of FormFactor during the fourth quarter worth $41,000. Finally, Persistent Asset Partners Ltd purchased a new position in FormFactor in the 2nd quarter valued at $43,000. Institutional investors and hedge funds own 98.76% of the company’s stock.
Insider Activity In other FormFactor news, Director Sheri Rhodes sold 6,328 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $125.40, for a total value of $793,531.20. Following the completion of the transaction, the director directly owned 5,375 shares in the company, valued at approximately $674,025. The trade was a 54.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Dennis Thomas St sold 2,800 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $151.49, for a total value of $424,172.00. Following the transaction, the director directly owned 29,073 shares in the company, valued at approximately $4,404,268.77. This represents a 8.78% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 37,020 shares of company stock valued at $4,756,017 over the last 90 days. Insiders own 0.79% of the company’s stock.
Analyst Ratings Changes FORM has been the topic of a number of recent analyst reports. B. Riley Financial upgraded shares of FormFactor from a “neutral” rating to a “buy” rating and set a $165.00 price target on the stock in a research note on Thursday, June 11th. Stifel Nicolaus set a $135.00 price objective on shares of FormFactor in a research report on Thursday, April 30th. TD Cowen lowered their price objective on FormFactor from $150.00 to $100.00 and set a “hold” rating on the stock in a report on Thursday, July 30th. Wall Street Zen downgraded FormFactor from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 9th. Finally, Evercore set a $150.00 price target on FormFactor in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, FormFactor has a consensus rating of “Moderate Buy” and a consensus price target of $127.45. View Our Latest Analysis on FormFactor
FormFactor Price Performance Shares of NASDAQ FORM opened at $108.10 on Thursday. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of 74.04 and a beta of 1.25. FormFactor, Inc. has a 52 week low of $27.81 and a 52 week high of $160.27. The company’s 50-day moving average price is $120.21 and its 200 day moving average price is $117.14. The company has a current ratio of 4.08, a quick ratio of 3.34 and a debt-to-equity ratio of 0.01.
FormFactor (NASDAQ:FORM – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The semiconductor company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.21. The business had revenue of $258.24 million during the quarter, compared to analysts’ expectations of $240.00 million. FormFactor had a net margin of 12.80% and a return on equity of 13.44%. The company’s revenue was up 31.9% on a year-over-year basis. During the same period last year, the company posted $0.27 EPS. FormFactor has set its Q3 2026 guidance at 0.770-0.950 EPS. As a group, research analysts forecast that FormFactor, Inc. will post 2.7 earnings per share for the current fiscal year.
FormFactor Profile (Free Report)
FormFactor, Inc (NASDAQ:FORM) is a leading provider of advanced test and measurement solutions for the semiconductor industry. The company specializes in the design, development and manufacture of high-performance wafer-level and package-level test interfaces used in wafer sort, characterization, reliability and failure analysis applications. By leveraging precision microelectromechanical systems (MEMS) and photolithographic processes, FormFactor delivers probe cards, analytical probes and test sockets that enable device makers to validate next-generation integrated circuits across logic, memory, RF, analog and power applications.
FormFactor’s product portfolio includes custom probe cards for wafer probers, TEM-based analytical probes for material and device characterization, and socket solutions for burn-in and final test of packaged devices.
Featured Articles Five stocks we like better than FormFactor Williams-Sonoma’s Quarter Gave Bulls More Than Just a Beat-and-Raise Alcoa’s Gallium Project Opens a New Door Beyond Aluminum Oura’s $16 Billion IPO Could Put a New Price on Wearable Tech Can Tesla’s Flying Roadster Distract From Its Real Risks? Want to see what other hedge funds are holding FORM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FormFactor, Inc. (NASDAQ:FORM – Free Report).
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Mike Slessor, CEO of FormFactor, Inc. (FORM -7.74%), sold 16,002 shares of common stock on Aug. 14, 2026, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueShares sold16,002Transaction value$2.1 millionPost-transaction shares (directly held)484,204Post-transaction value$63.72 millionTransaction value based on SEC Form 4 weighted average sale price ($130.95); post-transaction value based on Aug. 14, 2026 market close ($131.60).
Key questionsHow does this sale align with the insider's established trading plan?
The transaction was executed automatically under a Rule 10b5-1 plan adopted on Aug. 19, 2025, which allows insiders to diversify their portfolios through pre-set schedules to avoid concerns regarding non-public information.What was the market performance context for FormFactor at the time of the transaction?
Shares were priced at a weighted-average price of $130.95 on Aug. 14, 2026, the date on which the stock achieved a 335% one-year return.What is the scale of the CEO's remaining direct investment?
Following this 3% reduction in stake, Mike Slessor retains direct ownership of 484,204 shares, representing a substantial majority of his equity exposure in the firm.Company OverviewMetricValueShare Price (as of market close 2026-08-14)$131.60Market Capitalization$10 billionRevenue (TTM)$902 millionNet Income (TTM)$115 millionCompany SnapshotFormFactor designs, manufactures, and globally distributes advanced test and measurement solutions for the semiconductor industry, with primary revenue derived from its Probe Cards and Systems divisions that serve semiconductor manufacturers and research institutions.The company generates revenue through the sale of probe cards used to verify integrated circuit functionality and complementary test systems, leveraging its specialized expertise in semiconductor testing to maintain its competitive position.FormFactor's primary customers include leading semiconductor manufacturers and research institutions that require advanced testing solutions to ensure product quality and performance across diverse integrated circuit applications.
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FormFactor is a specialized provider of critical testing infrastructure for the global semiconductor industry, with a market capitalization of $10 billion and TTM revenue of $902 million.
The company has demonstrated significant growth momentum, with a 335% one-year stock price appreciation, reflecting strong demand for semiconductor testing solutions.
FormFactor's competitive advantage derives from its proprietary probe card technology and integrated systems approach, positioning it as an essential supplier to semiconductor manufacturers navigating increasingly complex device architectures and testing requirements.
What this transaction means for investorsThis sale represented a small percentage of the CEO's holdings and shouldn't concern investors. Moreover, it was completed under a Rule 10b5-1 plan, which insiders often use to make transactions for personal reasons that don't reflect a view on the stock's valuation or business performance.
Importantly, FormFactor's TTM revenue is up 18% year over year. TTM operating margin also looks strong, coming in at 12.9%. If that holds through the end of the year would mark the highest margin in years.
The stock trades at 32 times forward earnings estimates, with analysts forecasting earnings to grow at an annualized rate of 65% over the next two years.
John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends FormFactor. The Motley Fool has a disclosure policy.
It has been about a month since the last earnings report for FormFactor (FORM - Free Report) . Shares have added about 4.6% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is FormFactor due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for FormFactor, Inc. before we dive into how investors and analysts have reacted as of late.
FormFactor's Q2 Earnings Beat Estimates, Revenues Increase Y/YFormFactor delivered second-quarter 2026 non-GAAP earnings of 82 cents per share, up 203.7% year over year, and beat the Zacks Consensus Estimate by 34.43%.
Revenues increased 32% year over year to $258.2 million and surpassed the consensus mark of $240 million by 7.55%. Broad demand across high-bandwidth memory, foundry and logic, and co-packaged optics helped FORM post record revenues.
FORM's Probe Card Revenues AdvanceProbe Card revenues reached $209.7 million, increasing 29.4% year over year. The segment benefited from rising test intensity across advanced memory and high-performance computing applications.
Foundry and Logic revenues increased 22.4% year over year to $121.8 million. Growth was led by probe cards for data-center CPU applications, alongside continued networking strength, early momentum in hyperscaler custom ASICs and steady PC and mobile demand.
Management expects further sequential growth in the third quarter, supported by broad demand across its served applications. FORM is also shipping production units for a newly qualified GPU program, which is expected to begin contributing revenues in the second half of 2026.
FORM's DRAM Business Sets Another RecordDRAM revenues jumped 48.9% year over year to $85 million. High-bandwidth memory accounted for approximately two-thirds of DRAM sales, driven by two customers adopting the company’s SmartMatrix full-wafer contactor technology for high-speed HBM4 testing.
SmartMatrix allows customers to test hundreds of completed HBM stacks simultaneously at data rates exceeding 10 gigabits per second. This capability helps verify that HBM stacks are functional before they are combined with expensive GPUs or custom ASICs in advanced packaging.
Third-quarter DRAM revenues are expected to remain comparable with the second-quarter record. However, management anticipates a significant mix shift from HBM toward DDR as memory manufacturers adjust wafer production to capitalize on higher DDR pricing.
FormFactor's Systems Segment ReboundsSystems revenues increased 43.9% year over year to a record $48.5 million. Sales also rose sharply from $27.9 million in the prior quarter, reflecting a recovery in the engineering prober business and accelerating demand for co-packaged optics.
FORM now expects 2026 co-packaged optics revenues to exceed $20 million, surpassing its previous projection of reaching the high end of a $10-$20 million range. The company expects cumulative CPO revenues to cross $20 million by the end of the third quarter, followed by additional contributions in the fourth quarter.
FORM's Margins Show Operating LeverageNon-GAAP gross margin expanded to 53.3% compared with 38.5% reported in the year-ago quarter.
Non-GAAP operating expenses were $65.7 million, up 25.1% year over year.
Non-GAAP operating income rose to $72 million from $22.8 million a year earlier.
FormFactor's Cash Flow and Liquidity ImproveAs of June 27, 2026, cash and cash equivalents and marketable securities were $345.6 million compared with $303.2 million as of March 28, 2026. Cash provided by operating activities was $61.8 million, up from $18.9 million in the year-ago period. Free cash flow totaled $52.6 million compared with a free cash outflow of $47.1 million reported in the year-ago quarter.
FORM continues to expect 2026 cash capital expenditures of $140-$170 million, primarily supporting its Farmers Branch manufacturing expansion. The new facility remains on track to begin ramping in the fourth quarter and continue through 2027. Its initial capacity is expected to be roughly equivalent to the company’s current California probe-card manufacturing footprint.
FORM Offers Upbeat Q3 GuidanceFor the third quarter of 2026, FormFactor expects revenues of $270 million (plus or minus $10 million). At the midpoint, this implies continued sequential growth and another quarterly revenue record.
Non-GAAP gross margin is projected at 54% (plus or minus 150 bps). The margin outlook includes an anticipated $7-$9 million benefit from tariff refunds, partly offset by a less favorable DRAM product mix. Non-GAAP earnings are expected at 86 cents per share (plus or minus 9 cents).
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates review.
The consensus estimate has shifted 52.16% due to these changes.
VGM ScoresCurrently, FormFactor has a great Growth Score of A, a score with the same score on the momentum front. However, the stock was allocated a score of F on the value side, putting it in the fifth quintile for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise FormFactor has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.
Performance of an Industry PlayerFormFactor belongs to the Zacks Electronics - Semiconductors industry. Another stock from the same industry, Amkor Technology (AMKR - Free Report) , has gained 7.2% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.
Amkor Technology reported revenues of $1.9 billion in the last reported quarter, representing a year-over-year change of +25.6%. EPS of $0.70 for the same period compares with $0.22 a year ago.
For the current quarter, Amkor Technology is expected to post earnings of $0.79 per share, indicating a change of +54.9% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #1 (Strong Buy) for Amkor Technology. Also, the stock has a VGM Score of C.
LIVERMORE, Calif., Aug. 12, 2026 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) is pleased to announce its participation in the following investor conferences:
Key Takeaways Micron benefits from rising HBM3E and HBM4 demand, improving memory pricing and capacity expansion.FormFactor gains as AI accelerators, HBM and advanced packaging increase complex chip-testing needs.NVIDIA's GPUs, networking and software position it to benefit from expanding hyperscaler AI spending. Artificial intelligence (AI) is rapidly changing the semiconductor industry, and the next leg of growth could be driven by an enormous increase in infrastructure spending. Four top hyperscalers, Amazon, Alphabet, Microsoft and Meta Platforms, are expected to spend roughly $720 billion to $745 billion on capital expenditures in 2026, with a large portion directed toward AI infrastructure.
This spending is likely to support demand for AI accelerators, high-bandwidth memory (HBM), networking chips, testing equipment and advanced semiconductor manufacturing. As hyperscalers expand data-center capacity, semiconductor companies positioned across different parts of the AI supply chain could enjoy strong and sustained growth.
According to Gartner, worldwide AI-related spending is expected to increase 47% and reach $2.59 trillion in 2026. The expansion is not limited to cloud companies. Enterprises across industries are deploying AI applications, which require powerful processors, HBM, advanced packaging and sophisticated semiconductor equipment.
Investors looking to benefit from the AI Capex boom should consider semiconductor companies that have strong technology positions and long-term growth drivers.
Micron Technology, Inc. (MU - Free Report) , FormFactor, Inc. (FORM - Free Report) , Texas Instruments Incorporated (TXN - Free Report) and NVIDIA Corporation (NVDA - Free Report) are four such semiconductor stocks that appear well-positioned to benefit from the ongoing AI Capex boom. These stocks have a favorable combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or #2 (Buy), offering solid investment opportunities.
Micron: Riding on HBM SupercycleMicron is one of the clearest beneficiaries of the AI infrastructure boom because AI data centers require substantially more memory than traditional computing systems. The company is benefiting from rising demand for HBM3E and next-generation HBM4 memory, which are essential for high-end AI processors. HBM allows processors to access massive amounts of data at very high speeds, making it increasingly important as AI models become larger and more complex.
Micron is also benefiting from improving memory pricing and a more disciplined industry supply environment. The company's expansion of HBM production capacity should allow it to capture more of the AI-driven memory opportunity. With hyperscalers continuing to invest aggressively in AI servers, Micron has a strong opportunity to sustain revenue and earnings growth.
The Zacks Consensus Estimate for Micron’s fiscal 2026 revenue and earnings per share (EPS) indicates year-over-year increases of approximately 247% and 791%, respectively. MU currently sports a Zacks Rank #1 and has a Growth Score of A. You can see the complete list of today’s Zacks #1 Rank stocks here.
FormFactor: AI Boosts Chip Testing DemandFormFactor offers semiconductor test and measurement solutions used throughout the chip manufacturing process. While it does not manufacture AI processors itself, its products are critical for ensuring that increasingly complex chips work properly.
The growth of AI accelerators and advanced memory is increasing the need for sophisticated testing. Semiconductor manufacturers must test chips at multiple stages to identify defects and improve yields, particularly as manufacturing processes become more complicated.
