Formfactor
FORM · NasdaqSemiconductors & Related Devices · Fiscal year ends Dec 26
Formfactor reported revenue of $785M in the fiscal year ended Dec 2025, up 2.8% from the year before. Operating income was $57M, an operating margin of 7.3%, and net income was $54M. Operating cash flow of $115M less capital expenditure of $104M left free cash flow of $12M. It held more cash than debt (net cash $91M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $770M | $748M | $663M | $764M | $785M |
| Cost of revenue | $447M | $452M | $405M | $456M | $476M |
| Gross profit | $323M | $296M | $259M | $308M | $309M |
| Research & development | $101M | $109M | $116M | $122M | $116M |
| Selling, general & admin | $124M | $132M | $133M | $142M | $133M |
| Operating income | $98M | $55M | $83M | $65M | $57M |
| Interest expense | $602,000 | $579,000 | $421,000 | $418,000 | $521,000 |
| Pre-tax income | $99M | $58M | $89M | $79M | $69M |
| Income tax | $15M | $7M | $7M | $10M | $13M |
| Net income | $84M | $51M | $82M | $70M | $54M |
| Diluted EPS | 1.06 | 0.65 | 1.05 | 0.89 | 0.69 |
| Diluted shares | 79M | 78M | 78M | 78M | 78M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $151M | $109M | $178M | $191M | $103M |
| Receivables | $116M | $88M | $103M | $104M | $125M |
| Inventory | $112M | $123M | $112M | $102M | $111M |
| Current assets | $524M | $475M | $574M | $605M | $557M |
| Net PP&E | $147M | $190M | $204M | $210M | $259M |
| Goodwill | $212M | $211M | $201M | $199M | $216M |
| Total assets | $1B | $1B | $1.1B | $1.1B | $1.2B |
| Payables | $58M | $69M | $64M | $62M | $47M |
| Deferred revenue | $24M | $31M | $18M | $17M | $21M |
| Current liabilities | $149M | $150M | $131M | $131M | $124M |
| Short-term debt | $9M | $1M | $1M | $1M | $1M |
| Long-term debt | $15M | $14M | $13M | $12M | $11M |
| Total liabilities | $205M | $200M | $198M | $198M | $189M |
| Shareholders' equity | $816M | $808M | $909M | $948M | $1B |
| Backlog (remaining obligations) | $8M | $8M | $12M | $21M | $30M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $139M | $132M | $65M | $118M | $115M |
| Capital expenditure | $66M | $65M | $56M | $38M | $104M |
| Free cash flow | $73M | $67M | $9M | $79M | $12M |
| Depreciation & amortisation | $26M | $29M | $37M | $33M | $38M |
| Stock-based compensation | $29M | $31M | $39M | $40M | $39M |
| Acquisitions | $0 | $3M | $0 | $0 | $21M |
| Share buybacks | $24M | $82M | $20M | $53M | $26M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.8% | −11.3% | 15.2% | 2.8% |
| Operating income growth (YoY) | – | −44.0% | 50.7% | −21.7% | −11.9% |
| EPS growth (YoY) | – | −38.7% | 61.5% | −15.2% | −22.5% |
| Gross margin | 41.9% | 39.6% | 39.0% | 40.3% | 39.3% |
| Operating margin | 12.7% | 7.3% | 12.5% | 8.5% | 7.3% |
| Net margin | 10.9% | 6.8% | 12.4% | 9.1% | 6.9% |
| Return on equityBlank when equity is negative | 10.3% | 6.3% | 9.1% | 7.3% | 5.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.2% | 6.4% | 8.5% | 6.4% | 5.2% |
| Free cash flow margin | 9.5% | 8.9% | 1.3% | 10.4% | 1.5% |
| Cash conversion (CFO ÷ net income) | 1.66x | 2.60x | 0.78x | 1.69x | 2.12x |
| Receivable days | 55 | 43 | 57 | 50 | 58 |
| Inventory days | 91 | 99 | 101 | 81 | 85 |
| Payable days | 47 | 56 | 58 | 50 | 36 |
| Interest cover | 163x | 94.8x | 197x | 155x | 110x |
| Debt ÷ equity | 0.03x | 0.02x | 0.02x | 0.01x | 0.01x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$127M | −$94M | −$163M | −$177M | −$91M |
| Current ratio | 3.52x | 3.17x | 4.38x | 4.61x | 4.50x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.