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FORMFACTOR INC

Leading provider1

In its 2026 annual report the company says: “We provide a broad range of high-performance probe cards, analytical probes, probe stations, thermal systems, and cryogenic systems to both semiconductor companies and scientific institutions. Our products provide electrical and optical information from a variety of semiconductor and electro-optical devices and integrated circuits from early research, through development, to high-volume production.”4 It is headquartered in Livermore, California.1

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Last updated Oct 21, 2026.

Overview

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  • TickerFORM on Nasdaq1
  • IndustrySemiconductors & Related Devices1
  • HeadquartersLivermore, California1
  • Incorporated inDE2
  • Business address7005 Southfront Road, Livermore, Ca 945512
  • Filer categoryLarge accelerated filer2
  • Legal formCorporation

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FormFactor, Inc. is a leading provider of electrical and optical test and measurement technologies along the full semiconductor product lifecycle - from characterization, modeling, reliability, and design de-bug, to qualification and production test. We provide a broad range of high-performance probe cards, analytical probes, probe stations, thermal systems, and cryogenic systems to both semiconductor companies and scientific institutions. Our products provide electrical and optical information from a variety of semiconductor and electro-optical devices and integrated circuits from early research, through development, to high-volume production. Customers use our products and services to accelerate profitability by optimizing device performance, reducing scrap, and improving yields.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

39.3%Gross margin5
7.3%Operating margin5
6.9%Net margin5
2.8%Revenue growth, 20255
5.3%Return on equity5
0.01×Debt to equity5
$11.7MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Foundry & Logic Product Group brought in 47% of the revenue FORMFACTOR INC broke down this way in fiscal 2025.

  1. Foundry & Logic Product Group$369.9M547%down 3% from 2024
  2. DRAM Product Group$247.4M532%up 9% from 2024
  3. Systems Product Group$147.1M519%
  4. Flash Product Group$20.6M53%up 19% from 2024
Products and services by year
Products and services202320242025
Foundry & Logic Product Group$363.5M$381.2M$369.9M
DRAM Product Group$113.8M$227.4M$247.4M
Systems Product Group$165.2M$147.1M
Flash Product Group$20.6M$17.4M$20.6M

Business segments

Probe Cards brought in 81% of the revenue FORMFACTOR INC broke down this way in fiscal 2025.

  1. Probe Cards$637.9M581%up 2% from 2024
  2. Systems$147.1M519%up 7% from 2024
Business segments by year
Business segments202320242025
Probe Cards$497.9M$626.0M$637.9M
Systems$165.2M$137.6M$147.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue60¢$476.1M
  • Research and development15¢$115.7M
  • Selling, general and admin17¢$133.1M
  • Interest0¢$521.0K
  • Income tax2¢$13.0M
  • Profit7¢$54.4M

Out of $785.0M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending80¢$103.7M
  • Share buybacks20¢$26.2M