FormFactor's HBM and advanced packaging exposures provide an additional growth opportunity. As AI processors increasingly rely on advanced memory architectures, testing requirements are becoming more demanding. The company's position in semiconductor testing, therefore, gives investors exposure to AI infrastructure without depending entirely on processor sales.
The Zacks Consensus Estimate for FormFactor’s 2026 revenues and EPS indicates a year-over-year jump of approximately 29% and 135%, respectively. FORM currently sports a Zacks Rank #1 and has a Growth Score of A.
Texas Instruments: Expanding AI ExposureTexas Instruments may not be viewed as a direct AI stock, but its analog and embedded chips are essential components of data-center infrastructure.
AI data centers require large amounts of power, and efficient power management is becoming increasingly important as computing workloads rise. Texas Instruments supplies power-management and analog semiconductors that help regulate electricity and improve the efficiency of electronic systems.
The company's broad product portfolio and manufacturing scale provide additional advantages. As hyperscalers build more data centers, demand for power-management solutions should increase across servers, networking equipment and other infrastructure. This gives Texas Instruments a potentially durable way to benefit from AI capital spending while maintaining exposure to markets beyond AI.
The Zacks Consensus Estimate for Texas Instruments’ 2026 revenues and EPS suggests year-over-year growth of approximately 23% and 55%, respectively. TXN currently sports a Zacks Rank #1 and has a Growth Score of B.
NVIDIA: The AI Accelerator LeaderNVIDIA remains one of the strongest direct beneficiaries of hyperscaler AI investment. Its graphics processing units (GPUs) have become the backbone of large-scale AI training and inference. NVIDIA's accelerated computing platform combines GPUs, networking products and software, creating a broader ecosystem that makes its technology difficult for customers to replace quickly.
The company's Blackwell and Vera Rubin platforms are designed to deliver substantially greater performance for increasingly demanding AI workloads. As Amazon, Alphabet, Microsoft and Meta expand their AI infrastructure, demand for NVIDIA's processors and networking solutions should remain robust.
NVIDIA's technology leadership and deep relationships with major cloud companies make it a key beneficiary of the AI infrastructure spending cycle.
The Zacks Consensus Estimate for NVIDIA’s fiscal 2027 revenues and EPS indicates year-over-year increases of approximately 80% and 91%, respectively. NVDA currently carries a Zacks Rank #2 and has a Growth Score of A.
FormFactor (FORM - Free Report) could be a solid choice for investors given the company's remarkably improving earnings outlook. While the stock has been a strong performer lately, this trend might continue since analysts are still raising their earnings estimates for the company.
The upward trend in estimate revisions for this integrated circuits diagnostic company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- has this insight at its core.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
Consensus earnings estimates for the next quarter and full year have moved considerably higher for FormFactor, as there has been strong agreement among the covering analysts in raising estimates.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate RevisionsFor the current quarter, the company is expected to earn $0.87 per share, which is a change of +163.6% from the year-ago reported number.
Over the last 30 days, four estimates have moved higher for FormFactor compared to no negative revisions. As a result, the Zacks Consensus Estimate has increased 40.39%.
Current-Year Estimate RevisionsFor the full year, the earnings estimate of $3.05 per share represents a change of +134.6% from the year-ago number.
In terms of estimate revisions, the trend for the current year also appears quite encouraging for FormFactor. Over the past month, five estimates have moved higher compared to no negative revisions, helping the consensus estimate increase 27.39%.
Favorable Zacks RankThanks to promising estimate revisions, FormFactor currently carries a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom LineWhile strong estimate revisions for FormFactor have attracted decent investments and pushed the stock 13.4% higher over the past four weeks, further upside may still be left in the stock. So, you may consider adding it to your portfolio right away.
FormFactor (FORM - Free Report) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
As such, the Zacks rating upgrade for FormFactor is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
For FormFactor, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for FormFactorThis integrated circuits diagnostic company is expected to earn $2.51 per share for the fiscal year ending December 2026, which represents no year-over-year change.
Analysts have been steadily raising their estimates for FormFactor. Over the past three months, the Zacks Consensus Estimate for the company has increased 12.5%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of FormFactor to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
FormFactor, Inc. delivered a stellar Q2, with revenues up 32% y/y and profitability surging, driven by AI-related demand for HBM, DRAM, and Co-Packaged Optics. FORM's gross margins expanded sharply, with company-wide margins rising 1340bps y/y to 50.7%, and cash flow generation was robust as capex needs moderate. Management's Q3 guidance for revenue and EPS is well above consensus, supporting a strong relief rally and dispelling fears that AI-driven growth has peaked.
Key Takeaways FormFactor's Q2 revenues rose 32% year over year to a record $258.2 million, beating estimates.DRAM revenues jumped 48.9%, with HBM contributing about two-thirds of sales on SmartMatrix demand.FORM expects Q3 revenues of $270 million at the midpoint, implying another quarterly record. FormFactor (FORM - Free Report) delivered second-quarter 2026 non-GAAP earnings of 82 cents per share, up 203.7% year over year, and beat the Zacks Consensus Estimate by 34.43%.
Revenues increased 32% year over year to $258.2 million and surpassed the consensus mark of $240 million by 7.55%. Broad demand across high-bandwidth memory, foundry and logic, and co-packaged optics helped FORM post record revenues.
FORM's Probe Card Revenues AdvanceProbe Card revenues reached $209.7 million, increasing 29.4% year over year. The segment benefited from rising test intensity across advanced memory and high-performance computing applications.
Foundry and Logic revenues increased 22.4% year over year to $121.8 million. Growth was led by probe cards for data-center CPU applications, alongside continued networking strength, early momentum in hyperscaler custom ASICs and steady PC and mobile demand.
Management expects further sequential growth in the third quarter, supported by broad demand across its served applications. FORM is also shipping production units for a newly qualified GPU program, which is expected to begin contributing revenues in the second half of 2026.
FORM's DRAM Business Sets Another RecordDRAM revenues jumped 48.9% year over year to $85 million. High-bandwidth memory accounted for approximately two-thirds of DRAM sales, driven by two customers adopting the company’s SmartMatrix full-wafer contactor technology for high-speed HBM4 testing.
SmartMatrix allows customers to test hundreds of completed HBM stacks simultaneously at data rates exceeding 10 gigabits per second. This capability helps verify that HBM stacks are functional before they are combined with expensive GPUs or custom ASICs in advanced packaging.
Third-quarter DRAM revenues are expected to remain comparable with the second-quarter record. However, management anticipates a significant mix shift from HBM toward DDR as memory manufacturers adjust wafer production to capitalize on higher DDR pricing.
FormFactor's Systems Segment ReboundsSystems revenues increased 43.9% year over year to a record $48.5 million. Sales also rose sharply from $27.9 million in the prior quarter, reflecting a recovery in the engineering prober business and accelerating demand for co-packaged optics.
FORM now expects 2026 co-packaged optics revenues to exceed $20 million, surpassing its previous projection of reaching the high end of a $10-$20 million range. The company expects cumulative CPO revenues to cross $20 million by the end of the third quarter, followed by additional contributions in the fourth quarter.
FORM's Margins Show Operating LeverageNon-GAAP gross margin expanded to 53.3% compared with 38.5% reported in the year-ago quarter.
Non-GAAP operating expenses were $65.7 million, up 25.1% year over year.
Non-GAAP operating income rose to $72 million from $22.8 million a year earlier.
FormFactor's Cash Flow and Liquidity ImproveAs of June 27, 2026, cash and cash equivalents and marketable securities were $345.6 million compared with $303.2 million as of March 28, 2026.
Cash provided by operating activities was $61.8 million, up from $18.9 million in the year-ago period. Free cash flow totaled $52.6 million compared with a free cash outflow of $47.1 million reported in the year-ago quarter.
FORM continues to expect 2026 cash capital expenditures of $140-$170 million, primarily supporting its Farmers Branch manufacturing expansion. The new facility remains on track to begin ramping in the fourth quarter and continue through 2027. Its initial capacity is expected to be roughly equivalent to the company’s current California probe-card manufacturing footprint.
FORM Offers Upbeat Q3 GuidanceFor the third quarter of 2026, FormFactor expects revenues of $270 million (plus or minus $10 million). At the midpoint, this implies continued sequential growth and another quarterly revenue record.
Non-GAAP gross margin is projected at 54% (plus or minus 150 bps). The margin outlook includes an anticipated $7-$9 million benefit from tariff refunds, partly offset by a less favorable DRAM product mix.
Non-GAAP earnings are expected at 86 cents per share (plus or minus 9 cents).
Key Takeaways FORM delivered record Q2 revenues, gross profit and EPS, surpassing a $1 billion annual revenue run rate.FORM saw AI demand lift HBM and CPO growth, with Systems revenues nearly doubling sequentially.FORM targets growth through Farmers Branch expansion, cost gains and higher production capacity. FormFactor, Inc. (FORM - Free Report) delivered record second-quarter 2026 results as management highlighted accelerating demand tied to high-performance computing, advanced packaging and artificial intelligence applications. Executives emphasized improving profitability, expanding capacity and broader customer exposure as key drivers of the company’s growth path.
FORM also raised its near-term outlook, pointing to continued revenue and margin expansion while progressing toward its long-term target model focused on higher revenues and profitability.
FORM Reaches Key Profitability MilestonesMike Slessor, CEO, president and director, said FormFactor achieved record revenues, gross profit and earnings per share in the second quarter. Slessor highlighted two milestones: surpassing a $1 billion annual revenue run rate and exceeding 50% gross margin.
The company reported revenues of $258.24 million, up 31.89% year over year, beating the Zacks Consensus Estimate of $240.1 million. Non-GAAP earnings per share came in at 82 cents, surpassing the Zacks Consensus Estimate of 61 cents.
Slessor said the results reflected a multiyear effort to strengthen FormFactor’s position at the intersection of high-performance compute and advanced packaging while improving execution and operating leverage.
FormFactor Sees Broad AI-Driven DemandFormFactor highlighted strong demand across major growth areas, including high-bandwidth memory (“HBM”) and co-packaged optics (“CPO”). Management said both probe card and Systems segments benefited from this demand during the quarter.
HBM represented about two-thirds of DRAM revenues, driven by customer adoption of SmartMatrix full wafer contactor technology for high-speed HBM4 applications.
Slessor said the company’s diversification strategy is gaining traction as it serves multiple semiconductor customers and applications rather than relying on a single market segment.
FORM Expands CPO OpportunityFormFactor’s Systems segment recovered strongly, with revenues nearly doubling sequentially in the second quarter. Management attributed the improvement to recovery in engineering prober demand and accelerating growth in CPO.
The company now expects 2026 CPO revenues to exceed the previously communicated $10 million to $20 million range and significantly surpass $20 million for the year.
Slessor said CPO adoption remains in early stages but represents a significant opportunity as semiconductor companies pursue more efficient data center connectivity solutions.
FormFactor Advances Margin ExpansionCFO Aric McKinnis said second-quarter non-GAAP gross margin reached 53.3%, up 430 basis points sequentially and nearly 15 percentage points higher than the prior-year period.
McKinnis noted that roughly one-third of the sequential margin improvement came from durable cost reductions, one-third from higher revenues and one-third from non-recurring items including tariff refunds and precious metal reclaim benefits.
Management said normalized gross margin at current volumes is around 51%, with additional improvement expected from operational execution and the future contribution of the Farmers Branch manufacturing expansion.
FORM Expands Capacity for GrowthFormFactor continues preparing its Farmers Branch facility, which is expected to begin ramping in the fourth quarter and continue through 2027. Management said the site will provide additional capacity at a structurally lower cost.
McKinnis said the company is improving output from existing facilities through higher yields and cycle-time improvements while managing supply constraints.
The company expects Farmers Branch to support growth, with initial targeted capacity roughly equivalent to its current California probe footprint.
FORM Highlights Growth MarketsAnalysts questioned management on the company’s exposure to CPU, GPU and hyperscaler opportunities. Slessor said FormFactor is positioned across multiple customer relationships, including data center CPUs, high-performance computing and custom ASIC applications.
A TD Cowen analyst asked about sustainable gross margin levels after the quarter’s strong performance. McKinnis clarified that the company views approximately 51% gross margin as the current normalized baseline, with Farmers Branch expected to add further improvement over time.
A Citi analyst asked about CPO growth expectations. Slessor said adoption is accelerating but remains difficult to forecast quarter by quarter due to variables including customer adoption rates and test requirements.
FormFactor Maintains Growth TrajectoryFormFactor’s management emphasized continued execution around capacity expansion, cost discipline and semiconductor market opportunities. The company expects these efforts to support progress toward its long-term target model of doubling revenues and more than doubling profitability by 2030.
FORM’s near-term priorities remain scaling production capacity, supporting demand in AI-related semiconductor applications and improving operational efficiency as new facilities ramp.
Zacks Rank & Style Scores SignalsFORM currently carries a Zacks Rank #3 (Hold). The Zacks Rank is based on earnings estimate revisions and is designed to help identify stocks with stronger potential for near-term performance changes. The rank can change as analysts update estimates following quarterly results. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The stock has a Value Score of F, Growth Score of A, Momentum Score of B and VGM Score of B. Zacks Style Scores range from A to F, with higher scores indicating stronger characteristics for each investing style, while the VGM Score combines Value, Growth and Momentum factors.
Key Takeaways Aehr appears better positioned as AI makes burn-in an increasingly mission-critical process.AEHR expects fiscal 2027 revenues of $130-$150 million, driven mainly by AI customers in production.FormFactor offers a broader test portfolio, but faces DRAM allocation and supply-chain risks. FormFactor (FORM - Free Report) and Aehr Test Systems (AEHR - Free Report) operate in the semiconductor test equipment market. Both compete in the AI semiconductor ecosystem through wafer-level testing and burn-in. FormFactor is a leader in advanced probe cards used for wafer probe testing of AI processors, High-Bandwidth Memory (HBM), CPUs, GPUs and silicon photonics before chips are packaged. Aehr complements this by providing wafer-level burn-in and reliability screening using its FOX platform, enabling manufacturers to identify latent defects before advanced packaging.
So, FORM or AEHR, which is a better buy under the current scenario?
The Case for FormFactorFormFactor continues to benefit from rising semiconductor test intensity driven by AI infrastructure. Record demand for HBM4 probe cards, increasing CPU test complexity, networking chips, custom ASICs and the initial GPU production ramp are supporting sustained growth. Management also expects continued strength in Foundry & Logic in the third quarter, backed by broad-based demand across high-performance computing applications.
