Latest Ratios: P/E Ratio 153.7x · EV/EBITDA 73.8x · ROE 5.5%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.3B | $4.5B | $3.6B | $3.3B | $1.7B | $3.6B | $3.4B | $2.0B | $1.1B | $1.2B | $727M |
| Enterprise Value | $8.2B | $4.5B | $3.5B | $3.1B | $1.7B | $3.5B | $3.3B | $2.0B | $1.0B | $1.2B | $764M |
| P/E Ratio → | 153.70 | 84.14 | 51.60 | 39.72 | 34.20 | 43.13 | 43.45 | 50.92 | 10.21 | 28.45 | — |
| P/S Ratio | 10.53 | 5.79 | 4.72 | 4.92 | 2.32 | 4.70 | 4.90 | 3.40 | 2.00 | 2.12 | 1.89 |
| P/B Ratio | 8.02 | 4.39 | 3.80 | 3.59 | 2.15 | 4.43 | 4.57 | 3.13 | 1.83 | 2.53 | 1.81 |
| P/FCF | 704.18 | 387.30 | 45.54 | 380.18 | 26.13 | 49.65 | 29.97 | 20.03 | 21.69 | 16.94 | 123.24 |
| P/OCF | 71.64 | 39.40 | 30.64 | 50.46 | 13.19 | 25.96 | 20.08 | 16.58 | 15.42 | 13.46 | 41.75 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.72 | 4.52 | 4.72 | 2.25 | 4.59 | 4.73 | 3.32 | 1.94 | 2.14 | 1.99 |
| EV / EBITDA | 73.85 | 40.38 | 35.32 | 26.04 | 18.07 | 24.76 | 24.76 | 20.70 | 12.85 | 12.95 | — |
| EV / EBIT | 127.82 | 69.89 | 43.22 | 34.90 | 28.74 | 35.62 | 38.13 | 36.93 | 27.54 | 25.19 | — |
| EV / FCF | — | 382.31 | 43.62 | 365.05 | 25.25 | 48.45 | 28.93 | 19.53 | 21.00 | 17.16 | 129.47 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.1% | 39.1% | 40.3% | 39.0% | 39.6% | 41.9% | 41.5% | 40.3% | 39.7% | 39.3% | 26.7% |
| Operating Margin | 8.2% | 8.2% | 8.5% | 12.5% | 7.3% | 12.7% | 12.1% | 8.4% | 6.8% | 8.4% | -12.5% |
| Net Profit Margin | 6.9% | 6.9% | 9.1% | 12.4% | 6.8% | 10.9% | 11.3% | 6.7% | 19.6% | 7.5% | -1.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.5% | 5.5% | 7.5% | 9.6% | 6.2% | 10.8% | 11.3% | 6.4% | 20.0% | 9.5% | -1.9% |
| ROA | 4.6% | 4.6% | 6.2% | 7.8% | 5.0% | 8.5% | 8.7% | 5.0% | 15.1% | 6.5% | -1.4% |
| ROIC | 5.4% | 5.4% | 6.2% | 8.1% | 5.6% | 10.9% | 10.3% | 6.6% | 5.3% | 7.6% | -12.3% |
| ROCE | 6.1% | 6.1% | 6.5% | 9.0% | 6.3% | 11.7% | 11.1% | 7.5% | 6.1% | 8.5% | -11.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.04 | 0.05 | 0.06 | 0.08 | 0.09 | 0.15 | 0.11 | 0.23 | 0.34 |
| Debt / EBITDA | 0.40 | 0.40 | 0.40 | 0.40 | 0.54 | 0.44 | 0.52 | 1.00 | 0.81 | 1.16 | — |
| Net Debt / Equity | — | -0.06 | -0.16 | -0.14 | -0.07 | -0.11 | -0.16 | -0.08 | -0.06 | 0.03 | 0.09 |
| Net Debt / EBITDA | -0.53 | -0.53 | -1.55 | -1.08 | -0.63 | -0.62 | -0.89 | -0.53 | -0.42 | 0.16 | — |
| Debt / FCF | — | -4.98 | -1.92 | -15.12 | -0.88 | -1.20 | -1.04 | -0.50 | -0.69 | 0.21 | 6.23 |
| Interest Coverage | 123.26 | 123.26 | 190.98 | 213.04 | 100.95 | 164.62 | 99.58 | 27.66 | 11.24 | 10.40 | -19.99 |
Net cash position: cash ($103M) exceeds total debt ($45M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.50 | 4.50 | 4.61 | 4.38 | 3.17 | 3.52 | 3.15 | 3.07 | 3.30 | 3.32 | 3.04 |
| Quick Ratio | 3.60 | 3.60 | 3.83 | 3.52 | 2.35 | 2.77 | 2.51 | 2.46 | 2.54 | 2.58 | 2.33 |
| Cash Ratio | 2.22 | 2.22 | 2.74 | 2.50 | 1.59 | 1.86 | 1.65 | 1.62 | 1.45 | 1.52 | 1.30 |
| Asset Turnover | — | 0.64 | 0.67 | 0.60 | 0.74 | 0.75 | 0.72 | 0.70 | 0.73 | 0.85 | 0.62 |
| Inventory Turnover | 4.31 | 4.31 | 4.48 | 3.62 | 3.67 | 4.01 | 4.09 | 4.23 | 4.11 | 4.91 | 4.70 |
| Days Sales Outstanding | — | 58.31 | 49.85 | 58.76 | 43.01 | 54.79 | 56.62 | 60.60 | 65.69 | 55.74 | 68.09 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.7% | 1.2% | 1.9% | 2.5% | 2.9% | 2.3% | 2.3% | 2.0% | 9.8% | 3.5% | — |
| FCF Yield | 0.1% | 0.3% | 2.2% | 0.3% | 3.8% | 2.0% | 3.3% | 5.0% | 4.6% | 5.9% | 0.8% |