Out of $115.4M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue67895$785.0M in 2025+33% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $589.5M$589.5M20192020: $693.6M$693.6M2020+18%2021: $769.7M$769.7M2021+11%2022: $747.9M$747.9M2022−3%2023: $663.1M$663.1M2023−11%2024: $763.6M$763.6M2024+15%2025: $785.0M$785.0M2025+3%
Gross profit67895$308.9M in 2025+30% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $237.5M$237.5M20192020: $287.9M$287.9M2020+21%2021: $322.8M$322.8M2021+12%2022: $296.0M$296.0M2022−8%2023: $258.6M$258.6M2023−13%2024: $307.9M$307.9M2024+19%2025: $308.9M$308.9M2025+0%
Operating income67895$57.1M in 2025+15% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $49.7M$49.7M20192020: $83.8M$83.8M2020+69%2021: $98.0M$98.0M2021+17%2022: $54.9M$54.9M2022−44%2023: $82.8M$82.8M2023+51%2024: $64.8M$64.8M2024−22%2025: $57.1M$57.1M2025−12%
Net income67895$54.4M in 2025+38% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $39.3M$39.3M20192020: $78.5M$78.5M2020+100%2021: $83.9M$83.9M2021+7%2022: $50.7M$50.7M2022−40%2023: $82.4M$82.4M2023+62%2024: $69.6M$69.6M2024−16%2025: $54.4M$54.4M2025−22%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenues$785.0M$763.6M$663.1M
Cost of revenues$476.1M$455.7M$404.5M
Gross profit$308.9M$307.9M$258.6M
Research and development$115.7M$121.9M$115.8M
Selling, general and administrative$133.1M$141.8M$133.0M
Factory start-up costs$3.0M$0$0
Total operating expenses$251.8M$263.7M$248.8M
Gain on sale of business$0$20.6M$73.0M
Operating income$57.1M$64.8M$82.8M
Interest income$10.6M$14.1M$7.2M
Interest expense-$521.0K-$418.0K-$421.0K
Other income (expense), net$2.2M$939.0K-$285.0K
Income before income taxes and equity investment$69.4M$79.4M$89.3M
Provision for income taxes$13.0M$9.8M$6.9M
Loss from equity investment$2.0M$0$0
Net income$54.4M$69.6M$82.4M
Basic (in USD per share)$0.70$0.90$1.06
Diluted (in USD per share)$0.69$0.89$1.05
Basic (in shares)77.3M shares77.3M shares77.4M shares
Diluted (in shares)78.3M shares78.4M shares78.2M shares

Compare FORMFACTOR INC with another company

Corporate structure

FORMFACTOR INC sits at the top of its group. 9 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of FORMFACTOR INC

  • FORMFACTOR INC Livermore, California
    • Advanced Temperature Test Systems GmbH Subsidiary · Germany
    • FormFactor International, Inc. Subsidiary · Delaware, United States
    • FormFactor Korea, Inc. Subsidiary · South Korea
    • FormFactor SASU Subsidiary · France
    • FormFactor Singapore Pte. Ltd. Subsidiary · Singapore
    • FormFactor, K.K. Subsidiary · Japan
    • High Precision Devices, Inc. Subsidiary · Colorado, United States
    • Keystone Photonics GmbH Subsidiary · Germany

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What FORMFACTOR INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$390.3M5 Dec 27, 2025$380.0M5 Dec 28, 2024+2.7%
Property and equipment, net$259.1M5 Dec 27, 2025$210.2M5 Dec 28, 2024+23.2%
Operating-lease assets (leased space)$17.2M5 Dec 27, 2025$22.6M5 Dec 28, 2024−23.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$103.3M5 Dec 27, 2025$190.7M5 Dec 28, 2024−45.8%
Marketable securities, current$171.8M5 Dec 27, 2025$169.3M5 Dec 28, 2024+1.5%
Debt securities available for sale$171.8M5 Dec 27, 2025$169.3M5 Dec 28, 2024+1.5%
Stakes in other companies (equity method)$64.1M5 Dec 27, 2025$05 Dec 28, 2024

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$216.0M5 Dec 27, 2025$199.2M5 Dec 28, 2024+8.5%
Intangible assets, net (excluding goodwill)$16.3M5 Dec 27, 2025$10.4M5 Dec 28, 2024+57.4%
Finite-lived intangibles, gross$225.3M5 Dec 27, 2025$214.9M5 Dec 28, 2024+4.8%
Accumulated amortization$209.0M5 Dec 27, 2025$204.6M5 Dec 28, 2024+2.2%
Finite-lived intangibles, net$16.3M5 Dec 27, 2025$10.4M5 Dec 28, 2024+57.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$110.9M5 Dec 27, 2025$101.7M5 Dec 28, 2024+9.1%
Raw materials$48.0M5 Dec 27, 2025$45.5M5 Dec 28, 2024+5.3%
Work in process$42.8M5 Dec 27, 2025$38.4M5 Dec 28, 2024+11.6%
Finished goods$20.1M5 Dec 27, 2025$17.8M5 Dec 28, 2024+13.2%

Properties, in its own words

Our corporate headquarters, which includes sales, marketing, administration, manufacturing, engineering, and research and development facilities, is located in Livermore, California, United States. Our corporate headquarters comprises a campus of five buildings totaling approximately 259,000 square feet. We presently lease four of the buildings and own one of the buildings. Adjacent to our campus we own approximately 6 acres of vacant land for future expansion. In June 2025, we purchased a manufacturing site in Farmers Branch, Texas, United States which is being built-out for an expected production

ramp beginning late in the fourth quarter of fiscal 2026. In addition, we lease office, repair and service, manufacturing and/or research and development space both inside and outside of the United States. The leases expire at various times through 2034. We believe that our existing and planned facilities are suitable for our current needs.

The rest of Item 2

Information concerning our properties as of December 27, 2025 is set forth below:

Location · Principal Use · Segment · SquareFootage · Ownership

Livermore, California, United States · Manufacturing · Probe Cards · 90,508 · Owned

Farmers Branch, Texas, United States · Build-out construction for manufacturing expected to begin late in the fourth quarter of fiscal 2026 · Probe Cards · 283,495 · Owned

Livermore, California, United States · Corporate headquarters, sales, marketing, administration, product design, manufacturing, service and repair, distribution, research and development · All · 168,636 · Leased

Thiendorf, Germany · Sales, marketing, administration, manufacturing, service and repair, distribution, research and development · Systems · 101,291 · Leased

Beaverton, Oregon, United States · Sales, marketing, administration, product design, manufacturing, service and repair, distribution, research and development · Probe Cards · 101,205 · Leased

Baldwin Park, California, United States · Manufacturing, service and repair, distribution, research and development · Probe Cards · 44,000 · Leased

Carlsbad, California, United States · Sales, product design, administration, manufacturing, service and repair, distribution, research and development · Probe Cards · 42,080 · Leased

Zhubei City, Hsinchu, Taiwan · Sales, administration, product design, field service and repair center · All · 34,892 · Leased

Boulder, Colorado, United States · Sales, marketing, administration, manufacturing, distribution, research and development · Systems · 34,133 · Leased

Singapore · Sales, administration, product design, service, and field service · All · 24,413 · Leased

Bundang, South Korea · Sales, administration, product design, field service, and repair center · All · 19,037 · Leased

Yokohama City, Japan · Sales, marketing, administration, product design, manufacturing, service and repair, distribution, research and development · All · 16,618 · Leased

Munich, Germany · Sales, manufacturing, administration, service and repair, distribution, research and development · Systems · 23,199 · Leased

Karlsruhe, Germany · Sales, manufacturing, administration, distribution, research and development · Systems · 5,843 · Leased

Dresden, Germany · Sales and service · All · 2,960 · Leased

Tsukuba, Japan · Sales and service · All · 868 · Leased

Hiroshima, Japan · Sales and service · All · 468 · Leased

Item 2 of the 10-K filed Feb 20, 2026.4

Leadership

Who has led FORMFACTOR INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Igor Y. Khandros2006–2008
  2. Mario Ruscev2008–2010
  3. G. Carl Everett Jr.2010
  4. Dennis Thomas St2010–2015
  5. Mike Slessor2015–now

Chair

  1. G. Carl Everett Jr.2010
  2. Dennis Thomas St2015

President

  1. Joseph R. Bronson2006–2007
  2. Mario Ruscev2008
  3. Mike Slessor2013–2014

Chief financial officer

  1. Ronald C. Foster2006–2007
  2. Jean B. Vernet2008–2010
  3. Richard Delateur2010
  4. Michael M. Ludwig2011–2018
  5. Shai Shahar2018–2025
  6. Aric Brendan McKinnis2025–now
2010201520202025
Board members and other officers (28)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorThomas D. St. Dennis named Jan 17, 202552

