FORMFACTOR INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FORMFACTOR INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	384	548	530	589	694	770	748	663	764	785
Cost of revenue	281	333	319	352	406	447	452	405	456	476
Gross profit	103	216	210	237	288	323	296	259	308	309
Research and development	57.5	73.8	75	81.5	89	101	109	116	122	116
Selling, general and administrative	73.4	95.5	99.3	106	115	124	132	133	142	133
General and administrative							50.8	57.9	67.2	62.9
Operating expenses	151	169	174	188	204	225	241	249	264	252
Operating income	-47.9	46.3	36.1	49.7	83.8	98	54.9	82.8	64.8	57.1
Interest expense	2.39	4.49	3.31	1.92	0.86	0.6	0.58	0.42	0.42	0.52
Interest income	0.33	0.55	1.36	2.71	1.5	0.57	2.22	7.22	14.1	10.6
Other non-operating income	-0.22	-0.15	-0.22	0.6	0.75	0.5	1.32	-0.29	0.94	2.2
Pre-tax income	-50.2	42.2	33.9	51.1	85.2	98.5	57.9	89.3	79.4	69.4
Income tax	-43.6	1.29	-70.1	11.7	6.65	14.6	7.13	6.88	9.8	13
Net income	-6.56	40.9	104	39.3	78.5	83.9	50.7	82.4	69.6	54.4
EBITDA	-1.11	59.9	50.4	66.8	104	124	83.6	120	97.7	94.7
EPS, basic	-0.10	0.57	1.42	0.52	1.02	1.08	0.65	1.06	0.90	0.70
EPS, diluted	-0.10	0.55	1.38	0.51	0.99	1.06	0.65	1.05	0.89	0.69
Shares, basic (weighted)	64.9	72.3	73.5	75	76.7	77.8	77.6	77.4	77.3	77.3
Shares, diluted (weighted)	64.9	74.2	75.2	77.3	79	79.1	78.2	78.2	78.4	78.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	101	91.2	98.5	145	187	151	109	178	191	103
Short-term investments		49	50.5	76.3	67.8	125	129	151	169	172
Receivables	70.2	81.5	95.3	97.9	108	116	88.1	103	104	125
Inventory	59.8	67.8	77.7	83.3	99.2	112	123	112	102	111
Other current assets	14.3	13.7	14.9	15.1	23.3	18.7	23.9	29.7	35.4	44.5
Total current assets	255	306	338	419	487	524	475	574	605	557
Property, plant and equipment	42.7	46.8	54.1	58.7	104	147	190	204	210	259
Lease right-of-use assets			0	31.4	30.8	35.2	31.4	30.5	22.6	17.2
Goodwill	188	190	189	199	213	212	211	201	199	216
Intangible assets	127	97.5	67.6	57.6	59.1	36.3	26.8	12.9	10.4	16.3
Other non-current assets	2.6	2.26	0.97	1.2	1.17	1.98	3.99	2.8	4.01	2.43
Total assets	619	647	728	840	963	1,021	1,008	1,107	1,146	1,224
Accounts payable	34.1	35	40	40.9	62	57.9	69.3	63.9	62.3	47.4
Accrued liabilities	30.2	33.7	27.7	36.4	55.3	50.8	42.1	41	43.7	47.5
Deferred revenue	5.31	4.98	4.94	9.81	21	23.2	29.8	16.7	15.8	20.1
Short-term debt	12.7	18.4	29.8	42.8	9.52	8.93	1.05	1.08	1.11	1.14
Total current liabilities	82.7	92.2	103	137	155	149	150	131	131	124
Long-term debt	125	87.2	35	15.6	25	15.4	14.4	13.3	12.2	11.1
Lease liabilities			0	29.1	28	31	27.6	25.3	17.6	12.5
Total liabilities	218	188	148	199	219	205	200	198	198	189
Total debt	138	106	64.8	58.5	34.5	24.4	15.4	14.4	13.3	12.2
Paid-in capital	833	843	863	886	904	899	845	861	838	864
Retained earnings	-429	-388	-284	-244	-166	-81.8	-31.1	51.3	121	175
Treasury stock					0
Other comprehensive income	-3.74	3.02	0.78	-0.66	5.89	-1.45	-5.58	-4.05	-10.8	-3.53
Shareholders' equity	401	459	580	641	744	816	808	909	948	1,035
Total equity	401	459	580	641	744	816	808	909	948	1,035
Total liabilities and equity	619	647	728	840	963	1,021	1,008	1,107	1,146	1,224
Shares outstanding	70.9	72.5	74.1	75.8	77.4	78.2	76.9	77.4	77.1	77.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-6.56	40.9	104	39.3	78.5	83.9	50.7	82.4	69.6	54.4
Depreciation and amortization	46.8	13.6	14.3	17.2	20.7	25.8	28.6	37.5	32.9	37.6
Stock-based compensation	11.7	16.3	17.8	23.2	23.8	29.4	31.3	38.6	39.8	38.6
Deferred income tax	-45	-0.59	-74.9	4.95	-0.56	3.87	-6.34	-12.1	-13.4	1.93
Change in receivables	-6.85	-10.7	-13.8	0.48	-3.55	-9.09	26	-23.3	-1.92	-20.2
Change in inventory	-11.7	-15.6	-21.3	-14.3	-22.2	-31.7	-28.8	-9.49	-8.26	-20.7
Change in payables	3.43	0.74	3.05	-0.03	16.8	-6.59	3.9	1.32	-8.24	-5.68
Cash from operations	17.4	86.3	68.7	121	169	139	132	64.6	118	115
Capital expenditures	-11.5	-17.8	-19.9	-20.8	-55.9	-66.5	-65.3	-56	-38.4	-104
Acquisitions	-228	0	0	-20.5	-51.9	0	-3.35	0	0	-20.6
Purchases of investments	-10.6	-50.7	-30.6	-76.3	-51.2	-150	-102	-135	-139	-126
Sales and maturities of investments	44.5	9	29	51.2	60	91.7	95.8	119	124	126
Cash from investing	-206	-59.4	-21.3	-66.4	-98.9	-125	-75.7	29	-33.5	-191
Debt issued	150	0	0	23.4	18	0	0
Debt repaid	-10.6	-33.1	-41.3	-30	-43.4	-9.34	-8.4	-1.05	-1.08	-1.11
Share buybacks	0	-19	0	0	0	-24	-82.3	-19.8	-53.3	-26.2
Cash from financing	144	-39.5	-39.3	-6.58	-30.9	-47.2	-95.9	-22.7	-64.6	-13.6
Exchange rate effect					3.76	-3.18	-2.51	-2.65	-3.51	-0.46
Net change in cash		-9.87	7.82	47.4	43.2	-35.8	-42.4	68.3	15.9	-90.2
Free cash flow	5.9	68.6	48.8	100	113	72.9	66.5	8.58	79.1	11.7
Interest paid	2.11	3.84	3.11	1.41	0.87	0.64	0.54	0.42	0.39	0.36
Income taxes paid	2.57	3.17	4.58	4.32	9.15	7.96	10.9	17.4	15.6	8.93

