FormFactor, Inc., established in Livermore, California in 1993, specializes in the design, manufacturing, and global distribution of advanced test and measurement solutions ...
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Est. EPS $0.86 · Revenue $270.41M · 6 analysts
Est. EPS $3.05 · Revenue $1.03B · 6 analysts
Est. EPS $0.85 · Revenue $282.60M · 3 analysts
Est. EPS $0.94 · Revenue $299.11M · 3 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $785.0M | +2.8% | +14.2% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $54.4M | -21.9% | +175.7% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +39.1% | -3.0% | +5.9% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +8.2% | -3.6% | +7.4% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +6.9% | -24.0% | +141.5% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $11.7M | -85.2% | +75.4% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +1.5% | -85.6% | +53.6% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 4.3% | +4.6% | -10.6% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 4.50x | -2.4% | -10.3% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $1.2B | +6.8% | +6.9% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 0.69 vs 1.13 | -38.9% | 0.70 vs 0.61 | +14.9% |
| Revenue Surprise | $785.0M vs $780.1M | +0.6% | $258.2M vs $240.0M | +7.6% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | SLESSOR MIKE | director, officer: CEO | Common Stock | D | 2,482 | $128.72 |
| Aug 14, 2026 | SLESSOR MIKE | director, officer: CEO | Common Stock | D | 2,892 | $129.55 |
| Aug 14, 2026 | SLESSOR MIKE | director, officer: CEO | Common Stock | D | 3,282 | $130.54 |
| Aug 14, 2026 | SLESSOR MIKE | director, officer: CEO | Common Stock | D | 1,125 | $131.65 |
| Aug 14, 2026 | SLESSOR MIKE | director, officer: CEO | Common Stock | D | 5,535 | $132.50 |
Operator: Thank you, and welcome, everyone, to FormFactor's Second Quarter 26 Earnings Conference Call. On today's call are Chief Executive Officer, Mike Slessor and chief financial officer, Aric McKinnis. Before we begin, Stan Finkelstein, the company's VP of Investor Relations will remind you of some important information. Stan Finkelstein: Thank you. Today, the company will be discussing GAAP P&L results and some important non GAAP results intended to supplement your understanding of the company's financials. Reconciliations of GAAP to non GAAP measures and other financial information are available in the press release issued today by the company and on the investor relations section of our website. Today's discussion contains forward looking statements within the meaning of the federal securities laws. Examples of such forward looking statements include those with respect to the projections of financial and business performance future macroeconomic and geopolitical conditions, the benefits of acquisitions and investments, including the ramp up of manufacturing facilities, anticipated industry trends, potential disruptions in our supply chain, the impacts of regulatory changes, including tariffs, and changes in export controls, the anticipated volatility in demand for products, our ability to develop produce, and sell products, and the assumptions upon which such statements are based. Those statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed during this call. Information on risk factors and uncertainties is contained in our most recent filing on Form 10-K the SEC for the fiscal year ended December 27, 2025 and in our other SEC filings, which are available on the SEC's website at www.sec.gov and in our press release issued today. Forward looking statements are made as of today, July 29, 2026, and we assume no obligation to update them. Operator: With that, we will now turn the call over to FormFactor's CEO, Mike Slessor. Michael D. Slessor: Thanks for joining us today. FormFactor's second quarter revenue, gross profit and earnings per share set all time records. And we achieved 2 important milestones on the path to the new target model we introduced in May. First, we surpassed $1 billion annual revenue run rate. And second, we exceeded a 50% gross margin. In the current third quarter, we expect to deliver sequential increases in both revenue and profitability as we extend our run of record results. Over the past 4 quarters, we have grown revenue by more than 30%, increased non GAAP gross margin by 1.5 thousand basis points and has tripled our non-GAAP earnings per share. These improvements are the product of a multiyear effort to create and expand FormFactor's unique position at the intersection of high performance compute and advanced packaging. While simultaneously strengthening the company's execution to enhance profitability and drive operating …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Michael D. Slessor | Chief Executive Officer, President & Director | USD 1,082,874 | — | 1970 | Active |
Aric McKinnis | Senior Vice President & Chief Financial Officer | USD 492,023 | Male | 1983 | Active |
Aasutosh Dave | Senior Vice President & Chief Commercial Officer | — | Male | — | Active |
Stan Finkelstein | Head of Investor Relations | — | Male | — | Active |
Sudhakar Raman | Senior Vice President & GM of Probes Business Unit | — | Male | — | Active |
Aliza Scott | Senior Vice President & Chief Human Resources Officer | — | Female | — | Active |
Missy Figueroa | Senior Vice President of Global Operations | — | Female | — | Active |
Jens Klattenhoff | Senior VP & GM of Systems Business Unit | — | Male | — | Active |
Steven Nott | Senior Vice President & Chief Information Officer | — | Male | — | Active |
Alan Lop-Gate Chan | Senior Vice President, Chief Legal Officer & Corporate Secretary | — | Male | 1977 | Active |
FormFactor (FORM) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
FormFactor (FORM) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #1 (Strong Buy).
FORM, LRCX, VRT, MBIN and SNDR have been added to the Zacks Rank #1 (Strong Buy) List on August 3rd, 2026.
FormFactor, Inc. delivered a stellar Q2, with revenues up 32% y/y and profitability surging, driven by AI-related demand for HBM, DRAM, and Co-Packaged Optics. FORM's gross margins expanded sharply, with company-wide margins rising 1340bps y/y to 50.7%, and cash flow generation was robust as capex needs moderate. Management's Q3 guidance for revenue and EPS is well above consensus, supporting a strong relief rally and dispelling fears that AI-driven growth has peaked.
Aehr's record bookings, AI-driven backlog and expanding burn-in portfolio give it the edge over FormFactor for long-term growth.
