FormFactor, Inc. (FORM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-89.8%

$9.16

vs $89.75 price

Levered DCF

$9.96

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

18.44

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	82.94×	51.02×	39.35×	34.2×	42.33×	42.18×	49.94×	9.92×
P/B	4.34×	3.75×	3.55×	2.13×	4.36×	4.43×	3.04×	1.78×
P/S	5.72×	4.65×	4.87×	2.31×	4.62×	4.76×	3.3×	1.95×
EV / EBITDA	38.6×	30.16×	24.36×	17.26×	24.15×	23.61×	19.39×	12.38×
Gross margin	39.1%	40.3%	39.0%	39.6%	41.9%	41.5%	40.3%	39.7%
Operating margin	8.2%	8.5%	12.5%	7.3%	12.7%	12.1%	8.4%	6.8%
Net margin	6.9%	9.1%	12.4%	6.8%	10.9%	11.3%	6.7%	19.6%
Current ratio	4.5×	4.61×	4.38×	3.17×	3.52×	3.15×	3.07×	3.3×
Debt / equity	0.04×	0.04×	0.05×	0.06×	0.08×	0.09×	0.15×	0.11×
Interest coverage	123.26×	154.98×	196.57×	94.84×	162.85×	96.98×	25.93×	10.9×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.3%	7.3%	9.1%	6.3%	10.3%	10.6%	6.1%	17.9%
Return on invested capital	4.7%	5.5%	7.8%	5.6%	9.4%	9.4%	5.1%	5.5%
Return on assets	4.4%	6.1%	7.4%	5.0%	8.2%	8.2%	4.7%	14.3%
Free cash flow yield	0.3%	2.2%	0.3%	3.9%	2.0%	3.4%	5.1%	4.7%
Earnings yield	1.2%	2.0%	2.6%	2.9%	2.4%	2.4%	2.0%	10.0%
Enterprise value	$4.4B	$3.4B	$3.1B	$1.7B	$3.5B	$3.2B	$1.9B	$1B
Net debt / EBITDA	-0.51×	-1.34×	-1.02×	-0.61×	-0.61×	-0.88×	-0.52×	-0.42×
Cash conversion cycle (days)	107	81	102	87	99	90	105	109