The company has established a strong position at the intersection of advanced packaging and AI. HBM accounted for roughly two-thirds of DRAM revenues in the second quarter of 2026, supported by its differentiated SmartMatrix technology. Meanwhile, Co-Packaged Optics (CPO) revenues are ramping much faster than expected, with FormFactor now expecting to exceed $20 million in CPO revenues before the end of the third quarter and significantly surpass that level for 2026. This positions FormFactor to benefit from the long-term transition toward silicon photonics.
FormFactor delivered record non-GAAP gross margins of 53.3% and expects another improvement in the third quarter of 2026. Operational initiatives, including better yields and shorter cycle times, are driving profitability, while the new Farmers Branch manufacturing facility is expected to add meaningful capacity and further improve gross margins once fully ramped. FORM remains committed to doubling revenue to $1.6 billion and more than doubling earnings by 2030.
However, FormFactor’s DRAM business remains subject to changing customer wafer-start allocations between HBM and DDR based on pricing dynamics. The company continues to face supply-chain constraints and uncertainties related to tariffs, export controls and broader geopolitical developments, which could affect demand and operating costs.
The Case for AEHRAehr is well positioned to benefit from rising demand for silicon carbide (SiC) power semiconductors used in electric vehicles, renewable energy and AI data-center power infrastructure. Apart from SiC, the company is expanding into AI-related applications, including burn-in and reliability testing for AI processors, silicon photonics and advanced memory, significantly broadening its addressable market.
Aehr believes burn-in is becoming a critical step for AI processors as chip complexity, power consumption and advanced packaging increase. AEHR is seeing accelerating demand for both wafer-level and package-level burn-in from AI accelerator, CPU, ASIC and networking customers. The company highlighted record bookings, a record backlog and expects fiscal 2027 revenues of $130-$150 million, representing 160-200% year-over-year growth, driven primarily by AI customers already in production.
Aehr is reducing its dependence on any single end market by adding customers across silicon photonics, AI accelerators, data-center networking, gallium nitride (GaN) devices and hard disk drive components. The company continues to secure design wins and production programs, creating multiple long-term growth drivers beyond its traditional SiC business.
Nearly 95% of AEHR’s fiscal 2026 revenue comes from non-EV silicon carbide markets. AI processors accounted for approximately 71% of annual revenues, while silicon photonics contributed another 20%. The company is also expanding into memory (HBM and NAND), GaN and silicon MOSFET testing, creating multiple long-term growth drivers.
AEHR’s Earnings Estimate Revision Goes North, FORM’s SteadyThe Zacks Consensus Estimate for FORM’s 2026 earnings is pegged at $2.40 per share, unchanged over the past 30 days, indicating an 84.62% increase over 2025’s reported figure.
The consensus mark for AEHR’s fiscal 2027 earnings has jumped by 54 cents to 70 cents per share over the past 30 days. The company reported earnings of 3 cents per share in fiscal 2026.
Stock Price Performance and ValuationFormFactor shares have returned 49.6% year to date, underperforming Aehr’s appreciation of 223.9%.
Price Performance: FORM vs. AEHR
Image Source: Zacks Investment Research
Valuation-wise, shares of both FormFactor and Aehr are overvalued. In terms of forward 12-month price/sales, Aehr shares are trading at 13.48X, higher than FORM’s 6.53X.
Both FormFactor and Aehr have a Value Score of F.
FORM and AEHR Valuation
Image Source: Zacks Investment Research
ConclusionWhile FormFactor offers a larger, more diversified semiconductor test portfolio with strong exposure to probe cards and advanced packaging, Aehr appears better positioned for higher long-term growth. The increasing complexity and cost of AI processors, HBM memory, silicon photonics and advanced packaging are making burn-in a mission-critical process rather than an optional step. Aehr’s leadership in wafer-level and package-level burn-in, record bookings and expanding customer pipeline across AI, hyperscale data centers and next-generation memory provide greater leverage to these emerging trends.
Aehr currently sports a Zacks Rank #1 (Strong Buy), which implies that the stock is a better buy compared with FormFactor, which currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
FormFactor (FORM +25.23%) stock is posting massive gains in Thursday's trading. The company's share price was up 26.6% as of noon ET. Meanwhile, the S&P 500 was up 1.1%, and the Nasdaq Composite had risen 2.3%.
FormFactor released its second-quarter report after yesterday's market close, and the company delivered better-than-expected sales, earnings, and forward guidance. The company's valuation is also rising thanks to a rebound in the artificial intelligence (AI) chip trade.
Image source: Getty Images.
FormFactor served up strong Q2 results and guidance In the second quarter, FormFactor recorded non-GAAP (adjusted) earnings per share of $0.82 on revenue of $258.2 million. Adjusted earnings beat the average analyst estimate by $0.21 per share, and sales topped the average forecast by roughly $18 million. Earnings were up from $0.27 per share in the prior-year quarter, and revenue increased 31.9% year over year.
For the current quarter, FormFactor's midpoint targets call for adjusted earnings of roughly $0.86 per share on revenue of approximately $270 million. Prior to the earnings release, the average analyst estimate targeted adjusted earnings of $0.62 per share on sales of roughly $247.3 million.
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Investors are flocking back to AI stocks today After big valuation pullbacks yesterday, investors are buying back into companies with exposure to AI chip trends in Thursday's trading. As a provider of chip testing solutions, FormFactor has seen strong sales and earnings performance connected to rising demand for DRAM memory chips and other solutions. Recent comments from Samsung suggest that memory chips will remain supply constrained in 2028, and investors are responding to the forecast by buying up shares of companies that can benefit from high demand for memory chips.
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
FormFactor, Inc. (NASDAQ:FORM – Get Free Report) has received an average recommendation of “Moderate Buy” from the eleven brokerages that are covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $132.4545.
Several equities analysts have recently commented on FORM shares. Zacks Research lowered FormFactor from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Evercore raised shares of FormFactor from an “in-line” rating to an “outperform” rating and set a $155.00 price objective for the company in a research note on Friday, June 5th. Citigroup increased their target price on shares of FormFactor to $165.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Cantor Fitzgerald reissued an “overweight” rating on shares of FormFactor in a research report on Monday. Finally, Craig Hallum raised shares of FormFactor from a “hold” rating to a “buy” rating and set a $175.00 price target for the company in a research report on Tuesday, May 12th.
Check Out Our Latest Research Report on FORM
FormFactor Stock Down 5.4% Shares of NASDAQ FORM opened at $83.45 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.69 and a current ratio of 4.55. The firm has a market capitalization of $6.51 billion, a price-to-earnings ratio of 95.92 and a beta of 1.22. The stock has a 50 day moving average price of $124.97 and a 200 day moving average price of $111.19. FormFactor has a 52-week low of $26.08 and a 52-week high of $160.27.
FormFactor (NASDAQ:FORM – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The semiconductor company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.61 by $0.21. The company had revenue of $258.24 million for the quarter, compared to the consensus estimate of $240.00 million. FormFactor had a return on equity of 9.31% and a net margin of 8.14%.FormFactor’s quarterly revenue was up 31.9% on a year-over-year basis. During the same period last year, the business posted $0.27 EPS. FormFactor has set its Q3 2026 guidance at 0.770-0.950 EPS. Sell-side analysts expect that FormFactor will post 2.03 earnings per share for the current year.
Insider Buying and Selling In other FormFactor news, Director Dennis Thomas St sold 2,800 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $151.49, for a total transaction of $424,172.00. Following the completion of the sale, the director owned 29,073 shares in the company, valued at $4,404,268.77. This represents a 8.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mike Slessor sold 11,890 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $121.35, for a total value of $1,442,851.50. Following the sale, the chief executive officer directly owned 435,147 shares in the company, valued at $52,805,088.45. This trade represents a 2.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 38,534 shares of company stock valued at $4,864,118 over the last ninety days. Company insiders own 0.79% of the company’s stock.
Institutional Investors Weigh In On FormFactor A number of institutional investors have recently added to or reduced their stakes in FORM. Los Angeles Capital Management LLC bought a new position in FormFactor in the fourth quarter worth about $25,000. UMB Bank n.a. boosted its holdings in shares of FormFactor by 128.9% in the 4th quarter. UMB Bank n.a. now owns 499 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 281 shares in the last quarter. Torren Management LLC purchased a new position in shares of FormFactor in the 4th quarter worth approximately $41,000. Kestra Advisory Services LLC purchased a new position in shares of FormFactor in the 4th quarter worth approximately $53,000. Finally, Clearstead Advisors LLC raised its stake in shares of FormFactor by 58.9% during the 4th quarter. Clearstead Advisors LLC now owns 1,050 shares of the semiconductor company’s stock worth $59,000 after acquiring an additional 389 shares in the last quarter. Institutional investors own 98.76% of the company’s stock.
FormFactor News Roundup Here are the key news stories impacting FormFactor this week:
Positive Sentiment: FormFactor reported record second-quarter revenue of $258.2 million, up 31.9% year over year and above the $240 million consensus estimate. Adjusted earnings were $0.82 per share, beating expectations of $0.61 and rising sharply from $0.27 a year earlier. FormFactor Q2 Earnings and Revenues Surpass Estimates Positive Sentiment: Management issued better-than-expected third-quarter guidance: revenue of approximately $260 million to $280 million, compared with consensus of $246.2 million, and EPS of $0.77 to $0.95 versus expectations of $0.60. FormFactor Stock Surges on Better-Than-Expected Q2 Earnings Positive Sentiment: Demand was strong across DRAM, Foundry & Logic, and Systems. Gross margin expanded to 50.7% from 37.3% a year earlier, while operating cash flow reached $61.8 million and free cash flow was $52.6 million. FormFactor Reports 2026 Second Quarter Results Positive Sentiment: An expanded multiyear partnership with Keystone Microtech will increase support and testing capacity in Taiwan for AI, HBM, advanced packaging, and high-speed semiconductor applications. FormFactor and Keystone Microtech Strategic Partnership Negative Sentiment: FormFactor’s valuation remains demanding, with a reported price-to-earnings ratio near 96. After the strong earnings reaction, profit-taking or concerns that high growth is already priced in may be contributing to the subsequent decline. Negative Sentiment: Recent insider-trading data showed selling but no purchases among tracked insiders over the past six months, including substantial sales by senior executives. This may weigh on sentiment, although insider sales do not necessarily indicate deteriorating business fundamentals. About FormFactor (Get Free Report)
FormFactor, Inc (NASDAQ:FORM) is a leading provider of advanced test and measurement solutions for the semiconductor industry. The company specializes in the design, development and manufacture of high-performance wafer-level and package-level test interfaces used in wafer sort, characterization, reliability and failure analysis applications. By leveraging precision microelectromechanical systems (MEMS) and photolithographic processes, FormFactor delivers probe cards, analytical probes and test sockets that enable device makers to validate next-generation integrated circuits across logic, memory, RF, analog and power applications.
FormFactor’s product portfolio includes custom probe cards for wafer probers, TEM-based analytical probes for material and device characterization, and socket solutions for burn-in and final test of packaged devices.
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FormFactor (FORM - Free Report) came out with quarterly earnings of $0.82 per share, beating the Zacks Consensus Estimate of $0.61 per share. This compares to earnings of $0.27 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +34.43%. A quarter ago, it was expected that this integrated circuits diagnostic company would post earnings of $0.45 per share when it actually produced earnings of $0.56, delivering a surprise of +24.44%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
FormFactor, which belongs to the Zacks Electronics - Semiconductors industry, posted revenues of $258.24 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 7.55%. This compares to year-ago revenues of $195.8 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
FormFactor shares have added about 58.2% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for FormFactor?While FormFactor has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for FormFactor was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.60 on $244.13 million in revenues for the coming quarter and $2.40 on $958.05 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Semiconductors is currently in the top 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Allegro MicroSystems, Inc. (ALGM - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 30.
This company is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of +133.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Allegro MicroSystems, Inc.'s revenues are expected to be $252.99 million, up 24.4% from the year-ago quarter.
FormFactor stock is climbing today. Why is FORM stock surging? FormFactor Delivers Double Beat In Q2 Q2 Revenue: $258.24 million, versus estimates of $240 million Q2 Adjusted EPS: 82 cents, versus estimates of 61 cents Total revenue was up 14.2% on a year-over-year basis. The semiconductor test and measurement tech company said it experienced broad-based demand in the quarter, with strength in High Bandwidth Memory and Co-Packaged Optics.
“Over the past four quarters, FormFactor has grown revenue more than 30%, expanded Non-GAAP gross margin 1,500 basis points, and tripled earnings per share,” said Mike Slessor, CEO of FormFactor.
“These improvements reflect years of investment to create and expand our unique position at the intersection of high-performance compute and advanced packaging.”
Looking ahead, FormFactor guided for third-quarter revenue in the range of $260 million to $280 million versus estimates of $247.35 million. The company anticipates third-quarter adjusted earnings of 77 cents to 95 cents per share, versus estimates of 63 cents per share.
FORM Shares Soar After The CloseFORM Price Action: FormFactor shares were up 15.34% in after-hours, trading at $96.25 at the time of publication on Wednesday, according to Benzinga Pro.
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Is Cohu Inc. One of the Cheapest Chip Stocks Around?FormFactor NASDAQ: FORM reported record second-quarter revenue, gross profit and earnings per share, as demand for semiconductor test products increased across high-bandwidth memory, data-center computing and co-packaged optics.
Chief Executive Officer Mike Slessor said the company surpassed a $1 billion annualized revenue run rate and exceeded 50% gross margin during the quarter, marking progress toward the long-term target model introduced in May. That model calls for revenue of $1.6 billion, non-GAAP gross margin of 55% and non-GAAP earnings per share above $5 by 2030.
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“FormFactor's second quarter revenue, gross profit, and earnings per share set all-time records,” Slessor said. He added that the company expects further sequential increases in both revenue and profitability in the third quarter.
Second-Quarter Results Revenue for the second quarter was $258.2 million, up $32.1 million, or about 14%, from the first quarter and $18.2 million above the midpoint of the company’s outlook range. Chief Financial Officer Aric McKinnis said the result represented FormFactor’s third consecutive quarterly revenue record.
