FORMMEDIUM SIGNALFINANCIAL10-K

FormFactor's fiscal 2025 results show moderated profitability and reduced cash deployment amid operational adjustments.

The company reduced share repurchases by roughly half while net income declined 21.9%, suggesting management is taking a more conservative approach to capital allocation. The substantial reduction in cash reserves combined with higher receivables indicates either strategic investments or softer collection patterns that warrant monitoring.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

FormFactor's financial position shows mixed signals with net income declining 21.9% to $54.4M and operating income down 11.9% to $57.1M, reflecting softer operational performance. The company significantly reduced share buybacks from $53.3M to $26.2M while cash reserves fell 45.8% to $103.3M, indicating more conservative capital management. Higher accounts receivable of $125.4M (up 20.3%) suggests either business expansion or potential collection timing issues.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-50.8%
$53.3M→$26.2M

Buyback activity reduced 50.8% — capital being redeployed elsewhere or cash conservation underway.

Cash & Equivalents
Balance Sheet
-45.8%
$190.7M→$103.3M

Cash declined 45.8% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Interest Expense
P&L
+24.6%
$418K→$521K

Interest costs rose 24.6% — monitor debt levels and coverage ratio in rising rate environment.

Net Income
P&L
-21.9%
$69.6M→$54.4M

Net income declined 21.9% — review whether driven by operations, interest costs, or non-recurring items.

Accounts Receivable
Balance Sheet
+20.3%
$104.3M→$125.4M

Receivables grew 20.3% — monitor days sales outstanding for collection efficiency.

Operating Income
P&L
-11.9%
$64.8M→$57.1M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
Our last three fiscal years ended on December 27, 2025, December 28, 2024 and December 30, 2023.
As of December 27, 2025, we operate in two reportable segments consisting of the Probe Cards segment and the Systems segment.
Our probe cards are customized to our customers unique wafer and chip designs by modifying and adapting our standard product architectures to meet each customer s specific wafer layouts, chip layouts, and electrical test requirements.
For many advanced applications, our products must maintain tens of thousands, and sometimes even hundreds of thousands, of simultaneous high-fidelity low-impedance electrical contacts with the corresponding chip contacts on the wafer.
In addition, for high signal-fidelity devices such as wireless radio frequency transceivers and automotive radar chips, our probe card technologies are capable of testing at millimeter-wave frequencies currently exceeding 80 GHz.
+7 more — sign up free →
REMOVED
Our last three fiscal years ended on December 28, 2024, December 30, 2023 and December 31, 2022.
As of December 28, 2024, we operate in two reportable segments consisting of the Probe Cards segment and the Systems segment.
Our probe cards are customized for our customers unique wafer and chip designs by modifying and adapting our standard product architectures to meet an individual customer s specific wafer and chip layouts and electrical test requirements.
We offer probe cards to test a variety of semiconductor device types, including systems on a chip (SoCs), mobile application processors, microprocessors, microcontrollers, graphic processors, network and digital signal processing integrated circuits (ICs), radio frequency amplifiers, filters and antenna in package devices, analog, mixed signal, image sensors, electro-optical, DRAM memory (including high-bandwidth memory, or HBM ), NAND flash memory, NOR flash memory, and quantum computer processor devices.
For many advanced applications, our products must maintain tens of thousands of simultaneous high-fidelity low-impedance electrical contacts with the corresponding chip contacts on the wafer.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →