NASDAQ: FORM · Semiconductors
FormFactor (FORM) fair value: undervalued or overvalued?
As of 2 Oct 2026, Faircurve's model values FormFactor (FORM) at $143.50 a share. The stock last closed at $149.15, which puts the model's fair value 3.8% below the price. On the model's bands that reads as Fairly valued.
Revalued . Price is the close of 2 Oct 2026. FormFactor, Inc.
Faircurve Insights · 2 Oct 2026
FormFactor, Inc., established in Livermore, California in 1993, specializes in the design, manufacturing, and global distribution of advanced test and measurement solutions for the semiconductor industry.
Faircurve's model on 2 Oct 2026 gave a fair value of $143.50 a share, the midpoint of 2,000 simulations. The previous run, on 26 Sep 2026, gave $134.14, and the fair value moved +7.0%. The calibrated range over 63 trading days is $120.39 to $174.97, built from the fair value, and held the price 60% of the time at this horizon. The evidence grade is High.
The overall quality score is 71 out of 100 against comparable companies. The model compares FormFactor, Inc. with Qorvo, Inc., Rambus Inc., MaxLinear, Inc., Amkor Technology, Inc., Skyworks Solutions, Inc., Silicon Laboratories Inc., Onto Innovation Inc., and Allegro MicroSystems, Inc. The median size of moves around the last 8 earnings reports, ignoring direction, was 14.1%.
Written from the figures on this page for the 2 Oct 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
What price range does the model give FORM?
The calibrated range for FORM over 63 trading days is $120.39 to $174.97. There is no live options data for this stock, so the range is built from the fair value and calibrated weekly against realised prices (n = 4,327 past valuations, refreshed 26 Sep 2026). Ranges built this way held the price 60% of the time at this horizon.
The model's own simulated range, from the 20th to the 80th percentile of its runs, is $114.96 to $176.35. In 44% of the simulations the fair value came out above the price the model ran on.
How does FORM score on business quality?
FormFactor's overall quality score is 71 out of 100. Each factor below is a score against comparable companies, not a percentile of the metric beside it.
| Factor | Score (0 to 100) | Headline measure | Peer median |
|---|---|---|---|
| ProfitabilityReturn on invested capital against the peer group, with a bonus for an improving trend. | 85 | 12.9%ROIC | 6.7% |
| Earnings qualityHow much of reported profit is cash: free cash flow to net income, and the accrual ratio (the share of earnings that is not cash). | 52 | 1.18xFCF / net income | 0.89x |
| Growth qualityTrailing revenue growth, forward growth from consensus, and the direction of analyst estimate revisions. | 80 | 2.8%Revenue growth, trailing | 6.2% |
| Capital disciplineReinvestment efficiency (capital spending per unit of revenue) and net buybacks. | 50 | 0.1%Net buybacks / market value | 0.1% |
| Balance sheetNet debt to EBITDA and interest coverage. | 61 | -0.47xNet debt / EBITDA | -0.64x |
| StabilityDownside volatility of the EBITDA margin over the last five years. | 77 | 1.6 ptsEBITDA margin downside volatility, 5y | 3.7 pts |
How does FORM compare with similar companies?
The companies in semiconductors closest to FormFactor in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| QRVO Qorvo, Inc. | $114.17 | $160.96 | +41.0% | Undervalued |
| RMBS Rambus Inc. | $111.97 | $108.97 | -2.7% | Fairly valued |
| MXL MaxLinear, Inc. | $105.93 | $87.00 | -17.9% | Overvalued |
| AMKR Amkor Technology, Inc. | $56.02 | $76.34 | +36.3% | Undervalued |
| SWKS Skyworks Solutions, Inc. | $85.03 | $113.60 | +33.6% | Undervalued |
| SLAB Silicon Laboratories Inc. | $222.76 | $205.56 | -7.7% | Fairly valued |
| ONTO Onto Innovation Inc. | $327.77 | $261.23 | -20.3% | Overvalued |
| ALGM Allegro MicroSystems, Inc. | $39.53 | $38.75 | -2.0% | Fairly valued |
When does FORM report earnings, and how has the stock reacted?
FormFactor's next earnings report is scheduled for 4 Nov 2026. Companies can move their dates.
Options prices on 2 Oct 2026 imply a move of about 10.5% in either direction through the nearest expiry, about 13 days out. That is the size the market is pricing, not a direction.
On 30 Sep 2026 FORM moved 9.6% in one session, against the 4.5% a day that options had priced: 2.1 times the implied size.
How FORM moved around its last 8 earnings reports
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across these 8 reports, ignoring direction, was 14.1%.
| Report date | Two session move |
|---|---|
| 29 Jul 2026 | +19.4% |
| 29 Apr 2026 | +1.3% |
| 4 Feb 2026 | +12.3% |
| 29 Oct 2025 | +39.7% |
| 30 Jul 2025 | -18.1% |
| 30 Apr 2025 | +9.4% |
| 5 Feb 2025 | -3.2% |
| 30 Oct 2024 | -15.9% |
FormFactor at a glance
FormFactor, Inc., established in Livermore, California in 1993, specializes in the design, manufacturing, and global distribution of advanced test and measurement solutions for the semiconductor industry.
- Market value
- $10.1B
- Sector
- Technology
- Industry
- Semiconductors
- Revenue expected, next twelve months
- $1.2B
- Consensus revenue growth, next fiscal year
- +31.5%
- Analysts with estimates
- 7
- Beta to the US market
- 3.04
- First valued by Faircurve
- 11 Jul 2026
How the fair value is worked out: the model prices FormFactor on the value of the whole business, debt included, against the operating profit analysts expect next year (forward EV/EBITDA), runs 2,000 simulations across its inputs and takes the midpoint. The full method is documented here.
What changed in the latest valuation?
On 26 Sep 2026 the model's fair value for FORM was $134.14. As of 2 Oct 2026 it is $143.50, a change of +7.0%. The model revalues every stock it covers each week, and again after an earnings report.
Questions about FormFactor's valuation
Is FormFactor stock undervalued or overvalued?
On Faircurve's model, FORM reads as Fairly valued as of 2 Oct 2026. The model's fair value is $143.50 a share against a last close of $149.15, a gap of -3.8%.
What is FORM's fair value?
$143.50 a share as of 2 Oct 2026, the midpoint of 2,000 simulations. The model's own 20th to 80th percentile range is $114.96 to $176.35.
What price range does the model give FORM?
$120.39 to $174.97 over 63 trading days. Ranges built this way held the price 60% of the time across 4,327 past valuations, refreshed 26 Sep 2026.
When does FormFactor report earnings next?
The next report is scheduled for 4 Nov 2026. Companies can move their dates.
How much has FORM moved on past earnings reports?
Across its last 8 reports the median two session move was 14.1%, ignoring direction. The largest was +39.7% around the report of 29 Oct 2025.
How confident is the model in this valuation?
The model's evidence grade for FORM is high. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It is not a probability that the fair value is right, or that the price reaches it.