FormFactor Inc
formfactor.comWhat Do They Do?
Sells probe cards, analytical probes, and measurement systems to semiconductor companies and scientific institutions for testing chips and developing semiconductor technologies.
10-K for FY2025, filed Feb 20, 2026FormFactor, Inc. is a leading provider of electrical and optical test and measurement technologies along the full semiconductor product…View ↗
We design, manufacture and sell multiple product lines, including probe cards, analytical probes, probe stations, thermal systems…View ↗
We build upon our probe stations to create integrated measurement systems that provide complete solutions for our customers’ complex…View ↗
How Do They Make Money?
Foundry & Logic is the largest business: customers buy probe cards and related products, with sales tied to shipment or delivery. Systems customers also buy installation and support services; installation is handled when performed, and repair, maintenance, and extended-warranty contracts cover service over one to three years.
10-K for FY2025, filed Feb 20, 2026Our probe cards are customized to our customers’ unique wafer and chip designs by modifying and adapting our standard product architectures…View ↗
Our products may be customized to our customers’ specifications; however, control of our product is typically transferred to the customer…View ↗
Installation services are routinely provided to customers purchasing our systems. Installation services are a distinct performance…View ↗
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10-K for FY2025, filed Feb 20, 2026
FY2025 revenue by product or service ↗
$785M
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10-K for FY2025, filed Feb 20, 2026
$785M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Foundry & Logic
Sold outright
10-K for FY2025, filed Feb 20, 2026 |
47%
FY2022: 55%
|
Foundry & Logic, FY2025
$369.9M Sources
|
Sold outright |
|
DRAM
Sold outright
10-K for FY2025, filed Feb 20, 2026 |
32%
FY2022: 18%
|
DRAM, FY2025
$247.4M Sources
|
Sold outright |
|
Flash
Sold outright
|
2.6%
FY2022: 6.5%
|
Flash, FY2025
$20.6M Sources
|
Sold outright |
|
Systems
|
19%
FY2022: 21%
|
Systems, FY2025
$147.1M Sources
|
Who Are Their Customers?
Semiconductor designers and manufacturers, along with universities and research institutions, buy through FormFactor’s direct sales force or through manufacturers’ representatives and distributors. Fabless chip companies may also buy directly or direct their foundries and wafer-test facilities to buy probe cards for them.
10-K for FY2025, filed Feb 20, 2026Our customers include companies, universities and institutions that design and develop or manufacture semiconductor and semiconductor…View ↗
Fabless semiconductor suppliers do not manufacture their own semiconductors, but they purchase our analytical probes, probe stations, and…View ↗
We sell our products worldwide through a global direct sales force and through a combination of manufacturers’ representatives and…View ↗
We also have a network of representatives and distributors across the globe to broaden our reach. We engage sales representatives to act as…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 1 cent into free cash flow.
10-K for FY2025, filed Feb 20, 2026
$57.1MView ↗
10-K for FY2025, filed Feb 20, 2026
$54.4MView ↗
10-K for FY2025, filed Feb 20, 2026
$11.7MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Jul 29, 2026
Company issues third-quarter revenue and net-income-per-share outlook
It forecast revenue of $270 million +/- $10 million and net income per diluted share of $0.75 +/- $0.09.
Sources
8-K, filed Jul 29, 2026
Revenue $270 million +/- $10 millionView ↗
Flat. Revenue was $785M in FY2025, about the same as the $769.7M of FY2021.
Metrology systems exit
The older report described surface metrology systems for semiconductor development, production, and quality control; the latest product list omits them after the metrology business sale.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 20, 2026Metrology Systems. We offer surface metrology systems for various applications including the development, production and quality control of…View ↗
Who Do They Compete With?
Competes with Japan Electronic Materials, Korea Instrument, Micronics Japan, MPI, STAr Technologies, Max One, Technoprobe, TSE, GGB Industries, Semishare, Tokyo Electron, Wentworth Laboratories, AEM Singapore, ERS Electronic, Temptronic, Bluefors, Lake Shore Cryotronics, Maybell Quantum Industries, Montana Instruments, and Quantum Design
10-K for FY2025, filed Feb 20, 2026Probe Cards. The probe card market is comprised of many domestic and foreign companies, and has historically been fragmented with many…View ↗
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