FormFactor reported quarterly revenue of $215.16 million, surpassing the consensus estimate of $210.29 million and representing a 13.6% year-over-year increase. GAAP earnings per share came in at $0.46, topping analyst forecasts by $0.11 and marking a 70% improvement over the $0.27 EPS recorded in the same period last year. The company delivered a net margin of 6.93% and a return on equity of 6.72%, reflecting both operational leverage and favorable product mix. In its guidance for the upcoming quarter, FormFactor projected EPS in the range of $0.410 to $0.490, underscoring management’s confidence in sustained demand for advanced test and measurement solutions across high-performance compute and memory markets.

Several major brokerages revised their outlook on FormFactor shares following the earnings beat. Citigroup raised its price target from 96.00 to 98.00 and maintained a “buy” rating, while Stifel Nicolaus lifted its target from 65.00 to 75.00, retaining a “hold” stance. Zacks Research upgraded its recommendation to “strong-buy,” Loop Capital set a 64.00 target, and Evercore ISI increased its objective from 50.00 to 80.00 with an “in-line” rating. Overall, one analyst rates the stock as a Strong Buy, six as Buy and six as Hold, resulting in a consensus “Moderate Buy” rating and an average price target of 80.91.

During the quarter, two board directors reduced their holdings: Dennis Thomas St. sold 2,000 shares at an average price of 49.85, decreasing his position by 4.88%, and Kelley Steven-Waiss sold 2,700 shares at an average of 55.97, trimming her stake by 7.61%. These transactions, disclosed in SEC filings, contributed to a total of 73,466 shares sold by insiders over the past 90 days for proceeds of approximately $4.68 million. Following these sales, corporate insiders collectively own 0.90% of the company’s outstanding shares.

Institutional investors control 98.76% of FormFactor’s stock, with several funds adjusting their stakes in the latest quarter. The State of Wyoming Retirement grew its position by 18.4% to 1,680 shares, Arizona State Retirement System added 1.5% to reach 22,796 shares, and Oregon Public Employees Retirement Fund increased its stake by 2.4% to 17,767 shares. On the balance sheet, FormFactor maintains a debt-to-equity ratio of 0.01, a current ratio of 4.30 and a quick ratio of 3.46, reflecting ample liquidity and minimal leverage. The company’s market capitalization stands at $6.50 billion and its trailing twelve-month price-to-earnings ratio is 121.55, with a beta of 1.11 indicating moderate volatility relative to the broader semiconductor index.