GAAP gross margin was 50.7%, compared with 38.4% in the first quarter. The prior-quarter result included $18.8 million in restructuring costs that did not recur in the second quarter. On a non-GAAP basis, gross margin reached 53.3%, up 430 basis points sequentially.
McKinnis said roughly one-third of the sequential gross-margin improvement came from durable baseline cost reductions, one-third reflected the $32 million increase in revenue, and one-third came from items not expected to recur, including tariff refunds and precious-metal recovery associated with the shutdown of the company’s Baldwin Park site.
Excluding those nonrecurring items and favorable product mix, McKinnis said FormFactor’s normalized non-GAAP gross-margin baseline was about 51% at second-quarter volumes. He said the company expects its Farmers Branch, Texas, manufacturing site to be accretive to gross margins once it comes online.
GAAP net income was $56.2 million, or $0.71 per diluted share, compared with $20.4 million, or $0.26 per share, in the first quarter. Non-GAAP net income was $65 million, or $0.82 per diluted share, compared with $44.5 million, or $0.56 per share, in the first quarter. Free cash flow totaled $52.6 million, up from $30.7 million in the prior quarter. Cash and investments increased $42.8 million sequentially to $349 million. Systems-segment revenue reached a record $48.5 million, rising $20.6 million, or 74%, from the first quarter. McKinnis said the recovery reflected stronger engineering-prober demand and accelerating co-packaged optics revenue.
HBM, DDR and Foundry Demand FormFactor’s DRAM probe-card business posted another record quarter as demand for HBM4 products increased alongside continued DDR demand. HBM accounted for approximately two-thirds of overall DRAM revenue during the period, according to Slessor.
The company said two customers continued to adopt its SmartMatrix full-wafer contactor technology for high-speed HBM4 testing. Slessor said the technology allows customers to test hundreds of completed HBM stacks simultaneously at HBM4 data rates exceeding 10 gigabits per second.
For the third quarter, however, FormFactor expects overall DRAM revenue to remain comparable with the second-quarter record while the mix shifts materially toward DDR. Slessor attributed that expected shift to constrained memory supply and increased DDR pricing, which he said is prompting customers to adjust wafer-start mixes toward DDR designs.
Foundry and logic probe-card demand also increased significantly from the first quarter, driven primarily by data-center CPU applications, continued networking strength, early momentum in hyperscaler custom ASICs, and steady PC and mobile demand.
Slessor said increasing CPU compute intensity associated with agentic AI use cases is creating probe-card opportunities. He cited FormFactor’s incumbent position with a data-center CPU supplier, an expanding relationship with a high-performance-compute leader across networking, GPU and CPU products, and multiple design wins at a large fabless XPU customer.
He characterized the company’s current share at the fabless CPU customer as low single digits but said it has additional opportunity over time. Capacity availability could limit the pace of share expansion until Farmers Branch begins ramping, he said.
Co-Packaged Optics Gains Momentum FormFactor increased its outlook for co-packaged optics, or CPO, revenue after seeing faster-than-expected adoption. The company had initially forecast 2026 CPO revenue of $10 million to $20 million but now expects to exceed $20 million by the end of the third quarter and to finish the full year significantly above that level.
The growth is being supported by planned increases in CPO chip volumes later in the year and FormFactor’s role in testing photonic integrated-circuit wafers before they are combined with electrical integrated circuits to create optical modules, Slessor said.
While he said FormFactor is seeing “strong acceleration” in the business, Slessor did not provide a detailed quarterly CPO forecast for 2027, citing variables including customer adoption, yields and test times. The company has previously identified a CPO served market of about $400 million by 2030.
Capacity Expansion and Third-Quarter Outlook FormFactor’s Farmers Branch facility remains on track to begin ramping at the end of 2026 and continue ramping through 2027. The initial targeted capacity is roughly equivalent to the company’s existing California probe-card manufacturing footprint, McKinnis said.
The company expects 2026 cash capital expenditures for Farmers Branch and other capacity additions of $140 million to $170 million. It also expects total pre-production ramp costs of about $25 million to $30 million this year, including roughly $12 million incurred through the second quarter and approximately $7 million expected in the third quarter.
McKinnis said FormFactor expects Farmers Branch to be accretive to gross margin after reaching its initial target capacity, which is anticipated by the beginning of 2028. The company has received incentives that include a $24.2 million grant from the Texas Semiconductor Innovation Fund, subject to meeting certain criteria.
For the third quarter, FormFactor forecast revenue of $270 million, plus or minus $10 million, and non-GAAP gross margin of 54%, plus or minus 150 basis points. The outlook includes expected tariff refunds that McKinnis said would contribute about 300 basis points to gross margin. The company forecast non-GAAP earnings per diluted share of $0.86, plus or minus $0.09.
About FormFactor (NASDAQ:FORM)FormFactor, Inc NASDAQ: FORM is a leading provider of advanced test and measurement solutions for the semiconductor industry. The company specializes in the design, development and manufacture of high-performance wafer-level and package-level test interfaces used in wafer sort, characterization, reliability and failure analysis applications. By leveraging precision microelectromechanical systems (MEMS) and photolithographic processes, FormFactor delivers probe cards, analytical probes and test sockets that enable device makers to validate next-generation integrated circuits across logic, memory, RF, analog and power applications.
FormFactor's product portfolio includes custom probe cards for wafer probers, TEM-based analytical probes for material and device characterization, and socket solutions for burn-in and final test of packaged devices.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Delivers Record Revenue, Gross Profit and Earnings Per Share;
Sees Strong Demand in DRAM, Foundry & Logic and Systems
LIVERMORE, Calif., July 29, 2026 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the second quarter of fiscal 2026 ended June 27, 2026. Quarterly revenues were $258.2 million, an increase of 14.2% compared to $226.1 million in the first quarter of fiscal 2026, and an increase of 31.9% from $195.8 million in the second quarter of fiscal 2025.
Produced revenue, gross margins and earnings per share exceeding the high end of the GAAP and Non-GAAP outlook rangeExperienced broad-based demand, with strength in key growth initiatives including High Bandwidth Memory and Co-Packaged Optics driving sequential revenue increases in both the Probe Cards and Systems segments, respectivelyAnnounced expanded multi-year partnership with Keystone Microtech, reinforcing FormFactor's presence in the strategically important Taiwan semiconductor ecosystem “Over the past four quarters, FormFactor has grown revenue more than 30%, expanded Non-GAAP gross margin 1,500 basis points, and tripled earnings per share,” said Mike Slessor, CEO of FormFactor, Inc. “These improvements reflect years of investment to create and expand our unique position at the intersection of high-performance compute and advanced packaging, coupled with stronger execution to enhance profitability and drive operating leverage.”
Second Quarter Highlights
On a GAAP basis, net income for the second quarter of fiscal 2026 was $56.2 million, or $0.71 per fully-diluted share, compared to net income for the first quarter of fiscal 2026 of $20.4 million, or $0.26 per fully-diluted share, and net income for the second quarter of fiscal 2025 of $9.1 million, or $0.12 per fully-diluted share. Gross margin for the second quarter of 2026 was 50.7%, compared with 38.4% in the first quarter of 2026, and 37.3% in the second quarter of 2025.
On a non-GAAP basis, net income for the second quarter of fiscal 2026 was $65.0 million, or $0.82 per fully-diluted share, compared to net income for the first quarter of fiscal 2026 of $44.5 million, or $0.56 per fully-diluted share, and net income for the second quarter of fiscal 2025 of $21.2 million, or $0.27 per fully-diluted share. On a non-GAAP basis, gross margin for the second quarter of 2026 was 53.3%, compared with 49.0% in the first quarter of 2026, and 38.5% in the second quarter of 2025.
GAAP net cash provided by operating activities for the second quarter of fiscal 2026 was $61.8 million, compared to $45.0 million for the first quarter of fiscal 2026, and $18.9 million for the second quarter of fiscal 2025. Free cash flow for the second quarter of fiscal 2026 was $52.6 million, compared to free cash flow for the first quarter of fiscal 2026 of $30.7 million, and free cash flow for the second quarter of 2025 of negative $47.1 million.
A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.
Outlook
Dr. Slessor added, “As we look ahead to the third quarter, we continue to see strong demand across our end markets, with particular strength in Foundry & Logic and continued momentum in our Systems business, positioning us for another quarter of record revenue and profitability.”
For the third quarter ending September 26, 2026, FormFactor is providing the following outlook*:
GAAP Reconciling Items** Non-GAAPRevenue $270 million +/- $10 million — $270 million +/- $10 millionGross margin 52.0% +/- 1.5% $5.3 million 54.0% +/- 1.5%Net income per diluted share $0.75 +/- $0.09 $0.11 $0.86 +/- $0.09
*This outlook assumes consistent foreign currency rates.
**Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts.
We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PT, or 4:25 p.m. ET, today.
The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investor Relations section of our website, www.formfactor.com.
Use of Non-GAAP Financial Information:
To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and six months ended June 27, 2026, and for outlook provided before, as well as for the comparable period of fiscal 2025, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management's reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.
About FormFactor:
FormFactor, Inc. (Nasdaq: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle - from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to optimize device performance and advance yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.
Forward-looking Statements:
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, market demand, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, the Company's performance, the Company's business strategies, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” “continue,” and “prospect,” and the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in and impacts from export control, tariffs and other trade barriers; changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions and investments; demand volatility and cyclicality of the industry; advancement of artificial intelligence; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as tariffs, military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited) Three Months Ended Six Months Ended June 27,
2026
March 28,
2026
June 28,
2025 June 27,
2026
June 28,
2025Revenues $258,242 $226,144 $195,798 $484,386 $367,154 Cost of revenues 127,320 139,350 122,860 266,670 229,693 Gross profit 130,922 86,794 72,938 217,716 137,461 Operating expenses: Research and development 31,099 30,780 28,793 61,879 56,593 Selling, general and administrative 37,165 32,292 31,482 69,457 64,936 Factory start-up costs 4,859 7,074 357 11,933 357 Total operating expenses 73,123 70,146 60,632 143,269 121,886 Operating income 57,799 16,648 12,306 74,447 15,575 Interest income, net 2,683 2,174 2,642 4,857 5,959 Other income (expense), net 212 441 (6) 653 884 Income before income taxes and equity investment 60,694 19,263 14,942 79,957 22,418 Provision for income taxes 6,729 396 2,372 7,125 3,447 Income (loss) from equity investment 2,242 1,517 (3,484) 3,759 (3,484)Net income $56,207 $20,384 $9,086 $76,591 $15,487 Net income per share: Basic $0.72 $0.26 $0.12 $0.98 $0.20 Diluted $0.71 $0.26 $0.12 $0.96 $0.20 Weighted-average number of shares used in per share calculations: Basic 78,036 77,825 77,107 77,930 77,226 Diluted 79,607 79,415 77,527 79,546 77,721 FORMFACTOR, INC.
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited) Three Months Ended Six Months Ended June 27,
2026 March 28,
2026 June 28,
2025 June 27,
2026 June 28,
2025GAAP Gross Profit $130,922 $86,794 $72,938 $217,716 $137,461 Adjustments: Restructuring charges 4,292 21,498 183 25,790 243 Stock-based compensation 1,660 1,782 1,690 3,442 3,695 Amortization of intangibles and fixed asset fair value adjustments due to acquisitions 745 659 528 1,404 1,070 Non-GAAP Gross Profit $137,619 $110,733 $75,339 $248,352 $142,469 GAAP Gross Margin 50.7% 38.4% 37.3% 44.9% 37.4%Adjustments: Restructuring charges 1.7% 9.5% 0.1% 5.3% 0.1%Stock-based compensation 0.6% 0.8% 0.8% 0.7% 1.0%Amortization of intangibles and fixed asset fair value adjustments due to acquisitions 0.3% 0.3% 0.3% 0.3% 0.3%Non-GAAP Gross Margin 53.3% 49.0% 38.5% 51.2% 38.8% GAAP operating expenses $73,123 $70,146 $60,632 $143,269 $121,886 Adjustments: Restructuring charges (201) (1,823) (195) (2,024) (3,018)Stock-based compensation (6,930) (6,221) (7,701) (13,151) (15,492)Amortization of intangibles (196) — (191) (196) (382)Costs related to sale and acquisition of businesses (142) (96) (55) (238) (272)Non-GAAP operating expenses $65,654 $62,006 $52,490 $127,660 $102,722 GAAP operating income $57,799 $16,648 $12,306 $74,447 $15,575 Adjustments: Restructuring charges 4,493 23,321 378 27,814 3,261 Stock-based compensation 8,590 8,003 9,391 16,593 19,187 Amortization of intangibles and fixed asset fair value adjustments due to acquisitions 941 659 719 1,600 1,452 Costs related to sale and acquisition of businesses 142 96 55 238 272 Non-GAAP operating income $71,965 $48,727 $22,849 $120,692 $39,747 FORMFACTOR, INC.
