FORM Surges 188% in 6 Months:Will the Momentum Continue in 2026?

FormFactor’s FORM shares have surged 187.8% in the trailing six months, outperforming the broader Zacks Computer and Technology sector’s growth of 0.3% and the Zacks Electronics- Semiconductors industry’s improvement of 3.1%.

FORM shares have outperformed industry peers like Marvell Technology (MRVL), which has surged 30% over the past six months.

FormFactor's massive share price surge can be attributed to record financial performance and a strong earnings beat in the fourth quarter of 2025. The company registered revenues of $215.2 million with 13.5% year-over-year growth and non-GAAP EPS of 46 cents, 11 cents ahead of the Zacks Consensus Estimate . The record financial performance signals strong demand across its semiconductor testing markets.

On March 11, the company announced a major product launch — the Flatiron Dilution Refrigerator — a cryogenic system designed for quantum research and quantum hardware testing. Management explained that traditional dilution refrigerators are difficult to use, making it necessary for the company to launch a major new product.

FormFactor, Inc. Price and Consensus

FormFactor, Inc. price-consensus-chart | FormFactor, Inc. Quote

The main innovation of the Flatiron system is its horizontal benchtop design, which is different from traditional vertical cryogenic systems. The horizontal design allows easier sample access, faster experimental setup and fewer disassembly requirements. The system achieves approximately 30 millikelvin base temperature, making it suitable for quantum processors, superconducting qubits and advanced materials research.

The main benefits of the announcement include faster time-to-data, as Flatiron enables rapid thermal cycling, quick sample exchange and frequent experiment iteration. Another key feature is easy integration into existing laboratories. The system has a compact footprint of 150 cm x 80 cm, which allows it to fit next to optical tables, work with standard lab equipment and integrate into modern research labs.

Flatiron includes four cryogenic optical windows, which allow researchers to perform optical experiments, laser-based measurements and electro-optical testing. This launch is strategically important as it expands the company’s presence in the quantum technology ecosystem.

FORM Leads With Innovation in Probe Card Industry

FormFactor's unique capabilities position it for accelerated growth in the advanced probe card market. The company offers a diverse range of probe cards for various applications, including RF, MMW and radar, which are essential for high-performance wafer testing.

FORM's Apollo vertical probe cards excel in flip chip and pre-bump applications, and are ideal for area-array and perimeter-layout probing. They are the top choices for testing graphics processors, game console microprocessors and automotive microcontrollers, showcasing versatility and reliability.

FormFactor's diversification strategy features a broad lab-to-fab product portfolio across foundry and logic, DRAM, flash probe card and systems segment products. This helps the company stand out from competitors and secure business with key customers.

FORM expects the Advanced Probe Card market to reach $2.7 billion by 2028, driven by innovation in products like SmartMatrix, Kepler and Pyramid RF probe cards, which meet the increasing demands of advanced technologies like 5G. Additionally, the company’s broad product portfolio and diverse customer base contribute to this growth projection.

The company's significant customer base, including Intel, Samsung, Micron Technology, SK Hynix and Taiwan Semiconductor, has played a key role in its financial success, consistently accounting for more than 10% of revenues over the years.

Challenging Macroeconomic Condition Hurts FormFactor

FORM may suffer from macro and geopolitical risks that could affect its performance. Management cautioned about potential impacts from global macroeconomic uncertainty, geopolitical tensions, supply-chain disruptions, trade relations and export controls. It cautioned about high tariffs, which can reduce profitability.

FORM’s Sales & Earnings Estimates Trend Upward

For the first quarter of fiscal 2026, the Zacks Consensus Estimate for earnings is pegged at 45 cents per share, up 3 cents over the past 30 days. This indicates a year-over-year surge of 95.65%.

The Zacks Consensus Estimate for first-quarter fiscal 2026 revenues is pinned at $225.62 billion, suggesting a 31.66% increase from the prior-year quarter.

FormFactor has shown a mixed earnings surprise record, missing the Zacks Consensus Estimate in one of the trailing four quarters while exceeding it in the other three, with an average surprise of 18.62%.

FORM’s Zacks Rank & Other Stocks to Consider

FormFactor currently sports a Zacks Rank #1 (Strong Buy).

Some other top-ranked stocks in the broader Zacks Computer and Technology sector are Arrow Electronics ARW, Alps Electric APELY and Lam Research LRCX, which currently sport a Zacks Rank #1 each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term earnings growth rates for Arrow Electronics, Alps Electric and Lam Research are currently pegged at 15.2%, 38.8% and 17.7% respectively. Shares of Arrow Electronics, Alps Electric and Lam Research are up 34.2%, 28.1%, 166.2%, respectively, over the past 12 months.

Just Released: Zacks Top 10 Stocks for 2026

Hurry – you can still get in early on our 10 top tickers for 2026. Handpicked by Zacks Director of Research Sheraz Mian, this portfolio has been stunningly and consistently successful.

From inception in 2012 through November, 2025, the Zacks Top 10 Stocks gained +2,530.8%, more than QUADRUPLING the S&P 500’s +570.3%.

Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2026. You can still be among the first to see these just-released stocks with enormous potential.

See New Top 10 Stocks >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Lam Research Corporation (LRCX): Free Stock Analysis Report

Arrow Electronics, Inc. (ARW): Free Stock Analysis Report

FormFactor, Inc. (FORM): Free Stock Analysis Report

Alps Electric (APELY): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research