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Advanced Temperature Test Systems GmbH Germany3
  • FormFactor GmbH Germany3
  • FormFactor International, Inc. Delaware, United States3
  • FormFactor Korea, Inc. South Korea3
  • FormFactor SASU France3
  • FormFactor Singapore Pte. Ltd. Singapore3
  • FormFactor, K.K. Japan3
  • High Precision Devices, Inc. Colorado, United States3
  • Keystone Photonics GmbH Germany3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 13, 20268-K Unregistered sale of shares; Regulation FD disclosure53
  2. Jul 29, 20268-K Results of operations54
  3. May 19, 20268-K Executive or director change; Bylaws or fiscal year changed; Shareholder vote55
  4. Apr 29, 20268-K Results of operations56
  5. Feb 18, 20268-K Executive or director change; Regulation FD disclosure57
  6. Feb 4, 20268-K Results of operations58
  7. Jan 9, 20268-K Exit or restructuring costs; Impairment59
  8. Oct 29, 20258-K Results of operations60
  9. Aug 12, 20258-K Executive or director change; Regulation FD disclosure61
  10. Jul 30, 20258-K Entered a material agreement; Results of operations; New debt or obligation62
  11. May 21, 20258-K Executive or director change; Shareholder vote63
  12. Apr 30, 20258-K Results of operations64
  13. Feb 11, 2015New chief executive Mike Slessor becomes CEO13
  14. Sep 14, 2010New chief executive Dennis Thomas St becomes CEO15
  15. May 21, 2010New chief executive G. Carl Everett Jr. becomes CEO14
  16. Aug 7, 2008New chief executive Mario Ruscev becomes CEO16
  17. Jan 18, 2006New chief executive Igor Y. Khandros becomes CEO17

Calendar

Coming up

  1. Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.21 a share, on Oct 29, 2025.65

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results54
  2. Apr 29, 2026Reported quarterly or annual results56
  3. Feb 4, 2026Reported quarterly or annual results58
  4. Oct 29, 2025Reported quarterly or annual results60
  5. Jul 30, 2025Reported quarterly or annual results62
  6. Apr 30, 2025Reported quarterly or annual results64
  7. Feb 5, 2025Reported quarterly or annual results66
  8. Oct 30, 2024Reported quarterly or annual results67

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

363 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 35 major events, 191 insider forms, 19 large holders, 1 private raises, 97 other. The latest 20:

  1. Oct 14, 2026144 EDGAR
  2. Oct 14, 20264 EDGAR
  3. Oct 13, 20268-K EDGAR
  4. Sep 17, 20264 EDGAR
  5. Sep 16, 2026144 EDGAR
  6. Sep 4, 20264 EDGAR
  7. Sep 3, 2026144 EDGAR
  8. Aug 17, 20264 EDGAR
  9. Aug 14, 2026144 EDGAR
  10. Aug 14, 2026SCHEDULE 13G/A EDGAR
  11. Aug 10, 20264 EDGAR
  12. Aug 10, 20264 EDGAR
  13. Aug 7, 20264 EDGAR
  14. Aug 7, 20264 EDGAR
  15. Aug 4, 2026S-8 EDGAR
  16. Aug 4, 202610-Q EDGAR
  17. Jul 29, 20268-K EDGAR
  18. Jul 28, 2026SCHEDULE 13G/A EDGAR
  19. Jul 16, 20264 EDGAR
  20. Jul 15, 2026144 EDGAR

