FormFactor, Inc. FormFactor, Inc.

The grade, in three tenses

Headline 5.9 out of ten, 9 of 9 metrics filed: past 6.7 out of ten, present 6.4 out of ten, future 4.3 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 6.3 out of ten. +8.3% a year over 10 filed years; profitable in 9 of 10. 63rd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 6.4 out of ten. Share count shrank 0.1% a year. 33% of cash flow returned. Insiders: 72 sales, 0 purchases. 64th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 6.7 out of ten. ROE 5%: 5¢ of profit per shareholder dollar. Leverage 15%: owes 15¢ per asset dollar. 67th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 5.7 out of ten. top 43% of 97 in its family; net margin 6.9%. 57th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 6.7 out of ten. top 33% of 66 in its family for leadership; chief executive since 2015. 67th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 4.2 out of ten. bottom 42% of 94 in its family for room to expand. 42nd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 4.6 out of ten. bottom 46% of 93 in its family for growth drivers. 46th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 4.0 out of ten. bottom 40% of 88 in its family for expectations against reality. 40th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-20 for the period ended 2025-12-27 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-04 for the period ended 2026-06-27 (on EDGAR). Newest results release: Form 8-K filed 2026-07-29 (on EDGAR). Newest filing: Form 4, 2026-09-17. Filings on record since 2002. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-20.

The people

Michael D. Slessor has run FormFactor since December 2014, when he became chief executive. He has been president and a director since October 2013, and the insider record has him filing as an officer and director of the company since 2013. He arrived with a takeover: he was president and chief executive of MicroProbe Incorporated from July 2008 until FormFactor closed its acquisition of MicroProbe in October 2012, then ran that product group as a senior vice president for a year before taking the top job. Earlier he held management, product marketing and applications engineering posts in the semiconductor industry, mostly at KLA-Tencor. He holds a doctorate in aeronautics and physics from the California Institute of Technology. [1, 2, 3, 4]

The finance seat changed hands in 2025. Aric McKinnis has been chief financial officer since August 2025; he joined FormFactor in August 2019 and was vice president and corporate controller before the promotion, after spells as corporate controller at MKS Instruments and Electro Scientific Industries and as a manager at Deloitte. He follows Shai Shahar, chief financial officer from 2018 to August 2025 and then senior vice president and executive advisor from September through December 2025. The insider record has McKinnis first filing in 2025 and Shahar last filing in 2025. [5, 6, 4]

Seven directors stand for election this year: Rebeca Obregon Jimenez, on the board since September 2019; Sheri Rhodes, since December 2019; Slessor, since October 2013; Kelley Steven-Waiss, since August 2015; Thomas St. Dennis, the chairperson, since September 2010; Jorge Titinger, since June 2021; and Brian White, since September 2022. Kevin Brewer, a director since March 2024, is retiring at the annual meeting and will not stand again, taking the board from eight members to seven. Every director other than Slessor is independent on the board's own determination. St. Dennis ran the company himself, as chief executive from September 2010 through December 2014, and was executive chairperson from October 2013 to February 2016 before taking the chair. Titinger is a returner: the insider record has him first filing at FormFactor in 2007, and the proxy says he held senior executive positions there before joining Verigy. [7, 8, 9, 10, 11, 12, 13, 4]

FormFactor counted 2,153 regular full-time employees at the close of fiscal 2025 on 27 December. Most of them make things: 1,298 in operations, against 422 in research and development, 235 in sales and marketing and 198 in general and administrative work. By region, 1,553 were in North America, 325 in Asia and 275 in Europe. The Probe Cards segment held 1,579 of them, the Systems segment 377 and corporate functions 197. Nearly all the manufacturing staff sit in California, Oregon and Germany, and the company also draws on staffing firms for factory labor. [14, 15, 16]

How it operates

FormFactor sells the equipment that tests chips. Its main product is the probe card, the piece that touches a wafer during testing: contact elements press onto each chip's bond pad, solder bump, micro-bump, through-silicon-via or copper pillar, hold their shape and position through repeated compression, and carry the signal that says whether the chip works. Around that it sells analytical probes, probe stations, thermal systems, cryogenic systems and the services to install and maintain them. It describes itself as a provider of electrical and optical test and measurement technologies along the full semiconductor product lifecycle, from characterization, modeling, reliability and design de-bug through to qualification and production test. The company was founded in 1993 and introduced its first product in 1995. [17, 18, 19, 20]

