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Upturn AI SWOT - About
FORM 
FormFactor Inc (FORM)
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Upturn Advisory Summary
03/25/2025: 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 03/25/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 2.20B USD | Price to earnings Ratio 31.89 | 1Y Target Price 42.22 |
Price to earnings Ratio 31.89 | 1Y Target Price 42.22 | ||
Volume (30-day avg) 796322 | Beta 1.07 | 52 Weeks Range 27.55 - 63.62 | Updated Date 04/1/2025 |
52 Weeks Range 27.55 - 63.62 | Updated Date 04/1/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 0.89 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 9.12% | Operating Margin (TTM) 4.14% |
Management Effectiveness
Return on Assets (TTM) 2.45% | Return on Equity (TTM) 7.5% |
Valuation
Trailing PE 31.89 | Forward PE 21.83 | Enterprise Value 1880522170 | Price to Sales(TTM) 2.88 |
Enterprise Value 1880522170 | Price to Sales(TTM) 2.88 | ||
Enterprise Value to Revenue 2.46 | Enterprise Value to EBITDA 16.68 | Shares Outstanding 77565800 | Shares Floating 76887902 |
Shares Outstanding 77565800 | Shares Floating 76887902 | ||
Percent Insiders 0.85 | Percent Institutions 99.64 |
Analyst Ratings
Rating 4 | Target Price 54.33 | Buy 2 | Strong Buy 4 |
Buy 2 | Strong Buy 4 | ||
Hold 4 | Sell - | Strong Sell - | |
Strong Sell - |
Upturn AI SWOT
FormFactor Inc
Company Overview
History and Background
FormFactor Inc. was founded in 1993. It is a leading provider of advanced wafer probe cards and metrology systems used by semiconductor manufacturers to test integrated circuits.
Core Business Areas
- Probe Cards: Design, manufacture, and sale of probe cards used for testing semiconductor wafers. Includes advanced probe cards for high-performance applications.
- Metrology Systems: Development and sale of metrology systems used for inspecting and measuring microstructures in manufacturing environments.
Leadership and Structure
Balaji Krishnamurthy serves as President and CEO. The company has a typical corporate structure with departments for sales, marketing, engineering, and operations.
Top Products and Market Share
Key Offerings
- Advanced Probe Cards: These are used for testing high-performance integrated circuits, including those used in mobile devices, data centers, and automotive applications. FormFactor is a market leader in this segment. Competitors include Advantest and Technoprobe. It is estimated to be around 25% of the total revenue.
- Foundry and Logic Probe Cards: Probe cards used for testing foundry and logic devices. These are some of the most commonly used probe cards. Competitors include Advantest and Technoprobe. It is estimated to be around 35% of the total revenue.
- DRAM Probe Cards: DRAM probe cards used to test the DRAM memory devices. It is estimated to be around 15% of the total revenue.
- Flash Memory Probe Cards: Flash probe cards used to test the flash memory devices. It is estimated to be around 20% of the total revenue.
- Metrology Systems: Systems used to measure and analyze semiconductor devices during manufacturing. Competitors include Nanometrics and KLA-Tencor. It is estimated to be around 5% of the total revenue.
Market Dynamics
Industry Overview
The semiconductor testing market is driven by increasing complexity and miniaturization of chips, requiring advanced testing solutions. The market is cyclical, influenced by semiconductor industry capital spending.
Positioning
FormFactor is a leading player in the probe card market, known for its advanced technology and strong customer relationships. It holds a significant market share and competes with larger companies like Advantest and Technoprobe.
Total Addressable Market (TAM)
The total addressable market for probe cards is estimated to be in the billions of dollars annually. FormFactor is well-positioned to capture a significant portion of this TAM.
Upturn SWOT Analysis
Strengths
- Leading technology in probe cards
- Strong customer relationships with major semiconductor manufacturers
- Diversified product portfolio
- High barriers to entry due to technical expertise
- Strong brand reputation
Weaknesses
- Cyclical revenue due to dependence on semiconductor industry
- High R&D expenses
- Reliance on a few key customers
- Exposure to global economic conditions
Opportunities
- Growth in advanced packaging technologies
- Increased demand for high-performance computing
- Expansion into new markets, such as automotive and AI
- Acquisitions of complementary technologies
- Increased outsourcing by semiconductor manufacturers
Threats
- Intense competition from larger companies
- Technological obsolescence
- Economic downturns impacting semiconductor demand
- Supply chain disruptions
- Geopolitical risks
Competitors and Market Share
Key Competitors
- ADNT
- TPC
Competitive Landscape
FormFactor's advantages include its technology, strong customer relationships, and focus on advanced probe cards. Disadvantages include its smaller size compared to competitors like Advantest.
Major Acquisitions
Cascade Microtech
- Year: 2016
- Acquisition Price (USD millions): 352
- Strategic Rationale: Expanded FormFactor's product portfolio and increased its market share in the probe card market.
Growth Trajectory and Initiatives
Historical Growth: Historical growth has been tied to the semiconductor cycle, with periods of rapid growth followed by periods of slower growth or decline.
Future Projections: Future growth is expected to be driven by growth in advanced packaging technologies, increased demand for high-performance computing and increased demand for probe cards. Analyst estimates show possible revenue growth.
Recent Initiatives: Recent initiatives include investment in R&D for advanced probe card technologies and expansion into new markets.
Summary
FormFactor is a key player in the probe card market with robust technology and strong client ties; its revenue is tied to the semiconductor cycles, requiring it to strategically navigate cyclical trends. Investment in R&D and expansion into new markets are key to the company's growth. FormFactor should watch out for intense competition and technological change in the markets they serve. The health of the global economy also plays a part in FormFactor's success.
Similar Companies
ADNT
Adient PLC
ADNT
Adient PLC
KLAC
KLA-Tencor Corporation
KLAC
KLA-Tencor Corporation
TPC
Tutor Perini Corporation
TPC
Tutor Perini Corporation
Sources and Disclaimers
Data Sources:
- Company Filings
- Analyst Reports
- Industry Publications
Disclaimers:
The information provided is for informational purposes only and should not be considered investment advice. Market share data is based on estimates and may vary. Financial data is not real-time and may be outdated.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
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 2238 | Website https://www.formfactor.com |
Full time employees 2238 | Website https://www.formfactor.com | ||
FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, thermal systems, cryogenic systems, and related services in the United States and internationally. 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, network and digital signal processing integrated circuits, radio frequency amplifiers, filters and antenna in package devices, analog, mixed signal, image sensors, electro-optical, DRAM memory, NAND flash memory, NOR flash memory, and quantum computer processor devices; and analytical probes, which are used for device characterization, electrical simulation model development, failure analysis, and prototype design debugging. It also offers probe stations for semiconductor design engineers to capture and analyze accurate data; thermal subsystems, which include thermal chucks and other test systems used in probe stations and other applications for precise temperature management; cryogenic systems, which includes the manufacture of precision cryogenic instruments and semiconductor test and measurement systems; and services and support, including installation services. In addition, the company provides 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. The company was incorporated in 1993 and is headquartered in Livermore, California.
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