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FORM

💻 Technology

FormFactor, Inc.

Conservative #517Aggressive #681Moderate RiskHigh 85
$105.83+5.22%
Day High$107.04
Day Low$101.80
Volume1.5M
Mkt Cap$8.2B
52W Low $2352W High $107
Market Cap
$7.3B
P/E Ratio
135.0
Sector avg: 87.8
Rev Growth
2.8%
Sector avg: 14.8%
Earnings Growth
-21.9%
Profit Margin
6.9%
Sector avg: -110.0%
Debt/Equity
0.04

Why This Score

FORM scores 51.6 on the Conservative profile, blending a fundamental score (80% weight, emphasizing quality and stability (84% of fundamental weight)) with a machine-learning signal (20% weight) trained on 82 features across 30 years of data.

Strengths
  • Minimal leverage (D/E 0.04) provides financial flexibility and downside protection.
  • High conviction (85/100) — fundamental and ML signals agree on this stock.
Risk Factors
  • Momentum reversion risk: Extreme momentum (190%) increases mean-reversion probability. 3-point penalty applied.
  • Elevated valuation at 135.0x earnings — requires sustained growth to justify the premium.
  • Above-average volatility (19.7%) may not suit conservative risk tolerance.

Moderate penalties (-3.0 points) reflect identified risk factors. The overall score balances these against the stock's fundamental strengths.

Score Breakdown

Overall Score51.6
Fundamental Score53.2
ML Score40.0

Score by Horizon

3 Month
40.7
6 Month
45.4
Primary
1 Year
47.8

Quality Assessment

B
Earnings Grade
Solid fundamentals with minor quality concerns

Position Sizing

Suggested Allocation
4.1%
Confidence
high

Score Composition Waterfall

How each component affects the final score
Backtested Scoring Levers (IC-calibrated from 30y ElasticNet)
Weinstein (12.1%)
100
Advancing
Sentiment (2.5%)
54
Neutral
Analyst (6.4%)
61
Favorable
Tradability (post-hoc)
94
Grade A
Base
47.6
SHAP
+1.6
Factors
+0.7
Conviction
+1.6
Divergence
-0.0
Final
51.6
Positive adjustment
Negative adjustment
Base blend
Final score

Signal SegmentsComputed from ML features

Fundamental (Valuation, Quality, Growth)35.0
Technical (Momentum, Weinstein, Volatility)85.0
External (Sentiment, Analyst, Macro)54.0
Scores below 50 indicate weakness in that segment relative to the universe.

Data Quality

Score
Features
Confidence
Feature Coverage89%

Growth Estimates

Short-term
-4.2% to +0.2%
Medium-term
-6.2% to +0.3%
Long-term
-8.3% to +0.4%

ML Model Core Features100 trained inputs → ML Score: 40

These features are direct inputs to the machine learning model. The model was trained on these signals alongside 100 features (including 12 momentum/technical indicators) to produce the ML percentile score.

Analyst Intelligence
Consensus Score60.5/100
Target Upside-20.5%
Coverage19 analysts
Market Sentiment
Sentiment Score54.2/100
News Volume1 articles
Technical Stage
Weinstein Stage2 — Advancing
12M Momentum+1.9%
6M Momentum+2.3%
Volatility+0.2%
Momentum & Technical
Momentum Acceleration-40.9%
Momentum ConsistencyStrong (0.82)
Relative Strength vs Sector+186.9%
Trend Strength (ADX Proxy)Strong (5.0)
Momentum Quality+1.573
Momentum BreadthBroad ✓
Macro Regime
Bull RegimeYes
High Vol RegimeNo
S&P 500 Return+25.0%
Yield Curve-0.1bp

Sector-Relative AnalysisIn-model features

Value Trap Signal
1%
Low risk
Sector RevGr Rank
P26
Revenue growth vs Technology peers
Sector PE Rank
P7
Valuation vs Technology peers
Sector FCF Rank
P18
Free cash flow vs Technology peers
Growth Deviation
-0.2σ
Z-score vs sector median
Stagnation Flag
NO
Not flagged

