FormFactor, Inc. (FORM) Stock Price & How to Invest

FormFactor, Inc. designs and makes electrical and optical test and measurement products used across the semiconductor lifecycle, from characterization and reliability work to high-volume production test. Its business runs in two segments: Probe Cards (the core franchise, including advanced probe cards for foundry and logic, DRAM, and flash) and Systems (probe stations, thermal subsystems, and analytical probes). The company sits between chip designers and the fabs, and its products are consumed as leading-edge nodes, high-bandwidth memory (HBM), and advanced-packaging designs ramp, making it a supplier that benefits when more complex, AI-oriented chips need testing.

The investment picture is a cyclical semiconductor-equipment name with a secular AI tailwind. Revenue reached a trailing-twelve-month figure of about $785M as of December 2025, and Q1 2026 was a record quarter driven by foundry-and-logic probe cards and HBM DRAM demand. Management has laid out a target to roughly double revenue toward $1.6B by 2030. Against that growth story, the stock trades at a premium multiple, so the debate is less about whether the business is good and more about how much future AI-testing demand is already reflected in the price, and whether rivals like Technoprobe erode FormFactor's share at the leading edge.

FormFactor is exposed to the semiconductor cycle, so downturns in memory or foundry capital intensity can cut orders quickly since probe cards track production volumes. Competition is a real pressure: Technoprobe has been winning leading-edge logic qualifications (including a reported share of TSMC 2nm work) and rivals like Micronics Japan, JEM, and MPI compete in memory and mid-range applications. Customer concentration among a small number of large chipmakers and memory makers means a single customer's pause can move results. The stock also carries an elevated valuation relative to trailing revenue and earnings, so any growth disappointment or guidance miss can trigger sharp moves, as the market has shown even around record quarters. Broader factors like export controls, tariffs, and AI-spending durability add macro uncertainty.

8 analysts publish price targets on FORM, averaging $138.62 against a $106.20 price as of August 2026, or +30.5%. The published targets run from $64.00 to $175.00, a wide spread, and the ratings split 5 buy, 5 hold, 0 sell. Over the last six months there have been 7 raises and 2 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full FORM forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on FormFactor, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. AI and high-bandwidth memory testing. Demand for HBM used in AI accelerators has been a primary growth driver, lifting DRAM probe-card sales. The most optimistic published target, $175.00, assumes this works close to its best case.

The case against. FormFactor is exposed to the semiconductor cycle, so downturns in memory or foundry capital intensity can cut orders quickly since probe cards track production volumes. The most pessimistic target, $64.00, is roughly what FORM is worth if this bites instead.

Read the full bull and bear case on FORM, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see FormFactor, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$785M
• Q1 2026 revenue: ~$226M (up ~32% YoY)
• Q1 2026 non-GAAP EPS: ~$0.56
• Non-GAAP gross margin: ~49%
• Market cap: ~$10.5B
• 2030 revenue target: ~$1.6B

FormFactor posted a record Q1 2026 with revenue near $226M, up roughly 32% year over year, led by foundry-and-logic and HBM DRAM probe cards. At a market cap around $10.5B against about $785M of trailing revenue, the stock trades at a rich price-to-sales multiple, reflecting expectations for continued AI-driven growth. Management guided Q2 2026 revenue to roughly $240M and reiterated its longer-term doubling roadmap.

If you want FORM exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

Other names that sit close to FORM: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get FORM exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (IJR, SPSM, IJT), which spreads the position across many companies. Or build it into a focused thematic portfolio, so FORM sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where FORM fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

FORM is a profitable, AI-leveraged probe-card leader whose fortunes rise and fall with semiconductor test intensity, and whose stock already reflects a lot of optimism.

Whether FORM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is FORM a buy or a sell?, and where the stock could go from here in the FORM stock forecast.

For income investors, whether FORM pays a dividend and how the payout looks is covered in does FORM pay a dividend? And to weigh FORM against a peer, read the full side-by-side comparisons: FORM vs TSM and FORM vs TER.