FORMFORMFACTOR INC

Semiconductors & Related Devices

Revenue: $785M; 2.8% YoY
Operating margin: 7.3%; 14% YoY
EBITDA: $95M; 3.1% YoY
Market cap: $6.8B
Employees: 2,025; $388K revenue each
Net debt / EBITDA: -1.0×; −$98M net debt
AI in 10-K: 3.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
212% of net income
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
23% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$388K · 49th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.7 per 10K words · 76th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.0× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$23M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$770M	$748M	$663M	$764M	$785M	2.8%
Operating income	$98M	$55M	$83M	$65M	$57M	12%
Net income	$84M	$51M	$82M	$70M	$54M	22%
Operating cash flow	$139M	$132M	$65M	$118M	$115M	1.8%
Capex	$66M	$65M	$56M	$38M	$104M	170%
Stock-based comp	$29M	$31M	$39M	$40M	$39M	3.0%
Buybacks	$24M	$82M	$20M	$53M	$26M	51%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $23M · 75
Net: −$23M

Pay vs performance

No pay-versus-performance disclosure yet.