FormFactor (NASDAQ:FORM) Updates Q2 2026 Earnings Guidance

Key Points

• FormFactor raised Q2 2026 guidance, forecasting EPS of $0.570–$0.650 (consensus ~$0.420) and revenue of $235–$245 million (consensus ~$227.7M), a primary catalyst for the stock rally.
• The company beat Q1 estimates with EPS of $0.56 vs. $0.45 expected and revenue of $226.14M vs. $225.2M, and said gross margin and EPS were above prior outlooks; shares jumped to $135.53 on heavy volume.
• Despite the strong results, consensus sentiment is mixed — the stock carries a high P/E (~196) and an average analyst target of $92.45 with a consensus rating of "Hold," suggesting a valuation/expectations disconnect.

FormFactor (NASDAQ:FORM - Get Free Report) issued an update on its second quarter 2026 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.570-0.650 for the period, compared to the consensus earnings per share estimate of 0.420. The company issued revenue guidance of $235.0 million-$245.0 million, compared to the consensus revenue estimate of $227.7 million.

FormFactor Price Performance

Shares of FORM stock traded up $1.35 during trading hours on Wednesday, reaching $135.53. 2,618,113 shares of the company were exchanged, compared to its average volume of 1,569,226. FormFactor has a fifty-two week low of $26.08 and a fifty-two week high of $159.09. The stock's fifty day moving average is $107.96 and its two-hundred day moving average is $77.80. The company has a market cap of $10.57 billion, a price-to-earnings ratio of 196.42 and a beta of 1.04. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.50 and a quick ratio of 3.60.

FormFactor (NASDAQ:FORM - Get Free Report) last announced its earnings results on Wednesday, April 29th. The semiconductor company reported $0.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.11. FormFactor had a net margin of 6.93% and a return on equity of 6.64%. The company had revenue of $226.14 million for the quarter, compared to analyst estimates of $225.20 million. FormFactor has set its Q2 2026 guidance at 0.570-0.650 EPS. Sell-side analysts forecast that FormFactor will post 1.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FORM shares. Freedom Capital upgraded shares of FormFactor to a "hold" rating in a research report on Tuesday, January 27th. Wall Street Zen upgraded shares of FormFactor from a "hold" rating to a "buy" rating in a research report on Saturday, February 28th. Loop Capital set a $64.00 price objective on shares of FormFactor in a report on Tuesday, January 27th. Stifel Nicolaus increased their price objective on shares of FormFactor from $65.00 to $75.00 and gave the company a "hold" rating in a report on Thursday, February 5th. Finally, B. Riley Financial lowered shares of FormFactor from a "buy" rating to a "neutral" rating and increased their price objective for the company from $100.00 to $130.00 in a report on Monday, April 13th. Five analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $92.45.

Insiders Place Their Bets

In other FormFactor news, Director Dennis Thomas St sold 7,431 shares of the company's stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $93.84, for a total value of $697,325.04. Following the completion of the sale, the director owned 31,526 shares of the company's stock, valued at approximately $2,958,399.84. This represents a 19.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Aric Brendan Mckinnis sold 3,462 shares of the company's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $90.42, for a total transaction of $313,034.04. Following the completion of the sale, the chief financial officer directly owned 11,140 shares of the company's stock, valued at $1,007,278.80. The trade was a 23.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 64,482 shares of company stock valued at $6,438,951 over the last three months. 0.79% of the stock is owned by insiders.

Key FormFactor News

Here are the key news stories impacting FormFactor this week:

• Positive Sentiment: Quarterly beat and robust results: FORM reported $0.56 EPS vs. $0.45 consensus and revenue of $226.14M vs. $225.2M expected; management said gross margin and EPS were above prior outlooks, signaling healthy profitability. View Press Release
• Positive Sentiment: Raised Q2 2026 guidance: FORM guided Q2 EPS to $0.570–0.650 (consensus ~$0.420) and revenue to $235M–$245M (consensus ~$227.7M), indicating stronger demand visibility into the quarter. This guidance upgrade is the primary catalyst for the stock’s upward move. View Press Release
• Positive Sentiment: Company narrative: The GlobeNewswire release emphasizes “record revenue” and a continued strong demand environment for test & measurement hardware—supporting upside to near-term growth expectations. FormFactor, Inc. Reports 2026 First-Quarter Results
• Positive Sentiment: Analyst price-target action: One outlet reported a material increase to the price target (cited as +16.88% to 103.59), reflecting bullish analyst reaction to results/guidance — this can support further investor interest even if the current stock price is above that target. Price Target Increased
• Neutral Sentiment: Industry context: A market research note cites FormFactor among suppliers in the growing silicon photonics and optical I/O test & measurement market, providing a longer-term tailwind but not an immediate price driver. Market Report
• Neutral Sentiment: Coverage pieces: Pre- and post-earnings preview/analysis articles (e.g., Yahoo Finance) discuss expectations and what to watch; useful for context but not immediate catalysts. Earnings Preview
• Negative Sentiment: Analyst downgrade: Zacks lowered FormFactor from “strong-buy” to “hold,” which could temper upside from some retail/quant investors or reduce momentum among Zacks-following funds. Zacks Research

Institutional Investors Weigh In On FormFactor

Several large investors have recently bought and sold shares of the company. Mercer Global Advisors Inc. ADV increased its stake in FormFactor by 2.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 7,509 shares of the semiconductor company's stock valued at $419,000 after purchasing an additional 157 shares in the last quarter. UMB Bank n.a. increased its stake in FormFactor by 128.9% in the fourth quarter. UMB Bank n.a. now owns 499 shares of the semiconductor company's stock valued at $28,000 after purchasing an additional 281 shares in the last quarter. Maryland State Retirement & Pension System increased its stake in FormFactor by 2.7% in the fourth quarter. Maryland State Retirement & Pension System now owns 11,385 shares of the semiconductor company's stock valued at $635,000 after purchasing an additional 299 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of FormFactor during the fourth quarter worth $25,000. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of FormFactor by 0.6% during the second quarter. CANADA LIFE ASSURANCE Co now owns 86,885 shares of the semiconductor company's stock worth $2,988,000 after acquiring an additional 507 shares in the last quarter. Institutional investors own 98.76% of the company's stock.

About FormFactor

FormFactor, Inc NASDAQ: FORM is a leading provider of advanced test and measurement solutions for the semiconductor industry. The company specializes in the design, development and manufacture of high-performance wafer-level and package-level test interfaces used in wafer sort, characterization, reliability and failure analysis applications. By leveraging precision microelectromechanical systems (MEMS) and photolithographic processes, FormFactor delivers probe cards, analytical probes and test sockets that enable device makers to validate next-generation integrated circuits across logic, memory, RF, analog and power applications.

FormFactor's product portfolio includes custom probe cards for wafer probers, TEM-based analytical probes for material and device characterization, and socket solutions for burn-in and final test of packaged devices.

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