FORM · FormFactor, Inc.

폼팩터, 파머스 브랜치 증설 램프업 4분기 시작…2026년 3분기 EPS $0.86±$0.09 전망

폼팩터, Non-GAAP EPS 0.82달러로 예상치 0.21달러 상회…매출 2억5,820만 달러도 1,820만 달러 웃돌아

폼팩터 2026년 2분기 실적 프리뷰

폼팩터(FormFactor) 주가 급등, GF 증권 "1분기 호실적이 추가 상승 여력 시사"

폼팩터(FormFactor) 비GAAP EPS 0.56달러, 예상치 0.13달러 상회…매출 2억2,614만 달러, 94만 달러 상회

폼팩터 2026년 1분기 실적 프리뷰

FormFactor, 다양한 성장 동인으로 GF증권(GF Securities)에서 매수 의견 개시

FormFactor, HBM과 데이터센터 수요 가속에 힘입어 1분기 2억 2,500만 달러 매출 및 매출총이익률 확대 목표

폼팩터(FormFactor) 비GAAP 희석 주당순이익(EPS) 0.46달러, 시장 예상치 0.11달러 상회…매출 2억1,510만달러, 시장 예상치 450만달러 상회

폼팩터 2025년 4분기 실적 프리뷰

폼팩터 2분기 리뷰: 하락장에서 팔지 않았다면 상승장에서도 팔지 말아야

• FormFactor, Inc. delivered a stellar Q2, with revenues up 32% y/y and profitability surging, driven by AI-related demand for HBM, DRAM, and Co-Packaged Optics.
• FORM’s gross margins expanded sharply, with company-wide margins rising 1340bps y/y to 50.7%, and cash flow generation was robust as capex needs moderate.
• Management’s Q3 guidance for revenue and EPS is well above consensus, supporting a strong relief rally and dispelling fears that AI-driven growth has peaked.
• While FORM stock’s valuation is now less attractive after a rapid share price surge, I recommend holding for the next leg up as fundamentals and growth drivers remain intact.

폼팩터, 강력 매수로 상향하는 이유

• I am upgrading FormFactor to Strong Buy with a $134 price target, representing 27% upside potential.
• Growth should be driven by rising HBM test complexity, stronger demand for GPU and networking probe cards, co-packaged optics adoption, and operating leverage from the Farmers Branch manufacturing ramp.
• I arrive at my price target by applying a 40x FWD non-GAAP P/E multiple to my 2028 non-GAAP EPS estimate of $3.34.
• The main risks are an HBM or AI infrastructure slowdown, delays at Farmers Branch, and slower CPO adoption.

FormFactor: 투자자 설명회 이후 투매, 비GAAP EPS 포함 매력적인 진입 시점

• FormFactor dropped 12.8% after unveiling an ambitious 2030 plan targeting $1.6B revenue, 55% gross margin, and $5.00 non-GAAP EPS.
• FORM’s forward thesis centers on HBM4 share gains, GPU and co-packaged optics catalysts, and a Texas plant expansion unlocking probe-card capacity.
• Valuation remains stretched at 12.06x forward sales, with execution risk tied to Texas plant readiness and potential earnings misses impacting 2027 guidance.
• I initiate a Buy rating with a $165 fair value, viewing the post-Investor Day selloff as a compelling entry ahead of multiple near-term catalysts.

FormFactor: 밸류에이션을 두려워할 필요 없다, HBM4 실적 모멘텀이 도래했다

• As a key probe card supplier to the top-3 HBM makers, FormFactor, Inc. is in a favorable position in 2026 with the beginning of HBM4 mass production.
• HBM4’s higher test intensity driven by a higher layer count and a pin count doubling from HBM3E should lead probe cards to wear out faster and drive faster replacement cycles.
• Despite near-term capacity constraints and cost headwinds, I expect FORM revenues to grow 18.5% YoY, beyond the current target model, and drive an adjusted operating margin expansion in FY 2026.
• FormFactor’s growing momentum in foundry and logic probe cards, highlighted by customer traction in GPU and custom ASIC applications, could help drive a rerating near its direct peer’s, Technoprobe, levels.
• I’m initiating FORM stock with a Buy rating and a $122 price target, a 25% potential upside from its current valuation.

FormFactor의 마진 전환은 현실로 다가오고, HBM이 성장 동력이다

• FormFactor is rated Buy, driven by rising earnings power amid AI-driven test complexity and advanced packaging demand.
• FORM's margin expansion and operational improvements, highlighted in Q4 2025 results, support a premium valuation despite high multiples.
• Key growth catalysts include the Texas manufacturing ramp, silicon photonics expansion, and a pivotal May 2026 Analyst Day.
• Risks center on a potential AI/HBM cycle downturn and execution on the Farmers Branch facility, both critical to sustaining FORM's premium.