The 363 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

80 open-market trades by officers, directors and large owners since October 2021: 0 buys and 80 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 16, 2026SLESSOR MIKECEOSale17,510$104.73$1.8MForm 4
Sep 3, 2026STEVEN-WAISS KELLEYDirectorSale2,100$96.10$201.8KForm 4
Aug 14, 2026SLESSOR MIKECEOSale16,002$130.95$2.1MForm 4
Jul 15, 2026SLESSOR MIKECEOSale4,735$118.31$560.2KForm 4
Jun 15, 2026St Dennis ThomasDirectorSale2,800$151.49$424.2KForm 4
Jun 10, 2026SLESSOR MIKECEOSale11,890$121.35$1.4MForm 4
Jun 2, 2026Rhodes SheriDirectorSale6,328$125.40$793.5KForm 4
May 21, 2026Obregon-Jimenez RebecaDirectorSale3,828$126.48$484.2KForm 4
May 20, 2026WHITE BRIAN CDirectorSale3,250$126.00$409.5KForm 4
May 19, 2026St Dennis ThomasDirectorSale1,000$115.84$115.8KForm 4
May 15, 2026STEVEN-WAISS KELLEYDirectorSale5,400$125.60$678.2KForm 4
May 13, 2026Titinger JorgeDirectorSale4,009$128.79$516.3KForm 4
May 13, 2026SLESSOR MIKECEOSale9,438$126.52$1.2MForm 4
Apr 15, 2026SLESSOR MIKECEOSale11,294$127.72$1.4MForm 4
Mar 18, 2026SLESSOR MIKECEOSale10,227$95.15$973.1KForm 4
Mar 5, 2026McKinnis Aric BrendanCFO, SVP Global FinanceSale3,462$90.42$313.0KForm 4
Feb 24, 2026WHITE BRIAN CDirectorSale2,300$100.01$230.0KForm 4
Feb 18, 2026SLESSOR MIKECEOSale8,664$94.14$815.6KForm 4
Feb 11, 2026BREWER KEVIN JDirectorSale3,000$96.20$288.6KForm 4
Feb 10, 2026St Dennis ThomasDirectorSale7,431$93.84$697.3KForm 4

All 80 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Michael D. SlessorPresident and CEO56$664.6K$5.5M74
2025Aric McKinnisSenior Vice President and CFO42$338.6K$2.4M74
2025Shai ShaharFormer Senior Vice President and CFO54$474.2K$713.3K74
2024Michael D. SlessorPresident and CEO56$592.3K$5.3M74
2024Shai ShaharFormer Senior Vice President and CFO54$396.5K$2.0M74
2023Michael D. SlessorPresident and CEO56$550.0K$6.7M74
2023Shai ShaharFormer Senior Vice President and CFO54$350.0K$2.7M74

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jan 10, 2025Raised $15 million in a private offering of equity Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.10,484,409$1.7B0.0%−1,763,165
Vanguard Portfolio Management LLC5,242,203$838.4M0.0%−637,805
Earnest Partners LLC3,763,214$601.9M2.2%−1,111,951
Vanguard Capital Management LLC3,515,254$562.2M0.0%+42,763
State Street Corp2,581,477$412.9M0.0%−346,662
Polar Capital Holdings Plc2,146,098$343.2M1.0%−146,215
Geode Capital Management, LLC1,833,001$294.5M0.0%−354,864
Bank Of America Corp /de/1,783,638$285.3M0.0%−697,421
Primecap Management Co/ca/1,690,114$270.3M0.2%−98,530
Invesco Ltd.1,578,533$252.5M0.0%+340,170
Dimensional Fund Advisors LP1,418,910$226.8M0.0%+6,791
Sei Investments Co1,343,056$214.8M0.2%−339,266
Jane Street Group, LLC1,309,873$209.5M0.1%+384,256
Fuller & Thaler Asset Management, Inc.1,184,611$189.5M0.5%+47,255
Norges Bank1,024,043$163.8M0.0%New
Morgan Stanley899,947$143.9M0.0%−408,971
Alliancebernstein L.P.1,457,060$141.3M0.0%−774,473
Gf Fund Management Co. Ltd.776,000$124.1M1.5%+764,000
Charles Schwab Investment Management Inc750,027$120.0M0.0%−197,517
Tremblant Capital Group713,450$114.1M3.3%New
Millennium Management LLC670,867$107.3M0.1%+489,930
Goldman Sachs Group Inc661,399$105.8M0.0%−212,122
Pictet Asset Management Holding SA653,999$104.3M0.1%+641,696
Bank of New York Mellon Corp649,307$103.8M0.0%+15,764
Nuveen, LLC649,293$103.8M0.0%−200,424

