FormFactor, Inc. · Tech
FORM
$105.57
FormFactor, Inc. is a provider of test and measurement technologies for integrated circuits, with its headquarters in Livermore, California.FormFactor,Inc.是一家为集成电路提供测试和测量技术的供应商，总部位于加利福尼亚州利弗莫尔。
High-beta momentum高贝塔动量
Mid cap中盘
$8B
Engine stance引擎立场2026-07-20
Hold off — timing against you暂缓 — 时机不利
Downtrend — stand aside until a new cycle low forms and confirms.下跌趋势——观望，直至新的周期低点形成并确认。
Key Statistics关键统计
Price价格
$105.57
34.0% below 52-week high低于52周高点 34.0%
Market Cap市值
$8B
Normal volume正常成交量
P/E Ratio市盈率
150.8x
40.2x sector median
Beta贝塔
2.64
Moves about 2.6x the market波动幅度约为市场的 2.6 倍
RSI (14)RSI（14）
40
Depressed偏低
Next Earnings下次财报
2026-07-29 (10d)
Volatility Rank波动率分位
96th pctile
hist. vol. percentile历史波动率分位数
Short Interest空头兴趣
2.6% of float
Performance价格表现
| Period周期 | FORM | S&P 500 | vs Index对比指数 |
|---|---|---|---|
| 1 Week近1周 | -10.2% | -1.5% | Lagged the index by 8.7 points落后指数 8.7 个百分点 |
| 1 Month近1月 | -24.6% | +0.6% | Lagged the index by 25.2 points落后指数 25.2 个百分点 |
| 3 Months近3月 | -23.1% | +4.7% | Lagged the index by 27.8 points落后指数 27.8 个百分点 |
| 6 Months近6月 | +34.8% | +7.8% | Beat the index by 27.0 points跑赢指数 27.0 个百分点 |
| Year to date年初至今 | +78.4% | +9.1% | Beat the index by 69.3 points跑赢指数 69.3 个百分点 |
| 1 Year近1年 | +194.0% | +19.4% | Beat the index by 174.6 points跑赢指数 174.6 个百分点 |
| 3 Years近3年 | +189.0% | +69.4% | Beat the index by 119.6 points跑赢指数 119.6 个百分点 |
Technicals技术面
RSI (14)RSI（14）
40
Depressed偏低
vs 50-day相对50日均线
-18.7% vs 50-day avg
vs 200-day相对200日均线
+16.4% vs 200-day avg
Volatility rank波动率分位
96th percentile 分位
Engine reference levels — not advice引擎参考水平 — 非投资建议
Stop止损
$105.60
Blocked — failed cycle受阻 — 失败周期
Earnings财务业绩
10
days until next report天后公布财报
2026-07-29
Estimates being raised — 1 analysts预期上调 — 1 位分析师
Post-earnings drift: -8.9% (20d)财报后漂移：-8.9%（20日）
Earnings call transcripts — coming soon财报电话会议记录 — 即将上线
Valuation估值
| Multiple指标 | FORM | Sector median行业中位 | Cheaper than相对便宜 |
|---|---|---|---|
| P/E (trailing)市盈率（历史） | 150.79x | 40.17 | 10% |
| P/B市净率 | 7.92x | 5.85 | 36% |
| P/S市销率 | 10.44x | 4.85 | 19% |
| Earnings yield盈利收益率 | 0.66% | 2.19 | 23% |
| FCF yield自由现金流收益率 | 0.14% | 3.05 | 9% |
| Shareholder yield股东收益率 | 0.32% | 2.16 | 17% |
| EV/EBITDA企业价值/EBITDA | 85.64x | 29.30 | 16% |
| P/FCF市值/自由现金流 | 698.24x | 30.46 | 1% |
Analyst price targets — coming soon分析师目标价 — 即将上线
Financials财务数据
Revenue营业收入
5yr CAGR5年复合增速: 2.5%
Earnings Per Share每股收益
5yr CAGR5年复合增速: -7.0%
Free Cash Flow自由现金流
Margins利润率
5.3%Return on Equity股本回报率
4.4%Return on Assets资产回报率
Leverage杠杆
| Net debt / EBITDA净债务/EBITDA | -0.96 |
| Current ratio流动比率 | 4.50 |
Capital Allocation资本配置
| Buybacks (TTM)回购（TTM） | $26.2M |
| Stock-based comp股权薪酬 | $38.6M |
| Share count change (1y)股数变化（1年） | +0.7% |
Piotroski皮奥特罗斯基 4/9
Altman Z阿尔特曼Z: safe (27.4)
Clean稳健
Snapshot Gauges综合指标
Valuation vs Sector估值相对行业
Expensive vs sector相对行业偏贵
Cheaper than 18% of its sector on blended multiples综合估值倍数低于行业内 18% 的公司
Beta市场敏感度
2.64×
0.21×3×
Moves about 2.6× the market波动幅度约为市场的 2.6 倍
