Nasdaq · Semi test · Probe-card leader (82%)
FormFactor
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.
FORM Updated Jul 12, 2026 4 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · FY2025 revenue ~$760M
- Customer concentration · #1 in probe cards; HBM/DRAM-driven.
- Segments · Probe cards (82%) · Systems/metrology
Revenue from
- SK hynix High confidence
Supplies HBM/DRAM probe cards to SK hynix — the leading HBM customer, so its HBM expansion and generation shifts pull probe-card demand first. - Samsung Electronics Medium confidence
Supplies HBM/DRAM probe cards to Samsung — rising die stacks and pin counts increase per-card complexity and replacement demand. - Micron Technology Medium confidence
Supplies HBM/DRAM probe cards to Micron — among the memory three, a high-momentum customer tied to HBM capex. - Logic · foundry (probe cards) Medium confidence
Supplies logic probe cards for GPUs/SoCs — the next growth axis diversifying memory concentration, with advanced-logic test complexity as the runway.
Pays to
- MEMS · precisioncomponents (undisclosed) Low confidence
MEMS microspring and precision parts. - R&D engineers (undisclosed) Low confidence
Probe-card R&D.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| FormFactor | node | +6.3 | -51.4 | +87.6 | +5.5 | +26.8 | +110.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
FormFactor's thesis is consumable leverage on AI-memory complexity. 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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $152 · Price $117.52 (07-10) · Upside +29%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| B. Riley Securities · Craig Ellis | Buy | $165 | Jun 11, 2026 | Report ↗ |
| Evercore ISI · Vedvati Shrotre | Outperform | $155 | Jun 5, 2026 | Report ↗ |
| Stifel Nicolaus · Brian Chin | Hold | $135 | May 12, 2026 | Report ↗ |
B. Riley and Evercore turned bullish on the HBM probe-card demand recovery while Stifel and others stay neutral on margin execution, with targets split across $118-175.