Does FormFactor, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores FormFactor, Inc. (FORM) 49.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 59, returns on capital 23, balance-sheet safety 100, capital discipline 25.

Is FORM stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $2.49 per share versus a recent price of $105.57 — 4133% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has FORM's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 49.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

FormFactor, Inc.

FORM · Technology · $8.2B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power59

Median gross margin 39.6% over 10y, stable.

Returns on capital23

Median ROIC 7.1%, above the 9% hurdle in 40% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline25

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

4133% above value

Owner earnings (normalized): $17.4M
Est. intrinsic value / share: $2.49
Recent price: $105.57
Discount to value: 4133% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

FormFactor, Inc. booked $785.0M of revenue in FY2025 in the Technology sector and kept 39.3% of it as gross profit — a solid-margin business by that measure. After every other cost, 6.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $135.3M (FY2009) to $785.0M (FY2025) — about 11.6% a year compounded over 16 years.

It earned 4.9% on invested capital in FY2025, with a median of 4.9% across 17 filed years. The Returns on Capital filter above scores it 23/100.

The balance sheet carried $12.2M of total debt in FY2025. Balance-Sheet Safety scores it 100/100.

The share count rose 53.5% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 25/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Returns on Capital the weakest (23/100), which is how FORM lands at 50/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$785.0M FY2025

Gross marginRevenue kept after cost of goods39.3% FY2025

Return on invested capitalOperating profit on the capital employed4.9% FY2025

Owner earningsCash an owner could take out−$49.3M FY2025

Gaps in a line mean that item isn’t in FORM’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale49.7 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — FORM has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#197 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#195MSGM Motorsport Games Inc.49.8 out of 100, Shallow moatShallow moat
#196NXDR Nextdoor Holdings, Inc49.8 out of 100, Shallow moatShallow moat
#198SLAB SILICON LABORATORIES INC.49.6 out of 100, Shallow moatShallow moat
#199DHX DHI Group, Inc.49.4 out of 100, Shallow moatShallow moat

Compare FORM with its nearest peers →All Technology companies on the Index →

Common questions about FORM

Does FormFactor, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores FormFactor, Inc. (FORM) 49.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 59, returns on capital 23, balance-sheet safety 100, capital discipline 25.
Is FORM stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $2.49 per share versus a recent price of $105.57 — 4133% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has FORM's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 49.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows FORM’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/FORM"
  width="340" height="150" style="border:0"
  title="FORM Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FORM. See the disclaimer.