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How FORMFACTOR INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFORMFACTOR INC1
  • CIK0001039399
  • Employer ID (EIN)13-37111554
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 261
  • Industry code (SIC)3674 Semiconductors & Related Devices1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address7005 Southfront Road, Livermore, CA 945511
  • Phone92529040001
  • Shares outstanding78,120,725 as of Jul 29, 202611
  • Public float$1.9B as of Jun 29, 20244
  • AuditorKPMG LLP, Portland, Oregon PCAOB ID 185; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceJan 29, 20021
  • Filings1,606 in all: 4 (843), 8-K (227), SC 13G/A (112), 144 (74), 10-Q (70), 3 (28), DEF 14A (24), 10-K (23)1
    All 48 form types

    S-8 (22), SC 13G (21), DEFA14A (16), 4/A (15), SD (13), S-1/A (11), 425 (10), ARS (10), S-8 POS (9), 10-Q/A (8), 8-K/A (7), UPLOAD (7), CORRESP (6), 5 (5), SCHEDULE 13G/A (5), CT ORDER (4), 10-K/A (3), PRE 14A (3), SC TO-C (3), 424B5 (2), EFFECT (2), S-1 (2), S-4/A (2), SC TO-I/A (2), SCHEDULE 13G (2), 3/A (1), 424B1 (1), 424B3 (1), 424B4 (1), 8-A12G (1), D (1), DEFR14A (1), NT 10-K (1), NT 10-Q (1), REGDEX (1), REGDEX/A (1), S-3 (1), S-3ASR (1), S-4 (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Feb 20, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Apr 2, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, $0.001 par valueFORMNasdaq Global Select Market

From the cover page of the 10-K filed Feb 20, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks FORMFACTOR INC names in Item 1A of its 10-K filed Feb 20, 2026: 36 risks under these headings, as written.4

  • Risks Relating to our Operations and the Nature of Our Business
  • 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 has in the past and may in the future 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.
The other 25 risks
  • 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, or scarcity of raw materials from 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.
  • Adverse global, regional and national economic conditions could have a negative effect on our business, results of operations, financial condition, liquidity, and access to capital markets.
  • Sustained inflation could have a material adverse effect on our business, financial condition, results of operations and liquidity.
  • We rely on the security and integrity of our electronic data systems, managed both internally and by third parties, for our business requirements, and our business can be damaged by disruptions, security breaches or compromises of these systems.
  • Failures in our information technology systems, including those incorporating artificial intelligence, or our inability to adapt to technological advancements, could disrupt our operations and harm our business.
  • Our reliance on third-party data and open-source software components could expose us to intellectual property, security, and accuracy risks.
  • Geopolitical tensions, particularly between the U.S. and China, and the Chinese data regulatory regime, could materially and adversely affect our operations in China and globally.
  • 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, 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.
  • Risks Relating to Our Acquisitions
  • We have made acquisitions and investments, 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.
  • Risks Relating to Owning Our Stock
  • 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.
  • Provisions of our certificate of incorporation and bylaws or Delaware law might discourage, delay or prevent a change of control of our company or changes in our management and, therefore, depress the trading price of our common stock.

Legal proceedings

Information with respect to this item may be found under the caption “Legal Matters” in Note 12, Commitments and Contingencies, to our consolidated financial statements included herein, which information is incorporated into this Item 3 by reference.

The opening of Item 3, Legal Proceedings.4

Sources

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