The company reports in two segments. Probe Cards holds the probe cards and the analytical probes; Systems holds the probe stations, thermal systems and cryogenic systems. Every probe card is custom, adapted to each customer's own wafer layouts, chip layouts and electrical test requirements, so a new chip design generally means a new card. The reach of the technology is unusual. Current technology runs to probe cards with over 150,000 contact elements spaced as little as 40 microns apart across an entire 300mm wafer, and to testing at millimeter-wave frequencies above 80 GHz for radio frequency and automotive radar parts. The Systems side reaches the other way, into cold: cryogenic probe systems and dilution refrigerator cryostats working close to absolute zero, used for quantum and superconducting computing and for astronomy. [21, 22, 23, 24]

Its customers are chip makers, foundries, fabless designers, universities and research institutions, working in foundry and logic, DRAM, flash, display, sensor and quantum computer markets. The list is short at the top. SK hynix alone was 22.9% of revenue in fiscal 2025, up from 18.9% the year before; Intel, at 14.6% in fiscal 2024 and 17.1% in fiscal 2023, fell below the ten percent line in fiscal 2025. Fabless designers, which run no factories of their own, buy the analytical probes and probe stations for research and characterization, and either buy probe cards themselves or direct their foundries and wafer test facilities to buy them. [25, 26, 27, 28]

Revenue is counted by where a product ships, not by where the buyer is headquartered. South Korea was the largest destination in fiscal 2025 at 30.3% of revenue, ahead of Taiwan at 25.8%, the United States at 19.4% and China at 7.4%, with Japan at 5.5%. Two years earlier the order was different: the United States was largest at 25.9% and South Korea third at 17.8%. The shift follows the products. The company credits higher demand for DRAM probe cards, including those for high-bandwidth memory, for the rise in South Korea; higher demand for foundry and logic probe cards for the rise in Taiwan; and trade restrictions on exports of advanced American semiconductor technology for falling demand from Chinese customers. [29, 30, 31]

FormFactor runs its own factories, unlike the fabless designers it serves. Probe cards and analytical probes are made in Livermore, California and Beaverton, Oregon; probe stations, thermal systems and cryogenic systems in Boulder, Colorado and in Thiendorf, Munich and Karlsruhe, Germany. Two California plants, Carlsbad and Baldwin Park, are being folded into other sites by the end of fiscal 2026, and a bought site in Farmers Branch, Texas is being fitted out to make probe cards from late in fiscal 2026. Materials are a weak point the company names itself: ceramic and organic substrates and complex printed circuit boards come from outside suppliers, some of them from a single vendor, and printed circuit board assemblies, plating materials and ceramic substrates come from a sole source or a limited group with, in some cases, no alternative source currently available. Buying is done on purchase orders rather than long-term contracts. Products are sold worldwide through a direct sales force together with manufacturers' representatives and distributors. [32, 33, 34, 35, 36, 37]

The specifics

The probe card market is fragmented, many domestic and foreign companies and many local suppliers serving individual customers in often differentiated applications. FormFactor names Japan Electronic Materials Corporation, Korea Instrument, Micronics Japan, MPI Corporation, STAr Technologies, Max One, Technoprobe and TSE as its main rivals there. Japan Electronic Materials, Micronics Japan and Technoprobe build cards on the same kind of micro-electromechanical systems technology, the tiny mechanical structures FormFactor uses for its own contact elements; the company says the capital cost of developing such cards, and the time and expense of getting them through a customer's evaluation, keep newcomers out. In analytical probes the named competitors are GGB Industries and MPI Corporation; in probe stations, MPI Corporation, Shenzhen Senmeixieer Technology, STAr Technologies, Tokyo Electron and Wentworth Laboratories; in cryogenic systems, Bluefors, Lake Shore Cryotronics, Maybell Quantum Industries, Montana Instruments and Quantum Design. [38, 39, 40, 41, 42, 43, 44]

Protection rests on a mix of patents, trade secrets, trademarks and contract terms on disclosure, and the company says it has gone after infringers in court before and may again. It believes it holds one of the most substantial patent portfolios relevant to its products. It also says, in the same section, that neither keeping nor growing the business depends materially on any single patent, and that in a field moving this fast patents may count for less than technical expertise, a steady flow of new products and technologies, trade secrets, market penetration, customer relationships and worldwide support. [45, 46, 47, 48]

The shape of the company comes from deals, and it says it has bought businesses from time to time to build scale and breadth from lab to fab. Lately it has sold as well as bought. The FRT Metrology business went to Camtek for $100 million under an agreement announced in September 2023, and the China operations went to Grand Junction Semiconductor for $25.0 million under a February 2024 agreement that kept an exclusive distribution and partnership arrangement in the region. In February 2025 it took a fifth of FICT Limited, a Nagano maker of complex multi-layer organic substrates and printed circuit boards, through a holding company in which an affiliate of MBK Partners holds the other four fifths, for $67.2 million. In June 2025 it bought a manufacturing site in Farmers Branch, Texas with 50,000 square feet of existing clean room space, and in December 2025 it bought Keystone Photonics, an optical probing company working in silicon photonics and co-packaged optics, for $20.6 million net of cash acquired. [49, 50, 51, 52, 53, 54, 55]

