FORM
FormFactor Inc
NASDAQ: FORM · TECHNOLOGY · SEMICONDUCTOR EQUIPMENT & MATERIALS
$151.40
-7.82% today
Updated 2026-06-05
Market cap
$10.85B
P/E ratio
161.87
P/S ratio
12.92x
EPS (TTM)
$0.86
Dividend yield
—
52W range
$26 – $159
Volume
1.9M
FormFactor Inc (FORM) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed FORM price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$151.40
Today
Analyst consensus
$144.67
-4.45% · 12M
2030 Base
$144.22
-4.74% future
NPV today
$86.24
@ 12% WACC
12 analysts:
4 Buy7 Hold0 Sell
Management guidance
FormFactor's CEO and management have not disclosed specific multi-year revenue targets in the available data. Q1 2026 guidance pointed to record revenue in Q2 2026 with margin expansion driven by AI/HBM demand, but specific 2026-2030 targets were not stated. The company is benefiting from semiconductor test equipment demand tied to advanced packaging and AI chip production cycles.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
FORM · FormFactor Inc · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$75.84
NPV today: $45.35
Base case (2030)
$144.22
NPV today: $86.24
Bull case (2030)
$258.18
NPV today: $154.39
WallStSmart.com
FORM financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $0.8B | $0.9B | $1.1B | $1.3B | $1.6B | $1.8B |
| Revenue growth | 2.8% | 36.8% | 28.8% | 19.1% | 14.3% | 11.0% |
| Net margin | — | 24.3% | 29.6% | 31.9% | 31.1% | 30.2% |
| EPS | $1.16 | $2.95 | $4.15 | $5.28 | $6.11 | $6.89 |
| Diluted shares | — | 78M | 78M | 79M | 79M | 79M |
| Net debt | — | $-281.21M | $-340.14M | $-409.78M | $-492.81M | $-589.23M |
| P/S multiple | — | 6.0x | 6.0x | 6.0x | 6.0x | 6.0x |
| Implied price (base) | — | $76.50 | $88.50 | $104.37 | $124.25 | $144.22 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $1.8B | $1.8B | $1.8B |
| P/S multiple | 3.0x | 6.0x | 11.0x |
| Diluted shares | 79M | 79M | 79M |
| Net debt | $-589.23M | $-589.23M | $-589.23M |
| Implied P/E † | 11x | 21x | 38x |
| 2030 Price | $75.84 | $144.22 | $258.18 |
| NPV @ 12% | $45.35 | $86.24 | $154.39 |
† Implied P/E: Multiples remain elevated across all three scenarios because FORM is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $144.22 base case
FORM catalysts and risks
Growth catalysts
+ AI/HBM demand driving record revenue and margin expansion through 2026-2027
+ Advanced semiconductor packaging (chiplet, 3D integration) requiring FormFactor's probe card solutions
+ Hyperscaler capex cycles (Meta $60B+, Microsoft $80B+ AI capex) flowing to equipment suppliers
+ Market share gains in critical test nodes as competitors consolidate or exit
+ Potential M&A or strategic partnerships expanding addressable market
Key risks
- Cyclical semiconductor downturn reducing customer capex below 2026-2027 peak levels
- Customer concentration: heavy reliance on DRAM/HBM demand from limited set of memory chip manufacturers
- Competitive pressure from Teradyne (TER), Xcerra, and emerging Asian competitors
- Valuation compression if growth decelerates faster than expected (currently P/E 176x, forward P/E 42x)
- Inventory normalization after AI build-out could create revenue headwind in 2028-2029
Methodology · FormFactor Inc 2030 stock forecast model
FormFactor Inc 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 12 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (1% cumulative for FORM by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($-589.23M by 2030) |
| 3. Time value | NPV calculated using 12% WACC (CAPM: beta 1.325) |
| 4. Multiple framework | P/S compresses with scale: bear 3.0x / base 6.0x / bull 11.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 21, 2026.
FORM price target FAQ
What is the FORM price target for 2030?
WallStSmart's FormFactor Inc 2030 base case is $144.22 per share, with a bull case of $258.18 and bear case of $75.84. The NPV of the base case discounted to today at 12% WACC is $86.24.
How is the FormFactor Inc 2030 stock forecast calculated?
The FORM 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the FORM price target account for dilution?
FormFactor Inc is projected to grow diluted share count from 78M to 79M by 2030 (a 1% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 1%.
What is the analyst consensus on FORM stock?
12 analysts cover FORM with an average 12-month price target of $144.67. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.