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $129.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	43.1%	Gross profit / revenue.
Operating margin	12.9%	Operating income / revenue.
EBITDA margin	17.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.1%	Pre-tax income / revenue.
Net margin	12.8%	Net income / revenue.
FCF margin	15.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.9%	Cash from operations / revenue.
Effective tax rate	13.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.6%	Net income / average total assets.
Return on invested capital (ROIC)	9.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	13.4%	Research and development expense / revenue.
SG&A / revenue	15.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.8%	Capital expenditures / revenue.
D&A / revenue	4.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-11.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	1.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-7.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-3.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-2.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-21.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-7.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-22.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-7.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-1.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-7.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-85.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-43.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-36.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.08x	Current assets / current liabilities.
Quick ratio	3.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.9%	Total debt / total assets.
Liabilities / assets	17.2%	Total liabilities / total assets.
Net debt	-$334.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.18x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$505.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	17.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$880.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	3.40x	Revenue / average property, plant and equipment.
Inventory turnover	4.23x	Cost of revenue / average inventory.
Days inventory	86 days	365 x average inventory / cost of revenue.
Receivables turnover	5.79x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
Days payables	55 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	94 days	Days inventory + days sales outstanding - days payables.
FCF conversion	117.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.45	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.33	Revenue / diluted weighted shares.
FCF per share	$1.71	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.26	Cash from operations / diluted weighted shares.
Book value per share	$14.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.28	Tangible book value / shares outstanding.
Cash per share	$4.42	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	1.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.13B	Share price x shares outstanding.
Enterprise value	$9.80B	Market cap + total debt - cash - short-term investments.
P/E	87.7x	Market cap / net income. Only when net income is positive.
P/S	11.2x	Market cap / revenue.
P/B	9.12x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	11.5x	Market cap / tangible book value, when positive.
P/FCF	74.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	56.4x	Market cap / cash from operations, when positive.
EV/Sales	10.9x	Enterprise value / revenue.
EV/EBIT	84.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	63.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	72.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.3%	Free cash flow / market cap.
Earnings yield	1.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.
PEG	43.6x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FORMFACTOR INC's revenue in fiscal 2025?

FORMFACTOR INC reported revenue of $785.0M for fiscal 2025, 2.8% higher than the year before.

Was FORMFACTOR INC profitable in fiscal 2025?

Yes. Net income was $54.4M, a net margin of 6.9%.

How much free cash flow did FORMFACTOR INC generate in fiscal 2025?

Cash from operations of $115.4M minus capital expenditures of $103.7M left free cash flow of $11.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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