FORM
FORMFACTOR INCEvidence as of 2026-09-18The desk's Snapshot
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Overview · FORMFACTOR INC
FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems to semiconductor companies and scientific institutions. It operates in two segments, Probe Cards and Systems. The company offers probe cards to test various semiconductor device types, including systems on a chip products, mobile application processors, microproce…
Management team
- Mr. Aasutosh Dave · Chief Commercial OfficerFind on LinkedIn
- Ms. Christy Robertson · SecretaryFind on LinkedIn
- Dr. Matt Losey · Executive VP & GM of Probes Business UnitFind on LinkedIn
- Ms. Chunyi Leong · Senior VP & Chief Commercial OfficerFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
−0.5 on a −2 to +2 scale (was −0.4 before the debate changed the read).
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
What the evidence shows
Evidence balance: Cautious ( -0.5 of a possible +2; was -0.4 before debate) · confidence high. The surviving filings and reported results show revenue rising from $226,144,000 in Q1 2026 (fiscal quarter ended 2026-04-29) to $258,242,000 in Q2 2026 (fiscal quarter ended 2026-07-29), with gross profit increasing from $86,794,000 to $130,922,000 over the same pair of quarters and net income moving from $20,384,000 to $56,207,000. Point-in-time balances show cash and cash equivalents of $123,539,000 as of 2026-03-28 and $109,761,000 as of 2026-06-27, with long-term debt near $10.5–$10.8 million and reported common shares outstanding rising from 77,517,097 as of 2025-10-29 to 78,120,725 as of 2026-07-29. Market metrics show elevated volatility (90-day annualized vol +106.4%), mixed momentum signals (three-month -20.3%, six-month +16.0%, 12-1 +333.2%), and rich valuation multiples (trailing P/E 86.46, P/FCF 189.28, EV/EBITDA 65.56).
What the debate changed
The analysts largely upheld the packet’s core financials and disclosures; nothing material was dropped in the round. The desk’s cautious tilt increased slightly (from -0.4 to -0.5) because the debate emphasized market and ownership flows — notably a reported -21.4% quarter-over-quarter 13F value change and a cluster of insider sales — which weakened the confidence the market signal provided relative to the stronger near-term revenue and profit snapshots.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
Revenue from contracts with customers was $258,242,000 in fiscal Q2 2026 (2026-03-29 to 2026-06-27, 3mo).
XBRL companyfacts · 0001039399-26-000033Revenue from contracts with customers was $226,144,000 in fiscal Q1 2026 (2025-12-28 to 2026-03-28, 3mo).
XBRL companyfacts · 0001039399-26-000023Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
In the Form 10-K filed 20 February 2026, the company reports it operates in two reportable segments: the Probe Cards segment and the Systems segment.
10-K filed 2026-02-20The Form 10-K filed 20 February 2026 states one customer represented 22.9% of total revenues in fiscal 2025, and that a relatively small number of customers account for a significant portion of revenues.
10-K filed 2026-02-20Reads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
Beta vs SPY is 2.95 and correlation vs SPY is 0.44 as of the computation date.
Moneyta signal set · 2026-09-17Three-month momentum is -20.3% while six-month momentum is +16.0% and the 12-1 momentum metric is +333.2% (ranked in the 99th percentile of the 561-stock research universe).
Moneyta signal set · 2026-09-17weakened in debateReads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
Institutional holders reported aggregate holdings of $11.16B in the 13F portfolio as of 2026-06-30, with 510 reporting holders.
13F holdings · 510 filers · as of 2026-06-30The 13F summary shows a reported quarter value change of -21.4% quarter-over-quarter and a holder_count_delta_qoq of 403 for the period ended 2026-06-30.
13F holdings · 510 filers · as of 2026-06-30Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Two separate GuruFocus headlines on 2026-09-09 and 2026-09-16 highlight short-term share surges and reference a GF Score of 70.
News · gurufocus.com · 2026-09-09A SimplyWall.St headline on 2026-09-15 frames coverage around a 235% one-year share price run and questions whether the stock may be fully priced after that run.
News · simplywall.st · 2026-09-15Reads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
No officer open‑market purchases are recorded in these parsed filings; the parsed 'bought' total is "$0" for the 180‑day window.
Form 4 · SLESSOR MIKE (CEO) · $0 code M · 2026-08-06On 2026-08-14, multiple sales by the CEO are reported under a stated 10b5-1 plan totaling $319k, $375k, $428k, $148k, $733k and $91k (aggregate $2,094k) in separate transactions.
Form 4 · SLESSOR MIKE (CEO) · $319k sold · 2026-08-14Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The calculation shows an implied free cash flow growth rate of 75.7% that today's price would justify under the stated discount and terminal assumptions.
Valuation inputs · SEC XBRL + stored EOD closeThe price-to-free-cash-flow (P/FCF) multiple is 189.28 based on trailing-12-month FCF of $46,908,000 and the quoted price.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
The fundamental filings show sequentially higher revenue and gross profit in Q1→Q2 2026 and a material increase in reported net income in Q2 2026, which together are consistent with operating leverage during a revenue upswing (evidence strength: strong — quarter-level amounts from recent 10-Q/10-K filings). Management also attributes recent record revenue to AI‑related end markets and DRAM exposure, which provides a plausible demand driver for the reported top-line and margin improvement (evidence strength: medium — management statement in the 10‑K). Institutional ownership is sizable by reported 13F dollar value, and the balance sheet snapshot shows cash exceeding long‑term debt, indicating a modest net cash position to support operations or investments (evidence strength: medium). Momentum and relative‑strength metrics rank highly over the 12‑month horizon, suggesting market participants have recently re‑rated the equity even if short‑term volatility is elevated (evidence strength: medium).
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.35
48 surviving claims rest on 21 distinct sources; the heaviest analyst carries 21% of them, and 99% of what the desk raised survived the debate.
The read is information-rich (many surviving claims) and the desk preserved almost all of its points through debate, which signals internal confidence. However, the evidence base shows source concentration and a single analyst carrying a fifth of the claims, which makes the overall read more fragile to errors or omissions in those key sources or that analyst's interpretations.
Peer context · computed, not argued
12-1 momentum ranks 2nd of 19 in Semiconductors (as of 2026-09-17).
6-month relative strength ranks 14th of 19 in Semiconductors (as of 2026-09-17).
90-day volatility ranks 2nd of 19 in Semiconductors (as of 2026-09-17).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
9 filings· 3 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer+0.5 to the score
10 documents· 3 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes−0.1 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash−0.4 to the score
3 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.2 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
5 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state, with stated and inferred flags kept apart.
Read by Talbot−1.0 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
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Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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