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited) Three Months Ended Six Months Ended June 27,
2026 March 28,
2026 June 28,
2025 June 27,
2026 June 28,
2025GAAP net income $56,207 $20,384 $9,086 $76,591 $15,487 Adjustments: Restructuring charges 4,493 23,321 378 27,814 3,261 Stock-based compensation 8,590 8,003 9,391 16,593 19,187 Amortization of intangibles and fixed asset fair value adjustments due to acquisitions 941 659 719 1,600 1,452 Costs related to sale and acquisition of businesses, net of gain on sale of assets 142 20 3,460 162 3,677 Income tax effect of non-GAAP adjustments (5,367) (7,874) (1,812) (13,241) (3,838)Non-GAAP net income $65,006 $44,513 $21,222 $109,519 $39,226 GAAP net income per share: Basic $0.72 $0.26 $0.12 $0.98 $0.20 Diluted $0.71 $0.26 $0.12 $0.96 $0.20 Non-GAAP net income per share: Basic $0.83 $0.57 $0.28 $1.41 $0.51 Diluted $0.82 $0.56 $0.27 $1.38 $0.50 GAAP net cash provided by operating activities $61,803 $44,961 $18,893 $106,764 $42,432 Adjustments: Sale of business and acquisition related payments in working capital 265 876 168 1,141 1,389 Cash paid for interest 83 85 95 168 187 Capital expenditures (9,599) (15,192) (66,256) (24,791) (84,840)Free cash flow $52,552 $30,730 $(47,100) $83,282 $(40,832) GAAP net cash used in investing activities $(65,304) $(23,407) $(78,553) $(88,711) $(163,213)GAAP net cash used in financing activities $(9,526) $(1,196) $(4,214) $(10,722) $(7,178) FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) Six Months Ended June 27,
2026 June 28,
2025Cash flows from operating activities: Net income $76,591 $15,487 Selected adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 18,143 18,390 Stock-based compensation expense 16,721 19,187 Provision for excess and obsolete inventories 7,938 6,695 Loss (income) from equity investment (3,759) 3,484 Non-cash restructuring charges 15,736 2,160 Other activity impacting operating cash flows (24,606) (22,971)Net cash provided by operating activities 106,764 42,432 Cash flows from investing activities: Acquisition of property, plant and equipment (24,791) (84,840)Proceeds from sale of assets 576 103 Purchase of equity investment — (67,156)Purchases of marketable securities, net (64,496) (11,320)Net cash used in investing activities (88,711) (163,213)Cash flows from financing activities: Purchase of common stock through stock repurchase program — (24,586)Proceeds from issuances of common stock 5,836 21,576 Principal repayments on term loans (564) (549)Tax withholdings related to net share settlements of equity awards (15,994) (3,619)Net cash used in financing activities (10,722) (7,178)Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,231) 1,658 Net increase (decrease) in cash, cash equivalents and restricted cash 6,100 (126,301)Cash, cash equivalents and restricted cash, beginning of period 107,047 197,206 Cash, cash equivalents and restricted cash, end of period $113,147 $70,905 FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited) June 27,
2026 March 28,
2026 December 27,
2025ASSETS Current assets: Cash and cash equivalents $109,761 $123,539 $103,330 Marketable securities 235,879 179,742 171,842 Accounts receivable, net of allowance for credit losses 155,777 132,155 125,416 Inventories, net 121,409 112,877 110,884 Restricted cash 765 897 1,063 Prepaid expenses and other current assets 45,918 51,596 44,519 Total current assets 669,509 600,806 557,054 Restricted cash 2,621 2,012 2,654 Operating lease, right-of-use-assets 15,089 16,404 17,202 Property, plant and equipment, net of accumulated depreciation 265,402 248,444 259,068 Equity investment 65,891 64,247 64,096 Goodwill 212,557 215,412 216,029 Intangible assets, net 17,961 15,482 16,302 Deferred tax assets 90,916 90,632 89,524 Other assets 2,534 2,411 2,433 Total assets $1,342,480 $1,255,850 $1,224,362 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $77,427 $54,226 $47,436 Accrued liabilities 53,292 42,123 47,535 Current portion of long-term debt, net of unamortized issuance costs 1,153 1,145 1,137 Deferred revenue 23,976 26,291 20,091 Operating lease liabilities 8,317 8,326 7,662 Total current liabilities 164,165 132,111 123,861 Long-term debt, less current portion, net of unamortized issuance costs 10,491 10,782 11,071 Deferred tax liabilities 2,382 1,568 1,600 Long-term operating lease liabilities 9,951 11,638 12,488 Deferred grant 18,000 18,000 18,000 Other liabilities 26,131 22,952 21,939 Total liabilities 231,120 197,051 188,959 Stockholders’ equity: Common stock 78 78 78 Additional paid-in capital 870,028 870,689 863,547 Accumulated other comprehensive loss (10,643) (7,658) (3,528)Accumulated income 251,897 195,690 175,306 Total stockholders’ equity 1,111,360 1,058,799 1,035,403 Total liabilities and stockholders’ equity $1,342,480 $1,255,850 $1,224,362
About our Non-GAAP Financial Measures:
We believe that the presentation of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understand financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our Company. We compute non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP operating expenses, and GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP, and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, net income per basic and diluted share, gross profit, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” included in this press release.
Source: FormFactor, Inc.
FORM-F
Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4273 [email protected]
Key Takeaways FormFactor expands its Keystone pact to scale probe-card support for AI, HPC, memory and advanced packaging.Keystone will add design, assembly, testing, repair and distribution while FORM retains its core IP.FORM expects Q2 2026 revenue of $240M, plus or minus $5M, and EPS of 61 cents, plus or minus 4 cents. FormFactor (FORM - Free Report) recently announced an expanded partnership with Keystone Microtech, under which it is expected to strengthen FORM’s ability to serve rapidly growing semiconductor-testing requirements across AI, high-performance computing, advanced packaging, memory and high-speed connectivity. FormFactor will retain responsibility for its proprietary probe-card technologies, while Keystone Microtech will provide design, assembly, testing, repair and distribution support for designated products. This complementary structure should allow FormFactor to increase manufacturing scalability without compromising ownership of its intellectual property, patents or technical know-how.
The partnership also expands FormFactor’s operational presence in Taiwan, one of the world’s most important semiconductor manufacturing hubs. Keystone’s local assembly, repair and customer-support capabilities should shorten response times, improve service availability and help the company support faster customer production ramps. This is particularly important because probe cards are customized for individual chip designs and must be delivered within tight customer schedules. FormFactor has emphasized that first-time-right execution, rapid cycle times and reliable production support are major barriers to entry in the probe-card market.
The collaboration should also support FormFactor’s capacity expansion as demand grows across HBM, GPUs, custom ASICs and networking devices. The company believes its position across both Foundry & Logic and DRAM testing provides an advantage as custom HBM increasingly combines logic functionality with memory technology. FormFactor’s prospects are supported by increasing test intensity and complexity in advanced semiconductor architectures. As more chips are combined through advanced packaging, manufacturers must test individual die more thoroughly before integration to avoid expensive yield losses. FormFactor expects this trend to increase demand for higher-performance probe cards capable of handling greater parallelism, tighter pitches, higher power levels and faster data rates.
The company expects second-quarter 2026 earnings to be 61 cents (+/- 4 cents) per share. FormFactor expects second-quarter 2026 revenues to be $240 million (+/- $5 million). The Zacks Consensus Estimate for second-quarter 2026 earnings has been steady at 61 cents per share over the past 30 days, suggesting 125.93% growth from the figure reported in the year-ago quarter. The consensus mark for second-quarter revenues is pegged at $240.11 million, indicating an increase of 22.63% from the figure reported in the year-ago quarter.
FORM Faces Tough CompetitionFormFactor is facing significant competition from the likes of Teradyne (TER - Free Report) and Cohu (COHU - Free Report) .
Teradyne’s leadership in automated test equipment (ATE) is a key catalyst. As AI chip production accelerates, Teradyne’s UltraFLEX and UltraFLEXplus platforms are widely used to test high-performance GPUs, AI accelerators, networking processors and advanced data center semiconductors from leading chipmakers. The company continues to benefit from rising test complexity as larger AI processors require more sophisticated and longer testing cycles. Teradyne’s strong relationships with major semiconductor manufacturers and a broad installed base make it a key player in AI semiconductor manufacturing.
Cohu’s offering of semiconductor test handlers, contactors, interface products and inspection solutions that support the production of AI processors, networking chips and high-performance computing devices has been a major driver. The company has been expanding its capabilities in advanced packaging and high-performance test applications, enabling customers to improve throughput, automation and yield as AI semiconductor complexity continues to increase. Cohu's broad portfolio allows it to participate across multiple stages of semiconductor testing, particularly in high-volume manufacturing environments.
FORM’s Share Price Performance, Valuation & EstimatesShares of FormFactor have appreciated 58.2% year to date, outperforming the broader Zacks Computer and Technology sector’s rise of 8.9%.
FORM Stock’s Price Performance
Image Source: Zacks Investment Research
The FORM stock is trading at a premium, with a forward 12-month price/earnings of 33.82X compared with the broader sector’s 20.44X. FormFactor has a Value Score of F.
FORM’s Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for FORM’s 2026 earnings is currently pegged at $2.40 per share, unchanged over the past 30 days, suggesting 84.62% growth from 2025’s reported figure.
FormFactor currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Partnership expands semiconductor probe card manufacturing and test capabilities to support advanced semiconductor applications Partnership expands semiconductor probe card manufacturing and test capabilities to support advanced semiconductor applications
Arrowstreet Capital Limited Partnership lowered its stake in shares of FormFactor, Inc. (NASDAQ:FORM – Free Report) by 15.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 508,642 shares of the semiconductor company’s stock after selling 93,121 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.65% of FormFactor worth $49,333,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Mercer Global Advisors Inc. ADV grew its position in FormFactor by 2.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 7,509 shares of the semiconductor company’s stock worth $419,000 after purchasing an additional 157 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of FormFactor by 1.9% in the first quarter. Blue Trust Inc. now owns 10,542 shares of the semiconductor company’s stock valued at $1,022,000 after buying an additional 196 shares during the period. UMB Bank n.a. lifted its stake in shares of FormFactor by 128.9% in the fourth quarter. UMB Bank n.a. now owns 499 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 281 shares during the period. Maryland State Retirement & Pension System grew its position in FormFactor by 2.7% during the fourth quarter. Maryland State Retirement & Pension System now owns 11,385 shares of the semiconductor company’s stock worth $635,000 after buying an additional 299 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in FormFactor by 2.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,073 shares of the semiconductor company’s stock worth $897,000 after buying an additional 370 shares in the last quarter. 98.76% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity In other FormFactor news, Director Sheri Rhodes sold 6,328 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $125.40, for a total value of $793,531.20. Following the transaction, the director directly owned 5,375 shares in the company, valued at $674,025. The trade was a 54.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dennis Thomas St sold 2,800 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $151.49, for a total transaction of $424,172.00. Following the completion of the transaction, the director owned 29,073 shares in the company, valued at approximately $4,404,268.77. This trade represents a 8.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 38,534 shares of company stock valued at $4,864,118. 0.79% of the stock is owned by company insiders.
FormFactor Stock Down 5.0% NASDAQ FORM opened at $98.80 on Tuesday. FormFactor, Inc. has a 1-year low of $26.08 and a 1-year high of $160.27. The company has a market capitalization of $7.70 billion, a price-to-earnings ratio of 113.56 and a beta of 1.22. The stock’s 50 day moving average is $126.39 and its two-hundred day moving average is $110.88. The company has a current ratio of 4.55, a quick ratio of 3.69 and a debt-to-equity ratio of 0.01.
FormFactor (NASDAQ:FORM – Get Free Report) last issued its earnings results on Wednesday, April 29th. The semiconductor company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.11. The business had revenue of $226.14 million during the quarter, compared to analysts’ expectations of $225.54 million. FormFactor had a return on equity of 9.31% and a net margin of 8.14%.FormFactor’s quarterly revenue was up 31.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.23 EPS. FormFactor has set its Q2 2026 guidance at 0.570-0.650 EPS. Equities analysts forecast that FormFactor, Inc. will post 2.03 earnings per share for the current fiscal year.
Analysts Set New Price Targets Several research firms have commented on FORM. Zacks Research cut FormFactor from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. B. Riley Financial raised FormFactor from a “neutral” rating to a “buy” rating and set a $165.00 price objective on the stock in a report on Thursday, June 11th. Citigroup boosted their price objective on FormFactor to $165.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Evercore upgraded FormFactor from an “in-line” rating to an “outperform” rating and set a $155.00 target price for the company in a research note on Friday, June 5th. Finally, Weiss Ratings cut FormFactor from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, July 15th. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $132.45.
View Our Latest Stock Report on FormFactor
About FormFactor (Free Report)
FormFactor, Inc (NASDAQ:FORM) is a leading provider of advanced test and measurement solutions for the semiconductor industry. The company specializes in the design, development and manufacture of high-performance wafer-level and package-level test interfaces used in wafer sort, characterization, reliability and failure analysis applications. By leveraging precision microelectromechanical systems (MEMS) and photolithographic processes, FormFactor delivers probe cards, analytical probes and test sockets that enable device makers to validate next-generation integrated circuits across logic, memory, RF, analog and power applications.
FormFactor’s product portfolio includes custom probe cards for wafer probers, TEM-based analytical probes for material and device characterization, and socket solutions for burn-in and final test of packaged devices.
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Bank of New York Mellon Corp cut its position in shares of FormFactor, Inc. (NASDAQ:FORM – Free Report) by 15.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 633,543 shares of the semiconductor company’s stock after selling 117,809 shares during the period. Bank of New York Mellon Corp owned approximately 0.81% of FormFactor worth $61,447,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of FormFactor by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,072 shares of the semiconductor company’s stock valued at $1,303,000 after buying an additional 2,001 shares during the period. Jones Financial Companies Lllp grew its position in FormFactor by 870.3% in the first quarter. Jones Financial Companies Lllp now owns 5,288 shares of the semiconductor company’s stock worth $150,000 after acquiring an additional 4,743 shares during the period. Goldman Sachs Group Inc. increased its stake in FormFactor by 12.2% during the first quarter. Goldman Sachs Group Inc. now owns 490,394 shares of the semiconductor company’s stock worth $13,873,000 after acquiring an additional 53,310 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in FormFactor by 5.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 173,979 shares of the semiconductor company’s stock worth $4,922,000 after acquiring an additional 9,394 shares during the last quarter. Finally, Intech Investment Management LLC raised its position in FormFactor by 18.1% in the first quarter. Intech Investment Management LLC now owns 53,531 shares of the semiconductor company’s stock valued at $1,514,000 after purchasing an additional 8,194 shares during the period. 98.76% of the stock is currently owned by institutional investors and hedge funds.
FormFactor Stock Down 0.3% FormFactor stock opened at $113.39 on Thursday. FormFactor, Inc. has a twelve month low of $26.08 and a twelve month high of $160.27. The stock’s fifty day simple moving average is $127.51 and its 200-day simple moving average is $109.97. The company has a current ratio of 4.55, a quick ratio of 3.69 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $8.84 billion, a P/E ratio of 130.33 and a beta of 1.22.
FormFactor (NASDAQ:FORM – Get Free Report) last released its earnings results on Wednesday, April 29th. The semiconductor company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.11. FormFactor had a return on equity of 9.31% and a net margin of 8.14%.The firm had revenue of $226.14 million during the quarter, compared to analyst estimates of $225.54 million. During the same period last year, the business posted $0.23 earnings per share. FormFactor’s revenue was up 31.9% compared to the same quarter last year. FormFactor has set its Q2 2026 guidance at 0.570-0.650 EPS. As a group, equities analysts expect that FormFactor, Inc. will post 2.03 earnings per share for the current fiscal year.
