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FormFactor (FORM)

FormFactor, Inc. is a leading provider of essential test and measurement technologies along the full IC life cycle - from metrology and inspection, characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor's products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America.

Company profile

Ticker
FORM
Exchange
CEO
Michael Slessor
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
FormFactor International, Inc. • FormFactor, K.K. • FormFactor Korea, Inc. • FormFactor Singapore Pte. Ltd. • Microprobe HongKong Limited • Microprobe Technology (Suzhou) Co. Ltd. • FormFactor GmbH • Cascade Microtech Singapore Pte, Ltd • Cascade International • Advanced Temperature Test Systems GmbH ...
IRS number
133711155

FORM stock data

Analyst ratings and price targets

Last 3 months

Calendar

3 May 22
17 May 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 171.26M 171.26M 171.26M 171.26M 171.26M 171.26M
Cash burn (monthly) (no burn) 587.25K (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 1.01M n/a n/a n/a n/a
Cash remaining n/a 170.25M n/a n/a n/a n/a
Runway (months of cash) n/a 289.9 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
9 Feb 22 Steven-waiss Kelley Common Stock Sell Dispose S No No 42.6172 6,000 255.7K 15,998
9 Feb 22 Steven-waiss Kelley Common Stock Sell Dispose S No No 42.6172 6,000 255.7K 21,988
9 Feb 22 Steven-waiss Kelley Common Stock Option exercise Acquire M No No 6.93 6,000 41.58K 27,988
9 Feb 22 Steven-waiss Kelley NQSO Common Stock Option exercise Dispose M No No 6.93 6,000 41.58K 0
8 Feb 22 St Dennis Thomas Common Stock Sell Dispose S No No 41.6289 6,000 249.77K 40,098
8 Feb 22 Obregon-Jimenez Rebeca Common Stock Sell Dispose S No No 41.6119 2,400 99.87K 4,698
7 Feb 22 Mike Slessor Common Stock Gift Dispose G No No 0 2,600 0 390,348
92.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 230 223 +3.1%
Opened positions 31 28 +10.7%
Closed positions 24 33 -27.3%
Increased positions 84 85 -1.2%
Reduced positions 84 79 +6.3%
13F shares Current Prev Q Change
Total value 3.33B 2.67B +24.5%
Total shares 72.58M 71.13M +2.0%
Total puts 22.3K 50.6K -55.9%
Total calls 22.1K 60.9K -63.7%
Total put/call ratio 1.0 0.8 +21.4%
Largest owners Shares Value Change
BLK Blackrock 11.88M $543.35M +3.8%
Vanguard 8.71M $398.18M +1.1%
Earnest Partners 6.99M $319.48M -0.0%
Primecap Management 3.13M $142.94M -4.1%
Wellington Management 2.98M $136.22M +1.5%
Dimensional Fund Advisors 2.79M $127.62M -2.4%
STT State Street 2.48M $113.52M +4.4%
BAC Bank Of America 2.41M $110.17M +5.0%
Royce & Associates 1.94M $88.63M +3.2%
Channing Capital Management 1.63M $74.71M +21.0%
Largest transactions Shares Bought/sold Change
Norges Bank 811.49K +811.49K NEW
Victory Capital Management 830.22K +684.21K +468.6%
BLK Blackrock 11.88M +436.38K +3.8%
FMR 779.36K -411.56K -34.6%
Fuller & Thaler Asset Management 927.52K +301.84K +48.2%
Channing Capital Management 1.63M +283.56K +21.0%
M&G Investment Management 0 -271.26K EXIT
Allspring Global Investments 254.28K +254.28K NEW
Nuveen Asset Management 374.02K -246.31K -39.7%
JHG Janus Henderson 603.88K +221.36K +57.9%

