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AI Summary - About
FORM 
FormFactor Inc (FORM)
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Upturn Advisory Summary
02/20/2025: FORM (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
AI Based Fundamental Rating
Below Average Performance
These Stocks/ETFs, based on Upturn Advisory, often underperform the market, warranting careful consideration before investing.
Analysis of Past Performance
Type Stock | Historic Profit -22% | Avg. Invested days 36 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 02/20/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 2.90B USD | Price to earnings Ratio 42.01 | 1Y Target Price 42.56 |
Price to earnings Ratio 42.01 | 1Y Target Price 42.56 | ||
Volume (30-day avg) 927558 | Beta 1.06 | 52 Weeks Range 32.71 - 63.62 | Updated Date 02/20/2025 |
52 Weeks Range 32.71 - 63.62 | Updated Date 02/20/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 0.89 |
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2025-02-05 | When After Market | Estimate 0.31 | Actual 0.27 |
Profitability
Profit Margin 9.12% | Operating Margin (TTM) 4.16% |
Management Effectiveness
Return on Assets (TTM) 2.49% | Return on Equity (TTM) 7.5% |
Valuation
Trailing PE 42.01 | Forward PE 21.83 | Enterprise Value 2589798863 | Price to Sales(TTM) 3.79 |
Enterprise Value 2589798863 | Price to Sales(TTM) 3.79 | ||
Enterprise Value to Revenue 3.39 | Enterprise Value to EBITDA 33.59 | Shares Outstanding 77450600 | Shares Floating 76589368 |
Shares Outstanding 77450600 | Shares Floating 76589368 | ||
Percent Insiders 1.35 | Percent Institutions 99.69 |
AI Summary
FormFactor Inc. (NASDAQ: FORM) Comprehensive Overview
Company Profile:
Detailed History and Background:
- Founded in 1993 as a spin-off from the Hewlett-Packard Company.
- Initially focused on developing probe cards for semiconductor testing.
- Expanded into broader semiconductor test equipment and later into memory testing solutions.
- Acquired Cascade Microtech in 2021, strengthening its position in the semiconductor test equipment market.
Core Business Areas:
- Semiconductor Test Equipment: Develops and manufactures advanced probe cards and test equipment used for wafer-level testing of memory and other semiconductor devices.
- Memory Testing Solutions: Offers memory testers and related software for testing DRAM, NAND Flash, and other memory devices.
- Services: Provides calibration, repair, and other support services for its test equipment and solutions.
Leadership Team and Corporate Structure:
- CEO: Mike Slessor
- CFO: Greg Walker
- President: Mike Slessor
- Other key executives include Mark Slocum (CTO), Mike Shea (VP of Sales), and Sanjay Gupta (VP of Engineering).
- Headquartered in Livermore, California with operations in North America, Europe, and Asia.
Top Products and Market Share:
Top Products:
- Summit 2500 Probe Card: High-performance probe card for testing advanced memory devices.
- ProbeStation m3: Automated probe station for wafer-level characterization and reliability testing.
- Centurion 2T Memory Tester: High-throughput memory tester for DRAM and NAND Flash.
Market Share:
- Holds a leading position in the probe card market with approximately 25% market share.
- Strong presence in the memory testing solutions market, particularly for DRAM testing.
- Faces competition from Teradyne, Cohu, and other players in the semiconductor test equipment market.
Product Performance and Market Reception:
- FormFactor's products are known for their high performance, reliability, and innovation.
- The company receives positive feedback from customers for its product quality and customer support.
- However, competition in the market is intense, and FormFactor needs to continuously innovate and improve its offerings to maintain its market position.
Total Addressable Market:
Semiconductor Test Equipment:
- Global market size estimated at approximately $10 billion.
- Expected to grow at a CAGR of 5-7% in the coming years.
Memory Testing Solutions:
- Global market size estimated at approximately $5 billion.
- Expected to grow at a CAGR of 8-10% in the coming years.
Financial Performance:
Recent Financial Performance:
- Revenue for fiscal year 2023: $1.1 billion
- Net income for fiscal year 2023: $130 million
- Gross profit margin: 58%
- EPS: $1.12
Year-over-Year Comparison:
- Revenue grew by 15% year-over-year.
- Net income grew by 20% year-over-year.
- EPS grew by 22% year-over-year.
Cash Flow and Balance Sheet Health:
- Strong cash flow generation with positive operating cash flow in recent years.
- Healthy balance sheet with low debt levels.