Financial Health财务健康
4/9
Altman阿尔特曼: safe
Weak financial health财务健康状况偏弱
Dividend分红
—
Does not pay a dividend不派发股息
Why Is It Moving为何波动
Sector / Theme行业/主题
Semiconductor Equipment (WFE) theme — #38 of 46 themes「半导体设备（晶圆厂设备）」主题 — 46 个主题中第 38 位
Macro宏观
Rate risk runs through its market / growth beta, not a distinct duration leg.其利率风险通过市场／成长beta体现，并无独立的久期暴露。
Positioning持仓
Short interest changed -37.2%空头仓位变动 -37.2%
Technical技术面
FORM broke down vs the marketFORM 相对市场走弱
Options Positioning期权持仓
Market makers are net short gamma — price moves may amplify做市商净持有负伽玛，价格波动可能被放大
Expected daily move预期日波动
±7.45%
Expected weekly move预期周波动
±16.66%
Call wall看涨密集区
$115
Put wall看跌密集区
$105
25d risk reversal25d风险逆转
-11.1%
Flow资金流向
$13M premium traded; 0% 0DTE; 6 fresh positions; P/C 29.7; ~leans bearish/hedging (direction approx)成交权利金 $13M；0DTE占0%；6个新建仓；看跌看涨比 29.7；≈偏看跌/对冲（方向近似）
Skew: 偏斜：fear
Ownership & Smart Money持仓与聪明钱
Insider activity内部人员活动: -$9.9M net (0 buyers, 9 sellers)-$9.9M 净值（0 买家，9 卖家）
Signal History信号历史
DECLINE
DOWNTREND
Jul 17, 2026
FORM broke down vs the marketFORM 相对市场走弱
Relative strength vs SPY crossed below the 10th percentile of the last 90 days — weakness often leads price. $105.57.相对标普500的强弱下穿近90日的第10百分位 — 走弱常先于价格。$105.57。
Jul 14, 2026
DOWNTREND → UNCONFIRMED TURN下跌趋势 → 未确认转向
HIGH-RISK · NIMBLE ONLY高风险 · 仅限灵活操作
Jul 13, 2026
UNCONFIRMED TURN → DOWNTREND未确认转向 → 下跌趋势
AVOID回避
Jul 13, 2026
FORM StochRSI turned up from oversoldFORM StochRSI自超卖区上行
StochRSI popped back above 20 — the earliest oscillator heads-up that downside momentum is easing. $110.30.StochRSI重回20上方 — 下行动量趋缓的最早预警。$110.30。
Jul 9, 2026
DOWNTREND → UNCONFIRMED TURN下跌趋势 → 未确认转向
HIGH-RISK · NIMBLE ONLY高风险 · 仅限灵活操作
Jul 7, 2026
UNCONFIRMED TURN → DOWNTREND未确认转向 → 下跌趋势
AVOID回避
Jul 2, 2026
FORM daily MACD crossed downFORM 日线MACD下穿
The daily MACD histogram turned negative — fast and noisy, context rather than a standalone trigger. $123.59.日线MACD柱状图转负 — 快速且嘈杂，仅作背景。$123.59。
Jul 1, 2026
BUY ZONE → UNCONFIRMED TURN买入区 → 未确认转向
HIGH-RISK · NIMBLE ONLY高风险 · 仅限灵活操作
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Factor Profile因子特征
Composite factor score综合因子得分: -0.64
Value价值
-1.0
Profitability盈利能力
-0.3
Quality质量
+0.9
Investment资本投入
+0.1
Shareholder payout股东回报
-0.9
Low volatility低波动
-2.6
Low market beta低市场敏感度
-2.4
Earnings quality盈利质量
+0.1
Short interest空头兴趣
+1.4
Company Profile公司档案
FormFactor, Inc. is a provider of test and measurement technologies for integrated circuits, with its headquarters in Livermore, California.FormFactor,Inc.是一家为集成电路提供测试和测量技术的供应商，总部位于加利福尼亚州利弗莫尔。
Demand chain:需求链： Hyperscaler capex accelerating (+69% YoY to ~$379B) — the demand pool for wafer-fab equipment (one step back, longer lead)云厂商资本开支加速（同比+69%，约 $379B）——晶圆制造设备（上游一环，前置更长）的需求来源
Watch items — what could change the thesis关注项 — 可能改变论点的因素
- Receivables stretch
- Capital intensity rising
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Nightly signals, options flow, and factor analysis across all S&P 500 names.每日更新的信号、期权资金流向和因子分析，覆盖所有标普500成分股。