{"slug":"formfactor","name":"FormFactor","name_en":"FormFactor","ticker":"FORM","updated_at":"2026-07-12T04:00:43.77872+00:00","canonical":"https://valuechain.wiki/formfactor","same_as":["https://finance.yahoo.com/quote/FORM","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1039399"],"citable":"밸류체인 그래프 기준 FormFactor의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 10곳에 닿는다. 링크의 근거 출처는 2건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, FormFactor is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 10 companies within two hops; the links are backed by 2 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · 반도체 테스트 · 프로브카드 1위(82%)","kicker_en":"Nasdaq · Semi test · Probe-card leader (82%)","lead":"웨이퍼 테스트용 프로브카드 세계 1위(매출의 82%)로, 칩을 자르기 전 웨이퍼 상태에서 전기적으로 검사하는 소모성 정밀부품을 만든다. HBM처럼 다이 적층·핀 수·테스트 복잡도가 커질수록 프로브카드 수요가 늘어나는 구조라, 생성형 AI발 HBM 붐이 FY2024 HBM 프로브카드를 4배로 키웠다. FY2025 매출 약 $7.6억, 고객은 SK하이닉스·삼성·마이크론 등 메모리와 로직·파운드리. 관전점은 HBM 세대전환 속도와 로직 프로브카드 확장이다.","lead_en":"World #1 in wafer-test probe cards (82% of revenue). HBM/DRAM probe-card demand surged with generative AI (HBM 4x in FY2024). FY2025 revenue ~$760M. Customers across memory (SK Hynix, Samsung, Micron) and logic. Key to wafer test between front-end and back-end.","segments":{"fy":2025,"parts":[{"desc":"매출의 82%. 웨이퍼 테스트 소모부품으로 HBM·D램 복잡도 상승에 수요가 배수로 연동.","name":"프로브카드(82%)"},{"desc":"엔지니어링·계측 시스템 등. 프로브카드 외 보조 매출.","name":"시스템·계측"}],"total":"FY2025 매출 ~$760M","concentration":"프로브카드 세계 1위. HBM·D램 수요 견인."},"segments_en":{"fy":2025,"parts":[{"name":"Probe cards (82%)"},{"name":"Systems/metrology"}],"total":"FY2025 revenue ~$760M","concentration":"#1 in probe cards; HBM/DRAM-driven."},"returns_yearly":{"2021":6.3,"2022":-51.4,"2023":87.6,"2024":5.5,"2025":26.8,"2026":110.7},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"dell","name":"Dell","name_en":"Dell Technologies","tier":3,"returns_yearly":{"2021":51.2,"2022":-26.6,"2023":95.9,"2024":53,"2025":11.2,"2026":248.1}},{"slug":"seagate","name":"Seagate","name_en":"Seagate Technology","tier":3,"returns_yearly":{"2021":87.5,"2022":-51.4,"2023":69.1,"2024":4.1,"2025":225.3,"2026":231.4}},{"slug":"lenovo","name":"Lenovo","name_en":"Lenovo","tier":3,"returns_yearly":{"2021":-4.6,"2022":-20.9,"2023":36.2,"2024":18.2,"2025":-0.6,"2026":175.7}},{"slug":"nebius","name":"Nebius","name_en":"Nebius Group","tier":3,"returns_yearly":{"2025":202.2,"2026":162.4}},{"slug":"hpe","name":"HPE","name_en":"Hewlett Packard 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Probe cards are precision consumables used each wafer test, and as die stacks, pin counts and test items rise (as with HBM), per-card difficulty and replacement demand grow — so the HBM boom multiplied probe-card demand (HBM 4x in FY2024). Its world-leading 82% share is a scale/technology moat, and customer concentration on SK hynix, Samsung and Micron ties it directly to their HBM capex. Risks are the memory cycle and customer concentration. Graph propagation: the three memory makers' HBM expansions pull demand, with logic probe cards as the next growth option.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"high","metric":null,"note":"SK하이닉스에 HBM·D램 프로브카드를 공급 — HBM 세계 선두 고객이라, 그 HBM 증설·세대전환이 프로브카드 수요를 가장 먼저 끌어올린다.","note_en":"Supplies HBM/DRAM probe cards to SK hynix — the leading HBM customer, so its HBM expansion and generation shifts pull probe-card demand first.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://www.sec.gov/Archives/edgar/data/0001039399/000103939925000113/form-20250927.htm","title":"FormFactor 분기보고서(10-Q)","title_en":"FormFactor 10-Q","excerpt":"SK하이닉스가 D램·HBM 프로브카드를 폼팩터에서 조달.","excerpt_en":"sk-hynix sources DRAM/HBM probe cards from FormFactor."