Analysts Set New Price Targets FORM has been the topic of several recent analyst reports. B. Riley Financial raised FormFactor from a “neutral” rating to a “buy” rating and set a $165.00 price target on the stock in a research note on Thursday, June 11th. Craig Hallum upgraded shares of FormFactor from a “hold” rating to a “buy” rating and set a $175.00 price objective on the stock in a report on Tuesday, May 12th. Northland Securities set a $118.00 target price on shares of FormFactor in a research report on Thursday, April 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $175.00 price target on shares of FormFactor in a research report on Monday, April 27th. Finally, Zacks Research downgraded shares of FormFactor from a “strong-buy” rating to a “hold” rating in a research note on Monday. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $132.45.
Read Our Latest Analysis on FORM
Insider Activity In related news, Director Rebeca Obregon-Jimenez sold 3,828 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $126.47, for a total value of $484,127.16. Following the sale, the director owned 7,875 shares of the company’s stock, valued at $995,951.25. This trade represents a 32.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sheri Rhodes sold 6,328 shares of FormFactor stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $125.40, for a total transaction of $793,531.20. Following the completion of the transaction, the director owned 5,375 shares of the company’s stock, valued at $674,025. This represents a 54.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 38,534 shares of company stock valued at $4,864,118. 0.79% of the stock is owned by corporate insiders.
FormFactor Profile (Free Report)
FormFactor, Inc (NASDAQ:FORM) is a leading provider of advanced test and measurement solutions for the semiconductor industry. The company specializes in the design, development and manufacture of high-performance wafer-level and package-level test interfaces used in wafer sort, characterization, reliability and failure analysis applications. By leveraging precision microelectromechanical systems (MEMS) and photolithographic processes, FormFactor delivers probe cards, analytical probes and test sockets that enable device makers to validate next-generation integrated circuits across logic, memory, RF, analog and power applications.
FormFactor’s product portfolio includes custom probe cards for wafer probers, TEM-based analytical probes for material and device characterization, and socket solutions for burn-in and final test of packaged devices.
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in FORM over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Key Takeaways FormFactor shares surged 110.7% YTD as record DRAM revenue and HBM demand fueled outperformance.FORM is expanding beyond memory into networking chips, GPUs, custom ASICs and co-packaged optics.FORM targets $240 million in Q2 2026 revenues, while heavy expansion spending may pressure margins. FormFactor (FORM - Free Report) shares have jumped 110.7% year to date (YTD), outperforming the Zacks Computer and Technology sector’s appreciation of 17%. The outperformance can be attributed to record DRAM revenues, driven by an accelerating high-bandwidth memory (HBM) demand and sharp margin expansion. However, FORM’s prospect remains dependent on continuing AI infrastructure spending. Heavy investments in the Farmers Branch manufacturing expansion are likely to keep margins under pressure.
Nevertheless, we believe FORM’s share price is well-poised to appreciate, driven by strong demand for HBM as well as an expanding AI exposure beyond memory into networking, GPUs and custom ASICs. These factors are expected to strengthen FORM’s competitive position against broader semiconductor competitors, including Teradyne (TER - Free Report) , Cohu (COHU - Free Report) and KLA (KLAC - Free Report) YTD. Shares of Cohu, KLA and Teradyne have returned 141.4%, 90.5% and 85.8%, respectively. So, what should investors do with the stock? Let’s dig deep to find out.
FORM Stock’s Price Performance
Image Source: Zacks Investment Research
AI & Strong HBM Demand Aids FORM’s ProspectFormFactor is one of the biggest beneficiaries of the AI infrastructure buildout through its leadership in HBM probe cards. The company expects another record DRAM revenue growth in the second quarter of 2026 as a second major customer ramps up adoption of FORM’s SmartMatrix technology. The company also highlighted that the transition from HBM3 to HBM4 and eventually HBM5 increases test intensity and market-share opportunities.
FormFactor is now winning business across networking chips, data-center CPUs, GPUs and custom ASICs. Management noted that networking growth helped a leading high-performance computing customer become a 10% customer for the first time. FORM also secured additional GPU design wins, expects production shipments in the second half of 2026 and is deepening engagements with hyperscalers on custom ASICs. This broadens AI exposure and reduces dependence on any single product category.
FormFactor is also benefiting from the emergence of co-packaged optics (CPO), an important AI networking technology. The company raised its 2026 CPO revenue outlook toward the high end of the previously guided $10-$20 million range, citing faster production ramps and growing demand for Triton production-test systems developed with Advantest and Tokyo Electron. Through its Triton production-test platform and Keystone Photonics acquisition, FORM expects accelerating CPO adoption to become another long-term growth driver.
FormFactor sits at the intersection of two of the industry's strongest secular trends - high-performance computing and advanced packaging. As chips become more complex, advanced packaging, HBM stacks and chiplet architectures require substantially more testing, increasing probe card demand. At Investor Day, FormFactor outlined plans to double revenue by 2030 while more than doubling non-GAAP earnings, supported by AI infrastructure growth, advanced packaging adoption and higher test intensity.
FORM’s Earnings Estimate Revision Shows Positive TrendFormFactor’s guided second-quarter 2026 revenues to $240 million (plus or minus $5 million), with non-GAAP gross margin expected at 49.5% (plus or minus 1.5%), and non-GAAP earnings projected at 61 cents (plus or minus 4 cents) per share.
The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at 61 cents per share, up 10.9% over the past 60 days and indicating 125.93% growth over the year-ago quarter’s reported figure. The consensus mark for second-quarter 2026 revenues is pegged at $240.1 million, suggesting 22.6% growth from the year-ago quarter’s reported figure.
The Zacks Consensus Estimate for 2026 earnings is pegged at $2.40 per share, up 5.7% over the past 60 days and indicating 84.62% growth over 2025’s reported figure. The consensus mark for 2026 revenues is pegged at $958.05 million, suggesting 22.1% growth from 2025’s reported figure.
FORM Shares Are Trading at a PremiumFormFactor shares are trading at a premium as suggested by a Value Score of F.
In terms of the forward 12-month price-to-sales (P/S), the company is trading at 9.23X compared with the broader sector and peers. The broader sector is trading at 6.98X while Cohu, Teradyne and KLA trade at 4.28X, 11.24X and 17.47X, respectively.
FORM Stock’s Valuation
Image Source: Zacks Investment Research
ConclusionFormFactor is benefiting from the rapid expansion of AI infrastructure, leveraging its leadership in semiconductor probe cards and wafer-level testing technologies. As hyperscalers and chipmakers invest heavily in AI servers, the demand for HBM, GPUs, networking chips and custom AI accelerators continues to rise, significantly increasing the need for advanced semiconductor testing solutions. Momentum is also supported by co-packaged optics programs, including the Triton production-test ramp and the Keystone Photonics acquisition that expands optical probing capability. These factors justify a premium valuation.
FormFactor currently sports a Zacks Rank #1 (Strong Buy), which implies that investors should start accumulating the stock right now. You can see the complete list of today’s Zacks #1 Rank stocks here.
LIVERMORE, Calif., July 08, 2026 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) will report financial results for its 2026 fiscal second quarter on Wednesday, July 29th, 2026, at 1:25 p.m. Pacific Time. The public is invited to listen to a live webcast of FormFactor's conference call on the Investors section of the company's web site at www.formfactor.com.
To Listen via Telephone: Preregistration is required. Please preregister by clicking here.
Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.
A replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investors section of our website www.formfactor.com.
About FormFactor:
FormFactor, Inc. (NASDAQ: FORM) is a leading provider of essential test and measurement technologies along the full IC life cycle – from characterization, modeling, reliability, and design de-bug to qualification and production test. Semiconductor companies rely upon FormFactor's products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company's website at www.formfactor.com.
Key Takeaways FormFactor is gaining from AI demand for probe cards, HBM testing, GPUs, ASICs and networking chips.Record DRAM probe card revenues were driven by HBM demand, with another record quarter expected.CPO adoption, Triton systems and Keystone Photonics are expected to support long-term FORM growth. FormFactor (FORM - Free Report) is benefiting from the rapid expansion of AI infrastructure, leveraging its leadership in semiconductor probe cards and wafer-level testing technologies. As hyperscalers and chipmakers invest heavily in AI servers, the demand for high-bandwidth memory (HBM), GPUs, networking chips and custom AI accelerators continues to rise, significantly increasing the need for advanced semiconductor testing solutions.
The company is positioned at the intersection of high-performance computing (HPC) and advanced packaging, two of the fastest-growing segments of the semiconductor industry. FormFactor highlighted record revenues from DRAM probe cards, driven by strong HBM demand, while networking applications also delivered robust growth. FormFactor expects another record quarter for DRAM probe cards as customers accelerate the transition from HBM3 to HBM4 and eventually HBM5. The company's proprietary SmartMatrix technology enables simultaneous testing of hundreds of HBM stacks at HBM4 speeds, giving it a competitive advantage as AI memory complexity increases.
AI infrastructure demand is also expanding opportunities beyond memory. FormFactor is seeing increasing demand for probe cards used in networking processors, data center CPUs, GPUs and custom ASICs. Management noted that networking growth helped a leading high-performance computing customer become a 10% customer for the first time, while GPU production qualification is nearing completion, with volume shipments expected in the second half of 2026. The company is also deepening engagements with hyperscalers developing custom AI chips.
FormFactor is also benefiting from the emergence of co-packaged optics (CPO), an important AI networking technology. The company raised its 2026 CPO revenue outlook toward the high end of the previously guided $10-$20 million range, citing faster production ramps and growing demand for Triton production-test systems developed with Advantest and Tokyo Electron. Through its Triton production-test platform and Keystone Photonics acquisition, FORM expects accelerating CPO adoption to become another long-term growth driver. At its Investor Day, FORM management projected that strong demand across HBM, GPUs, networking, custom ASICs and CPO would help double revenue by 2030 while supporting continued market share gains in AI infrastructure.
FORM Faces Tough CompetitionFormFactor is facing significant competition from the likes of Teradyne (TER - Free Report) and Cohu (COHU - Free Report) .
Teradyne’s leadership in automated test equipment (ATE) is a key catalyst. As AI chip production accelerates, Teradyne’s UltraFLEX and UltraFLEXplus platforms are widely used to test high-performance GPUs, AI accelerators, networking processors and advanced data center semiconductors from leading chipmakers. The company continues to benefit from rising test complexity as larger AI processors require more sophisticated and longer testing cycles. Teradyne’s strong relationships with major semiconductor manufacturers and a broad installed base make it a key player in AI semiconductor manufacturing.
Cohu’s offering of semiconductor test handlers, contactors, interface products and inspection solutions that support the production of AI processors, networking chips and high-performance computing devices has been a major driver. The company has been expanding its capabilities in advanced packaging and high-performance test applications, enabling customers to improve throughput, automation and yield as AI semiconductor complexity continues to increase. Cohu's broad portfolio allows it to participate across multiple stages of semiconductor testing, particularly in high-volume manufacturing environments.
FORM’s Share Price Performance, Valuation & EstimatesShares of FormFactor have appreciated 97.3% year to date, outperforming the broader Zacks Computer and Technology sector’s rise of 16.6%.
FORM Stock’s Price Performance
Image Source: Zacks Investment Research
The FORM stock is trading at a premium, with a forward 12-month price/earnings of 47.26X compared with the broader sector’s 24.98X. FormFactor has a Value Score of F.
FORM’s Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for FORM’s 2026 earnings is currently pegged at $2.40 per share, unchanged over the past 30 days, suggesting 84.6% growth from 2025’s reported figure.
FormFactor currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
On June 26, 2026, FormFactor Inc (FORM) shares fell 12.2% today, bringing the stock price to $130.33. The shares have experienced considerable volatility, tradi
LIVERMORE, Calif., June 24, 2026 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) announced today that it was added as a member of the US large-cap Russell 1000® Index, effective when the US market opens on June 29th, as part of the 2026 Russell indexes reconstitution. Membership in the Russell 1000® Index, which remains in place for half a year beginning 2026, is based on membership in the broad-market Russell 3000® Index. The stock also was automatically added to the appropriate growth and value indexes.
“Joining the Russell 1000® Index is a strong validation of our strategy, disciplined execution, and the dedication of our global team,” said Mike Slessor, CEO of FormFactor, Inc. “With our new 2030 Target Model, we are charting a bold growth trajectory—expanding our addressable markets, investing in differentiated capabilities, and building a more resilient, higher‑performing business. This milestone underscores our momentum and reinforces our commitment to long‑term, sustainable value creation.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to data as of the end of June 2025, about $12.2 trillion in assets are benchmarked against the Russell US indexes, which belong to FTSE Russell, the global index provider.
Fiona Bassett, CEO of FTSE Russell, an LSEG business, comments:
“The Russell indexes have continuously adapted to the evolving dynamic US economy, and it’s crucial to fully recalibrate the suite of Russell US Indexes, ensuring the indexes maintain an accurate representation of the market. The transition to a semi-annual reconstitution frequency this year will ensure our indexes continue to represent the market and maintain the purpose of the index as a portfolio benchmark.”
For more information on the Russell 1000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
About FormFactor:
FormFactor, Inc. (NASDAQ: FORM) is a leading provider of essential test and measurement technologies along the full IC life cycle – from characterization, modeling, reliability, and design de-bug to qualification and production test. Semiconductor companies rely upon FormFactor's products and services to optimize device performance and advance yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.
FORM-F
Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4273 [email protected]
FormFactor (FORM - Free Report) could be a solid choice for investors given the company's remarkably improving earnings outlook. While the stock has been a strong performer lately, this trend might continue since analysts are still raising their earnings estimates for the company.
The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this integrated circuits diagnostic company, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. This insight is at the core of our stock rating tool -- the Zacks Rank.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For FormFactor, strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate RevisionsThe earnings estimate of $0.61 per share for the current quarter represents a change of +125.9% from the number reported a year ago.
Over the last 30 days, the Zacks Consensus Estimate for FormFactor has increased 12.78% because one estimate has moved higher compared to no negative revisions.
Current-Year Estimate RevisionsFor the full year, the company is expected to earn $2.40 per share, representing a year-over-year change of +84.6%.
There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, one estimate has moved up for FormFactor versus no negative revisions. This has pushed the consensus estimate 7.14% higher.
Favorable Zacks RankThe promising estimate revisions have helped FormFactor earn a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom LineFormFactor shares have added 10.3% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects.
Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, May 4th:
Seagate Technology (STX - Free Report) : This company, which engages in the provision of data storage technology and infrastructure solutions in Singapore, the United States, the Netherlands, and internationally, has a Zacks Rank #1(Strong Buy), and witnessed the Zacks Consensus Estimate for its current year earnings increasing 15.6% over the last 60 days.
Seagate Technology's shares gained 61.2% over the last three month compared with the S&P 500’s gain of 5%. The company possesses a Momentum Score of A.
FormFactor (FORM - Free Report) : This company, which is a leading provider of electrical and optical test and measurement technologies along the full semiconductor product lifecycle – from characterization, modeling, reliability, and design debug, to qualification and production test, has a Zacks Rank #1, and witnessed the Zacks Consensus Estimate for its current year earnings increasing 6.1% over the last 60 days.
FormFactor’s shares gained 89.9% over the last three month compared with the S&P 500’s gain of 5%. The company possesses a Momentum Score of A.
Silicon Motion Technology (SIMO - Free Report) : This company, which is a leading developer of microcontroller ICs for NAND flash storage devices, has a Zacks Rank #1, and witnessed the Zacks Consensus Estimate for its current year earnings increasing 34.9% over the last 60 days.
Silicon Motion Technology’s shares gained 71% over the last three month compared with the S&P 500’s gain of 5%. The company possesses a Momentum Score of A.
See the full list of top ranked stocks here
Learn more about the Momentum score and how it is calculated here.
FormFactor (FORM - Free Report) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving.
Analysts' growing optimism on the earnings prospects of this integrated circuits diagnostic company is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. This insight is at the core of our stock rating tool -- the Zacks Rank.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For FormFactor, there has been strong agreement among the covering analysts in raising earnings estimates, which has helped push consensus estimates considerably higher for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate RevisionsFor the current quarter, the company is expected to earn $0.47 per share, which is a change of +74.1% from the year-ago reported number.
Over the last 30 days, the Zacks Consensus Estimate for FormFactor has increased 7.27% because one estimate has moved higher compared to no negative revisions.
Current-Year Estimate RevisionsFor the full year, the earnings estimate of $1.91 per share represents a change of +46.9% from the year-ago number.
There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, one estimate has moved up for FormFactor versus no negative revisions. This has pushed the consensus estimate 7.78% higher.
Favorable Zacks RankThe promising estimate revisions have helped FormFactor earn a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom LineWhile strong estimate revisions for FormFactor have attracted decent investments and pushed the stock 33.2% higher over the past four weeks, further upside may still be left in the stock. So, you may consider adding it to your portfolio right away.
LIVERMORE, Calif., May 08, 2026 (GLOBE NEWSWIRE) -- FormFactor, Inc. (NASDAQ: FORM), a is a leading provider of essential test and measurement technologies, will be ringing the Closing Bell at the Nasdaq MarketSite at 4 Times Square - 43rd Broadway, New York, NY on Monday, May 11, 2026.
“We are proud to be participating in the Nasdaq Closing Bell Ceremony,” said Mike Slessor, FormFactor’s Chief Executive Officer. “Throughout our history, FormFactor has shown a consistent ability to evolve, innovate, and expand our business, and we look forward to many more years of carrying on this tradition. As we join in Monday’s ceremony, I would like to thank and acknowledge the global FormFactor organization for their hard work, dedication, and, above all, the results we have accomplished together.”
A webcast of the Nasdaq Closing Bell will be available at: https://www.nasdaq.com/marketsite/bell-ringing-ceremony
The ceremony will begin at approximately 4:00 pm ET.
About FormFactor:
FormFactor, Inc. (NASDAQ: FORM) is a leading provider of essential test and measurement technologies along the full IC life cycle – from characterization, modeling, reliability, and design de-bug to qualification and production test. Semiconductor companies rely upon FormFactor's products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company's website at www.formfactor.com.
The State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM +0.78%) offers a lower-cost entry to small caps, while the iShares Core S&P Small-Cap ETF (IJR +1.08%) provides superior liquidity and historical longevity.
Both funds target the S&P SmallCap 600 Index, providing exposure to profitable small-cap U.S. companies. While they share the same underlying index and risk profiles, investors typically choose between them based on subtle differences in expense ratios, trading volume, and assets under management (AUM).
Snapshot (cost & size)MetricSPSMIJRIssuerSPDRiSharesExpense ratio0.03%0.06%1-yr return (as of May 7, 2026)37.30%37.10%Dividend yield1.40%1.20%Beta1.041.04AUM$15.6 billion$102.9 billionBeta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.
The State Street fund is more affordable with a 0.03% expense ratio, saving investors three dollars per $10,000 invested annually compared to the iShares fund. It also currently offers a slightly higher distribution yield of 1.40%.
Performance & risk comparisonMetricSPSMIJRMax drawdown (5 yr)(27.90%)(28.00%)Growth of $1,000 over 5 years (total return)$1,324$1,320
Today's Change
(
1.08
%) $
1.54
Current Price
$
143.83
What's insideThe iShares Core S&P Small-Cap ETF (IJR +1.08%) holds 640 stocks and was launched in 2000. Its largest positions include Viavi Solutions (VIAV +10.45%) at 0.74%, Sanmina (SANM +3.49%) at 0.71%, and FormFactor (FORM +4.53%) at 0.66%. The fund focuses on financial services (16.00%), industrials (16.00%), and technology (15.00%). It has a trailing-12-month dividend of $1.60 per share.
The State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM +0.78%) holds 606 stocks and was launched in 2013. Its top holdings include FormFactor (FORM +4.53%) at 0.61%, Viavi Solutions (VIAV +10.45%) at 0.58%, and Semtech (SMTC +3.54%) at 0.58%. It has a similar sector profile led by industrials (17.00%) and financial services (17.00%), and paid $0.77 per share over the trailing 12 months.
For more guidance on ETF investing, check out the full guide at this link.
NYSEMKT: SPSMSPDR Series Trust - State Street SPDR Portfolio S&P 600tm Small Cap ETF
Today's Change
(
0.78
%) $
0.43
Current Price
$
55.79
What this means for investors Small-cap stocks — companies too small for the S&P 500 — have historically outperformed large caps over long time horizons, but with a catch: The small-cap universe is full of speculative, unprofitable companies that can drag returns down significantly. Both SPSM and IJR sidestep that problem by tracking the S&P SmallCap 600, an index that requires profitability before admission. That shared quality screen is what sets them apart from broader small-cap funds.
In fact, these two funds are so similar that the choice between them is almost entirely about fund mechanics rather than strategy. Both hold the same roughly 600 companies in the same proportions. But SPSM charges half of what IJR does. That’s a difference that amounts to a few dollars annually per $10,000 invested, but one that compounds quietly over decades.
What IJR offers in return is scale and history. With roughly six times the assets and a track record stretching back to 2000, IJR is the more established vehicle and carries deeper liquidity. For buy-and-hold investors, SPSM's lower cost is the stronger argument. Those who value a longer track record and greater fund depth will find IJR worth the modest premium.
The Schwab U.S. Small-Cap ETF (SCHA +1.19%) offers lower costs and broader market coverage, while the iShares Core S&P Small-Cap ETF (IJR +1.08%) provides a more concentrated portfolio with higher liquidity.
Both funds serve as low-cost gateways to the smallest corners of the domestic equity market. While they share similar sector exposures, the primary difference lies in their index strategies.
The Schwab fund casts a wide net across nearly the entire small-cap universe, while the iShares fund focuses on a more selective set of companies that must meet S&P's specific financial viability standards. This distinction affects how each portfolio reacts to market cycles.
Snapshot (cost & size)MetricSCHAIJRIssuerSchwabiSharesExpense ratio0.04%0.06%1-yr return (as of May 7, 2026)44.0%37.1%Dividend yield1.0%1.2%Beta1.101.04AUM$22.4 billion$102.9 billionBeta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.
The Schwab fund remains one of the most affordable options in the category with a 0.04% expense ratio, which minimizes the drag on long-term returns. Although the iShares fund costs slightly more at 0.06%, it may appeal to income-focused investors because it currently provides a higher trailing-12-month dividend payout compared to its Schwab counterpart.
Performance & risk comparisonMetricSCHAIJRMax drawdown (5 yr)(30.8%)(28.0%)Growth of $1,000 over 5 years (total return)$1,380$1,320What's insideThe iShares Core S&P Small-Cap ETF tracks a more selective index of 640 holdings, focusing on companies that must meet specific market capitalization and profitability criteria. This focus on "quality" in the small-cap space is reflected in its sector exposure, which is balanced between financial services at 16%, industrials at 16%, and technology at 15%. Its largest positions include Viavi Solutions (VIAV +10.45%) at 0.74%, Sanmina (SANM +3.49%) at 0.71%, and Formfactor (FORM +4.53%) at 0.66%. The fund was launched in 2000 and has paid $1.60 per share in dividends over the trailing 12 months.
In contrast, the Schwab U.S. Small-Cap ETF offers much broader diversification through 1,721 holdings, capturing a wider slice of the total market. Its sector tilts favor technology at 18%, followed by financial services and industrials at 16% each. Its top holdings include Sandisk (SNDK +5.07%) at 4.08%, Lumentum (LITE +1.97%) at 1.53%, and Revolution Medicines (RVMD +3.56%) at 0.64%. The Schwab fund was launched in 2009 and has a trailing-12-month dividend of $0.34 per share. By including a larger number of holdings, it provides exposure to more micro-cap names that the more selective iShares fund might exclude.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investorsInvesting in small-cap stocks is a great way to add diversification to a portfolio and deliver exposure to high-growth companies. Both the iShares Core S&P Small-Cap ETF (IJR) and Schwab U.S. Small-Cap ETF (SCHA) seek to help investors with this. Choosing between the pair comes down to a few factors.
SCHA’s much broader set of holdings, totaling nearly 2,000 equities, is more representative of the small-cap portion of the U.S. stock market. This helped it deliver a greater one-year return. Its share price is also far lower than IJR, with a 2-for-1 stock split performed in 2024 contributing to this.
SCHA’s downsides are its smaller AUM, which means reduced liquidity compared to IJR, and because small-cap stocks are more volatile than larger companies, the ETF’s greater slice of these businesses led to a larger max drawdown and beta. SCHA is better suited for investors who want a fund that’s more representative of the small-cap universe, and are willing to accept the higher risk.
IJR limits its holdings because it screens stocks based on quality filters, such as positive earnings. This lowers the investor risk inherent in small-cap companies, although it means a less diversified portfolio compared to SCHA. IJR also boasts a much bigger AUM, which can appeal to active traders. It is the better ETF for investors concerned with risk and volatility, and are willing to pay a slightly higher expense ratio in exchange for this greater stability.
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Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at FormFactor (FORM - Free Report) , a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. FormFactor currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market? In order to see if FORM is a promising momentum pick, let's examine some Momentum Style elements to see if this integrated circuits diagnostic company holds up.
Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For FORM, shares are up 7.64% over the past week while the Zacks Electronics - Semiconductors industry is up 5.15% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 18.08% compares favorably with the industry's 26.89% performance as well.
While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Shares of FormFactor have increased 56.52% over the past quarter, and have gained 370.63% in the last year. In comparison, the S&P 500 has only moved 7.12% and 32.44%, respectively.
Investors should also pay attention to FORM's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. FORM is currently averaging 2,144,744 shares for the last 20 days.
Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with FORM.
Over the past two months, 5 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost FORM's consensus estimate, increasing from $1.84 to $2.40 in the past 60 days. Looking at the next fiscal year, 4 estimates have moved upwards while there have been no downward revisions in the same time period.
Bottom LineTaking into account all of these elements, it should come as no surprise that FORM is a #1 (Strong Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep FormFactor on your short list.
Marks 13 Consecutive Years of Customer Recognition in Test Subsystems May 13, 2026 16:05 ET | Source: FormFactor, Inc.
LIVERMORE, Calif., May 13, 2026 (GLOBE NEWSWIRE) -- FormFactor, Inc. (NASDAQ: FORM), a leading semiconductor test and measurement supplier, announced that it was ranked the global #1 supplier in both Test Subsystems and Focused Suppliers of Chip Making Equipment in the TechInsights 2026 Customer Satisfaction Survey.
The company’s dual #1 rankings reflect sustained technology leadership and strong customer trust. FormFactor continues to deliver the performance, reliability, and engineering innovation needed to enable next-generation semiconductor architectures—spanning high-bandwidth memory (HBM), advanced packaging, and emerging requirements tied to hyperscaler and high-performance computing (HPC) roadmaps, including co-packaged optics (CPO)—reinforcing FormFactor’s position as the clear benchmark in these categories.
In a highly competitive supplier landscape, FormFactor’s results once again place it decisively ahead of the field.
In addition to its global rankings, FormFactor received multiple Global Semiconductor Supplier Awards, including:
Global #1 – Test SubsystemsGlobal #1 – Focused Suppliers of Chip Making EquipmentGlobal Semiconductor Supplier Award – Top 10 Customer Service (Focused Suppliers of Chip Making Equipment)Global Semiconductor Supplier Award – Test SubsystemsGlobal Semiconductor Supplier Award – Assembly Test Equipment As industry requirements continue to advance, customers rely on partners that can deliver precise measurements, scalable test solutions, and consistent execution across the product lifecycle. FormFactor’s continued leadership across multiple categories reflects its ability to meet these demands and help customers bring advanced devices to market faster and with greater confidence.
Each year, TechInsights surveys semiconductor manufacturers worldwide, asking them to evaluate suppliers on three key criteria: supplier performance, customer service, and product performance. This year marks FormFactor’s thirteenth consecutive year of recognition in the Test Subsystems category; an achievement that underscores the company’s leadership in one of the most technically demanding segments of semiconductor test, including probe cards, test sockets, and device interface boards.
“FormFactor earned stellar customer recognition for partnering and technology leadership,” said G. Dan Hutcheson, Vice Chair, TechInsights. “Across multiple categories, customers continue to distinguish FormFactor as a Five Star supplier.”
“As semiconductor innovation accelerates, the demands on test continue to rise in both complexity and scale,” said Mike Slessor, President and CEO of FormFactor. “These results reflect what our customers tell us year after year: FormFactor delivers the performance, precision, and reliability they depend on. We’re proud to set the standard in Test Subsystems and Focused Chip Making Equipment—and we’ll keep innovating alongside our customers as architectures evolve across HBM, advanced packaging, hyperscaler and HPC platforms, and CPO.”
