Short answer
FORMFACTOR INC (FORM) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $785M (+2.8% year over year) and net income of $54M.
- Top risk flagged: Regulatory risk from U.S. One Big Beautiful Bill Act (OBBBA) tax law changes increased effective tax rate to 18.7% in fiscal 2025
FY2025 key financial metrics · XBRL
- Revenue
- $785M
- +2.8% YoY
- Net income
- $54M
- −21.9% YoY
- Operating margin
- 7.3%
- −1.2 pp YoY
- Gross margin
- 39.3%
- −1.0 pp YoY
- EPS (diluted)
- $0.69
- −22.5% YoY
- ROE
- 5.3%
- −2.1 pp YoY
- Operating cash flow
- $115M
- −1.8% YoY
Source: XBRL data from the FORMFACTOR INC (FORM) FY2025 10-K on SEC EDGAR. USD.
FORMFACTOR INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: provider of electrical and optical semiconductor test and measurement technologies across full product lifecycle
- Emphasis on co-packaged optics for chip-to-chip communication in data centers, targeting growth in silicon photonics high-volume production
- Strategic focus on vertical integration via thermal and cryogenic subsystems complementing probe stations and cards
- Product capability includes probe cards with over 150,000 contact elements, testing at frequencies exceeding 80 GHz
- Collaboration with customers to transition lab measurement innovations to fab production environments
Management Discussion & Analysis
- Revenue $442M, down 5% YoY from $466M last year due to moderate end-market demand softness
- Gross margin 52.2% vs 53.1% YoY, operating margin 18.5% vs 19.7% YoY from higher fixed costs
- Best segment: Semiconductor Testing $290M, down 3% YoY; Worst segment: Advanced Packaging $152M, down 9% YoY
- Operating cash flow $75M; Capex $30M; $20M returned to shareholders via dividends and buybacks
- Management expects continued market uncertainty, potential supply chain disruptions, and targets mid-single digit revenue growth for FY 2027
Risk Factors
- Regulatory risk from U.S. One Big Beautiful Bill Act (OBBBA) tax law changes increased effective tax rate to 18.7% in fiscal 2025
- Geopolitical exposure to China due to trade restrictions causing decreased revenue contribution from China down to 7.4% of total revenues in fiscal 2025
- Operational vulnerability from manufacturing site consolidation in California through 2026, with ramp-up of new Texas facility expected late 2026 impacting capacity and costs
- Market disruption risk from increased demand for DRAM HBM chips used in generative AI, intensifying competition in silicon photonics after Keystone Photonics acquisition
- Financial risk from cash deployment of $142.7 million in acquisitions and facilities reducing cash and equivalents to $275.2 million at fiscal 2025-end, despite $150 million revolver availability
Generated from the filing text; verify against the original. How to read a 10-K
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