},{"stance":"confirms","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2024-04-24","url":"https://www.etnews.com/20240424000216","title":"SK하이닉스, D램 프로브카드 미국 폼팩터·일본 MJC서 조달","title_en":"SK Hynix sources DRAM probe cards from FormFactor (US) and MJC (Japan)","excerpt":"SK하이닉스가 D램·HBM 프로브카드를 폼팩터에서 조달.","excerpt_en":"sk-hynix sources DRAM/HBM probe cards from FormFactor."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"mid","metric":null,"note":"삼성전자에 HBM·D램 프로브카드를 공급 — 다이 적층·핀 수 증가가 카드당 복잡도·교체 수요를 키우는 구조.","note_en":"Supplies HBM/DRAM probe cards to Samsung — rising die stacks and pin counts increase per-card complexity and replacement demand.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://www.sec.gov/Archives/edgar/data/0001039399/000103939925000113/form-20250927.htm","title":"FormFactor 분기보고서(10-Q)","title_en":"FormFactor 10-Q","excerpt":"삼성전자가 D램·HBM 프로브카드를 폼팩터에서 조달.","excerpt_en":"samsung-electronics sources DRAM/HBM probe cards from FormFactor."},{"stance":"confirms","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2024-04-24","url":"https://www.etnews.com/20240424000216","title":"SK하이닉스, D램 프로브카드 미국 폼팩터·일본 MJC서 조달","title_en":"SK Hynix sources DRAM probe cards from FormFactor (US) and MJC (Japan)","excerpt":"삼성전자가 D램·HBM 프로브카드를 폼팩터에서 조달.","excerpt_en":"samsung-electronics sources DRAM/HBM probe cards from FormFactor."}]},{"direction":"revenue","counterparty":"Micron Technology","counterparty_slug":"micron","confidence":"mid","metric":null,"note":"마이크론에 HBM·D램 프로브카드를 공급 — 메모리 3사 중 성장 탄력이 큰 고객으로, HBM capex에 직결.","note_en":"Supplies HBM/DRAM probe cards to Micron — among the memory three, a high-momentum customer tied to HBM capex.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://www.sec.gov/Archives/edgar/data/0001039399/000103939925000113/form-20250927.htm","title":"FormFactor 분기보고서(10-Q)","title_en":"FormFactor 10-Q","excerpt":"Micron Technology가 D램·HBM 프로브카드를 폼팩터에서 조달.","excerpt_en":"micron sources DRAM/HBM probe cards from FormFactor."},{"stance":"confirms","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2024-04-24","url":"https://www.etnews.com/20240424000216","title":"SK하이닉스, D램 프로브카드 미국 폼팩터·일본 MJC서 조달","title_en":"SK Hynix sources DRAM probe cards from FormFactor (US) and MJC (Japan)","excerpt":"Micron Technology가 D램·HBM 프로브카드를 폼팩터에서 조달.","excerpt_en":"micron sources DRAM/HBM probe cards from FormFactor."}]},{"direction":"revenue","counterparty":"로직·파운드리 (프로브카드)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"GPU·SoC 등 로직 프로브카드를 공급 — 메모리 편중을 분산하는 다음 성장 축으로, 첨단 로직 테스트 복잡도가 확장 여지.","note_en":"Supplies logic probe cards for GPUs/SoCs — the next growth axis diversifying memory concentration, with advanced-logic test complexity as the runway.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://www.sec.gov/Archives/edgar/data/0001039399/000103939925000113/form-20250927.htm","title":"FormFactor 분기보고서(10-Q)","title_en":"FormFactor 10-Q","excerpt":"Apollo 프로브카드는 GPU·게임기·차량 MCU 테스트.","excerpt_en":"Apollo probe cards test GPUs, consoles, automotive MCUs."}]},{"direction":"cost","counterparty":"MEMS·정밀부품 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"MEMS 마이크로스프링·정밀부품.","note_en":"MEMS microspring and precision parts.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://www.sec.gov/Archives/edgar/data/0001039399/000103939925000113/form-20250927.htm","title":"FormFactor 분기보고서(10-Q)","title_en":"FormFactor 10-Q","excerpt":"MEMS 마이크로스프링 기반 프로브.","excerpt_en":"MEMS microspring-based probes."}]},{"direction":"cost","counterparty":"R&D·엔지니어 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"프로브카드 R&D.","note_en":"Probe-card R&D.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://www.sec.gov/Archives/edgar/data/0001039399/000103939925000113/form-20250927.htm","title":"FormFactor 분기보고서(10-Q)","title_en":"FormFactor 10-Q","excerpt":"고밀도 칩 테스트 R&D.","excerpt_en":"High-density chip-test R&D."}]}]}