Trade rules shape the customer list. Sales to customers inside China were approximately 7% of fiscal 2025 revenue against 14% of fiscal 2024 revenue, one of the regions caught by the expanded United States export license requirements; the company sold its China operations under a February 2024 agreement and kept an exclusive distributor there. Tariffs took 1.4 points off gross margin in fiscal 2025. Government money runs the other way: an $18.0 million California Competes Grant received in January 2023, repayable in whole or part if the job and infrastructure conditions are not met, and the federal Advanced Manufacturing Investment Credit, which the July 2025 tax act lifted from 25% to 35% for qualified investments placed in service after December 2025. [56, 57, 52, 58, 59]

What drives growth, line by line

Probe Cards. By far the bigger segment: 637.9 million dollars in fiscal 2025, 81.3% of revenue, up 1.9% from 626.0 million the year before. Underneath, the mix moved. DRAM rose from 36.3% of probe card sales to 38.8%, which the company puts down to demand for high-bandwidth memory designs used in generative artificial intelligence; foundry and logic fell from 60.9% to 58.0%, on weaker demand for cards tied to client PC and server microprocessor designs as customers produced less. Flash grew on higher customer production activity. Segment gross margin fell even at record revenue, on higher manufacturing costs including tariffs, partly offset by a better product mix and fuller factories, and the company notes that its DRAM products generally carry lower margins than its foundry and logic products. [60, 61, 62, 63, 64, 65, 66]

Systems. The smaller segment: 147.1 million dollars in fiscal 2025, 18.7% of revenue, up 6.9% from 137.6 million. The company credits higher sales of thermal systems, probe stations and cryogenic systems. Gross profit rose while gross margin fell, on more manufacturing spending and a mix weighted to lower margin products. The segment still carries the mark of a sale: FRT went in the fourth quarter of fiscal 2023, and with it 21.2 million dollars of metrology systems revenue that fiscal 2024 and fiscal 2025 did not have. [60, 67, 68, 69]

Together that was a record 785.0 million dollars of revenue in fiscal 2025, 2.8% above fiscal 2024's 763.6 million, with the company pointing to end markets that support artificial intelligence infrastructure, high-bandwidth memory among them. Net income went the other way: 54.4 million dollars against 69.6 million in fiscal 2024 and 82.4 million in fiscal 2023. The company's own explanation is that fiscal 2024 carried a gain on the sale of the China operations that fiscal 2025 did not repeat. Setting that aside, it points to record revenue led by strong growth in DRAM, and says gross margins fell year over year while the third and fourth quarters improved on the first half of fiscal 2025 and the second half of fiscal 2024. [70, 71, 72, 73, 74]

The cost lines tell the same story. Gross profit barely moved, 308.9 million dollars against 307.9 million, with tariffs alone taking 1.4 points off gross margin. Research and development spending fell 5.1% to 115.7 million dollars, which the company attributes to lower general operational costs helped by a German government grant, lower project material costs, lower stock based compensation and lower performance-based pay. Selling, general and administrative spending fell 6.1%. Capital spending went the other way, to 103.7 million dollars from 38.4 million, and 55.0 million of that went into the Farmers Branch site. [70, 57, 75, 76, 77]

What the company says comes next, in its own words. It anticipates that probe cards will stay a substantial majority of revenue for the foreseeable future. The Farmers Branch plant is expected to start production late in the fourth quarter of fiscal 2026, with start-up costs of 20.0 to 25.0 million dollars over fiscal 2026 and capital spending of 140.0 to 170.0 million on the ramp. The restructuring adopted in January 2026 is expected to cost 30 to 40 million dollars in all, mostly in fiscal 2026, including 9 to 13 million to sever or retain approximately 200 to 300 employees; Baldwin Park manufactured through January 2026 and Carlsbad is expected to manufacture through December 2026. On co-packaged optics, where it is working with customers to move from lab to fab, it says its position in combined electrical and optical test may provide new growth as silicon photonics moves to high volume production. [78, 79, 80, 81, 82, 83]

What the desk infers (inferred, not filed)

