FORMFormFactor, Inc.

$98.47+135% 1Y

RyuScore

Seven criteria, each scored 0 to 100 on a published scale, weighted into one number.

RyuScore 37 out of 100, Below average
Today's price. Only valuation depends on it.

Below average. FormFactor, Inc. scores higher than 32% of the 2,231 companies Ryufin scores.

Carried by capital allocation and the balance sheet, held back by valuation and return on new capital.

Technology median 46 · all companies 55

How the score has moved

At each fiscal year end, from the reports and price of the time
50
52
65
54
52
44
37
202020212022202320242025today

The biggest move was up 13 points from 2021 to 2022, mostly cycle position.

Valuation

26% of the score

0median 53

FormFactor, Inc. is valued at 63.5x its operating profit, including debt: past the 60 times where this criterion gives nothing.

60x
50x
35x
25x
18x
12x
8x
63.5x
Full points at 8x or less, none from 60xfull points

Return on capital

18% of the score

55median 24

Over 7 years the business earned 10% a year after tax on the capital it uses.

2%
8%
15%
25%
10%
None at 2% or less, full points from 25%full points
Return on capital by year
7 years agolatest 6.3%

Return on new capital

16% of the score

0median 33

Over 6 years yearly profit fell by 9 cents for every dollar earned. New capital earned -18%, and 51% of profit went back into the business.

-5%
12%
-9.3%
None at minus 5 cents, full points from 12 centsfull points

Capital allocation

14% of the score

66median 63

How management spends the money: shares bought back or issued, and whether assets grow faster than the business they serve.

Share countDown 0.2% a year over 5 years: buybacks
65
5%
-3%
-0.2%
0 pointsfull points
Assets against salesAssets grew 4.9% a year, sales 2.5%
69
12%
-2%
2.4%
0 pointsfull points

Cycle position

12% of the score

36median 63

Today's operating margin of 13% is 1.36x its normal 9.5%: near a peak, where margins tend to fall back. Normal is half the 10 year median, half the last four years, so a margin that has held is not taken for a peak.

2x
1.5x
1x
0.7x
1.4x
A trough earns points, a peak costs themfull points
Operating margin by year, against its normal level
10 years agonow 13%

Balance sheet

8% of the score

100median 50

What the debt weighs against the profit that has to carry it.

Net debt to EBITDAMore cash than debt
100
Interest coverOperating profit covers interest 223x
100
1.5x
12x
222.5x
0 pointsfull points

Earnings quality

6% of the score

85median 90

Whether the reported profit arrives as cash, and whether the accounts show the usual signs of stretching.

Cash against profitOperating cash flow was 1.44x profit over 3 years
100
0.7x
1x
1.3x
1.4x
0 pointsfull points
AccrualsCash ran ahead of profit by 5.1% of assets
86
8%
0%
-8%
-5.1%
0 pointsfull points
Beneish M-score-2.40
69
-1.50
-1.78
-2.22
-3.00
-2.40
0 pointsfull points

How the RyuScore works

Each criterion earns 0 to 100 points on the scale drawn under it, and the RyuScore is their average weighted 26, 18, 16, 14, 12, 8 and 6. Scales bend in the company's favour between their ends, so an ordinary figure is never already near zero. Where a criterion cannot be measured from the filings it is taken out and the remaining weights scale up; a company needs 60% of the weight covered, and always a price, to get a score.

Built from the company's annual and quarterly filings with the SEC and today's share price. Banks, insurers and property trusts are not scored: their debt is their raw material, so these yardsticks mean something else there. Figures as of 2026-06-27, latest annual report FY2025.

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