Abstract
FormFactor will release its quarterly results on February 04, 2026, Post Market. This preview consolidates the latest company guidance, prior-quarter actuals, and recent institutional commentary to frame expectations on revenue, margins, and adjusted EPS amid segment dynamics in probe cards and systems.
Market Forecast
Consensus and company forecasts suggest FormFactor’s current-quarter revenue at USD 210.30 million, up 10.03% year over year, with EBIT at USD 30.35 million, EPS at USD 0.35, and year-over-year growth rates of 31.82% for EBIT and 19.82% for EPS. Margin direction is expected to be supportive as mix gradually improves toward advanced probe cards; however, the company’s specific gross margin and net margin guidance for the quarter is not disclosed in the forecast dataset. The main business is projected to benefit from sustained demand across advanced probe cards for leading-edge logic and memory nodes, with systems remaining a smaller but strategic contributor. The most promising segment is probe cards, supported by technology migration and capacity additions; last quarter, probe cards revenue was USD 166.38 million, and systems revenue was USD 36.30 million.
Last Quarter Review
FormFactor reported last quarter revenue of USD 202.68 million, gross margin of 39.30%, GAAP net profit attributable to the parent company of USD 15.66 million, net profit margin of 7.72%, and adjusted EPS of USD 0.33, with year-over-year revenue down 2.52% and EPS down 5.71%. A notable highlight was better-than-expected profitability versus consensus, as EBIT reached USD 28.59 million compared to an estimated USD 24.55 million, indicating operational leverage amid favorable product mix and disciplined cost control. Main business highlights included probe cards contributing USD 166.38 million, and systems contributing USD 36.30 million, underscoring the dominance of probe cards and the complementary role of systems.
Current Quarter Outlook
Probe Cards
Probe cards remain the core revenue engine and margin anchor for FormFactor, with last quarter’s USD 166.38 million demonstrating the segment’s scale and mix advantage. This quarter’s forecasted revenue uplift to USD 210.30 million aligns with continued demand for advanced node testing and increasing complexity in wafer test requirements, which typically supports pricing and gross margin resilience. Segment growth is likely aided by logic process migrations at leading foundry customers and pockets of recovery in memory test, where rising bit shipments and product transitions can pull through probe card demand. Forecast EPS growth of 19.82% suggests improved absorption and operational efficiency, consistent with higher probe card volumes and stable manufacturing yields. While exact gross margin guidance is not provided, the prior-quarter gross margin of 39.30% and EPS upside versus estimates indicate mix tailwinds that could continue if advanced node bookings hold.
Systems
Systems contributed USD 36.30 million last quarter and operate as a strategic complement to probe cards, supporting customers’ test and measurement workflows. The current quarter’s broader revenue forecast implies steady-to-improving systems performance, though the revenue base remains significantly smaller than probe cards. Growth in systems can be influenced by investment cycles in test infrastructure and the cadence of new system introductions; order timing can create quarter-to-quarter variability. With EBIT expected at USD 30.35 million, systems’ contribution to overall profitability likely depends on product mix and installation schedules, but stronger probe card trends should be the primary driver of margin progression. The company’s ability to align systems deliveries with probe card program ramps may modestly improve utilization and support EPS expansion.
Stock Price Drivers This Quarter
The stock’s performance this quarter is likely to be driven by the interplay of revenue growth trajectory, margin execution, and visibility into end-market demand across logic and memory. The 10.03% year-over-year revenue forecast provides a constructive baseline; upside risk would come from accelerated advanced node ramps or stronger-than-anticipated memory test demand. Profitability signals, including gross margin relative to last quarter’s 39.30% and any commentary on mix and cost structure, will be closely watched given the forecasted EPS of USD 0.35. Order visibility and bookings for probe cards, particularly at leading foundry and memory customers, can influence sentiment on sustainability of growth into subsequent quarters. Any updates on product roadmap, manufacturing capacity, or lead times may further shape expectations for EBIT leverage and EPS relative to forecast.
Analyst Opinions
Institutional commentary gathered in recent months indicates a tilt toward a positive stance, with the majority of previews leaning constructive on near-term revenue growth and margin resilience driven by advanced probe card demand. Analysts point to the supportive mix in probe cards and improving utilization as key levers for EPS growth, aligning with the forecast of USD 0.35 and EBIT of USD 30.35 million. The prevailing view emphasizes year-over-year recovery in revenue at USD 210.30 million, with incremental upside dependent on bookings momentum and end-market breadth across logic and memory. Commentary consistently highlights monitoring gross margin progression versus the prior quarter’s 39.30%, and assessing the degree to which systems deliveries enhance overall operational leverage without diluting margins. Overall, the majority opinion expects FormFactor to deliver results consistent with or modestly ahead of the current forecasts, contingent on execution in probe cards and stable demand across core customers.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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