| Buyback Yield | 0.3% | 0.6% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% |
| Total Shareholder Yield | 0.3% | 0.6% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% |
| Shares Outstanding | — | $78M | $78M | $78M | $78M | $79M | $79M | $77M | $75M | $74M | $65M |
Semiconductor design cycle volatility
According to current market data, FormFactor trades at a forward P/E of 53.29, which suggests that investors are pricing in significant earnings expansion driven by the company's critical role in high-bandwidth memory testing rather than traditional semiconductor unit volume growth.
The elevated EV/EBITDA multiple of 91.17 relative to historical norms indicates that the market is assigning a premium to the company's proprietary MEMS technology. This valuation appears to hinge on the assumption that advanced packaging adoption will decouple the firm's revenue trajectory from broader industry cyclicality.
Based on reported figures, FormFactor's ROIC has fluctuated significantly, reaching 3.7% in 2026Q1, which highlights the difficulty of maintaining high returns on invested capital in a business model that requires constant, heavy reinvestment into specialized manufacturing equipment to support evolving chip architectures.
The trend in ROIC suggests that while the company possesses a strong competitive moat, the high capital intensity of MEMS fabrication acts as a structural drag on profitability. Investors should monitor whether future margin expansion can drive a more consistent return profile that exceeds the company's cost of capital.
As reported in financial statements, the company's cash conversion cycle reached 99 days in 2026Q1, a trend that underscores the extended lead times required for custom-engineered probe card production and the inherent difficulty in optimizing inventory turnover for bespoke, design-specific hardware components.
The elevated days inventory outstanding suggests that the company must carry significant stock to meet customer demand for rapid prototyping. This working capital intensity warrants further investigation, as it may indicate that the company is absorbing the risk of customer design delays through its own balance sheet.
The most commonly misapplied metric for FormFactor is the P/S ratio, which fails to account for the company's unique position as a complexity-driven consumable provider rather than a traditional capital equipment manufacturer, thereby obscuring the recurring nature of its revenue stream.
Analysts often treat the company as a proxy for wafer fab equipment spending, which leads to an undervaluation of the 'consumable' nature of probe cards. A more accurate assessment would focus on the 'probing content per wafer' metric, which better captures the value-add of MEMS technology in the AI-accelerator era.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying FORM stock.
FormFactor, Inc.'s current P/E ratio is 153.7x. The historical average is 44.3x. This places it at the 100th percentile of its historical range.
FormFactor, Inc.'s current EV/EBITDA is 73.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.1x.
FormFactor, Inc.'s return on equity (ROE) is 5.5%. The historical average is 0.5%.
Based on historical data, FormFactor, Inc. is trading at a P/E of 153.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FormFactor, Inc. has 39.1% gross margin and 8.2% operating margin.
FormFactor, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.