Financial report summary

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Risks
  • The markets in which we participate are competitive, and if we do not compete effectively, our operating results could be harmed.
  • If we do not innovate and keep pace with technological developments in the semiconductor industry, our products might not be competitive, and our revenues and operating results could suffer.
  • We depend upon the sale of our probe card products for the substantial majority of our revenues.
  • We derive a substantial portion of our revenues from a small number of customers.
  • If our relationships with our customers deteriorate, our product development activities could be harmed.
  • Consolidation in the semiconductor industry and within the semiconductor test equipment market could adversely affect the market for our products and negatively impact our ability to compete.
  • Changes in customers’ test strategies, equipment and processes could decrease customer demand for our products.
  • Cyclicality in the semiconductor industry may adversely impact our sales.
  • Because we generally do not have a sufficient backlog of unfilled orders to meet our quarterly revenue targets, revenues in any quarter are substantially dependent upon customer orders received and fulfilled in that quarter.
  • If our ability to forecast demand for our products or the predictability of our manufacturing yields deteriorates, we could incur high inventory losses.
  • If we are unable to efficiently manufacture our existing and new products, our business may be materially adversely affected.
  • If we are unable to continue to reduce the time it takes for us to design and produce products, our growth could be impeded.
  • Products that do not meet specifications or that contain defects could damage our reputation, decrease market acceptance of our technology, cause us to lose customers and revenues, and result in liability to us.
  • As part of our sales process, we could incur substantial sales and engineering expenses that do not result in revenues.
  • We obtain some of the components and materials we use in our products from a sole source or a limited group of suppliers, and the partial or complete loss of one of these suppliers could cause production delays.
  • Our operations, or those of our important suppliers, business partners and customers could be adversely affected by events outside of our control such as natural disasters, pandemics and man-made disasters.
  • The COVID-19 pandemic has impacted, and is expected to continue to negatively impact, our operations, and those of our important suppliers, business partners and customers.
  • Adverse global, regional and national economic conditions resulting from the COVID-19 pandemic could have a negative effect on our business, results of operations and financial condition and liquidity.
  • We rely on the security and integrity of our electronic data systems, and the proper design and implementation of these systems for our business requirements, and our business can be damaged by deficiencies, disruptions, security breaches or compromises of these systems.
  • Because we conduct most of our business internationally, we are subject to operational, economic, financial and political risks abroad.
  • Our foreign operations expose us to additional risks relating to currency fluctuations.
  • Increasingly restrictive export regulations and other trade barriers may materially harm our business.
  • If we fail to protect our proprietary rights, our competitors might gain access to our technology, which could adversely affect our ability to compete successfully in our markets.
  • We might be subject to claims of infringement of other parties’ proprietary rights.
  • We have recorded restructuring, inventory write-offs and asset impairment charges in the past, in fiscal 2021, and may do so again in the future, which could have a material negative impact on our business.
  • We may not be able to recruit or retain qualified personnel.
  • Our failure to comply with environmental laws and regulations could subject us to significant fines and liabilities, and new laws and regulations or changes in regulatory interpretation or enforcement could make compliance more difficult and costly.
  • We are exposed to additional risks as a result of increased attention by our stakeholders to environmental, social and governance (“ESG”) matters.
  • We have made acquisitions, and may make additional acquisitions or investments in the future, which could put a strain on our resources, cause ownership dilution to our stockholders or adversely affect our financial results.
  • If goodwill or other intangible assets that we recorded, or will record, in connection with our acquisitions become impaired, we could be required to take significant charges against earnings.
  • If we fail to maintain an effective system of internal and disclosure controls and procedures, we may not be able to accurately report our financial results or prevent fraud.
  • The trading price of our common stock has been and is likely to continue to be volatile, and you might not be able to sell your shares at or above the price that you paid for them.
Management Discussion
  • Our Probe Cards markets for the three months ended March 26, 2022, improved slightly in total compared to the three months ended March 27, 2021, despite a decline within our top two customers in these periods. Our ability to maintain and grow our revenues, despite product mix changes between our top customers, is the result of our long-term customer and market diversification initiatives.
  • The increase in Systems market revenue for the three months ended March 26, 2022, compared to the three months ended March 27, 2021, was driven by increased sales of metrology systems and our 200 and 300 millimeter probe stations.
  • Geographic revenue information is based on the location to which we ship the product. For example, if a certain South Korean customer purchases through their U.S. subsidiary and requests the products to be shipped to an address in South Korea, this sale will be reflected in the revenue for South Korea rather than the U.S.

Content analysis

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Positive
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Legalese
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