About TechInsights
TechInsights is the most trusted source of actionable, in-depth intelligence related to semiconductor innovation and surrounding markets. Our content informs decision makers and professionals whose successes depend on accurate knowledge of the semiconductor industry – past, present, or future. Our unmatched reverse engineering analysis, images, and expert commentary are accessed through the TechInsights Platform, the world’s largest research library of semiconductor and market analysis. Our customers include the most successful technology companies, who rely on our analysis to make informed business decisions faster and with greater confidence.
About FormFactor
FormFactor, Inc. (NASDAQ: FORM) is a leading provider of essential test and measurement technologies along the full IC life cycle – from characterization, modeling, reliability, and design debug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.
Trade Contact
Aasutosh Dave
Chief Commercial Officer [email protected]
Investor Contact
Stan Finkelstein
Investor Relations
(925) 290-4273 [email protected]
LIVERMORE, Calif., May 14, 2026 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) is pleased to announce its participation in the following investor conferences:
B. Riley 26th Annual Institutional Investor Conference
Location: Ritz-Carlton, Marina Del Rey
Date: May 20th, 2026
Format: 1:1’s Only
TD Cowen 54th Annual Technology, Media & Telecom Conference
Location: InterContinental New York Barclay
Date: May 27th, 2026
Format: 1:1’s Only
Craig-Hallum 23rd Annual Institutional Investor Conference
Location: Depot Renaissance Hotel Minneapolis
Date: May 28th, 2026
Format: 1:1’s Only
Stifel 2026 Boston Cross Sector 1x1 Conference
Location: InterContinental Boston
Date: June 2nd, 2026
Format: 1:1’s Only
2026 Evercore TMT Global Conference
Location: Omni San Francisco Hotel
Date: June 3, 2026
Format: 1:1’s Only
About FormFactor:
FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full IC life cycle - from characterization, modeling, reliability, and design de-bug to qualification and production test. Semiconductor companies rely upon FormFactor's products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company's website at www.formfactor.com.
Source: FormFactor, Inc.
FORM-F
Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4273 [email protected]
Key Takeaways Tech stocks drive record highs as AI optimism eclipses most other U.S. equity sectors.ALB is up 216.8% in 52 weeks but slipped 3.7% last week, matching the screen's pullback rule.FormFactor is up 290% in a year but fell 11.5% last week; International Seaways declined 5.2%. Despite intermittent conflicts amid the U.S.-Iran ceasefire, the broader U.S. equity markets are witnessing a dream run of late, driven by a tech rally. Leading benchmark indices have been charting fresh record highs on almost every trading day amid renewed enthusiasm in the AI trade, eclipsing a below-par performance from the majority of other sectors. The tech rally was further buoyed by a positive bilateral meeting between President Trump and his counterpart in China, with initial media reports suggesting that Washington has approved the sales of Nvidia’s H200 chip to 10 China-based firms.
The uptrend was briefly punctured by a hotter-than-expected U.S. consumer inflation data for April, which revealed that wholesale inflation gained 6% on an annual basis — the largest increase since December 2022 — and the consumer price index rising 0.6%, putting the annual inflation rate at 3.8%. However, the market was quick to reverse the trend as tech stocks spurred an unprecedented rally. Amid the vagaries of the market, investors often seek to employ time-tested winning strategies to fetch sustained profits. One of the most successful game plans to beat the blues is to bet on momentum stocks, like Albemarle Corporation (ALB - Free Report) , FormFactor, Inc. (FORM - Free Report) and International Seaways, Inc. (INSW - Free Report) when value or growth investing fails to generate the desired profits.
This approach primarily tends to follow the adage, “the trend is your friend.” At its core, momentum investing is “buying high and selling higher.” It is based on the idea that once a stock establishes a trend, it is more likely to continue in that direction because of the momentum that is already behind it. Momentum investing is a way to profit from the general human tendency to extrapolate current trends into the future. It is based on that gap in time before the mean reversion occurs, i.e., before prices become rational again.
Momentum strategies have been known to be alpha-generative over a long period and across market stages. Therefore, this strategy is quite tricky to implement, as detecting these trends is not easy. Here, we have created a strategy to help investors get in on these fast movers and rake in handsome gains. Our screen will help you benefit from long-term price momentum and a short-term pullback in price.
Screening Parameters for Momentum Anomaly StocksPercentage Change in Price (52 Weeks) = Top #50: This selects the top 50 stocks with the best percentage price change over the last 52 weeks. This parameter ensures we get the best stocks that have appreciated steadily over the past year.
Percentage Change in Price (1 Week) = Bottom #10: From the above 50 stocks, we then choose those that are also among the 10 worst performers over a short one-week period. This parameter picks the ones that have witnessed a short-term pullback in price.
Zacks Rank #1: Stocks sporting a Zacks Rank #1 (Strong Buy) have a proven history of outperformance irrespective of the market conditions. You can see the complete list of today’s Zacks #1 Rank stocks here.
Momentum Style Score of B or Better: A top Momentum Style Score knocks out a lot of the screening process, as it takes into account several factors that include volume change and performance relative to its peers. It indicates when the timing is best to grab a stock and take advantage of its momentum with the highest probability of success. Stocks with a Momentum Score of A or B, when combined with a Zacks Rank #1 or 2 (Buy), handily outperform other stocks.
Current Price Greater Than $5: The stocks must all be trading at a minimum of $5.
Market Capitalization = Top #3000: We have chosen stocks that are among the top 3000 in terms of market value to ensure the stability of price.
Average 20-Day Volume Greater Than 100,000: A substantial trading volume ensures that these stocks are easily tradable.
Here are three of the six stocks that made it through this screen:
Charlotte, NC-based Albemarle is a premier specialty chemicals company with leading positions in attractive end markets globally. It is a leading producer of highly-engineered specialty chemicals geared to meet customer requirements across a bevy of end markets, including petroleum refining, consumer electronics, energy storage, construction and automotive.
The stock has soared 216.8% over the past year but lost 3.7% over the past week. Albemarle has a Momentum Score of A.
Livermore, CA-based FormFactor is a leading provider of electrical and optical test and measurement technologies along the full semiconductor product lifecycle – from characterization, modeling, reliability and design debug, to qualification and production test. The company’s product portfolio comprises high-performance probe cards, analytical probes, probe stations, thermal systems and cryogenic systems.
The stock has surged 290% over the past year but lost 11.5% over the past week. FormFactor has a Momentum Score of A.
Headquartered in New York, NY, International Seaways is one of the largest public tanker companies in the world, providing seaborne transportation services for crude oil and refined petroleum products. The company owns and operates a fleet across the principal tanker asset classes, focusing on the safe and reliable operation of its fleet.
The stock has jumped 123.3% in the past year but declined 5.2% in the past week. International Seaways has a Momentum Score of A.
The lab that sits behind the qubits FormFactor began life as a probe card company for semiconductor fabs. Over time, it built deep expertise in handling tiny, fragile devices with precision at high speed, a skill set that turns out to matter a great deal as you shrink classical chips down to individual quantum dies.
Image source: Getty Images.
To run, many quantum computing devices require temperatures close to absolute zero and exquisite control over magnetic fields. FormFactor's cryogenic systems live inside that environment. Its HPD IQ3000 probe station, for example, provides a 4‑kelvin platform that lets researchers and hardware teams characterize superconducting qubits, single‑photon detectors, and other quantum structures right at the wafer or multichip level. Instead of packaging a device, wiring it up, cooling it for hours, and hoping it behaves, engineers can interrogate many devices in a single chill‑down cycle.
In a blog post titled "The Future of Quantum Computing Starts at the Die Level," FormFactor lays out why this matters: Yield will hinge on understanding the behavior of each quantum die early, rather than discovering design flaws only after full system assembly.
FormFactor's integration into quantum computing One way to gauge a company's importance in a young field is to look at which players choose to align with it. Quantum computing hardware vendors and control‑electronics companies feature FormFactor systems in joint marketing and technical papers, framing them as reference platforms for device validation. Magnetics industry coverage has highlighted how FormFactor's cryogenic test lab enables customers to explore materials and designs that sit at the edge of what current tools can handle.
The National Institute of Standards and Technology, in its broader work on quantum characterization, emphasizes that the ability to take device measurements under realistic conditions is a central bottleneck on the path to progress. FormFactor builds the literal tables, probes, and cryostats that labs wheel their experiments onto when they try to clear that bottleneck.
Crucially, this role gives FormFactor a vantage point that pure‑play quantum computing companies envy. Its engineers see a wide range of qubit designs, materials stacks, and packaging schemes. From that, they can tailor future generations of equipment to what seems promising, rather than betting on a single architecture. In a field that will see binary outcomes for many individual start-ups, that kind of diversified exposure is its own edge.
FormFactor is killing it year over year To add to this, FormFactor's stock has surged by more than 300% over the last year as investors have come to realize that the company sits at the center of several powerful technology trends. Demand for advanced artificial intelligence (AI) chips and high-bandwidth memory has obviously helped drive record revenue and profits, but FormFactor's testing systems are becoming important for next-generation semiconductor manufacturing.
Excitement around quantum computing has pushed investors toward companies that supply the industry's underlying infrastructure. Unlike many speculative quantum computing start-ups, FormFactor already has a profitable core business and established relationships across the semiconductor industry. Investors are beginning to see the company not just as a traditional chip equipment supplier but also as a potential long-term "pick-and-shovel" play in the AI and quantum computing booms.
As quantum computing moves beyond the research stage and toward real-world development, companies will need reliable ways to test and improve quantum chips quickly and efficiently. FormFactor already provides those tools. This positions the company well if the quantum computing industry develops into a major market over the next decade. Wall Street hasn't fully priced this into its stock price yet, especially now that the U.S. government is giving quantum computing more formal recognition.
It has been about a month since the last earnings report for FormFactor (FORM - Free Report) . Shares have lost about 4.2% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is FormFactor due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for FormFactor, Inc. before we dive into how investors and analysts have reacted as of late.
FORM Q1 Earnings Beat Estimates, Revenues Rise Y/Y, Margin JumpsFormFactor delivered first-quarter fiscal 2026 non-GAAP earnings of56 cents per share, which increased 143.5% year over year and beat the Zacks Consensus Estimate by 24.4%.
Revenues were $226.1 million, up 32% year over year, and beat the consensus mark by 0.23%. Results reflected a strong demand backdrop, highlighted by record DRAM revenues (36.7% of the total revenues) of $82.9 million, up 69.5% year over year, supported by higher HBM-related activity and sustained non-HBM demand.
FORM’s Segmental Revenue DetailsFORM’s top line continued to be driven by Probe Cards, which generated $198.2 million in the quarter, up 45% year over year. The strength underscored broad-based demand across memory and logic test applications, keeping the company’s core consumables franchise in a favorable position as customers push for higher test intensity.
Within Probe Cards, Foundry & Logic revenues (49.2% of the total revenues) rose to $111.2 million, up 30.4% year over year, reflecting growth in probe cards tied to networking applications. Flash revenues (1.8% of the total revenues) were $4.1 million, up 70.8% year over year, while the overall probe card mix continued to benefit from advanced packaging-related testing requirements. Systems revenues (12.3% of the total revenues) were $27.9 million, down 19.8% year over year.
FormFactor’s revenue mix remained heavily weighted toward Asia, led by South Korea at $80.6 million (35.6% of total revenues) and Taiwan at $70.8 million (31.3% of total revenues). The United States generated $29.4 million (13% of total revenues), while China contributed $11.4 million (5% of total revenues), highlighting a geographic profile closely aligned with leading-edge semiconductor production and memory manufacturing hubs.
Customer concentration also stood out. SK Hynix accounted for 29.5% of total revenues in the quarter, and NVIDIA represented 10.2%. The concentration reflects FORM’s exposure to large, high-volume customers that are actively investing in advanced memory and compute platforms.
FORM’s Operating ResultsFORM’s non-GAAP gross margin climbed to 49%, improving 980 basis points (bps) year over year and 510 bps sequentially. The outperformance supported management’s view that the quarter exceeded the company’s target model on a quarterly run-rate basis, helped by a favorable demand environment and improved profitability.
FormFactor continued to invest in product development while maintaining discipline in its operating cost structure. Non-GAAP research and development expense was $27 million, down 2.8% year over year, while selling, general and administrative expense totaled $27.9 million, down 16.5% year over year.
Total non-GAAP operating expenses were $62 million, up 23.4% year over year, while non-GAAP operating income was $48.7 million, up 188.3% year over year, reflecting the company’s stronger underlying operating performance after adjustments.
FormFactor’s Balance Sheet & Cash FlowAs of March 28, 2026, cash and cash equivalents and marketable securities were $303.2 million compared with $275.1 million as of Dec. 27, 2025.
Cash generated from operating activities was $45 million in the reported quarter, slightly down from $46 million in the previous quarter. Free cash flow was $30.7 million.
FORM Offers Optimistic Q2 GuidanceFormFactor’s outlook called for continued momentum into the second quarter of fiscal 2026. The company guided revenues to $240 million (plus or minus $5 million), with non-GAAP gross margin expected at 49.5% (plus or minus 1.5%), and non-GAAP earnings projected at 61 cents (plus or minus 4 cents) per share.
Management noted that the outlook reflects strong DRAM demand driven by HBM, alongside continued growth in Foundry & Logic probe-card revenues, supported by incremental strength in data-center CPU applications. The outlook assumes consistent foreign currency rates, setting a constructive tone for sequential progress.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.
The consensus estimate has shifted 54.54% due to these changes.
VGM ScoresAt this time, FormFactor has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. However, the stock has a score of F on the value side, putting it in the fifth quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise FormFactor has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.
Performance of an Industry PlayerFormFactor is part of the Zacks Electronics - Semiconductors industry. Over the past month, Amkor Technology (AMKR - Free Report) , a stock from the same industry, has gained 1.2%. The company reported its results for the quarter ended March 2026 more than a month ago.
Amkor Technology reported revenues of $1.68 billion in the last reported quarter, representing a year-over-year change of +27.5%. EPS of $0.33 for the same period compares with $0.09 a year ago.
For the current quarter, Amkor Technology is expected to post earnings of $0.47 per share, indicating a change of +113.6% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Amkor Technology. Also, the stock has a VGM Score of A.
On June 01, 2026, FormFactor Inc (FORM) shares fell 7.6% today, currently trading at $115.05. This decline is part of a larger trend, with shares down 10.8% ove
