FormFactor, Inc. (FORM) Stock Price & How to Invest
Short answer
FormFactor (FORM) is a US-listed semiconductor test-and-measurement company best known as the largest maker of wafer probe cards, and it trades as an AI-and-memory pick-and-shovel play tied to how much advanced silicon (especially high-bandwidth memory) the industry tests. It is a real, profitable business, though the stock carries a rich valuation that prices in continued AI-driven growth.
FORM stock price
As of 2026-07-08, FormFactor, Inc. (FORM) last closed at $111.59, up 212.7% over the past year. Over the past 52 weeks it has traded between $27.62 and $159.93.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or FormFactor, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does FormFactor, Inc. (FORM) do?
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.
What's driving FormFactor, Inc. (FORM)?
1. AI and high-bandwidth memory testing
Demand for HBM used in AI accelerators has been a primary growth driver, lifting DRAM probe-card sales. As AI training and inference build-outs continue, the intensity of memory testing rises, which supports FormFactor's most differentiated products. This is the clearest secular tailwind behind the recent record quarters.
2. Advanced foundry and logic nodes
Leading-edge logic at 3nm and 2nm, plus advanced packaging and co-packaged optics, requires more sophisticated probe cards. FormFactor's foundry-and-logic probe cards have shown notable strength, and networking-related silicon adds another demand pocket. Each new node transition tends to increase test complexity and content per wafer.
3. Margin and operating leverage
Non-GAAP gross margin ran around 49% in early 2026, and management frames a path to expand margins and more than double non-GAAP EPS by 2030 as volumes scale. Because probe cards are consumables tied to production, higher wafer volumes can flow through to profitability. Systems and analytical products add a higher-margin, less cyclical complement.
4. Long-term revenue-doubling roadmap
The company has publicly targeted roughly doubling revenue to about $1.6B by 2030, anchored in high-performance computing, advanced packaging, HBM, and co-packaged optics. This gives investors a concrete framework for the growth thesis. Execution against that roadmap, quarter to quarter, is a key thing to watch.
What are the risks to FormFactor, Inc. (FORM)?
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.
How is FormFactor, Inc. (FORM) valued? (approximate, APRIL 2026)
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.
Which ETFs hold FormFactor, Inc. (FORM)?
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.
| ETF | Name | % in FORM | Expense ratio | |
|---|---|---|---|---|
| IJR | iShares Core S&P Small-Cap ETF | ~0.6% | 0.06% |
Who competes with FormFactor, Inc. (FORM)?
Direct probe-card rivals
Technoprobe is the closest peer and has been gaining leading-edge logic share (including reported TSMC 2nm qualification wins), while Micronics Japan and Japan Electronic Materials compete in DRAM and flash test. Together with FormFactor, these players hold the bulk of the wafer-probe-card market, where FormFactor is the share leader at roughly a fifth of the market.
Mid-range and analytical probe suppliers
MPI Corporation targets mid-range and analytical probes with a lower cost structure, competing in less complex testing applications and, alongside FormFactor's Systems segment, in probe stations and thermal subsystems. These vendors pressure pricing in the non-leading-edge portions of the market.
Broader semiconductor test equipment
In the wider automated test equipment landscape, names like Teradyne and Advantest supply testers and handlers that sit alongside probe cards in the test flow. They are not direct probe-card competitors but shape the overall test-capacity and capital-spending environment FormFactor depends on.
How to invest in FormFactor, Inc. (FORM)
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), which spreads the position across many companies. Or build it into a focused thematic basket, so FORM sits alongside other stocks that express the same thesis.
Walnut takes the basket 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.
The bottom line on FormFactor, Inc. (FORM)
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.
More on FormFactor, Inc. (FORM)
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?, 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?
Build a basket around FORM with Walnut
Use FormFactor, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does FormFactor do?
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FormFactor designs and manufactures semiconductor test and measurement products, most importantly wafer probe cards that make electrical contact with chips during production test. It also sells probe stations, thermal subsystems, and analytical probes through its Systems segment, serving chipmakers across memory, logic, and advanced-packaging applications.
Why is FORM considered an AI stock?
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FormFactor benefits when more advanced, AI-oriented silicon needs testing. High-bandwidth memory used in AI accelerators and leading-edge logic chips require more sophisticated probe cards, so rising AI chip production increases demand for its products. It is often described as a pick-and-shovel supplier to the AI buildout.
How does FormFactor make money?
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The Probe Cards segment is the core revenue driver, selling advanced probe cards for foundry-and-logic, DRAM, and flash test. The Systems segment adds probe stations, thermal subsystems, and analytical probes. Because probe cards are consumed in production, revenue tends to track customers' wafer volumes.
What were FormFactor's recent results?
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In Q1 2026 (reported around April 2026), FormFactor posted record revenue of about $226M, up roughly 32% year over year, with non-GAAP EPS near $0.56 and non-GAAP gross margin around 49%. Growth was led by foundry-and-logic and high-bandwidth memory DRAM probe cards.
Who are FormFactor's main competitors?
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The closest rival is Technoprobe, which has been winning leading-edge logic qualifications. Micronics Japan and Japan Electronic Materials compete in memory test, and MPI Corporation competes in mid-range and analytical probes. FormFactor is the overall probe-card market share leader.
What are the biggest risks for FORM?
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Key risks include the semiconductor cycle (orders can fall quickly in a downturn), competition eroding leading-edge share, customer concentration among a few large chipmakers, and a rich valuation that leaves little room for growth disappointment. Export controls, tariffs, and AI-spending durability add macro uncertainty.
Is FormFactor profitable?
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Yes. FormFactor is profitable on both a GAAP and non-GAAP basis, reporting positive net income and free cash flow in recent quarters. It carries about $785M in trailing-twelve-month revenue as of late 2025 and generated a record Q1 2026, with non-GAAP gross margins around 49%.
What is FormFactor's growth outlook?
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Management has publicly targeted roughly doubling revenue to about $1.6B by 2030 and more than doubling non-GAAP EPS, driven by high-performance computing, advanced packaging, HBM, and co-packaged optics. The path depends on continued AI-driven test demand and holding share against rivals like Technoprobe.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with FormFactor, Inc.'s investor relations page or your broker before making investment decisions.