Formfactor Inc. (FORM) intrinsic value & 10-year financials
Formfactor Inc. (FORM) has a Graham intrinsic value of $8.49 per share. At $105.01 on Oct 17, 2026, the stock trades 1137% above that value. Over the last 10 fiscal years revenue grew 8.3% a year to $785.0M, with an average return on invested capital of 7.3%.
- Graham intrinsic value
- $8.49
- Share price (Oct 17, 2026)
- $105.01
- Price vs Graham value
- 1137% above
- Market cap
- $8.2B
- Revenue (FY2025)
- $785.0M
- Revenue growth (10-yr CAGR)
- 8.3%
- ROIC (10-yr avg)
- 7.3%
- Free cash flow (FY2025)
- $11.7M
FORM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $785.0M | $54.4M | $0.69 | $11.7M | 7.3% | 5.3% |
| FY2024 | $763.6M | $69.6M | $0.89 | $79.1M | 8.5% | 7.3% |
| FY2023 | $663.1M | $82.4M | $1.05 | $8.6M | 12.5% | 10.1% |
| FY2022 | $747.9M | $50.7M | $0.65 | $66.5M | 7.3% | 6.6% |
| FY2021 | $769.7M | $83.9M | $1.06 | $72.9M | 12.7% | 12.5% |
| FY2020 | $693.6M | $78.5M | $0.99 | $113.4M | 12.1% | 12.8% |
| FY2019 | $589.5M | $39.3M | $0.51 | $100.2M | 8.4% | 6.8% |
| FY2018 | $529.7M | $104.0M | $1.38 | $48.8M | 6.8% | 7.1% |
| FY2017 | $548.4M | $40.9M | $0.55 | $68.6M | 8.4% | 8.8% |
| FY2016 | $383.9M | -$6.6M | -$0.10 | $5.9M | -12.5% | -4.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FORMFACTOR INC is a consistent compounder, expanding top-line revenue at 8.3% annually over the past decade.
FORMFACTOR INC has historically struggled to out-earn its cost of capital, averaging just 7.3% ROIC.
FORMFACTOR INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FORMFACTOR INC is modeled at 2.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $8.49 per share.