Analysis Signals

Scoring Factors
Fundamental score of 57 relative to sector peers57/100
Machine learning model ranks this stock at the 50th percentileP50
ML model weight reduced to 9% due to macro conditions: market in extended rally phase; yield curve inverted (recession indicator); late-cycle economic indicators detected9% ML weight
SHAP feature alignment: +1.8pt (features align with model priorities)
Blend: 91% fund (57.2) + 9% ML (49.8) + SHAP(+1.8) = 58.4
Factor quality: +0.8pt (multi-factor composite)
Risk assessment: moderate. Annualized volatility 19.7%. Max drawdown 17% (-3.8 pts)Moderate
Momentum mean-reversion: -5.5pt (190% 12m momentum)
Market cap adjustment: +0.5 points ($7.3B market cap)+0.5 pts
Conviction bonus: +1.8pt (conviction=85)
Risk Factors
Earnings quality grade B: adequate earnings quality with minor concerns. Score adjusted by -5 pointsGrade B
Quality concern: High accrual ratio (-112.3%) — earnings quality concern; R&D-adjusted ROIC: 4.1% (original: 4.6%). Semiconductors has ~18% R&D intensity. Capitalizing R&D over 5 years increases invested capital by ~45%.Flag

Sector Peer Comparison(Technology — Rank #121 of 289 stocks)

StockScoreP/ERev GrowthMarginMkt Cap
FORM51.6135.02.8%6.9%$7.3B
MPWR84.891.721.2%81.0%$57.1B
ZM84.218.03.1%21.7%$27.7B
NVDA80.645.2114.2%55.8%$4.5T
CRUS79.719.16.0%17.5%$7.4B
ASML77.848.115.6%29.4%$546.0B
IDCC77.431.8-4.0%48.8%$9.7B
CSCO77.127.65.3%18.0%$303.6B
RMBS75.548.320.7%32.3%$11.0B
DBX75.313.91.9%17.7%$6.4B
FSLR75.017.326.7%30.7%$24.2B
SIMO74.79.210.2%13.8%$4.5B
ADI74.374.116.9%20.6%$165.1B
AAPL72.533.16.4%27.0%$3.9T
OLED72.527.012.4%34.3%$5.9B
AMAT72.336.44.4%24.7%$281.7B
Sector Average47.487.814.8%-110.0%

Company Overviewvia FMP

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; 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 probing 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. The company markets and sells its products through direct sales force, manufacturers' representatives, and distributors in the United States, Taiwan, South Korea, China, Japan, Europe, rest of Asia-Pacific, and internationally. FormFactor, Inc. was incorporated in 1993 and is headquartered in Livermore, California.

CEO
Michael D. Slessor
Employees
2,238
Beta
1.10
Industry
Semiconductors
FMP-Identified Peers

Technical Picturecomputed from daily prices

RSI (14)
83.5
Overbought
Trend
Bullish
10-day vs 50-day MA
From 52W High
-1.1%
High: $107.04
From 52W Low
+368.7%
Low: $22.58
Moving Averages
10-Day
$96.60
Above
20-Day
$88.10
Above
50-Day
$74.30
Above
200-Day
$47.00
Above
60-Day Support
$53.41
60-Day Resistance
$107.04
Weinstein Stage Analysisbased on 200-day SMA framework
Stage 2 — AdvancingScore: 90/100

Stock is in an uptrend above the 200-day moving average. This is the stage where institutional accumulation typically occurs. The 50-day SMA provides support.

Favorable technical position; 50-day SMA acts as support
Price vs 200 SMA
+125.2%
200 SMA Slope (60d)
+35.44%
Rising
Volume Ratio
0.8x
10d avg vs 50d avg
Days in Stage
100
Confidence: 90%

Financial Statementslast 4 quarters via FMP

MetricQ4 2025Q3 2025Q2 2025Q1 2025
Revenue$215M$203M$196M$171M
Gross Profit$92M$80M$73M$65M
Operating Income$28M$19M$12M$3M
Net Income$23M$16M$9M$6M
EPS (Diluted)$0.29$0.20$0.12$0.08
Gross Margin42.8%39.7%37.3%37.7%
Operating Margin13.1%9.4%6.3%1.9%
Net Margin10.8%7.7%4.6%3.7%

Why This Stock

Technology

Tradability FilterGrade A — 94/100Score impact: -8.0pt

Volume
100
1.2M avg/day
Dollar Vol
100
$117M/day
Float
91
77M shares
Mkt Cap
74
$7.3B
Range
100
343% spread
Composite Liquidity Score94/100
FDCBA

Multi-Year Range Analysis

Sideways: 0/100
YearLowHighRangeStatus
2021$32.69$51.3744.4%Wide
2022$18.15$47.4889.4%Wide
2023$21.71$42.3864.5%Wide
2024$37.21$63.6352.4%Wide
2025$22.58$61.1092.1%Wide
3-Year Range
98.2%
Narrow Years
0 / 5
Sideways Penalty
None
Free Float
99.1%
Outstanding Shares
78M
Bid-Ask Spread
343.0%
Institutional Tradable
Yes

Scores are generated by a multi-stage ML pipeline combining fundamental analysis, ensemble predictions, and structural risk signals. All data is for research purposes only and does not constitute financial advice. Past performance does not guarantee future results.