FormFactor (FORM) financial statements
FormFactor reported revenue of $785M in fiscal 2025, up 8.3% a year over 9 years.
Net income was $54M and the operating margin 7.3%, against -12.5% in 2016.
Free cash flow was $12M, and the company returned $26M in net buybacks.
The diluted share count rose 21% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from FormFactor's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $384M | $548M | $530M | $589M | $694M | $770M | $748M | $663M | $764M | $785M |
| Cost of revenue | $281M | $333M | $319M | $352M | $406M | $447M | $452M | $405M | $456M | $476M |
| Gross profit | $103M | $216M | $210M | $237M | $288M | $323M | $296M | $259M | $308M | $309M |
| Research and development | $57M | $74M | $75M | $81M | $89M | $101M | $109M | $116M | $122M | $116M |
| Selling, general and admin | $73M | $95M | $99M | $106M | $115M | $124M | $132M | $133M | $142M | $133M |
| Operating income | -$48M | $46M | $36M | $50M | $84M | $98M | $55M | $83M | $65M | $57M |
| Interest expense | $2M | $4M | $3M | $2M | $864,000 | $602,000 | $579,000 | $421,000 | $418,000 | $521,000 |
| Pre-tax income | -$50M | $42M | $34M | $51M | $85M | $98M | $58M | $89M | $79M | $69M |
| Income tax | -$44M | $1M | -$70M | $12M | $7M | $15M | $7M | $7M | $10M | $13M |
| Net income | -$7M | $41M | $104M | $39M | $79M | $84M | $51M | $82M | $70M | $54M |
| EPS (diluted) | -$0.10 | $0.55 | $1.38 | $0.51 | $0.99 | $1.06 | $0.65 | $1.05 | $0.89 | $0.69 |
| Diluted shares | 65M | 74M | 75M | 77M | 79M | 79M | 78M | 78M | 78M | 78M |
| Gross margin | 26.7% | 39.3% | 39.7% | 40.3% | 41.5% | 41.9% | 39.6% | 39.0% | 40.3% | 39.3% |
| Operating margin | -12.5% | 8.4% | 6.8% | 8.4% | 12.1% | 12.7% | 7.3% | 12.5% | 8.5% | 7.3% |
| Net margin | -1.7% | 7.5% | 19.6% | 6.7% | 11.3% | 10.9% | 6.8% | 12.4% | 9.1% | 6.9% |
Balance sheet
Fiscal years, from FormFactor's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $109M | $140M | $149M | $221M | $255M | $276M | $238M | $328M | $360M | $275M |
| Receivables | $70M | $82M | $95M | $98M | $108M | $116M | $88M | $103M | $104M | $125M |
| Inventory | $60M | $68M | $78M | $83M | $99M | $112M | $123M | $112M | $102M | $111M |
| Total current assets | $255M | $306M | $338M | $419M | $487M | $524M | $475M | $574M | $605M | $557M |
| Property, plant and equipment | $43M | $47M | $54M | $59M | $104M | $147M | $190M | $204M | $210M | $259M |
| Goodwill | $188M | $190M | $189M | $199M | $213M | $212M | $211M | $201M | $199M | $216M |
| Total assets | $619M | $647M | $728M | $840M | $963M | $1.0B | $1.0B | $1.1B | $1.1B | $1.2B |
| Total current liabilities | $83M | $92M | $103M | $137M | $155M | $149M | $150M | $131M | $131M | $124M |
| Long-term debt | $125M | $87M | $35M | $16M | $25M | $15M | $14M | $13M | $12M | $11M |
| Total liabilities | $218M | $188M | $148M | $199M | $219M | $205M | $200M | $198M | $198M | $189M |
| Shareholders' equity | $401M | $459M | $580M | $641M | $744M | $816M | $808M | $909M | $948M | $1.0B |
| Net debt | $37M | $14M | -$34M | -$86M | -$153M | -$127M | -$94M | -$163M | -$177M | -$91M |
Cash flow
Fiscal years, from FormFactor's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $17M | $86M | $69M | $121M | $169M | $139M | $132M | $65M | $118M | $115M |
| Capital spending | $12M | $18M | $20M | $21M | $56M | $66M | $65M | $56M | $38M | $104M |
| Free cash flow | $6M | $69M | $49M | $100M | $113M | $73M | $67M | $9M | $79M | $12M |
| Stock-based compensation | $12M | $16M | $18M | $23M | $24M | $29M | $31M | $39M | $40M | $39M |
| Share buybacks (net) | $0 | -$19M | $0 | $0 | $0 | -$24M | -$82M | -$20M | -$53M | -$26M |
| Net borrowing | $139M | -$33M | -$41M | -$7M | -$25M | -$9M | -$8M | -$1M | -$1M | -$1M |
| Free cash flow margin | 1.5% | 12.5% | 9.2% | 17.0% | 16.3% | 9.5% | 8.9% | 1.3% | 10.4% | 1.5% |
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Open FORM in InvestinglyQuestions
What was FormFactor's revenue in 2025?
$785M in fiscal 2025, from its 10-K filing.
How much free cash flow does FormFactor generate?
$12M in fiscal 2025 (operating cash flow minus capital spending).
From FormFactor's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.