TacticScaleWhat FormFactor Does & How It Makes Money (FORM)
Updated October 2026 · reflects FormFactor's latest reported financials
Maker of probe cards and test equipment for semiconductor chips. It sells probe cards, which are made for specific chip designs, along with probe stations, thermal and cryogenic systems, through its own sales team, manufacturers' representatives and distributors.
How FormFactor makes money
It sells probe cards, which are made for specific chip designs, along with probe stations, thermal and cryogenic systems, through its own sales team, manufacturers' representatives and distributors. It also earns revenue from installation, on-site probe card maintenance, training and support services.
What FormFactor does
FormFactor, founded in 1993 and headquartered in Livermore, California, supplies equipment for semiconductor test and measurement. It reports two segments. The Probe Cards segment makes probe cards used to test many kinds of chips on the wafer, including GPUs, CPUs and custom processors, mobile application processors, networking chips, DRAM, NAND and NOR flash, RF devices, image sensors, analog and mixed-signal ICs, co-packaged optical ICs and quantum computer processors. The Systems segment sells analytical probes, probe stations, thermal subsystems and cryogenic instruments. These are used in labs for device characterization, building simulation models, failure analysis and debugging prototypes. The company sells in the U.S., South Korea, Taiwan, China, Japan, Singapore, Europe and Malaysia. It also provides installation, on-site maintenance, training and support.
Products & services
- Probe cards
- Analytical probes
- Probe stations
- Thermal chucks and subsystems
- Cryogenic systems
- Probe card maintenance and support services
What is FormFactor worth?
On an owner-earnings DCF, FormFactor's most-likely value is about $38 versus a recent price near $140 (72% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$16) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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