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
Investors in FormFactor, Inc. (FORM - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the June 18, 2026 $65 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for FormFactor shares, but what is the fundamental picture for the company? Currently, FormFactor is a Zacks Rank #1 (Strong Buy) in the Electronics – Semiconductors industry that ranks in the Top 20% of our Zacks Industry Rank. Over the last 60 days, four analysts have increased their earnings estimates for the current quarter, while none dropped the estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 55 cents per share to 61 cents in that period.
Given the way analysts feel about FormFactor right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our analyst ratings page.
Considering buying EDU stock? Here’s what analysts think:
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