FORM Financials Formfactor Inc

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Nov 4, 2026, 11:12 UTC Overview →

Growth & profitability

Revenue has grown 2.5% per year over the past 5 years.
Net income has grown slower than revenue (-7.1% vs 2.5% per year).
Operating margin has contracted, at 7.3% in the latest year.
Free cash flow has declined 36.5% per year over the past 5 years.

Financial health

The company holds more cash ($103M) than total debt ($12M).
Total debt has grown slower than revenue (-18.8% vs 2.5% per year).
Operating income covered interest expense 110× in the latest year, up from 97× 5 years ago.
Total debt is 0.2× EBITDA.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$785M	$54M	39.3%	7.3%	5.3%	4.4%	$12M	$12M	$103M
2024	$764M	$70M	40.3%	8.5%	7.3%	6.1%	$79M	$13M	$191M
2023	$663M	$82M	39.0%	12.5%	9.1%	7.4%	$9M	$14M	$178M
2022	$748M	$51M	39.6%	7.3%	6.3%	5.0%	$67M	$15M	$109M
2021	$770M	$84M	41.9%	12.7%	10.3%	8.2%	$73M	$24M	$151M
2020	$694M	$79M	41.5%	12.1%	10.6%	8.2%	$113M	$34M	$187M
2019	$589M	$39M	40.3%	8.4%	6.1%	4.7%	$100M	$58M	$145M
2018	$530M	$104M	39.7%	6.8%	17.9%	14.3%	$49M	$65M	$98M
2017	$548M	$41M	39.3%	8.4%	8.9%	6.3%	$69M	$106M	$91M
2016	$384M	-$7M	26.7%	-12.5%	-1.6%	-1.1%	—	$138M	$101M
2015	—	-$2M	—	—	-0.5%	-0.4%	—	$0	$146M
2014	—	-$19M	—	—	-6.6%	-5.6%	—	—	$114M
2013	—	-$58M	—	—	-19.6%	-16.9%	—	—	$59M
2012	—	-$36M	—	—	-10.5%	-9.0%	—	—	$72M
2011	—	-$66M	—	—	-19.0%	-17.2%	—	—	$139M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$281M	$74M	54.7%	29.1%	6.2%	5.2%	$65M	$11M	$138M
Jun '26	$258M	$56M	50.7%	22.4%	5.1%	4.2%	$52M	$12M	$110M
Mar '26	$226M	$20M	38.4%	7.4%	1.9%	1.6%	$30M	$12M	$124M
Dec '25	$215M	$23M	42.2%	10.9%	2.2%	1.9%	$35M	$12M	$103M
Sep '25	$203M	$16M	39.8%	8.9%	1.6%	1.3%	$19M	$12M	$98M
Jun '25	$196M	$9M	37.3%	6.3%	0.9%	0.8%	-$47M	$13M	$67M
Mar '25	$171M	$6M	37.7%	1.9%	0.7%	0.6%	$5M	$13M	$130M
Dec '24	$189M	$10M	38.8%	4.1%	1.0%	0.8%	$28M	$13M	$191M
Sep '24	$208M	$19M	40.7%	8.6%	2.0%	1.6%	$18M	$14M	$185M
Jun '24	$197M	$19M	44.0%	9.0%	2.0%	1.7%	$13M	$14M	$196M
Mar '24	$169M	$22M	37.2%	12.6%	2.4%	1.9%	$20M	$14M	$186M
Dec '23	$168M	$76M	40.4%	48.3%	8.3%	6.9%	-$683000	$14M	$178M
Sep '23	$172M	$4M	40.4%	1.6%	0.5%	0.4%	$15M	$15M	$109M
Jul '23	$156M	$828000	38.7%	-0.8%	0.1%	0.1%	$2M	$15M	$98M
Apr '23	$167M	$1M	36.5%	0.1%	0.2%	0.1%	-$7M	$15M	$112M
Dec '22	$166M	-$14M	27.2%	-9.6%	-1.7%	-1.4%	-$5M	$15M	$109M
Sep '22	$181M	$4M	34.4%	2.2%	0.5%	0.4%	$15M	$17M	$121M
Jun '22	$204M	$30M	46.3%	16.0%	3.6%	2.9%	$28M	$20M	$136M
Mar '22	$197M	$30M	47.8%	17.3%	3.5%	2.8%	$29M	$22M	$167M
Dec '21	$205M	$26M	43.7%	15.5%	3.2%	2.5%	$24M	$24M	$151M

Valuation over time

How the market has priced FORM against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 49.2× (Mar '23) to 142.7× (Nov '26).
The price-to-sales ratio has risen from 3.3× (Mar '23) to 9.9× (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Frequently asked questions

Is FORM growing its revenue and profit?

Over the past 5 years, Formfactor Inc's revenue has grown 2.5% per year, and net income declined 7.1% per year. These are computed facts, not advice.

How much debt does FORM have?

As of FY2025, Formfactor Inc reported $12M of total debt against $103M of cash; operating income covered interest expense 110×.

What is FORM's profit margin?

In FY2025, gross margin was 39.3%, operating margin 7.3%, and net margin 6.9%.

What is FORM's P/E ratio?

Formfactor Inc's P/E (TTM) is 44.67 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the FORM stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 142.7× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.