FORM · NASDAQ · STOCK
FormFactor (FORM) Stock Analysis
$104.73
52W $31.43 – $160.27
61/100
$7.93B
68.7
1.24
Is FORM Bullish or Bearish?
Bullish.
Innellis AI committee rates FormFactor, Inc. (FORM) Buy with a composite score of 61/100
, based on 6 analysts with 50% agreement.
Last updated September 17, 2026.
What Would Change This View
- Upgrade to Strong Buy
- Requires a committee score of 75.0 — +14.04 from today. Applies on the first day at or above the line; upgrades are never dampened.
- Downgrade to Watch
- Requires the score to fall below 55.0 — -5.96 from today. The band boundary is 60.0, but a one-step downgrade must clear a further margin first. A score oscillating around the line should not change the rating every night.
Executive Summary
The committee is genuinely divided. Growth Analyst sees a compelling case — eps growing 156.2% yoy. Value Analyst remains cautious — p/e of 70.9 is expensive by classic value standards. This disagreement is itself the signal — the setup is not clean in either direction.
Bull & Bear Case
Bull Case
- EPS growing 156.2% YoY — Growth
- 4 consecutive earnings beats -- consistent execution — Growth
- Quarter-over-quarter growth rate is ACCELERATING, not just positive — Growth
- MACD histogram positive -- bullish momentum — Technical
- Low leverage (debt-to-equity 0.01) -- balance sheet can absorb a shock — Risk
- News sentiment is positive (+0.27 across 19 articles, 14d) — News
Bear Case
- P/E of 70.9 is expensive by classic value standards — Value
- Price-to-book of 4.3x prices in significant intangible value — Value
- Bollinger bandwidth of 28.4% signals elevated volatility — Risk
Both cases are generated from quantitative data signals, not qualitative or
forward-looking judgement. They summarise what the numbers say today.
Price History (6M)
AI Investment Committee
Committee Consensus
As of September 17, 2026
Overall Committee Score
61/100
Agreement
50%
Analysts
6
Conviction
Contested
Sector Rank
Top 34%
of 287 Technology peers
Value Analyst
bearish
40
/ 100 · Moderate confidence
Multiples don't clear a genuine value bar here, or cheapness looks justified by weak fundamentals
− P/E of 70.9 is expensive by classic value standards
Growth Analyst
bullish
79
/ 100 · High confidence
Strong, accelerating growth with consistent execution
+ EPS growing 156.2% YoY
Technical Analyst
neutral
58
/ 100 · High confidence
Mixed or range-bound price action
+ MACD histogram positive -- bullish momentum
Risk Analyst
neutral
58
/ 100 · Moderate confidence
Moderate risk -- no single red flag, but nothing that clearly de-risks the position either
+ Low leverage (debt-to-equity 0.01) -- balance sheet can absorb a shock
− Bollinger bandwidth of 28.4% signals elevated volatility
Macro Analyst
bullish
65
/ 100 · Low confidence
Macro backdrop is supportive of risk assets generally, and this name's beta works in its favor
News Analyst
bullish
66
/ 100 · Low confidence
News flow and recent filings/analyst actions are net positive
+ News sentiment is positive (+0.27 across 19 articles, 14d)
Portfolio Manager
neutral
45
/ 100 · High confidence
Portfolio-level factors are mixed -- worth a deliberate sizing decision, not a default-size position
+ Portfolio position concentration is currently healthy
− Sector concentration is already high (HHI 2514.55)
Investment Thesis Evolution
Committee score moved marginally from 61.0 to 61.0.
- New bearish signals: 1 appeared.
- Bearish pressure eased: 1 signal(s) disappeared.
Analyst-level changes:
- Value Analyst: +1 bearish signal(s).
Comparing 2026-09-16 to 2026-09-17 (1 day apart).
Technical Analysis
RSI (14)
40.1
Neutral
MACD Histogram
0.257
Bullish Momentum
Trend Direction
Sideways
Weekly: Uptrend
Market Structure
Lh Ll
Support
$82.52
Resistance
$139.34
Bollinger %B
0.30
Inside Bands
Price vs Moving Averages
EMA 9
$106.59
Below
EMA 21
$108.50
Below
EMA 50
$112.79
Below
EMA 200
$101.96
Above
Fundamental Analysis
Valuation
38
Growth
94
Profitability
50
Financial Health
100
Cash Flow
70
Valuation
P/E Ratio
68.7×
P/B Ratio
7.13×
PEG Ratio
0.43
Dividend Yield
0.00%
52W High
$160.27
52W Low
$31.43
Quality & Growth
ROE
525.0%
ROA
444.0%
Gross Margin
4563.9%
Operating Margin
1686.1%
Revenue Growth YoY
—
Debt / Equity
0.03
AI Fundamental Assessment
P/E ratio of 68.7 (rich relative to a 15-40x range); Price-to-book of 7.1x; PEG ratio of 0.4 (under 1.0 suggests growth is undervalued relative to price); Return on equity of 5.3%; Return on assets of 4.4%; Net margin of 12.8%; Gross margin of 45.6%; Current ratio of 4.08 (healthy short-term liquidity); Debt-to-equity of 0.03; Free cash flow per share is positive (1.75); Most recent quarter beat estimates by 31.9%; 4 consecutive earnings beats; EPS growth accelerating (+23.9% -> +43.9% QoQ); Analyst estimates rising over recent quarters
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