• FormFactor's growth now rides on memory, and on high-bandwidth memory for artificial intelligence in particular, more than on the logic chip cycle the company was built around. Because: SK hynix, a memory maker, was 22.9% of revenue in fiscal 2025, up from 18.9% the year before, while Intel, 14.6% in fiscal 2024, fell below the ten percent line. [27] Inside the probe card segment DRAM rose from 36.3% of sales to 38.8% while foundry and logic fell from 60.9% to 58.0%. [62] The company credits demand for high-bandwidth memory designs used in generative artificial intelligence for the DRAM increase, and weaker client PC and server microprocessor demand for the foundry and logic decrease. [64, 65] South Korea became the largest shipping destination at 30.3% of revenue, ahead of Taiwan at 25.8% and the United States at 19.4%, having been third at 17.8% two years earlier. [29] Confidence 82 of 100. Wrong if: A fiscal year in which foundry and logic probe card revenue grows while DRAM falls, and in which no single memory customer accounts for a tenth or more of revenue.
• The FICT stake is a supply move rather than a financial holding: the company bought into a maker of the substrates and boards its probe cards depend on, in exactly the category where it says single sources and missing alternatives are a risk. Because: FICT is described as a provider of complex multi-layer organic substrates, printed circuit boards and related technologies, headquartered in Nagano, Japan. [51] The filing calls FICT a related party and a supplier and reports 10.3 million dollars of inventory purchased from it in fiscal 2025. [84] The company says it depends on suppliers for ceramic and organic substrates and complex printed circuit boards, some of them supplied by a single vendor, and that it buys on purchase orders rather than long-term contracts. [35] It says printed circuit board assemblies, plating materials and ceramic substrates come from a sole source or a limited group of suppliers, and that in some cases alternative sources are not currently available. [36] Confidence 78 of 100. Wrong if: A filing that reports no purchases of goods from FICT and describes the stake as held for investment return alone, or a disposal of the stake with the supply arrangements unchanged.
• Probe cards behave like a consumable tied to the number of new chip designs entering production rather than like capital equipment bought out of a customer's plant budget, which is why the segment can move while customers' equipment spending does not. Because: Each semiconductor chip design requires a custom probe card, and every card is adapted to a customer's own wafer layouts, chip layouts and electrical test requirements. [85, 22] Demand depends in large part on the number of semiconductor designs, the pace of technology and architecture transitions in chip designs, and overall semiconductor unit volume. [86] There is generally not enough backlog of unfilled orders at the start of a quarter to meet that quarter's revenue, so a quarter rests on orders received and filled within it. [87] Confidence 72 of 100. Wrong if: A filing that reports multi-year probe card orders carried as backlog, or that ties probe card demand to customers' capital equipment budgets rather than to design starts and unit volume.