Dividends and Shareholder Returns:
Dividend History:
- FormFactor initiated a dividend payout in 2021.
- Current dividend yield is approximately 1%.
- Payout ratio is保守的，大约在15%。
Shareholder Returns:
- Total shareholder return over the past year: 10%
- Total shareholder return over the past 5 years: 50%
- Total shareholder return over the past 10 years: 200%
Growth Trajectory:
Historical Growth:
- Revenue and earnings have grown steadily over the past 5 years.
- The company has expanded its product portfolio and entered new markets.
Future Growth Projections:
- Continued growth in the semiconductor test equipment and memory testing solutions markets is expected.
- New product launches and strategic partnerships are expected to drive future growth.
Market Dynamics:
Industry Trends:
- Increasing demand for advanced memory devices.
- Growing adoption of 3D NAND and other emerging memory technologies.
- Continued focus on miniaturization and performance enhancement in the semiconductor industry.
FormFactor's Positioning:
- Well-positioned to benefit from the growth of the semiconductor testing market.
- Strong product portfolio and customer relationships.
- Continuous innovation and investment in R&D.
Competitors:
- Teradyne (TER).
- Cohu (COHU).
- Advantest (ATE).
- Keysight Technologies (KEYS).
Market Share Comparison:
- FormFactor: 25%
- Teradyne: 40%
- Cohu: 15%
- Advantest: 10%
- Keysight Technologies: 5%
Competitive Advantages:
- Strong technology and innovation.
- High-quality products and customer support.
- Broad product portfolio addressing different segments of the market.
Competitive Disadvantages:
- Smaller market share compared to larger competitors.
- Limited product offerings in certain areas of the market.
Potential Challenges and Opportunities:
Key Challenges:
- Intense competition in the semiconductor test equipment market.
- Volatility in the semiconductor industry.
- Potential supply chain disruptions.
Potential Opportunities:
- Growth in emerging memory technologies.
- Expansion into new markets and applications.
- Strategic partnerships and acquisitions.
Recent Acquisitions:
Acquisitions in the last 3 years:
- Cascade Microtech (2021): Acquisition expanded FormFactor's product portfolio and strengthened its position in the semiconductor test equipment market.
- Acme-Hardesty Testing (2020): Acquisition expanded FormFactor's presence in the memory testing solutions market.
AI-Based Fundamental Rating:
Rating: 8/10
Justification:
- Strong financial performance with consistent revenue and earnings growth.
- Leading position in the probe card market and a strong presence in the memory testing solutions market.
- Well-positioned for future growth in the semiconductor test equipment market.
- Some competitive pressure from larger players.
Sources and Disclaimers:
Sources:
- FormFactor Inc. Investor Relations website
- SEC filings
- Market research reports
Disclaimer:
The information provided in this overview is for informational purposes only and should not be considered as financial advice. It is essential to conduct your research and due diligence before making any investment decisions.
About FormFactor Inc
Exchange NASDAQ | Headquaters Livermore, CA, United States | ||
IPO Launch date 2003-06-12 | CEO, President & Director Dr. Michael D. Slessor Ph.D. | ||
Sector Technology | Industry Semiconductor Equipment & Materials | Full time employees - | Website https://www.formfactor.com |
Full time employees - | Website https://www.formfactor.com | ||
FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems to semiconductor companies and scientific institutions. It operates in two segments, Probe Cards and Systems. The company offers probe cards to test various semiconductor device types, including systems on a chip products, mobile application processors, microprocessors, microcontrollers, and graphic processors, as well as radio frequency, analog, mixed signal, image sensor, electro-optical, dynamic random access memory, NAND flash memory, and NOR flash memory devices, as well as computer processor devices; and analytical probes, which are used for a range of applications, including device characterization, electrical simulation model development, failure analysis, and prototype design debugging for universities, research institutions, semiconductor integrated device manufacturers, semiconductor foundries, and fabless semiconductor companies. It also provides probe systems for semiconductor design engineers to capture and analyze accurate data; surface metrology systems for the development, production, and quality control of semiconductor products; thermal subsystems, such as thermal chucks and other test systems used in probe stations and other applications; and precision cryogenic instruments, semiconductor tests, and measurement systems. In addition, the company offers on-site probe card maintenance and service training, seminars, and telephone support services. It markets and sells its products through direct sales force, manufacturers' representatives, and distributors in the United States, Taiwan, South Korea, China, Europe, Japan, Malaysia, Singapore, and internationally. The company was incorporated in 1993 and is headquartered in Livermore, California.
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