Sources

1. FormFactor, Inc. FormFactor, Inc., Form DEF 14A filed 2026-04-02: “Michael D. Slessor has served as a director since October 2013. Dr. Slessor has served as our President since October 2013 and became our Chief Executive Officer in December 2014. Dr. Slessor served as Senior Vice President and General Manager, MicroProbe Product Group from October 2012 to October 2013. Before joining FormFactor, Dr. Slessor was President and Chief Executive Officer of MicroProbe Incorporated from July 2008 through the October 2012 closing of FormFactor’s acquisition of MicroProbe.”
2. FormFactor, Inc. FormFactor, Inc., Form DEF 14A filed 2026-04-02: “Prior to joining MicroProbe, he held various management, product-marketing, and applications-engineering positions in the semiconductor industry, primarily with KLA-Tencor.”
3. FormFactor, Inc. FormFactor, Inc., Form DEF 14A filed 2026-04-02: “Dr. Slessor received his Ph.D. in Aeronautics and Physics from the California Institute of Technology and holds a B.A.Sc. in Engineering Physics from the University of British Columbia.”
4. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
5. FormFactor, Inc. FormFactor, Inc., Form DEF 14A filed 2026-04-02: “Aric McKinnis has served as our CFO since August 2025. Mr. McKinnis joined FormFactor in August 2019 and prior to his current role, served as Vice President and Corporate Controller. Mr. McKinnis has served in a financial leadership capacity for over 15 years and was previously Corporate Controller at the semiconductor manufacturing companies MKS Instruments and Electro Scientific Industries, Inc.”
6. FormFactor, Inc. FormFactor, Inc., Form DEF 14A filed 2026-04-02: “Shai Shahar served as our CFO from 2018 to August 2025, and as our Senior Vice President and Executive Advisor from September through December 2025.”
7. FormFactor, Inc. FormFactor, Inc., Form DEF 14A filed 2026-04-02: “Ms. Rebeca Obregon Jimenez 57 Director September 2019 ✓ Member Ms. Sheri Rhodes 57 Director December 2019 ✓ Member(2) Dr. Michael D. Slessor 56 Director and Chief Executive Officer October 2013 Ms. Kelley Steven-Waiss 56 Director August 2015 ✓ Member Chair Mr. Thomas St. Dennis 72 Director and Chairperson September 2010 ✓ Mr. Jorge Titinger 65 Director June 2021 ✓ Chair Member Mr. Brian White 61 Director September 2022 ✓ Member”
8. FormFactor, Inc. FormFactor, Inc., Form DEF 14A filed 2026-04-02: “Our Board currently consists of eight members, and each director stands for election on an annual basis following the expiration of their current term. Mr. Brewer is retiring from the Board at the Annual Meeting and will not stand for re-election. Effective as of Mr. Brewer's retirement, the Board size will be reduced to seven members.”
9. FormFactor, Inc. FormFactor, Inc., Form DEF 14A filed 2026-04-02: “Mr. Kevin Brewer 68 Director March 2024”
10. FormFactor, Inc. FormFactor, Inc., Form DEF 14A filed 2026-04-02: “Thomas St. Dennis has served as a director since September 2010 and has served as the Chairperson of the Board since February 2016, prior to which he served as our Executive Chairperson of the Board from October 2013 to February 2016. Mr. St. Dennis served as our Chief Executive Officer from September 2010 through December 2014.”
11. FormFactor, Inc. FormFactor, Inc., Form DEF 14A filed 2026-04-02: “Jorge Titinger has served as a director since June 2021.”
12. FormFactor, Inc. FormFactor, Inc., Form DEF 14A filed 2026-04-02: “Prior to Verigy, he held senior executive positions with FormFactor, Inc., KLA-Tencor Corporation and Applied Materials.”
13. FormFactor, Inc. FormFactor, Inc., Form DEF 14A filed 2026-04-02: “Our Board has determined that each of our directors is independent other than Dr. Slessor, our CEO.”
14. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “As of December 27, 2025, we had 2,153 regular full-time employees, including 1,298 in operations, 422 in research and development, 235 in sales and marketing and 198 in general and administrative functions. By region, 1,553 of our employees were in North America, 325 in Asia, and 275 in Europe. As of December 27, 2025, our Probe Cards Segment had 1,579 regular full-time employees, our Systems Segment had 377 regular full-time employees, plus we had 197 regular full-time employees in corporate functions.”
15. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Nearly all of our manufacturing employees are located in California, Oregon and Germany, where workplace safety and labor regulations support maintaining high standards of employee protection.”
16. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “We rely upon both employees and resources from staffing firms to meet our manufacturing labor needs.”
17. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “FormFactor, Inc. is a leading provider of electrical and optical test and measurement technologies along the full semiconductor product lifecycle - from characterization, modeling, reliability, and design de-bug, to qualification and production test.”
18. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “We provide a broad range of high-performance probe cards, analytical probes, probe stations, thermal systems, and cryogenic systems to both semiconductor companies and scientific institutions.”
19. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Founded in 1993, we introduced our first product in 1995.”
20. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “These contact elements are designed to provide a specific range of forces on and across a chip’s bond pad, solder bump, micro-bump, through-silicon-via (TSV), or copper pillar, during the test process, and maintain their shape and position over a range of compression levels.”
21. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “As of December 27, 2025, we operate in two reportable segments consisting of the Probe Cards segment and the Systems segment. Sales of our probe cards and analytical probes are included in the Probe Cards segment, while sales of our probe stations, thermal systems and cryogenic systems are included in the Systems segment.”
22. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Our probe cards are customized to our customers’ unique wafer and chip designs by modifying and adapting our standard product architectures to meet each customer’s specific wafer layouts, chip layouts, and electrical test requirements.”
23. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Our present technologies enable probe cards with over 150,000 contact elements with spacings as small as 40 microns over geometries as large as an entire 300mm wafer. In addition, for high signal-fidelity devices such as wireless radio frequency transceivers and automotive radar chips, our probe card technologies are capable of testing at millimeter-wave frequencies currently exceeding 80 GHz.”
24. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “These include advanced cryogenic probe systems to test complete wafers or singulated die, as well as dilution refrigerator cryostats used in various applications at temperatures close to absolute zero, including quantum and superconducting computing applications, astronomy, and other situations where cryogenic temperature management is required.”
25. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Our customers include companies, universities and institutions that design and develop or manufacture semiconductor and semiconductor related products in the foundry & logic, DRAM, flash, display, sensor and quantum computer markets.”
26. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Fabless semiconductor suppliers do not manufacture their own semiconductors, but they purchase our analytical probes, probe stations, and other System segment products for research and development, and device characterization. They also purchase, or direct their foundries or wafer test facilities to purchase, our probe cards to test wafers manufactured for them.”
27. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “The following customers represented 10% or more of our revenues: Fiscal Year Ended December 27, 2025 December 28, 2024 December 30, 2023 SK hynix Inc. 22.9 % 18.9 % * Intel Corporation * 14.6 % 17.1”
28. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “A relatively small number of customers account for a significant portion of our revenues. One customer represented 22.9% of total revenues in fiscal 2025, two customers represented a combined 33.5% of total revenues in fiscal 2024 and one customer represented 17.1% of total revenues in fiscal 2023.”
29. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “South Korea 30.3 % 24.2 % 17.8 % Taiwan 25.8 22.7 22.3 United States 19.4 24.1 25.9 China 7.4 13.5 13.8 Japan 5.5 4.4 5.5”
30. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Geographic revenue information is based on the location to which we ship the product.”
31. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Increased demand for our DRAM probe card products, including those for HBM, contributed to the increase in revenue for South Korea in fiscal 2025 compared to fiscal 2024. •Increased demand for our Foundry & Logic probe card products contributed to the increase in revenue for Taiwan in fiscal 2025 compared to fiscal 2024. •Trade restrictions for the export of advanced U.S. semiconductor technology to China has caused decreasing demand from Chinese customers.”
32. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Our primary manufacturing facilities for probe cards and analytical probes are located in Livermore, California and Beaverton, Oregon, United States. Our current manufacturing operations in Carlsbad and Baldwin Park, California are consolidating to other sites, which we expect to be largely completed by the end of fiscal 2026.”
33. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “We have acquired a new manufacturing facility in Farmers Branch, Texas that is currently in the build‑out phase and is expected to support probe card production beginning in late fiscal 2026.”
34. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Our primary manufacturing facilities for probe stations, thermal systems, and cryogenic systems are located in Boulder, Colorado, United States, and in Thiendorf, Munich and Karlsruhe, Germany.”
35. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “We depend on suppliers for materials and some critical components of our manufacturing processes, including ceramic and organic substrates and complex printed circuit boards. We also rely on suppliers to provide certain contact elements and interconnects that are incorporated into our products. Some of these components and materials are supplied by a single vendor, and some are subject to certain minimum order quantities. Generally, we rely on purchase orders rather than long-term contracts with our suppliers”
36. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “We obtain some of the components and materials used in our products, such as printed circuit board assemblies, plating materials and ceramic substrates, from a sole source or a limited group of suppliers, and in some cases alternative sources are not currently available.”
37. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “We sell our products worldwide through a global direct sales force and through a combination of manufacturers’ representatives and distributors.”
38. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Our probe cards utilize a variety of technologies and product architectures, including micro-electromechanical systems (MEMS) technologies.”
39. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “The probe card market is comprised of many domestic and foreign companies, and has historically been fragmented with many local suppliers servicing individual customers in often differentiated applications.”
40. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Our primary competitors are Japan Electronic Materials Corporation, Korea Instrument Co., Ltd., Micronics Japan Co., Ltd., MPI Corporation, STAr Technologies, Inc., Max One, Technoprobe S.p.A, TSE Co., Ltd., among others.”
41. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Probe card vendors such as Japan Electronic Materials Corporation, Micronics Japan Co., and Technoprobe offer probe cards built using similar types of MEMS technology as we do. The high capital investment and other costs associated with the development of MEMS probe cards and the time and high cost of the customer evaluation process represent significant barriers to entry for this type of technology.”
42. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Our primary competitors in the analytical probe market are GGB Industries Inc. and MPI Corporation.”
43. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Our primary competitors in the probe station market are MPI Corporation, Shenzhen Senmeixieer Technology Co., Ltd (“Semishare”), STAr Technologies, Inc., Tokyo Electron Limited (“TEL”), and Wentworth Laboratories, Inc.”
44. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “In the market for cryogenic systems, we compete principally against Bluefors Oy, Lake Shore Cryotronics, Inc, Maybell Quantum Industries Inc., Montana Instruments, and Quantum Design.”
45. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “We rely on a combination of patents, trade secrets, trademarks and contractual restrictions on disclosure to protect our intellectual property rights. We have filed actions to enforce those rights against third parties in the past, and may pursue such actions in the future.”
46. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “We believe that we possess one of the most substantial patent portfolios relevant to our products.”
47. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Although we believe that our patents and other intellectual property rights have significant value for each of our segments, we do not believe that maintaining or growing our business is materially dependent on any single patent.”
48. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Due to the rapid pace of innovation within the markets that we serve, it is possible that our protection through patents may be less important than factors such as our technological expertise, continuing development of new products and technologies, protection of trade secrets, market penetration, customer relationships, and our ability to provide comprehensive support and service to customers worldwide.”
49. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “On December 15, 2025, we acquired 100% of the shares of Keystone Photonics for total consideration of $20.6 million, net of cash acquired of $1.7 million. Keystone Photonics provides optical probing technology used in the testing of silicon photonics (“SiPh”) and co‑packaged optics devices.”
50. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “a joint holding company in which we hold a 20% share of the equity and an affiliate of MBK Partners holds an 80% share of the equity, through HoldCo’s wholly-owned subsidiary, FM Holdings Co., Ltd., acquired 100% of the shares of FICT Limited (“FICT”) from Advantage Partners Inc. Our initial $67.2 million equity investment comprised of the funding of our share of the purchase price of $59.6 million”
51. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Headquartered in Nagano, Japan, FICT is a provider of semiconductor test and high-performance computing industries with complex multi-layer organic substrates, printed circuit boards, and related leading-edge technologies and services.”
52. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “On February 7, 2024, the Company entered into a definitive agreement to sell its China operations to Grand Junction Semiconductor Pte. Ltd. (“Grand Junction”) for $25.0 million in cash, subject to customary purchase price adjustments, and establish an exclusive distribution and partnership agreement to continue sales and support of our products in the region.”
53. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “On September 18, 2023, the Company announced entry into a definitive agreement to sell its FRT Metrology (“FRT”) business to Camtek Ltd. (“Camtek”) for $100 million in cash, subject to customary purchase price adjustments.”
54. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “In June 2025, we purchased a manufacturing site in Farmers Branch, Texas, which comprises four structures and includes 50,000 square feet of existing clean room space.”
55. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “From time to time, we have acquired businesses to help transform our business into a semiconductor test and measurement market leader with greater scale, diversification, breadth and market opportunities from Lab to Fab.”
56. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “approximately 7% of our fiscal 2025 revenue and 14% of our fiscal 2024 revenue was derived from sales to customers in China, which was one of the regions subject to the expanded export license requirements imposed by the United States government.”
57. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “For fiscal 2025 compared to fiscal 2024, gross profit increased and gross margins decreased as a result of greater revenues and a favorable product mix, that was offset by higher manufacturing costs, which included a 1.4% gross margin impact from increased costs for tariffs.”
58. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “In January 2023, we received $18.0 million in cash from a California Competes Grant (the “Grant”) awarded from the California Governor’s Office of Business and Economic Development. The Grant requires us to create and maintain full-time jobs and make significant infrastructure investments within California over a 5-year term. If we do not meet the requirements of the Grant, we will be required to repay all or a portion of the Grant.”
59. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. Among other changes, the OBBBA increased the AMIC rate from 25% to 35% for for qualified investments placed in service after December 31, 2025.”
60. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
61. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Probe Cards—Gross profit and gross margin in the Probe Cards segment decreased in fiscal 2025 compared to fiscal 2024, despite the record revenue levels primarily due to higher manufacturing costs, which included increased costs for tariffs, partially offset by a favorable product mix and favorable factory utilization with the increased volumes.”
62. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “For fiscal 2025 compared to fiscal 2024, DRAM revenue was up from 36.3% of Probe Card sales to 38.8% of Probe Card sales, and Foundry & Logic revenue was down from 60.9% of Probe Card sales to 58.0% of Probe Card sales.”
63. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “In general, our DRAM products have lower margins than our Foundry & Logic products, although there is a significant intra-market variance depending on customer and device.”
64. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “DRAM — The increase in DRAM product revenues in fiscal 2025 compared to fiscal 2024 was primarily driven by increased demand for HBM designs utilized in generative artificial intelligence applications.”
65. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Foundry & Logic — The decrease in Foundry & Logic product revenue in fiscal 2025 compared to fiscal 2024 was primarily driven by weaker demand for probe cards associated with client PC and server microprocessor designs, reflecting reduced customer production levels during the year.”
66. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Flash — The increase in Flash product revenue in fiscal 2025 compared to fiscal 2024 was primarily driven by increased customer production activity and demand for our products.”
67. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Systems — The increase in Systems product revenue in fiscal 2025 compared to fiscal 2024 was driven by increased sales of thermal systems, probe stations, and cryogenic systems.”
68. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Systems—Gross profit in the Systems segment increased while gross margin decreased in fiscal 2025 compared to fiscal 2024, primarily as a result of greater revenues that was offset by an increase in manufacturing spending and an unfavorable product mix as a greater percentage of Systems segment revenues were from lower margin products.”
69. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “During the fourth quarter of fiscal 2023, we completed the sale of our FRT business. As a result, we generated no metrology systems revenue during fiscal 2025 and fiscal 2024, compared to $21.2 million during fiscal 2023.”
70. The record on this page: the filed annual figures (EDGAR's company facts)
71. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Achieved record annual revenue of $785.0 million. •Purchased a manufacturing site in Texas, which is expected to begin ramping production in late fiscal 2026. •Benefited from growth driven by exposure to end markets supporting artificial intelligence–related infrastructure, including HBM.”
72. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “We generated net income of $54.4 million in fiscal 2025 compared to net income of $69.6 million in fiscal 2024 and net income of $82.4 million in fiscal 2023.”
73. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “The decrease in net income in fiscal 2025 compared to fiscal 2024 was primarily due to the gain on sale of business recognized in fiscal 2024 from the sale of our China operations that did not repeat in fiscal 2025.”
74. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Excluding the impact from the fiscal 2024 gain, our financial performance was driven by record revenue levels led by strong growth in our DRAM product segment, particularly with demand for HBM chips utilized in generative artificial intelligence applications. Despite this revenue growth, gross margins declined year over year, though third and fourth quarters have shown meaningful improvement in gross margins compared to the first half of fiscal 2025 and second half of fiscal 2024.”
75. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “The decrease in research and development expense in fiscal 2025 compared to fiscal 2024 was primarily driven by a decrease in general operational costs, which includes the benefit of a German government grant earned in fiscal 2025 that partially offset expenses, lower project material costs, lower stock based compensation and decreased employee compensation costs from lower performance-based compensation.”
76. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Selling, general and administrative $ 133,074 $ 141,786 $ (8,712) (6.1)”
77. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Net cash used in investing activities in fiscal 2025 was primarily attributable to $103.7 million in capital expenditures for property, plant and equipment. Of this amount, $55.0 million related to our new Farmers Branch manufacturing facility in Farmers Branch, Texas.”
78. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “As part of this restructuring plan, we are consolidating the manufacturing facilities located in Carlsbad and Baldwin Park, California to other sites. The Baldwin Park site manufactured through January 2026 and the Carlsbad site is expected to manufacture through December 2026.”
79. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “The restructuring plans are expected to result in the Company recording restructuring charges in the aggregate amount of approximately $30 million to $40 million, estimated to be comprised primarily of $20 million to $25 million of cost related to impairment of leasehold improvements, facility exits, and other costs, $9 million to $13 million of severance, retention and other employee-related costs to sever or retain approximately 200 to 300 employees, and $1 million to $2 million in contract and lease termination costs.”
80. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “This includes consideration of estimated capital expenditures of $140.0 million to $170.0 million for the ramp of the Farmers Branch manufacturing site.”
81. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “These costs are expected to increase as we continue the build-out, with an expected production ramp beginning late in the fourth quarter of fiscal 2026, and are expected to be between $20.0 million to $25.0 million over fiscal 2026.”
82. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “We derive the majority of our revenues from the sale of our probe card products, primarily to manufacturers of foundry & logic and memory devices, despite progress in diversifying our product offerings. We anticipate that sales of probe cards will represent a substantial majority of our revenues for the foreseeable future.”
83. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “We are collaborating with certain customers to transition from the lab to the fab with co-packaged optics, which is poised to revolutionize chip-to-chip communication in the data center by significantly reducing power consumption at high data rates. As silicon photonics matures and moves to high-volume-production in the coming years, we expect that our leadership positions in combined electrical and optical test may provide new growth.”
84. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “We engage in transactions with FICT, a related party and a supplier, in the normal course of business and at arm's length. Total related party purchases of inventory from FICT for the year ended December 27, 2025 was $10.3 million.”
85. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Each semiconductor chip design requires a custom probe card. Because our probe card products are design-specific, demand for these products is difficult to forecast.”
86. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “The demand for our products depends in large part upon the number of semiconductor designs, the pace of technology and architecture transitions in chip designs and overall semiconductor unit volume.”
87. FormFactor, Inc. FormFactor, Inc., Form 10-K filed 2026-02-20: “Our revenues are difficult to forecast because we generally do not have sufficient backlog of unfilled orders to meet our quarterly revenue targets at the beginning of a quarter. Rather, a substantial percentage of our revenues in any quarter depend upon customer orders for our products that we receive and fulfill in that quarter.”

Where the revenue comes from

Lines of business in fiscal 2025: Probe Cards 81%, Systems 19%. As tagged in its annual report (Form 10-K, filed 2026-02-20).

Who runs it

Slessor, Mike (CEO); St, Dennis Thomas (EXECUTIVE CHAIRMAN); Mckinnis, Aric Brendan (CFO, SVP Global Finance); Shahar, Shai (CFO, SVP Global Finance); Titinger, Jorge (SR VP PRODUCT BUSINESS GROUP); Steven-Waiss, Kelley (director); Rhodes, Sheri (director); Obregon-Jimenez, Rebeca (director); White, Brian C (director); Brewer, Kevin J (director). 10 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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